BELDERMA: 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.
BELDERMA
Largest movements
- Cash -€7,295
down €7,295 (-62.6%), from €11,645 to €4,350
mainly Tax, wage and social debts (-€4,890) and Investment in fixed assets (net) (-€4,764)
- Tangible fixed assets -€3,924
down €3,924 (-10.9%), from €36,140 to €32,216
of which Furniture and vehicles: -€2,252
- Receivables within one year +€2,380
up €2,380 (+130.8%), from €1,819 to €4,199
of which Other amounts receivable: +€2,305
- Stocks and contracts -€795
down €795 (-41.5%), from €1,915 to €1,120
- Tax, wage and social debts -€4,890
down €4,890 (-58.8%), from €8,319 to €3,429
- Debts after one year -€2,793
down €2,793 (-19.2%), from €14,509 to €11,716
- Current portion of long-term debt -€2,640
down €2,640 (-46.4%), from €5,686 to €3,046
- Other debts -€1,851
down €1,851 (-73.7%), from €2,511 to €659
- Trade debts +€1,736
up €1,736 (+112.8%), from €1,539 to €3,274
- Depreciation +€6,283
up €6,283 (+261.2%), from €2,405 to €8,688
- Financial income +€1,541
up €1,541 (+1016.8%), from €152 to €1,693
- Other operating charges -€1,437
down €1,437 (-92.0%), from €1,562 to €125
- Financial charges +€1,104
up €1,104 (+291.2%), from €379 to €1,483
- Gross operating margin +€836
up €836 (+9.1%), from €9,234 to €10,069
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 | €53,006 | €43,328 | -€9,678 | -18.3% |
| Fixed assets | 21/28 | €37,340 | €33,416 | -€3,924 | -10.5% |
| Tangible fixed assets | 22/27 | €36,140 | €32,216 | -€3,924 | -10.9% |
| Furniture and vehicles | 24 | €21,865 | €19,613 | -€2,252 | -10.3% |
| Other tangible fixed assets | 26 | €14,275 | €12,603 | -€1,672 | -11.7% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €15,666 | €9,912 | -€5,755 | -36.7% |
| Stocks and contracts in progress | 3 | €1,915 | €1,120 | -€795 | -41.5% |
| Stocks | 30/36 | €1,915 | €1,120 | -€795 | -41.5% |
| Amounts receivable within one year | 40/41 | €1,819 | €4,199 | +€2,380 | +130.8% |
| Trade receivables | 40 | - | €75 | +€75 | |
| Other amounts receivable | 41 | €1,819 | €4,124 | +€2,305 | +126.7% |
| Cash at bank and in hand | 54/58 | €11,645 | €4,350 | -€7,295 | -62.6% |
| Deferred charges and accrued income | 490/1 | €287 | €243 | -€44 | -15.5% |
| Total equity and liabilities | 10/49 | €53,006 | €43,328 | -€9,678 | -18.3% |
| Equity | 10/15 | €20,443 | €21,203 | +€760 | +3.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,443 | €18,203 | +€760 | +4.4% |
| Amounts payable | 17/49 | €32,563 | €22,125 | -€10,438 | -32.1% |
| Amounts payable after more than one year | 17 | €14,509 | €11,716 | -€2,793 | -19.2% |
| Financial debts | 170/4 | €14,509 | €11,716 | -€2,793 | -19.2% |
| Amounts payable within one year | 42/48 | €18,054 | €10,409 | -€7,645 | -42.3% |
| Current portion of amounts payable after more than one year | 42 | €5,686 | €3,046 | -€2,640 | -46.4% |
| Trade debts | 44 | €1,539 | €3,274 | +€1,736 | +112.8% |
| Suppliers | 440/4 | €1,539 | €3,274 | +€1,736 | +112.8% |
| Taxes, remuneration and social security | 45 | €8,319 | €3,429 | -€4,890 | -58.8% |
| Taxes | 450/3 | €8,319 | €3,429 | -€4,890 | -58.8% |
| Other amounts payable | 47/48 | €2,511 | €659 | -€1,851 | -73.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,405 | €8,688 | +€6,283 | +261.2% |
| Other operating charges | 640/8 | €1,562 | €125 | -€1,437 | -92.0% |
| Gross operating margin | 9900 | €9,234 | €10,069 | +€836 | +9.1% |
| Operating profit (loss) | 9901 | €5,267 | €1,257 | -€4,010 | -76.1% |
| Financial income | 75/76B | €152 | €1,693 | +€1,541 | +1016.8% |
| Recurring financial income | 75 | €152 | €1,693 | +€1,541 | +1016.8% |
| Financial charges | 65/66B | €379 | €1,483 | +€1,104 | +291.2% |
| Recurring financial charges | 65 | €379 | €1,483 | +€1,104 | +291.2% |
| Profit (loss) for the period before taxes | 9903 | €5,039 | €1,467 | -€3,572 | -70.9% |
| Income taxes | 67/77 | €1,181 | €707 | -€474 | -40.1% |
| Profit (loss) for the period | 9904 | €3,859 | €760 | -€3,098 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,859 | €760 | -€3,098 | -80.3% |
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.