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 after one year -€50,000
down €50,000 (-65.8%), from €76,000 to €26,000
- Cash +€34,277
up €34,277 (+20.0%), from €171,504 to €205,781
mainly Short-term financial debts (+€69,385) and Receivables after one year (+€50,000)
- Intangible fixed assets +€30,023
up €30,023 (+649.5%), from €4,623 to €34,646
- Tangible fixed assets -€12,320
down €12,320 (-39.5%), from €31,168 to €18,847
of which Plant, machinery and equipment: -€9,566
- Trade debts -€117,076
down €117,076 (-42.3%), from €276,538 to €159,463
- Short-term financial debts +€69,385
up €69,385 (+18.8%), from €369,909 to €439,293
- Tax, wage and social debts +€41,305
up €41,305 (+13.1%), from €315,642 to €356,947
of which Taxes: +€63,854
- Gross operating margin +€460,256
up €460,256 (+30.7%), from €1.5m to €2.0m
- Staff costs +€363,458
up €363,458 (+24.0%), from €1.5m to €1.9m
- Financial charges -€208,224
down €208,224 (-77.5%), from €268,771 to €60,546
of which Non-recurring financial charges: -€216,298
- Taxes -€30,663
down €30,663 (-79.6%), from €38,504 to €7,841
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €983,445 | €987,674 | +€4,230 | +0.4% |
| Fixed assets | 21/28 | €35,790 | €53,493 | +€17,703 | +49.5% |
| Intangible fixed assets | 21 | €4,623 | €34,646 | +€30,023 | +649.5% |
| Tangible fixed assets | 22/27 | €31,168 | €18,847 | -€12,320 | -39.5% |
| Plant, machinery and equipment | 23 | €17,651 | €8,085 | -€9,566 | -54.2% |
| Furniture and vehicles | 24 | €3,671 | €2,824 | -€847 | -23.1% |
| Other tangible fixed assets | 26 | €9,846 | €7,939 | -€1,907 | -19.4% |
| Current assets | 29/58 | €947,655 | €934,181 | -€13,473 | -1.4% |
| Amounts receivable after more than one year | 29 | €76,000 | €26,000 | -€50,000 | -65.8% |
| Other amounts receivable | 291 | €76,000 | €26,000 | -€50,000 | -65.8% |
| Amounts receivable within one year | 40/41 | €682,747 | €686,541 | +€3,794 | +0.6% |
| Trade receivables | 40 | €553,474 | €459,437 | -€94,037 | -17.0% |
| Other amounts receivable | 41 | €129,274 | €227,104 | +€97,830 | +75.7% |
| Cash at bank and in hand | 54/58 | €171,504 | €205,781 | +€34,277 | +20.0% |
| Deferred charges and accrued income | 490/1 | €17,403 | €15,859 | -€1,544 | -8.9% |
| Total equity and liabilities | 10/49 | €983,445 | €987,674 | +€4,230 | +0.4% |
| Equity | 10/15 | €21,356 | €24,522 | +€3,166 | +14.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €106,900 | €106,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €104,900 | €104,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,544 | -€102,378 | +€3,166 | +3.0% |
| Amounts payable | 17/49 | €962,089 | €963,153 | +€1,064 | +0.1% |
| Amounts payable within one year | 42/48 | €962,089 | €963,153 | +€1,064 | +0.1% |
| Financial debts | 43 | €369,909 | €439,293 | +€69,385 | +18.8% |
| Credit institutions | 430/8 | €369,909 | €439,293 | +€69,385 | +18.8% |
| Trade debts | 44 | €276,538 | €159,463 | -€117,076 | -42.3% |
| Suppliers | 440/4 | €276,538 | €159,463 | -€117,076 | -42.3% |
| Advances received on contracts in progress | 46 | - | €7,450 | +€7,450 | |
| Taxes, remuneration and social security | 45 | €315,642 | €356,947 | +€41,305 | +13.1% |
| Taxes | 450/3 | €39,963 | €103,818 | +€63,854 | +159.8% |
| Remuneration and social security | 454/9 | €275,679 | €253,130 | -€22,550 | -8.2% |
| Non-recurring operating income | 76A | €1,355 | - | -€1,355 | |
| Remuneration, social security and pensions | 62 | €1,511,438 | €1,874,895 | +€363,458 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,292 | €14,826 | +€533 | +3.7% |
| Other operating charges | 640/8 | €7,043 | €1,233 | -€5,810 | -82.5% |
| Non-recurring operating charges | 66A | - | €5,067 | +€5,067 | |
| Gross operating margin | 9900 | €1,498,833 | €1,959,089 | +€460,256 | +30.7% |
| Operating profit (loss) | 9901 | -€33,940 | €63,068 | +€97,008 | |
| Financial income | 75/76B | €7,667 | €8,486 | +€819 | +10.7% |
| Recurring financial income | 75 | €3,627 | €6,459 | +€2,832 | +78.1% |
| Non-recurring financial income | 76B | €4,039 | €2,027 | -€2,013 | -49.8% |
| Financial charges | 65/66B | €268,771 | €60,546 | -€208,224 | -77.5% |
| Recurring financial charges | 65 | €50,869 | €58,943 | +€8,074 | +15.9% |
| Non-recurring financial charges | 66B | €217,902 | €1,603 | -€216,298 | -99.3% |
| Profit (loss) for the period before taxes | 9903 | -€295,044 | €11,007 | +€306,051 | |
| Income taxes | 67/77 | €38,504 | €7,841 | -€30,663 | -79.6% |
| Profit (loss) for the period | 9904 | -€333,548 | €3,166 | +€336,714 | |
| Profit (loss) for the period to be appropriated | 9905 | -€333,548 | €3,166 | +€336,714 |
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 9 October 2026 via checked.be.