BELBATUR: 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.
BELBATUR
Largest movements
- Intangible fixed assets -€20,676
down €20,676 (-88.8%), from €23,290 to €2,614
- Cash +€3,665
up €3,665 (+16.5%), from €22,174 to €25,839
mainly Depreciation (+€22,286) and Trade debts (+€18,627)
- Tangible fixed assets -€1,609
down €1,609 (-15.4%), from €10,465 to €8,855
- Other debts -€27,994
down €27,994 (-61.2%), from €45,769 to €17,775
- Profit (loss) carried forward -€19,003
down €19,003, from €1,531 to -€17,472
- Trade debts +€18,627
up €18,627 (+288%), from €6,463 to €25,091
- Tax, wage and social debts +€9,549
up €9,549 (+178%), from €5,369 to €14,918
of which Remuneration and social security: +€7,150
- Gross operating margin -€15,376
down €15,376 (-16.6%), from €92,689 to €77,313
- Staff costs -€2,115
down €2,115 (-2.9%), from €73,100 to €70,985
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 | €69,133 | €50,312 | -€18,822 | -27.2% |
| Fixed assets | 21/28 | €46,552 | €24,266 | -€22,286 | -47.9% |
| Intangible fixed assets | 21 | €23,290 | €2,614 | -€20,676 | -88.8% |
| Tangible fixed assets | 22/27 | €10,465 | €8,855 | -€1,609 | -15.4% |
| Other tangible fixed assets | 26 | €10,465 | €8,855 | -€1,609 | -15.4% |
| Financial fixed assets | 28 | €12,798 | €12,798 | = | 0.0% |
| Current assets | 29/58 | €22,581 | €26,045 | +€3,464 | +15.3% |
| Amounts receivable within one year | 40/41 | €407 | €206 | -€201 | -49.4% |
| Trade receivables | 40 | €116 | €206 | +€90 | +77.3% |
| Other amounts receivable | 41 | €291 | - | -€291 | |
| Cash at bank and in hand | 54/58 | €22,174 | €25,839 | +€3,665 | +16.5% |
| Total equity and liabilities | 10/49 | €69,133 | €50,312 | -€18,822 | -27.2% |
| Equity | 10/15 | €11,531 | -€7,472 | -€19,003 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,531 | -€17,472 | -€19,003 | |
| Amounts payable | 17/49 | €57,602 | €57,784 | +€182 | +0.3% |
| Amounts payable within one year | 42/48 | €57,602 | €57,784 | +€182 | +0.3% |
| Trade debts | 44 | €6,463 | €25,091 | +€18,627 | +288% |
| Suppliers | 440/4 | €6,463 | €25,091 | +€18,627 | +288% |
| Taxes, remuneration and social security | 45 | €5,369 | €14,918 | +€9,549 | +178% |
| Taxes | 450/3 | - | €2,399 | +€2,399 | |
| Remuneration and social security | 454/9 | €5,369 | €12,519 | +€7,150 | +133% |
| Other amounts payable | 47/48 | €45,769 | €17,775 | -€27,994 | -61.2% |
| Remuneration, social security and pensions | 62 | €73,100 | €70,985 | -€2,115 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,286 | €22,286 | = | 0.0% |
| Other operating charges | 640/8 | €130 | €70 | -€60 | -46.2% |
| Gross operating margin | 9900 | €92,689 | €77,313 | -€15,376 | -16.6% |
| Operating profit (loss) | 9901 | -€2,827 | -€16,028 | -€13,201 | -467% |
| Financial income | 75/76B | €34 | €425 | +€391 | +1,156% |
| Recurring financial income | 75 | €34 | €425 | +€391 | +1,156% |
| Financial charges | 65/66B | €3,092 | €3,400 | +€307 | +9.9% |
| Recurring financial charges | 65 | €3,092 | €3,400 | +€307 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | -€5,886 | -€19,003 | -€13,117 | -223% |
| Profit (loss) for the period | 9904 | -€5,886 | -€19,003 | -€13,117 | -223% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,886 | -€19,003 | -€13,117 | -223% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.