BELBOUW: 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.
BELBOUW
Largest movements
- Cash -€37,830
down €37,830 (-71.5%), from €52,881 to €15,051
mainly Receivables within one year (-€36,888) and Trade debts (-€8,687)
- Receivables within one year +€36,888
up €36,888 (+69.8%), from €52,857 to €89,745
of which Trade receivables: +€43,595
- Profit (loss) carried forward +€9,381
up €9,381 (+20.7%), from €45,260 to €54,641
- Trade debts -€8,687
down €8,687 (-12.3%), from €70,812 to €62,125
- Other debts +€5,308
new in 2025: €5,308
- Tax, wage and social debts -€2,834
down €2,834 (-33.5%), from €8,464 to €5,630
of which Remuneration and social security: -€1,500
- Advances received -€2,000
no longer reported in 2025 (was €2,000)
- Gross operating margin +€4,869
up €4,869 (+20.8%), from €23,435 to €28,304
- Depreciation +€1,907
up €1,907 (+37.7%), from €5,066 to €6,973
- Taxes +€323
up €323 (+12.2%), from €2,654 to €2,977
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 | €127,636 | €128,805 | +€1,169 | +0.9% |
| Fixed assets | 21/28 | €16,881 | €18,110 | +€1,229 | +7.3% |
| Tangible fixed assets | 22/27 | €13,081 | €14,310 | +€1,229 | +9.4% |
| Plant, machinery and equipment | 23 | - | €3,951 | +€3,951 | |
| Furniture and vehicles | 24 | €13,081 | €10,360 | -€2,721 | -20.8% |
| Financial fixed assets | 28 | €3,800 | €3,800 | = | 0.0% |
| Current assets | 29/58 | €110,755 | €110,695 | -€60 | -0.1% |
| Amounts receivable within one year | 40/41 | €52,857 | €89,745 | +€36,888 | +69.8% |
| Trade receivables | 40 | €42,032 | €85,627 | +€43,595 | +104% |
| Other amounts receivable | 41 | €10,825 | €4,118 | -€6,706 | -62.0% |
| Cash at bank and in hand | 54/58 | €52,881 | €15,051 | -€37,830 | -71.5% |
| Deferred charges and accrued income | 490/1 | €5,017 | €5,898 | +€881 | +17.6% |
| Total equity and liabilities | 10/49 | €127,636 | €128,805 | +€1,169 | +0.9% |
| Equity | 10/15 | €46,360 | €55,741 | +€9,381 | +20.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,260 | €54,641 | +€9,381 | +20.7% |
| Amounts payable | 17/49 | €81,276 | €73,064 | -€8,212 | -10.1% |
| Amounts payable within one year | 42/48 | €81,276 | €73,064 | -€8,212 | -10.1% |
| Trade debts | 44 | €70,812 | €62,125 | -€8,687 | -12.3% |
| Suppliers | 440/4 | €70,812 | €62,125 | -€8,687 | -12.3% |
| Advances received on contracts in progress | 46 | €2,000 | - | -€2,000 | |
| Taxes, remuneration and social security | 45 | €8,464 | €5,630 | -€2,834 | -33.5% |
| Taxes | 450/3 | €6,964 | €5,630 | -€1,334 | -19.1% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | - | €5,308 | +€5,308 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,066 | €6,973 | +€1,907 | +37.7% |
| Other operating charges | 640/8 | €1,790 | €2,035 | +€245 | +13.7% |
| Gross operating margin | 9900 | €23,435 | €28,304 | +€4,869 | +20.8% |
| Operating profit (loss) | 9901 | €16,579 | €19,296 | +€2,716 | +16.4% |
| Financial income | 75/76B | €195 | €4 | -€191 | -97.9% |
| Recurring financial income | 75 | €195 | €4 | -€191 | -97.9% |
| Financial charges | 65/66B | €6,893 | €6,942 | +€49 | +0.7% |
| Recurring financial charges | 65 | €6,893 | €6,942 | +€49 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €9,881 | €12,358 | +€2,477 | +25.1% |
| Income taxes | 67/77 | €2,654 | €2,977 | +€323 | +12.2% |
| Profit (loss) for the period | 9904 | €7,227 | €9,381 | +€2,153 | +29.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,227 | €9,381 | +€2,153 | +29.8% |
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 26 October 2026 via checked.be.