BELBEAU: 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.
What changed
BELBEAU
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€56,623
2024 · -€17,705-€38,918
Equity
€528,195
2024 · €584,818-€56,623
Cash
€2,842
2024 · €1,526+€1,316
Balance sheet total
€2.3m
2024 · €2.2m+€17,987
Largest movements
Assets
- Stocks and contracts +€36,731
up €36,731 (+6.0%), from €607,794 to €644,526
Equity and liabilities
- Other debts +€107,813
up €107,813 (+26.9%), from €400,741 to €508,554
- Debts after one year -€82,545
down €82,545 (-10.6%), from €779,446 to €696,901
- Reserves -€56,623
down €56,623 (-18.7%), from €302,226 to €245,603
of which Distributable reserves: -€48,956
- Trade debts +€54,407
up €54,407 (+2,068%), from €2,631 to €57,038
Income statement
- Gross operating margin -€31,700
down €31,700 (-31.0%), from €102,273 to €70,573
- Write-downs +€8,185
up €8,185, from -€8,185 to €0
- Other operating charges -€7,830
down €7,830 (-45.6%), from €17,159 to €9,329
- Financial charges +€5,295
up €5,295 (+8.6%), from €61,265 to €66,560
- Depreciation +€1,568
up €1,568 (+3.0%), from €52,294 to €53,862
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.
Result 2024
-€17,705
Gross operating margin
-€31,700
Depreciation
-€1,568
Write-downs
-€8,185
Other operating charges
+€7,830
Financial charges
-€5,295
Result 2025
-€56,623
raises the resultlowers the result
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.
From operations
+€131,957
Investment
-€42,400
Financing
-€88,240
Cash 2024
€1,526
From operations (derived)
+€131,957
Net result for the year
-€56,623
Depreciation
+€53,862
Stocks and contracts
-€36,731
Receivables within one year
+€2,544
Deferred charges and accrued income
+€6,055
Provisions
-€2,556
Trade debts
+€54,407
Tax, wage and social debts
+€3,527
Other debts
+€107,813
Accrued charges and deferred income
-€340
Investment (derived)
-€42,400
Investment in fixed assets (net)
-€42,400
Financing
-€88,240
Debts after one year
-€82,545
Current portion of long-term debt
-€2,500
Short-term financial debts
-€3,196
Cash 2025
€2,842
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,232,776 | €2,250,764 | +€17,987 | +0.8% |
| Fixed assets | 21/28 | €1,591,332 | €1,579,870 | -€11,462 | -0.7% |
| Tangible fixed assets | 22/27 | €1,591,332 | €1,579,870 | -€11,462 | -0.7% |
| Land and buildings | 22 | €1,583,840 | €1,572,949 | -€10,891 | -0.7% |
| Plant, machinery and equipment | 23 | €7,492 | €6,921 | -€571 | -7.6% |
| Current assets | 29/58 | €641,445 | €670,894 | +€29,449 | +4.6% |
| Stocks and contracts in progress | 3 | €607,794 | €644,526 | +€36,731 | +6.0% |
| Stocks | 30/36 | €607,794 | €644,526 | +€36,731 | +6.0% |
| Amounts receivable within one year | 40/41 | €22,158 | €19,615 | -€2,544 | -11.5% |
| Trade receivables | 40 | €21,336 | €14,615 | -€6,722 | -31.5% |
| Other amounts receivable | 41 | €822 | €5,000 | +€4,178 | +508% |
| Cash at bank and in hand | 54/58 | €1,526 | €2,842 | +€1,316 | +86.3% |
| Deferred charges and accrued income | 490/1 | €9,966 | €3,911 | -€6,055 | -60.8% |
| Total equity and liabilities | 10/49 | €2,232,776 | €2,250,764 | +€17,987 | +0.8% |
| Equity | 10/15 | €584,818 | €528,195 | -€56,623 | -9.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €264,000 | €264,000 | = | 0.0% |
| Reserves | 13 | €302,226 | €245,603 | -€56,623 | -18.7% |
| Tax-exempt reserves | 132 | €209,386 | €201,719 | -€7,667 | -3.7% |
| Distributable reserves | 133 | €92,840 | €43,884 | -€48,956 | -52.7% |
| Provisions and deferred taxes | 16 | €68,179 | €65,623 | -€2,556 | -3.7% |
| Deferred taxes | 168 | €68,179 | €65,623 | -€2,556 | -3.7% |
| Amounts payable | 17/49 | €1,579,780 | €1,656,946 | +€77,166 | +4.9% |
| Amounts payable after more than one year | 17 | €779,446 | €696,901 | -€82,545 | -10.6% |
| Financial debts | 170/4 | €779,446 | €696,901 | -€82,545 | -10.6% |
| Amounts payable within one year | 42/48 | €798,232 | €958,284 | +€160,051 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €85,045 | €82,545 | -€2,500 | -2.9% |
| Financial debts | 43 | €303,196 | €300,000 | -€3,196 | -1.1% |
| Credit institutions | 430/8 | €303,196 | €300,000 | -€3,196 | -1.1% |
| Trade debts | 44 | €2,631 | €57,038 | +€54,407 | +2,068% |
| Suppliers | 440/4 | €2,631 | €57,038 | +€54,407 | +2,068% |
| Taxes, remuneration and social security | 45 | €6,620 | €10,147 | +€3,527 | +53.3% |
| Taxes | 450/3 | €6,620 | €10,147 | +€3,527 | +53.3% |
| Other amounts payable | 47/48 | €400,741 | €508,554 | +€107,813 | +26.9% |
| Accrued charges and deferred income | 492/3 | €2,102 | €1,762 | -€340 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,294 | €53,862 | +€1,568 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,185 | €0 | +€8,185 | |
| Other operating charges | 640/8 | €17,159 | €9,329 | -€7,830 | -45.6% |
| Gross operating margin | 9900 | €102,273 | €70,573 | -€31,700 | -31.0% |
| Operating profit (loss) | 9901 | €41,005 | €7,382 | -€33,623 | -82.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €61,265 | €66,560 | +€5,295 | +8.6% |
| Recurring financial charges | 65 | €61,265 | €66,560 | +€5,295 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,260 | -€59,179 | -€38,918 | -192% |
| Transfer from deferred taxes | 780 | €2,556 | €2,556 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€17,705 | -€56,623 | -€38,918 | -220% |
| Transfer from tax-exempt reserves | 789 | €7,667 | €7,667 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,038 | -€48,956 | -€38,918 | -388% |
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 1 November 2026 via checked.be.