BELDERBOS: 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.
BELDERBOS
Largest movements
- Tangible fixed assets -€39,093
down €39,093 (-3.5%), from €1.1m to €1.1m
of which Land and buildings: -€39,451
- Receivables within one year +€21,293
up €21,293 (+26.3%), from €80,954 to €102,247
of which Other amounts receivable: +€12,937
- Cash +€13,147
up €13,147 (+207.4%), from €6,337 to €19,484
mainly Net result for the year (+€96,246) and Depreciation (+€41,323)
- Profit (loss) carried forward +€46,359
up €46,359, from -€46,359 to €0
- Debts after one year -€41,531
down €41,531 (-4.2%), from €992,268 to €950,738
of which Financial debts: -€41,531
- Tax, wage and social debts +€19,865
up €19,865 (+204.9%), from €9,696 to €29,561
of which Taxes: +€19,865
- Trade debts -€18,045
down €18,045 (-49.8%), from €36,241 to €18,195
- Other debts -€15,767
down €15,767 (-22.5%), from €69,950 to €54,184
- Gross operating margin +€166,502
up €166,502 (+635.0%), from €26,222 to €192,724
- Taxes +€23,810
up €23,810 (+6660.1%), from €358 to €24,167
- Depreciation -€16,704
down €16,704 (-28.8%), from €58,027 to €41,323
- Financial charges +€3,891
up €3,891 (+21.7%), from €17,923 to €21,814
- Other operating charges -€2,802
down €2,802 (-23.2%), from €12,059 to €9,257
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 | €1,217,724 | €1,207,830 | -€9,894 | -0.8% |
| Fixed assets | 21/28 | €1,124,353 | €1,084,580 | -€39,773 | -3.5% |
| Intangible fixed assets | 21 | €2,873 | €2,193 | -€680 | -23.7% |
| Tangible fixed assets | 22/27 | €1,121,154 | €1,082,061 | -€39,093 | -3.5% |
| Land and buildings | 22 | €1,100,552 | €1,061,101 | -€39,451 | -3.6% |
| Plant, machinery and equipment | 23 | €20,422 | €20,960 | +€539 | +2.6% |
| Furniture and vehicles | 24 | €181 | €0 | -€181 | -100.0% |
| Financial fixed assets | 28 | €325 | €325 | = | 0.0% |
| Current assets | 29/58 | €93,371 | €123,251 | +€29,879 | +32.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €80,954 | €102,247 | +€21,293 | +26.3% |
| Trade receivables | 40 | €6,923 | €15,280 | +€8,356 | +120.7% |
| Other amounts receivable | 41 | €74,031 | €86,967 | +€12,937 | +17.5% |
| Cash at bank and in hand | 54/58 | €6,337 | €19,484 | +€13,147 | +207.4% |
| Deferred charges and accrued income | 490/1 | €6,080 | €1,519 | -€4,561 | -75.0% |
| Total equity and liabilities | 10/49 | €1,217,724 | €1,207,830 | -€9,894 | -0.8% |
| Equity | 10/15 | €66,304 | €108,366 | +€42,062 | +63.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €100,263 | €95,966 | -€4,297 | -4.3% |
| Distributable reserves | 133 | €100,263 | €95,966 | -€4,297 | -4.3% |
| Profit (loss) carried forward | 14 | -€46,359 | €0 | +€46,359 | |
| Amounts payable | 17/49 | €1,151,420 | €1,099,464 | -€51,956 | -4.5% |
| Amounts payable after more than one year | 17 | €992,268 | €950,738 | -€41,531 | -4.2% |
| Financial debts | 170/4 | €767,268 | €725,738 | -€41,531 | -5.4% |
| Other amounts payable | 178/9 | €225,000 | €225,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €158,499 | €148,727 | -€9,772 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €42,612 | €43,661 | +€1,050 | +2.5% |
| Trade debts | 44 | €36,241 | €18,195 | -€18,045 | -49.8% |
| Suppliers | 440/4 | €36,241 | €18,195 | -€18,045 | -49.8% |
| Advances received on contracts in progress | 46 | - | €3,125 | +€3,125 | |
| Taxes, remuneration and social security | 45 | €9,696 | €29,561 | +€19,865 | +204.9% |
| Taxes | 450/3 | €9,696 | €29,561 | +€19,865 | +204.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €69,950 | €54,184 | -€15,767 | -22.5% |
| Accrued charges and deferred income | 492/3 | €653 | €0 | -€653 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,027 | €41,323 | -€16,704 | -28.8% |
| Other operating charges | 640/8 | €12,059 | €9,257 | -€2,802 | -23.2% |
| Non-recurring operating charges | 66A | €54 | €0 | -€54 | -100.0% |
| Gross operating margin | 9900 | €26,222 | €192,724 | +€166,502 | +635.0% |
| Operating profit (loss) | 9901 | -€43,918 | €142,145 | +€186,063 | |
| Financial income | 75/76B | €1,725 | €82 | -€1,643 | -95.2% |
| Recurring financial income | 75 | €1,725 | €82 | -€1,643 | -95.2% |
| Financial charges | 65/66B | €17,923 | €21,814 | +€3,891 | +21.7% |
| Recurring financial charges | 65 | €17,923 | €21,814 | +€3,891 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | -€60,116 | €120,413 | +€180,529 | |
| Income taxes | 67/77 | €358 | €24,167 | +€23,810 | +6660.1% |
| Profit (loss) for the period | 9904 | -€60,474 | €96,246 | +€156,719 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,474 | €96,246 | +€156,719 |
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 10 October 2026 via checked.be.