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.
BELAMCO
Largest movements
- Receivables within one year -€383,627
down €383,627 (-66.3%), from €578,336 to €194,709
of which Other amounts receivable: -€370,583
- Other debts -€400,855
down €400,855 (-69.8%), from €574,248 to €173,394
- Trade debts +€38,924
up €38,924 (+541.8%), from €7,184 to €46,109
- Tax, wage and social debts -€20,840
down €20,840 (-26.2%), from €79,580 to €58,740
of which Remuneration and social security: -€16,335
- Short-term financial debts +€13,560
up €13,560 (+92.2%), from €14,709 to €28,268
- Reserves -€13,262
down €13,262 (-66.9%), from €19,835 to €6,573
of which Distributable reserves: -€13,262
- Financial income +€33,397
up €33,397 (+233.1%), from €14,329 to €47,725
- Staff costs +€23,883
up €23,883 (+5.9%), from €404,884 to €428,766
- Gross operating margin +€18,093
up €18,093 (+3.4%), from €538,250 to €556,342
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 | €834,294 | €446,190 | -€388,104 | -46.5% |
| Fixed assets | 21/28 | €65,157 | €62,970 | -€2,187 | -3.4% |
| Intangible fixed assets | 21 | €415 | €0 | -€415 | -100.0% |
| Tangible fixed assets | 22/27 | €14,386 | €12,614 | -€1,772 | -12.3% |
| Land and buildings | 22 | €14,386 | €12,614 | -€1,772 | -12.3% |
| Financial fixed assets | 28 | €50,357 | €50,357 | = | 0.0% |
| Current assets | 29/58 | €769,137 | €383,220 | -€385,917 | -50.2% |
| Amounts receivable within one year | 40/41 | €578,336 | €194,709 | -€383,627 | -66.3% |
| Trade receivables | 40 | €19,965 | €6,922 | -€13,044 | -65.3% |
| Other amounts receivable | 41 | €558,371 | €187,788 | -€370,583 | -66.4% |
| Cash at bank and in hand | 54/58 | €187,882 | €188,511 | +€629 | +0.3% |
| Deferred charges and accrued income | 490/1 | €2,920 | €0 | -€2,920 | -100.0% |
| Total equity and liabilities | 10/49 | €834,294 | €446,190 | -€388,104 | -46.5% |
| Equity | 10/15 | €81,835 | €68,573 | -€13,262 | -16.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €19,835 | €6,573 | -€13,262 | -66.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €13,635 | €373 | -€13,262 | -97.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €31,465 | €31,465 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €31,465 | €31,465 | = | 0.0% |
| Pensions and similar obligations | 160 | €31,465 | €31,465 | = | 0.0% |
| Amounts payable | 17/49 | €720,994 | €346,152 | -€374,842 | -52.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €720,994 | €346,152 | -€374,842 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €4,010 | €0 | -€4,010 | -100.0% |
| Financial debts | 43 | €14,709 | €28,268 | +€13,560 | +92.2% |
| Credit institutions | 430/8 | €14,709 | €28,268 | +€13,560 | +92.2% |
| Trade debts | 44 | €7,184 | €46,109 | +€38,924 | +541.8% |
| Suppliers | 440/4 | €7,184 | €46,109 | +€38,924 | +541.8% |
| Advances received on contracts in progress | 46 | €41,263 | €39,642 | -€1,622 | -3.9% |
| Taxes, remuneration and social security | 45 | €79,580 | €58,740 | -€20,840 | -26.2% |
| Taxes | 450/3 | €19,683 | €15,179 | -€4,504 | -22.9% |
| Remuneration and social security | 454/9 | €59,897 | €43,562 | -€16,335 | -27.3% |
| Other amounts payable | 47/48 | €574,248 | €173,394 | -€400,855 | -69.8% |
| Remuneration, social security and pensions | 62 | €404,884 | €428,766 | +€23,883 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,817 | €2,187 | -€1,631 | -42.7% |
| Other operating charges | 640/8 | €3,445 | €3,768 | +€323 | +9.4% |
| Gross operating margin | 9900 | €538,250 | €556,342 | +€18,093 | +3.4% |
| Operating profit (loss) | 9901 | €126,104 | €121,622 | -€4,482 | -3.6% |
| Financial income | 75/76B | €14,329 | €47,725 | +€33,397 | +233.1% |
| Recurring financial income | 75 | €14,329 | €47,725 | +€33,397 | +233.1% |
| Financial charges | 65/66B | €830 | €1,320 | +€491 | +59.2% |
| Recurring financial charges | 65 | €830 | €1,320 | +€491 | +59.2% |
| Profit (loss) for the period before taxes | 9903 | €139,603 | €168,027 | +€28,424 | +20.4% |
| Income taxes | 67/77 | €36,734 | €34,789 | -€1,946 | -5.3% |
| Profit (loss) for the period | 9904 | €102,868 | €133,238 | +€30,369 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,868 | €133,238 | +€30,369 | +29.5% |
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 2 October 2026 via checked.be.