Belbu: 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.
Belbu
Largest movements
- Tangible fixed assets -€12,093
down €12,093 (-33.2%), from €36,477 to €24,384
of which Other tangible fixed assets: -€9,878
- Cash -€5,399
down €5,399 (-11.7%), from €46,200 to €40,801
mainly Debts after one year (-€16,813) and Trade debts (-€8,946)
- Deferred charges and accrued income -€3,627
down €3,627 (-85.2%), from €4,255 to €629
- Stocks and contracts +€2,324
up €2,324 (+41.4%), from €5,617 to €7,941
- Receivables within one year -€2,198
down €2,198 (-12.5%), from €17,523 to €15,325
of which Other amounts receivable: -€2,667
- Debts after one year -€16,813
down €16,813 (-56.0%), from €30,028 to €13,215
- Trade debts -€8,946
down €8,946 (-53.0%), from €16,895 to €7,949
- Current portion of long-term debt +€4,491
up €4,491 (+110%), from €4,093 to €8,584
- Tax, wage and social debts +€2,821
up €2,821 (+13.1%), from €21,511 to €24,332
of which Remuneration and social security: +€2,060
- Other debts -€2,501
down €2,501 (-19.3%), from €12,941 to €10,440
- Staff costs +€25,045
up €25,045 (+24.6%), from €101,875 to €126,920
- Gross operating margin +€20,217
up €20,217 (+15.8%), from €127,735 to €147,953
- Financial charges +€1,746
up €1,746 (+141%), from €1,241 to €2,987
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 | €110,073 | €89,080 | -€20,993 | -19.1% |
| Fixed assets | 21/28 | €36,477 | €24,384 | -€12,093 | -33.2% |
| Tangible fixed assets | 22/27 | €36,477 | €24,384 | -€12,093 | -33.2% |
| Plant, machinery and equipment | 23 | €3,584 | €5,723 | +€2,139 | +59.7% |
| Furniture and vehicles | 24 | €10,537 | €6,183 | -€4,355 | -41.3% |
| Other tangible fixed assets | 26 | €22,356 | €12,478 | -€9,878 | -44.2% |
| Current assets | 29/58 | €73,596 | €64,696 | -€8,900 | -12.1% |
| Stocks and contracts in progress | 3 | €5,617 | €7,941 | +€2,324 | +41.4% |
| Stocks | 30/36 | €5,617 | €7,941 | +€2,324 | +41.4% |
| Amounts receivable within one year | 40/41 | €17,523 | €15,325 | -€2,198 | -12.5% |
| Trade receivables | 40 | €3,627 | €4,097 | +€470 | +12.9% |
| Other amounts receivable | 41 | €13,896 | €11,229 | -€2,667 | -19.2% |
| Cash at bank and in hand | 54/58 | €46,200 | €40,801 | -€5,399 | -11.7% |
| Deferred charges and accrued income | 490/1 | €4,255 | €629 | -€3,627 | -85.2% |
| Total equity and liabilities | 10/49 | €110,073 | €89,080 | -€20,993 | -19.1% |
| Equity | 10/15 | €24,605 | €24,559 | -€46 | -0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,005 | €5,959 | -€46 | -0.8% |
| Distributable reserves | 133 | €6,005 | €5,959 | -€46 | -0.8% |
| Amounts payable | 17/49 | €85,468 | €64,521 | -€20,947 | -24.5% |
| Amounts payable after more than one year | 17 | €30,028 | €13,215 | -€16,813 | -56.0% |
| Financial debts | 170/4 | €30,028 | €13,215 | -€16,813 | -56.0% |
| Amounts payable within one year | 42/48 | €55,441 | €51,306 | -€4,135 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €4,093 | €8,584 | +€4,491 | +110% |
| Trade debts | 44 | €16,895 | €7,949 | -€8,946 | -53.0% |
| Suppliers | 440/4 | €16,895 | €7,949 | -€8,946 | -53.0% |
| Taxes, remuneration and social security | 45 | €21,511 | €24,332 | +€2,821 | +13.1% |
| Taxes | 450/3 | €11,754 | €12,515 | +€761 | +6.5% |
| Remuneration and social security | 454/9 | €9,757 | €11,817 | +€2,060 | +21.1% |
| Other amounts payable | 47/48 | €12,941 | €10,440 | -€2,501 | -19.3% |
| Remuneration, social security and pensions | 62 | €101,875 | €126,920 | +€25,045 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,602 | €17,540 | -€63 | -0.4% |
| Other operating charges | 640/8 | €1,470 | €774 | -€696 | -47.3% |
| Gross operating margin | 9900 | €127,735 | €147,953 | +€20,217 | +15.8% |
| Operating profit (loss) | 9901 | €6,789 | €2,719 | -€4,070 | -59.9% |
| Financial income | 75/76B | €285 | €222 | -€63 | -22.2% |
| Recurring financial income | 75 | €285 | €222 | -€63 | -22.2% |
| Financial charges | 65/66B | €1,241 | €2,987 | +€1,746 | +141% |
| Recurring financial charges | 65 | €1,241 | €2,987 | +€1,746 | +141% |
| Profit (loss) for the period before taxes | 9903 | €5,833 | -€46 | -€5,879 | |
| Profit (loss) for the period | 9904 | €5,833 | -€46 | -€5,879 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,833 | -€46 | -€5,879 |
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 17 October 2026 via checked.be.