BELAMA: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BELAMA
Largest movements
- Cash -€298,823
down €298,823 (-53.6%), from €557,258 to €258,434
mainly Contributions, distributions and other (-€510,000) and Other debts (-€478,020)
- Receivables within one year -€154,301
down €154,301 (-34.0%), from €453,305 to €299,004
of which Trade receivables: -€168,073
- Other debts -€478,020
down €478,020 (-49.4%), from €966,786 to €488,766
- Reserves +€20,377
up €20,377 (+12572.2%), from €162 to €20,539
- Trade debts +€11,855
up €11,855 (+184.0%), from €6,442 to €18,297
- Gross operating margin -€178,689
down €178,689 (-20.1%), from €888,111 to €709,421
- Taxes -€41,266
down €41,266 (-19.0%), from €217,494 to €176,228
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,012,819 | €567,572 | -€445,247 | -44.0% |
| Fixed assets | 21/28 | €2,082 | €1,053 | -€1,029 | -49.4% |
| Tangible fixed assets | 22/27 | €2,082 | €1,053 | -€1,029 | -49.4% |
| Plant, machinery and equipment | 23 | €877 | €715 | -€163 | -18.6% |
| Furniture and vehicles | 24 | €1,205 | €338 | -€866 | -71.9% |
| Current assets | 29/58 | €1,010,737 | €566,519 | -€444,218 | -43.9% |
| Amounts receivable within one year | 40/41 | €453,305 | €299,004 | -€154,301 | -34.0% |
| Trade receivables | 40 | €453,305 | €285,232 | -€168,073 | -37.1% |
| Other amounts receivable | 41 | - | €13,772 | +€13,772 | |
| Cash at bank and in hand | 54/58 | €557,258 | €258,434 | -€298,823 | -53.6% |
| Deferred charges and accrued income | 490/1 | €175 | €9,081 | +€8,907 | +5103.7% |
| Total equity and liabilities | 10/49 | €1,012,819 | €567,572 | -€445,247 | -44.0% |
| Equity | 10/15 | €18,762 | €39,139 | +€20,377 | +108.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €162 | €20,539 | +€20,377 | +12572.2% |
| Distributable reserves | 133 | €162 | €20,539 | +€20,377 | +12572.2% |
| Amounts payable | 17/49 | €994,057 | €528,433 | -€465,624 | -46.8% |
| Amounts payable within one year | 42/48 | €982,057 | €516,433 | -€465,624 | -47.4% |
| Trade debts | 44 | €6,442 | €18,297 | +€11,855 | +184.0% |
| Suppliers | 440/4 | €6,442 | €18,297 | +€11,855 | +184.0% |
| Taxes, remuneration and social security | 45 | €8,829 | €9,370 | +€541 | +6.1% |
| Taxes | 450/3 | €8,829 | €9,370 | +€541 | +6.1% |
| Other amounts payable | 47/48 | €966,786 | €488,766 | -€478,020 | -49.4% |
| Accrued charges and deferred income | 492/3 | €12,000 | €12,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,191 | €1,561 | -€630 | -28.8% |
| Other operating charges | 640/8 | €387 | €1,088 | +€700 | +180.8% |
| Gross operating margin | 9900 | €888,111 | €709,421 | -€178,689 | -20.1% |
| Operating profit (loss) | 9901 | €885,532 | €706,772 | -€178,760 | -20.2% |
| Financial income | 75/76B | €2,733 | - | -€2,733 | |
| Recurring financial income | 75 | €2,733 | - | -€2,733 | |
| Financial charges | 65/66B | €68 | €167 | +€99 | +145.6% |
| Recurring financial charges | 65 | €68 | €167 | +€99 | +145.6% |
| Profit (loss) for the period before taxes | 9903 | €888,197 | €706,605 | -€181,592 | -20.4% |
| Income taxes | 67/77 | €217,494 | €176,228 | -€41,266 | -19.0% |
| Profit (loss) for the period | 9904 | €670,703 | €530,377 | -€140,326 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €670,703 | €530,377 | -€140,326 | -20.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.