BELDOS: 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.
BELDOS
Largest movements
- Receivables within one year -€192,309
down €192,309 (-16.1%), from €1.2m to €1.0m
of which Other amounts receivable: -€203,660
- Stocks and contracts +€124,901
up €124,901 (+16.8%), from €741,945 to €866,846
- Cash -€86,692
down €86,692 (-28.4%), from €305,733 to €219,041
mainly Contributions, distributions and other (-€649,000) and Stocks and contracts (-€124,901)
- Tangible fixed assets +€39,380
up €39,380 (+19.6%), from €200,970 to €240,350
of which Furniture and vehicles: +€27,332
- Trade debts -€86,141
down €86,141 (-49.8%), from €172,849 to €86,708
- Profit (loss) carried forward -€78,204
down €78,204 (-9.6%), from €816,990 to €738,786
- Other debts +€51,171
up €51,171 (+4.3%), from €1.2m to €1.2m
- Gross operating margin +€256,173
up €256,173 (+25.9%), from €987,213 to €1.2m
- Financial charges +€33,997
up €33,997 (+7,629%), from €446 to €34,443
- Taxes +€33,130
up €33,130 (+72.0%), from €46,033 to €79,162
- Depreciation +€16,334
up €16,334 (+47.1%), from €34,706 to €51,039
- Staff costs +€14,942
up €14,942 (+3.1%), from €484,484 to €499,426
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 | €2,479,438 | €2,366,809 | -€112,629 | -4.5% |
| Fixed assets | 21/28 | €203,320 | €242,700 | +€39,380 | +19.4% |
| Tangible fixed assets | 22/27 | €200,970 | €240,350 | +€39,380 | +19.6% |
| Land and buildings | 22 | €57,352 | €47,783 | -€9,569 | -16.7% |
| Plant, machinery and equipment | 23 | €56,923 | €65,213 | +€8,290 | +14.6% |
| Furniture and vehicles | 24 | €39,101 | €66,433 | +€27,332 | +69.9% |
| Other tangible fixed assets | 26 | €47,594 | €60,921 | +€13,327 | +28.0% |
| Financial fixed assets | 28 | €2,350 | €2,350 | = | 0.0% |
| Current assets | 29/58 | €2,276,119 | €2,124,110 | -€152,009 | -6.7% |
| Stocks and contracts in progress | 3 | €741,945 | €866,846 | +€124,901 | +16.8% |
| Stocks | 30/36 | €741,945 | €866,846 | +€124,901 | +16.8% |
| Amounts receivable within one year | 40/41 | €1,196,929 | €1,004,619 | -€192,309 | -16.1% |
| Trade receivables | 40 | €108,912 | €120,263 | +€11,351 | +10.4% |
| Other amounts receivable | 41 | €1,088,016 | €884,356 | -€203,660 | -18.7% |
| Cash at bank and in hand | 54/58 | €305,733 | €219,041 | -€86,692 | -28.4% |
| Deferred charges and accrued income | 490/1 | €31,512 | €33,603 | +€2,092 | +6.6% |
| Total equity and liabilities | 10/49 | €2,479,438 | €2,366,809 | -€112,629 | -4.5% |
| Equity | 10/15 | €1,078,282 | €1,000,078 | -€78,204 | -7.3% |
| Contributions | 10/11 | €206,856 | €206,856 | = | 0.0% |
| Capital | 10 | €206,856 | €206,856 | = | 0.0% |
| Issued capital | 100 | €206,856 | €206,856 | = | 0.0% |
| Reserves | 13 | €54,436 | €54,436 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,686 | €20,686 | = | 0.0% |
| Legal reserve | 130 | €20,686 | €20,686 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €816,990 | €738,786 | -€78,204 | -9.6% |
| Amounts payable | 17/49 | €1,401,157 | €1,366,731 | -€34,426 | -2.5% |
| Amounts payable within one year | 42/48 | €1,401,157 | €1,366,731 | -€34,426 | -2.5% |
| Financial debts | 43 | - | €620 | +€620 | |
| Credit institutions | 430/8 | - | €620 | +€620 | |
| Trade debts | 44 | €172,849 | €86,708 | -€86,141 | -49.8% |
| Suppliers | 440/4 | €172,849 | €86,708 | -€86,141 | -49.8% |
| Taxes, remuneration and social security | 45 | €42,006 | €41,932 | -€74 | -0.2% |
| Taxes | 450/3 | €42 | €0 | -€42 | -100% |
| Remuneration and social security | 454/9 | €41,964 | €41,932 | -€32 | -0.1% |
| Other amounts payable | 47/48 | €1,186,301 | €1,237,472 | +€51,171 | +4.3% |
| Remuneration, social security and pensions | 62 | €484,484 | €499,426 | +€14,942 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,706 | €51,039 | +€16,334 | +47.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €8,453 | +€8,453 | |
| Other operating charges | 640/8 | €5,117 | €1,936 | -€3,181 | -62.2% |
| Gross operating margin | 9900 | €987,213 | €1,243,386 | +€256,173 | +25.9% |
| Operating profit (loss) | 9901 | €462,907 | €682,532 | +€219,625 | +47.4% |
| Financial income | 75/76B | €233 | €1,869 | +€1,636 | +701% |
| Recurring financial income | 75 | €233 | €1,869 | +€1,636 | +701% |
| Financial charges | 65/66B | €446 | €34,443 | +€33,997 | +7,629% |
| Recurring financial charges | 65 | €446 | €34,443 | +€33,997 | +7,629% |
| Profit (loss) for the period before taxes | 9903 | €462,695 | €649,959 | +€187,264 | +40.5% |
| Income taxes | 67/77 | €46,033 | €79,162 | +€33,130 | +72.0% |
| Profit (loss) for the period | 9904 | €416,662 | €570,796 | +€154,134 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €416,662 | €570,796 | +€154,134 | +37.0% |
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 15 October 2026 via checked.be.