BELDEKOR: 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.
BELDEKOR
Largest movements
- Stocks and contracts -€425,002
down €425,002 (-74.5%), from €570,500 to €145,498
- Cash +€303,495
up €303,495 (+449.3%), from €67,544 to €371,038
mainly Stocks and contracts (+€425,002) and Net result for the year (+€245,507)
- Receivables within one year +€23,391
up €23,391 (+36.5%), from €64,055 to €87,446
of which Other amounts receivable: +€19,319
- Other debts -€182,207
down €182,207 (-41.5%), from €439,413 to €257,207
- Reserves +€63,787
up €63,787 (+32.6%), from €195,770 to €259,556
of which Distributable reserves: +€63,787
- Profit (loss) carried forward -€58,279
down €58,279 (-100.0%), from €58,279 to €0
- Tax, wage and social debts +€30,392
up €30,392 (+124.6%), from €24,392 to €54,784
of which Taxes: +€32,663
- Trade debts +€26,064
up €26,064 (+94.1%), from €27,685 to €53,749
- Financial charges -€22,401
down €22,401 (-49.9%), from €44,926 to €22,525
of which Non-recurring financial charges: -€26,567
- Gross operating margin +€22,235
up €22,235 (+5.7%), from €390,600 to €412,835
- Taxes -€19,217
down €19,217 (-82.5%), from €23,286 to €4,069
- Staff costs -€13,702
down €13,702 (-11.9%), from €115,474 to €101,772
- Financial income -€6,498
down €6,498 (-62.8%), from €10,348 to €3,850
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.
Cash bridge derived
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 | €834,672 | €742,442 | -€92,229 | -11.0% |
| Fixed assets | 21/28 | €120,880 | €124,576 | +€3,696 | +3.1% |
| Intangible fixed assets | 21 | €2,211 | €1,511 | -€700 | -31.7% |
| Tangible fixed assets | 22/27 | €118,669 | €120,064 | +€1,396 | +1.2% |
| Land and buildings | 22 | €16,345 | €13,894 | -€2,452 | -15.0% |
| Plant, machinery and equipment | 23 | €30,005 | €21,574 | -€8,431 | -28.1% |
| Furniture and vehicles | 24 | €26,027 | €15,129 | -€10,898 | -41.9% |
| Leasing and similar rights | 25 | €23,780 | €49,277 | +€25,497 | +107.2% |
| Other tangible fixed assets | 26 | €22,511 | €20,190 | -€2,322 | -10.3% |
| Financial fixed assets | 28 | €0 | €3,000 | +€3,000 | |
| Current assets | 29/58 | €713,792 | €617,867 | -€95,925 | -13.4% |
| Stocks and contracts in progress | 3 | €570,500 | €145,498 | -€425,002 | -74.5% |
| Stocks | 30/36 | €570,500 | €145,498 | -€425,002 | -74.5% |
| Amounts receivable within one year | 40/41 | €64,055 | €87,446 | +€23,391 | +36.5% |
| Trade receivables | 40 | €60,800 | €64,871 | +€4,072 | +6.7% |
| Other amounts receivable | 41 | €3,255 | €22,574 | +€19,319 | +593.6% |
| Current investments | 50/53 | €6,345 | €6,345 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €67,544 | €371,038 | +€303,495 | +449.3% |
| Deferred charges and accrued income | 490/1 | €5,348 | €7,540 | +€2,191 | +41.0% |
| Total equity and liabilities | 10/49 | €834,672 | €742,442 | -€92,229 | -11.0% |
| Equity | 10/15 | €313,839 | €319,347 | +€5,507 | +1.8% |
| Contributions | 10/11 | €59,790 | €59,790 | = | 0.0% |
| Reserves | 13 | €195,770 | €259,556 | +€63,787 | +32.6% |
| Non-distributable reserves | 130/1 | €6,429 | €6,429 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,429 | €6,429 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,231 | €2,231 | = | 0.0% |
| Distributable reserves | 133 | €187,109 | €250,896 | +€63,787 | +34.1% |
| Profit (loss) carried forward | 14 | €58,279 | €0 | -€58,279 | -100.0% |
| Amounts payable | 17/49 | €520,832 | €423,095 | -€97,737 | -18.8% |
| Amounts payable after more than one year | 17 | €18,021 | €34,769 | +€16,748 | +92.9% |
| Financial debts | 170/4 | €18,021 | €34,769 | +€16,748 | +92.9% |
| Amounts payable within one year | 42/48 | €502,812 | €388,327 | -€114,485 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €11,322 | €14,176 | +€2,855 | +25.2% |
| Financial debts | 43 | €0 | €8,411 | +€8,411 | |
| Credit institutions | 430/8 | €0 | €8,411 | +€8,411 | |
| Trade debts | 44 | €27,685 | €53,749 | +€26,064 | +94.1% |
| Suppliers | 440/4 | €27,685 | €53,749 | +€26,064 | +94.1% |
| Taxes, remuneration and social security | 45 | €24,392 | €54,784 | +€30,392 | +124.6% |
| Taxes | 450/3 | €15,288 | €47,951 | +€32,663 | +213.6% |
| Remuneration and social security | 454/9 | €9,104 | €6,833 | -€2,271 | -24.9% |
| Other amounts payable | 47/48 | €439,413 | €257,207 | -€182,207 | -41.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €129 | +€129 | |
| Remuneration, social security and pensions | 62 | €115,474 | €101,772 | -€13,702 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,646 | €32,591 | +€2,945 | +9.9% |
| Other operating charges | 640/8 | €5,698 | €10,220 | +€4,523 | +79.4% |
| Gross operating margin | 9900 | €390,600 | €412,835 | +€22,235 | +5.7% |
| Operating profit (loss) | 9901 | €239,782 | €268,251 | +€28,469 | +11.9% |
| Financial income | 75/76B | €10,348 | €3,850 | -€6,498 | -62.8% |
| Recurring financial income | 75 | €10,348 | €3,850 | -€6,498 | -62.8% |
| Financial charges | 65/66B | €44,926 | €22,525 | -€22,401 | -49.9% |
| Recurring financial charges | 65 | €18,359 | €22,525 | +€4,166 | +22.7% |
| Non-recurring financial charges | 66B | €26,567 | €0 | -€26,567 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €205,204 | €249,576 | +€44,372 | +21.6% |
| Income taxes | 67/77 | €23,286 | €4,069 | -€19,217 | -82.5% |
| Profit (loss) for the period | 9904 | €181,918 | €245,507 | +€63,589 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €181,918 | €245,507 | +€63,589 | +35.0% |
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 9 October 2026 via checked.be.