BELDEN: what changed
Two fiscal 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.
BELDEN
Largest movements
- Receivables within one year +€79,173
up €79,173 (+32.3%), from €244,859 to €324,032
of which Other amounts receivable: +€101,297
- Cash +€20,721
up €20,721 (+20451.0%), from €101 to €20,822
mainly Net result for the year (+€287,279) and Other debts (+€214,000)
- Tangible fixed assets +€7,438
up €7,438 (+2.3%), from €325,719 to €333,157
of which Furniture and vehicles: +€7,290
- Other debts +€214,000
up €214,000 (+293.2%), from €73,000 to €287,000
- Trade debts -€65,798
down €65,798 (-50.5%), from €130,186 to €64,388
- Debts after one year -€61,094
down €61,094 (-24.6%), from €247,945 to €186,852
- Short-term financial debts +€52,467
up €52,467 (+129.8%), from €40,409 to €92,877
- Tax, wage and social debts -€20,853
down €20,853 (-61.8%), from €33,732 to €12,879
of which Remuneration and social security: -€13,564
- Gross operating margin +€292,967
up €292,967 (+145.4%), from €201,532 to €494,500
- Taxes +€74,315
up €74,315 (+245.7%), from €30,252 to €104,567
- Depreciation +€7,426
up €7,426 (+18.3%), from €40,484 to €47,910
- Staff costs -€5,233
down €5,233 (-12.0%), from €43,663 to €38,430
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 | €630,028 | €737,661 | +€107,633 | +17.1% |
| Fixed assets | 21/28 | €325,719 | €333,427 | +€7,708 | +2.4% |
| Tangible fixed assets | 22/27 | €325,719 | €333,157 | +€7,438 | +2.3% |
| Land and buildings | 22 | €270,099 | €270,581 | +€481 | +0.2% |
| Plant, machinery and equipment | 23 | €48,674 | €48,341 | -€334 | -0.7% |
| Furniture and vehicles | 24 | €6,945 | €14,235 | +€7,290 | +105.0% |
| Financial fixed assets | 28 | - | €270 | +€270 | |
| Current assets | 29/58 | €304,310 | €404,235 | +€99,925 | +32.8% |
| Amounts receivable within one year | 40/41 | €244,859 | €324,032 | +€79,173 | +32.3% |
| Trade receivables | 40 | €26,203 | €4,079 | -€22,124 | -84.4% |
| Other amounts receivable | 41 | €218,656 | €319,953 | +€101,297 | +46.3% |
| Cash at bank and in hand | 54/58 | €101 | €20,822 | +€20,721 | +20451.0% |
| Deferred charges and accrued income | 490/1 | €59,349 | €59,380 | +€31 | +0.1% |
| Total equity and liabilities | 10/49 | €630,028 | €737,661 | +€107,633 | +17.1% |
| Equity | 10/15 | €32,293 | €32,573 | +€279 | +0.9% |
| Contributions | 10/11 | €12,800 | €12,800 | = | 0.0% |
| Reserves | 13 | €19,126 | €19,126 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €19,126 | €19,126 | = | 0.0% |
| Profit (loss) carried forward | 14 | €368 | €647 | +€279 | +76.0% |
| Amounts payable | 17/49 | €597,735 | €705,088 | +€107,353 | +18.0% |
| Amounts payable after more than one year | 17 | €247,945 | €186,852 | -€61,094 | -24.6% |
| Financial debts | 170/4 | €247,945 | €186,852 | -€61,094 | -24.6% |
| Amounts payable within one year | 42/48 | €349,790 | €518,237 | +€168,447 | +48.2% |
| Current portion of amounts payable after more than one year | 42 | €72,463 | €61,094 | -€11,369 | -15.7% |
| Financial debts | 43 | €40,409 | €92,877 | +€52,467 | +129.8% |
| Credit institutions | 430/8 | €40,409 | €92,877 | +€52,467 | +129.8% |
| Trade debts | 44 | €130,186 | €64,388 | -€65,798 | -50.5% |
| Suppliers | 440/4 | €130,186 | €64,388 | -€65,798 | -50.5% |
| Taxes, remuneration and social security | 45 | €33,732 | €12,879 | -€20,853 | -61.8% |
| Taxes | 450/3 | €14,414 | €7,125 | -€7,289 | -50.6% |
| Remuneration and social security | 454/9 | €19,318 | €5,754 | -€13,564 | -70.2% |
| Other amounts payable | 47/48 | €73,000 | €287,000 | +€214,000 | +293.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €43,663 | €38,430 | -€5,233 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,484 | €47,910 | +€7,426 | +18.3% |
| Other operating charges | 640/8 | €4,221 | €5,978 | +€1,756 | +41.6% |
| Gross operating margin | 9900 | €201,532 | €494,500 | +€292,967 | +145.4% |
| Operating profit (loss) | 9901 | €113,164 | €402,181 | +€289,017 | +255.4% |
| Financial income | 75/76B | €2,745 | €5,918 | +€3,173 | +115.6% |
| Recurring financial income | 75 | €2,745 | €5,918 | +€3,173 | +115.6% |
| Financial charges | 65/66B | €14,189 | €16,253 | +€2,064 | +14.5% |
| Recurring financial charges | 65 | €14,189 | €16,253 | +€2,064 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €101,719 | €391,846 | +€290,127 | +285.2% |
| Income taxes | 67/77 | €30,252 | €104,567 | +€74,315 | +245.7% |
| Profit (loss) for the period | 9904 | €71,468 | €287,279 | +€215,812 | +302.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,468 | €287,279 | +€215,812 | +302.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.