BELART & CO: what changed
Two financial 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.
BELART & CO
Largest movements
- Receivables within one year -€560,780
down €560,780 (-60.9%), from €920,587 to €359,807
of which Other amounts receivable: -€558,234
- Tangible fixed assets +€497,518
up €497,518 (+74.7%), from €666,289 to €1.2m
of which Assets under construction and advance payments: +€499,999
- Cash +€141,856
up €141,856 (+190%), from €74,778 to €216,634
mainly Receivables within one year (+€560,780) and Debts after one year (+€128,259)
- Financial fixed assets -€48,250
down €48,250 (-11.1%), from €435,565 to €387,315
- Profit (loss) carried forward -€189,470
down €189,470, from €44,706 to -€144,764
- Debts after one year +€128,259
up €128,259 (+25.7%), from €500,000 to €628,259
- Current portion of long-term debt +€66,664
new in 2025: €66,664
- Trade debts +€21,629
up €21,629 (+6,731%), from €321 to €21,950
- Financial charges +€177,576
up €177,576 (+582%), from €30,496 to €208,072
of which Non-recurring financial charges: +€192,249
- Financial income +€8,981
up €8,981 (+232%), from €3,878 to €12,859
- Depreciation -€1,052
down €1,052 (-18.8%), from €5,601 to €4,549
- Other operating charges -€836
down €836 (-40.4%), from €2,068 to €1,233
- Gross operating margin -€491
down €491 (-4.1%), from €12,016 to €11,524
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.
Derived cash bridge
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 | €2,098,801 | €2,129,236 | +€30,435 | +1.5% |
| Fixed assets | 21/28 | €1,101,854 | €1,551,122 | +€449,268 | +40.8% |
| Tangible fixed assets | 22/27 | €666,289 | €1,163,807 | +€497,518 | +74.7% |
| Land and buildings | 22 | €15,830 | €11,780 | -€4,050 | -25.6% |
| Furniture and vehicles | 24 | €442 | €2,011 | +€1,569 | +355% |
| Assets under construction and advance payments | 27 | €650,018 | €1,150,016 | +€499,999 | +76.9% |
| Financial fixed assets | 28 | €435,565 | €387,315 | -€48,250 | -11.1% |
| Current assets | 29/58 | €996,947 | €578,115 | -€418,832 | -42.0% |
| Amounts receivable within one year | 40/41 | €920,587 | €359,807 | -€560,780 | -60.9% |
| Trade receivables | 40 | €46,040 | €43,494 | -€2,546 | -5.5% |
| Other amounts receivable | 41 | €874,547 | €316,313 | -€558,234 | -63.8% |
| Cash at bank and in hand | 54/58 | €74,778 | €216,634 | +€141,856 | +190% |
| Deferred charges and accrued income | 490/1 | €1,581 | €1,673 | +€92 | +5.8% |
| Total equity and liabilities | 10/49 | €2,098,801 | €2,129,236 | +€30,435 | +1.5% |
| Equity | 10/15 | €1,111,413 | €921,943 | -€189,470 | -17.0% |
| Contributions | 10/11 | €21,136 | €21,136 | = | 0.0% |
| Reserves | 13 | €1,045,571 | €1,045,571 | = | 0.0% |
| Distributable reserves | 133 | €1,045,571 | €1,045,571 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,706 | -€144,764 | -€189,470 | |
| Provisions and deferred taxes | 16 | €60,000 | €60,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €927,388 | €1,147,294 | +€219,905 | +23.7% |
| Amounts payable after more than one year | 17 | €500,000 | €628,259 | +€128,259 | +25.7% |
| Financial debts | 170/4 | €500,000 | €628,259 | +€128,259 | +25.7% |
| Amounts payable within one year | 42/48 | €427,388 | €519,035 | +€91,647 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | - | €66,664 | +€66,664 | |
| Trade debts | 44 | €321 | €21,950 | +€21,629 | +6,731% |
| Suppliers | 440/4 | €321 | €21,950 | +€21,629 | +6,731% |
| Taxes, remuneration and social security | 45 | €337 | €2,804 | +€2,467 | +732% |
| Taxes | 450/3 | €337 | €2,804 | +€2,467 | +732% |
| Other amounts payable | 47/48 | €426,730 | €427,617 | +€887 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,601 | €4,549 | -€1,052 | -18.8% |
| Other operating charges | 640/8 | €2,068 | €1,233 | -€836 | -40.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €12,016 | €11,524 | -€491 | -4.1% |
| Operating profit (loss) | 9901 | €4,346 | €5,742 | +€1,396 | +32.1% |
| Financial income | 75/76B | €3,878 | €12,859 | +€8,981 | +232% |
| Recurring financial income | 75 | €3,878 | €12,859 | +€8,981 | +232% |
| Financial charges | 65/66B | €30,496 | €208,072 | +€177,576 | +582% |
| Recurring financial charges | 65 | €30,496 | €15,823 | -€14,673 | -48.1% |
| Non-recurring financial charges | 66B | - | €192,249 | +€192,249 | |
| Profit (loss) for the period before taxes | 9903 | -€22,271 | -€189,470 | -€167,199 | -751% |
| Income taxes | 67/77 | €66 | €0 | -€66 | -100% |
| Profit (loss) for the period | 9904 | -€22,338 | -€189,470 | -€167,133 | -748% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,338 | -€189,470 | -€167,133 | -748% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.