Belbo: 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.
Belbo
Largest movements
- Tangible fixed assets +€2,742
up €2,742 (+13.7%), from €20,062 to €22,804
of which Furniture and vehicles: +€1,862
- Receivables within one year -€2,176
down €2,176 (-47.7%), from €4,561 to €2,385
of which Trade receivables: -€2,041
- Cash -€1,581
down €1,581 (-31.6%), from €5,000 to €3,419
mainly Investment in fixed assets (net) (-€10,083) and Other debts (-€1,861)
- Other debts -€1,861
no longer reported in 2025 (was €1,861)
- Tax, wage and social debts +€687
up €687 (+10.8%), from €6,357 to €7,044
- Profit (loss) carried forward +€565
up €565 (+80.3%), from €704 to €1,270
- Trade debts -€406
down €406 (-18.5%), from €2,200 to €1,794
- Gross operating margin -€9,989
down €9,989 (-37.9%), from €26,353 to €16,364
- Other operating charges +€7,115
up €7,115 (+1,532%), from €464 to €7,579
- Taxes -€5,670
down €5,670 (-89.2%), from €6,357 to €687
- Depreciation +€3,515
up €3,515 (+91.9%), from €3,826 to €7,341
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 | €29,623 | €28,608 | -€1,015 | -3.4% |
| Fixed assets | 21/28 | €20,062 | €22,804 | +€2,742 | +13.7% |
| Tangible fixed assets | 22/27 | €20,062 | €22,804 | +€2,742 | +13.7% |
| Plant, machinery and equipment | 23 | - | €880 | +€880 | |
| Furniture and vehicles | 24 | €20,062 | €21,924 | +€1,862 | +9.3% |
| Current assets | 29/58 | €9,561 | €5,804 | -€3,757 | -39.3% |
| Amounts receivable within one year | 40/41 | €4,561 | €2,385 | -€2,176 | -47.7% |
| Trade receivables | 40 | €2,662 | €621 | -€2,041 | -76.7% |
| Other amounts receivable | 41 | €1,899 | €1,764 | -€135 | -7.1% |
| Cash at bank and in hand | 54/58 | €5,000 | €3,419 | -€1,581 | -31.6% |
| Total equity and liabilities | 10/49 | €29,623 | €28,608 | -€1,015 | -3.4% |
| Equity | 10/15 | €19,204 | €19,770 | +€565 | +2.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Capital | 10 | €3,500 | €3,500 | = | 0.0% |
| Issued capital | 100 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €704 | €1,270 | +€565 | +80.3% |
| Amounts payable | 17/49 | €10,418 | €8,838 | -€1,580 | -15.2% |
| Amounts payable within one year | 42/48 | €10,418 | €8,838 | -€1,580 | -15.2% |
| Trade debts | 44 | €2,200 | €1,794 | -€406 | -18.5% |
| Suppliers | 440/4 | €2,200 | €1,794 | -€406 | -18.5% |
| Taxes, remuneration and social security | 45 | €6,357 | €7,044 | +€687 | +10.8% |
| Taxes | 450/3 | €6,357 | €7,044 | +€687 | +10.8% |
| Other amounts payable | 47/48 | €1,861 | - | -€1,861 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,826 | €7,341 | +€3,515 | +91.9% |
| Other operating charges | 640/8 | €464 | €7,579 | +€7,115 | +1,532% |
| Gross operating margin | 9900 | €26,353 | €16,364 | -€9,989 | -37.9% |
| Operating profit (loss) | 9901 | €22,063 | €1,444 | -€20,619 | -93.5% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €1 | €204 | +€203 | +14,799% |
| Recurring financial charges | 65 | €1 | €204 | +€203 | +14,799% |
| Profit (loss) for the period before taxes | 9903 | €22,062 | €1,253 | -€20,809 | -94.3% |
| Income taxes | 67/77 | €6,357 | €687 | -€5,670 | -89.2% |
| Profit (loss) for the period | 9904 | €15,704 | €565 | -€15,139 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,704 | €565 | -€15,139 | -96.4% |
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 25 October 2026 via checked.be.