BELBUILD: 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.
BELBUILD
Largest movements
- Receivables within one year -€36,140
down €36,140 (-45.5%), from €79,386 to €43,246
of which Other amounts receivable: -€29,343
- Financial fixed assets +€18,000
up €18,000 (+72.6%), from €24,782 to €42,782
- Tangible fixed assets -€12,487
down €12,487 (-2.8%), from €439,952 to €427,464
- Cash +€7,777
up €7,777 (+122%), from €6,354 to €14,132
mainly Receivables within one year (+€36,140) and Depreciation (+€12,487)
- Trade debts -€11,162
down €11,162 (-28.2%), from €39,618 to €28,456
- Profit (loss) carried forward -€8,128
down €8,128 (-13.2%), from €61,594 to €53,466
- Financial charges +€37,845
up €37,845 (+5,168%), from €732 to €38,578
- Gross operating margin +€10,596
up €10,596 (+25.2%), from €42,113 to €52,709
- Taxes -€7,659
no longer reported in 2025 (was €7,659)
- Write-downs +€7,000
new in 2025: €7,000
- Depreciation +€3,409
up €3,409 (+37.5%), from €9,078 to €12,487
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 | €550,679 | €529,422 | -€21,257 | -3.9% |
| Fixed assets | 21/28 | €464,734 | €470,246 | +€5,513 | +1.2% |
| Tangible fixed assets | 22/27 | €439,952 | €427,464 | -€12,487 | -2.8% |
| Land and buildings | 22 | €439,952 | €427,464 | -€12,487 | -2.8% |
| Financial fixed assets | 28 | €24,782 | €42,782 | +€18,000 | +72.6% |
| Current assets | 29/58 | €85,946 | €59,176 | -€26,770 | -31.1% |
| Amounts receivable within one year | 40/41 | €79,386 | €43,246 | -€36,140 | -45.5% |
| Trade receivables | 40 | €33,149 | €26,352 | -€6,797 | -20.5% |
| Other amounts receivable | 41 | €46,237 | €16,894 | -€29,343 | -63.5% |
| Cash at bank and in hand | 54/58 | €6,354 | €14,132 | +€7,777 | +122% |
| Deferred charges and accrued income | 490/1 | €205 | €1,798 | +€1,593 | +777% |
| Total equity and liabilities | 10/49 | €550,679 | €529,422 | -€21,257 | -3.9% |
| Equity | 10/15 | €83,594 | €75,466 | -€8,128 | -9.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,594 | €53,466 | -€8,128 | -13.2% |
| Amounts payable | 17/49 | €467,085 | €453,956 | -€13,130 | -2.8% |
| Amounts payable within one year | 42/48 | €467,082 | €453,044 | -€14,039 | -3.0% |
| Trade debts | 44 | €39,618 | €28,456 | -€11,162 | -28.2% |
| Suppliers | 440/4 | €39,618 | €28,456 | -€11,162 | -28.2% |
| Taxes, remuneration and social security | 45 | €2,090 | €1,903 | -€187 | -8.9% |
| Taxes | 450/3 | €2,090 | €1,903 | -€187 | -8.9% |
| Other amounts payable | 47/48 | €425,375 | €422,685 | -€2,690 | -0.6% |
| Accrued charges and deferred income | 492/3 | €3 | €912 | +€909 | +30,305% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,078 | €12,487 | +€3,409 | +37.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,000 | +€7,000 | |
| Other operating charges | 640/8 | €2,227 | €2,771 | +€545 | +24.5% |
| Gross operating margin | 9900 | €42,113 | €52,709 | +€10,596 | +25.2% |
| Operating profit (loss) | 9901 | €30,808 | €30,450 | -€358 | -1.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €732 | €38,578 | +€37,845 | +5,168% |
| Recurring financial charges | 65 | €732 | €38,578 | +€37,845 | +5,168% |
| Profit (loss) for the period before taxes | 9903 | €30,075 | -€8,128 | -€38,203 | |
| Income taxes | 67/77 | €7,659 | - | -€7,659 | |
| Profit (loss) for the period | 9904 | €22,416 | -€8,128 | -€30,544 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,416 | -€8,128 | -€30,544 |
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.