Belamco: 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.
What changed
Belamco
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7,201
2024 · -€9,453+€2,251
Equity
€676,292
2024 · €683,493-€7,201
Cash
€38,096
2024 · €8,724+€29,373
Balance sheet total
€983,117
2024 · €888,156+€94,961
Largest movements
Assets
- Tangible fixed assets +€56,809
up €56,809 (+6.5%), from €874,533 to €931,342
- Cash +€29,373
up €29,373 (+336.7%), from €8,724 to €38,096
mainly Debts after one year (+€157,258) and Depreciation (+€63,660)
Equity and liabilities
- Debts after one year +€157,258
up €157,258, from €0 to €157,258
- Other debts -€80,848
down €80,848 (-48.3%), from €167,354 to €86,506
- Current portion of long-term debt +€14,878
up €14,878 (+75.0%), from €19,826 to €34,704
- Accrued charges and deferred income +€12,224
up €12,224 (+1286.8%), from €950 to €13,174
Income statement
- Financial charges -€5,067
down €5,067 (-40.4%), from €12,547 to €7,480
- Other operating charges +€2,087
up €2,087 (+18.0%), from €11,610 to €13,697
- Depreciation +€1,241
up €1,241 (+2.0%), from €62,419 to €63,660
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.
Result 2024
-€9,453
Gross operating margin
+€482
Depreciation
-€1,241
Other operating charges
-€2,087
Other operating items
+€250
Financial income
-€24
Financial charges
+€5,067
Taxes
-€195
Result 2025
-€7,201
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.
From operations
-€22,294
Investment
-€120,469
Financing
+€172,136
Cash 2024
€8,724
From operations (derived)
-€22,294
Net result for the year
-€7,201
Depreciation
+€63,660
Receivables within one year
-€6,195
Deferred charges and accrued income
-€2,583
Trade debts
-€1,121
Tax, wage and social debts
-€230
Other debts
-€80,848
Accrued charges and deferred income
+€12,224
Investment (derived)
-€120,469
Investment in fixed assets (net)
-€120,469
Financing
+€172,136
Debts after one year
+€157,258
Current portion of long-term debt
+€14,878
Cash 2025
€38,096
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €888,156 | €983,117 | +€94,961 | +10.7% |
| Fixed assets | 21/28 | €874,533 | €931,342 | +€56,809 | +6.5% |
| Tangible fixed assets | 22/27 | €874,533 | €931,342 | +€56,809 | +6.5% |
| Plant, machinery and equipment | 23 | €3,251 | €15,168 | +€11,918 | +366.6% |
| Furniture and vehicles | 24 | €8,161 | €32,286 | +€24,125 | +295.6% |
| Other tangible fixed assets | 26 | €863,121 | €883,888 | +€20,766 | +2.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €13,624 | €51,775 | +€38,151 | +280.0% |
| Amounts receivable within one year | 40/41 | €356 | €6,552 | +€6,195 | +1739.1% |
| Trade receivables | 40 | €182 | €6,552 | +€6,370 | +3509.7% |
| Other amounts receivable | 41 | €175 | €0 | -€175 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,724 | €38,096 | +€29,373 | +336.7% |
| Deferred charges and accrued income | 490/1 | €4,544 | €7,127 | +€2,583 | +56.9% |
| Total equity and liabilities | 10/49 | €888,156 | €983,117 | +€94,961 | +10.7% |
| Equity | 10/15 | €683,493 | €676,292 | -€7,201 | -1.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €495,715 | €488,514 | -€7,201 | -1.5% |
| Non-distributable reserves | 130/1 | €146,510 | €154,282 | +€7,772 | +5.3% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Reserves not available under the articles | 1311 | €121,721 | €129,493 | +€7,772 | +6.4% |
| Tax-exempt reserves | 132 | €150,845 | €135,872 | -€14,973 | -9.9% |
| Distributable reserves | 133 | €198,360 | €198,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,278 | €126,278 | = | 0.0% |
| Amounts payable | 17/49 | €204,663 | €306,825 | +€102,162 | +49.9% |
| Amounts payable after more than one year | 17 | €0 | €157,258 | +€157,258 | |
| Financial debts | 170/4 | €0 | €157,258 | +€157,258 | |
| Amounts payable within one year | 42/48 | €203,713 | €136,393 | -€67,320 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €19,826 | €34,704 | +€14,878 | +75.0% |
| Trade debts | 44 | €5,731 | €4,611 | -€1,121 | -19.6% |
| Suppliers | 440/4 | €5,731 | €4,611 | -€1,121 | -19.6% |
| Taxes, remuneration and social security | 45 | €10,801 | €10,572 | -€230 | -2.1% |
| Taxes | 450/3 | €10,801 | €10,572 | -€230 | -2.1% |
| Other amounts payable | 47/48 | €167,354 | €86,506 | -€80,848 | -48.3% |
| Accrued charges and deferred income | 492/3 | €950 | €13,174 | +€12,224 | +1286.8% |
| Non-recurring operating income | 76A | €0 | €3,182 | +€3,182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,419 | €63,660 | +€1,241 | +2.0% |
| Other operating charges | 640/8 | €11,610 | €13,697 | +€2,087 | +18.0% |
| Non-recurring operating charges | 66A | €250 | €0 | -€250 | -100.0% |
| Gross operating margin | 9900 | €82,387 | €82,869 | +€482 | +0.6% |
| Operating profit (loss) | 9901 | €8,108 | €5,512 | -€2,596 | -32.0% |
| Financial income | 75/76B | €24 | €0 | -€24 | -100.0% |
| Recurring financial income | 75 | €24 | €0 | -€24 | -100.0% |
| Financial charges | 65/66B | €12,547 | €7,480 | -€5,067 | -40.4% |
| Recurring financial charges | 65 | €12,547 | €7,480 | -€5,067 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | -€4,415 | -€1,968 | +€2,447 | +55.4% |
| Income taxes | 67/77 | €5,038 | €5,233 | +€195 | +3.9% |
| Profit (loss) for the period | 9904 | -€9,453 | -€7,201 | +€2,251 | +23.8% |
| Transfer from tax-exempt reserves | 789 | €15,155 | €14,973 | -€182 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,702 | €7,772 | +€2,069 | +36.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.