Belator: 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.
Belator
Largest movements
- Stocks and contracts -€24,171
no longer reported in 2025 (was €24,171)
- Cash -€7,325
down €7,325 (-80.1%), from €9,146 to €1,821
mainly Other debts (-€28,183) and Net result for the year (-€3,717)
- Receivables within one year -€420
down €420 (-77.5%), from €542 to €122
of which Trade receivables: -€463
- Other debts -€28,183
down €28,183 (-64.9%), from €43,427 to €15,244
- Profit (loss) carried forward -€3,717
down €3,717 (-30.8%), from -€12,086 to -€15,803
- Gross operating margin +€8,016
up €8,016 (+68.9%), from -€11,640 to -€3,625
- Financial charges -€324
down €324 (-85.7%), from €378 to €54
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 | €33,859 | €1,943 | -€31,916 | -94.3% |
| Current assets | 29/58 | €33,859 | €1,943 | -€31,916 | -94.3% |
| Stocks and contracts in progress | 3 | €24,171 | - | -€24,171 | |
| Stocks | 30/36 | €24,171 | - | -€24,171 | |
| Amounts receivable within one year | 40/41 | €542 | €122 | -€420 | -77.5% |
| Trade receivables | 40 | €463 | - | -€463 | |
| Other amounts receivable | 41 | €80 | €122 | +€42 | +53.2% |
| Cash at bank and in hand | 54/58 | €9,146 | €1,821 | -€7,325 | -80.1% |
| Total equity and liabilities | 10/49 | €33,859 | €1,943 | -€31,916 | -94.3% |
| Equity | 10/15 | -€10,086 | -€13,803 | -€3,717 | -36.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,086 | -€15,803 | -€3,717 | -30.8% |
| Amounts payable | 17/49 | €43,945 | €15,746 | -€28,199 | -64.2% |
| Amounts payable within one year | 42/48 | €43,945 | €15,746 | -€28,199 | -64.2% |
| Trade debts | 44 | €518 | €502 | -€16 | -3.1% |
| Suppliers | 440/4 | €518 | €502 | -€16 | -3.1% |
| Other amounts payable | 47/48 | €43,427 | €15,244 | -€28,183 | -64.9% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€11,640 | -€3,625 | +€8,016 | +68.9% |
| Operating profit (loss) | 9901 | -€11,758 | -€3,745 | +€8,014 | +68.2% |
| Financial income | 75/76B | €51 | €82 | +€31 | +61.3% |
| Recurring financial income | 75 | €51 | €82 | +€31 | +61.3% |
| Financial charges | 65/66B | €378 | €54 | -€324 | -85.7% |
| Recurring financial charges | 65 | €378 | €54 | -€324 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | -€12,086 | -€3,717 | +€8,369 | +69.2% |
| Profit (loss) for the period | 9904 | -€12,086 | -€3,717 | +€8,369 | +69.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,086 | -€3,717 | +€8,369 | +69.2% |
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 29 September 2026 via checked.be.