BELGESTUUT: 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.
BELGESTUUT
Largest movements
- Cash -€12,565
down €12,565 (-93.1%), from €13,499 to €935
mainly Net result for the year (-€34,876) and Short-term financial debts (-€4,195)
- Tangible fixed assets -€9,909
down €9,909 (-37.2%), from €26,647 to €16,739
of which Furniture and vehicles: -€8,227
- Receivables within one year +€3,268
up €3,268 (+48.9%), from €6,682 to €9,950
- Profit (loss) carried forward -€34,876
down €34,876 (-1288.2%), from -€2,707 to -€37,583
- Other debts +€8,205
up €8,205 (+1525.0%), from €538 to €8,743
- Trade debts +€7,813
up €7,813 (+278.6%), from €2,804 to €10,617
- Tax, wage and social debts +€6,732
up €6,732 (+47.6%), from €14,138 to €20,869
of which Remuneration and social security: +€6,436
- Short-term financial debts -€4,195
no longer reported in 2025 (was €4,195)
- Gross operating margin -€31,075
down €31,075, from €21,379 to -€9,696
- Staff costs -€13,768
down €13,768 (-58.7%), from €23,471 to €9,703
- Taxes -€9,827
down €9,827 (-97.7%), from €10,062 to €236
- Depreciation +€5,625
up €5,625 (+131.3%), from €4,284 to €9,909
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 | €54,149 | €35,170 | -€18,979 | -35.0% |
| Fixed assets | 21/28 | €32,982 | €23,074 | -€9,909 | -30.0% |
| Tangible fixed assets | 22/27 | €26,647 | €16,739 | -€9,909 | -37.2% |
| Plant, machinery and equipment | 23 | €4,891 | €3,210 | -€1,682 | -34.4% |
| Furniture and vehicles | 24 | €21,756 | €13,529 | -€8,227 | -37.8% |
| Financial fixed assets | 28 | €6,335 | €6,335 | = | 0.0% |
| Current assets | 29/58 | €21,167 | €12,096 | -€9,071 | -42.9% |
| Stocks and contracts in progress | 3 | €985 | €1,061 | +€76 | +7.7% |
| Stocks | 30/36 | €985 | €1,061 | +€76 | +7.7% |
| Amounts receivable within one year | 40/41 | €6,682 | €9,950 | +€3,268 | +48.9% |
| Trade receivables | 40 | €6,682 | €9,950 | +€3,268 | +48.9% |
| Cash at bank and in hand | 54/58 | €13,499 | €935 | -€12,565 | -93.1% |
| Deferred charges and accrued income | 490/1 | - | €150 | +€150 | |
| Total equity and liabilities | 10/49 | €54,149 | €35,170 | -€18,979 | -35.0% |
| Equity | 10/15 | €15,293 | -€19,583 | -€34,876 | |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,707 | -€37,583 | -€34,876 | -1288.2% |
| Amounts payable | 17/49 | €38,857 | €54,753 | +€15,897 | +40.9% |
| Amounts payable after more than one year | 17 | €17,182 | €14,523 | -€2,659 | -15.5% |
| Financial debts | 170/4 | €17,182 | €14,523 | -€2,659 | -15.5% |
| Amounts payable within one year | 42/48 | €21,674 | €40,230 | +€18,555 | +85.6% |
| Financial debts | 43 | €4,195 | - | -€4,195 | |
| Credit institutions | 430/8 | €4,195 | - | -€4,195 | |
| Trade debts | 44 | €2,804 | €10,617 | +€7,813 | +278.6% |
| Suppliers | 440/4 | €2,804 | €10,617 | +€7,813 | +278.6% |
| Taxes, remuneration and social security | 45 | €14,138 | €20,869 | +€6,732 | +47.6% |
| Taxes | 450/3 | €3,417 | €3,712 | +€296 | +8.7% |
| Remuneration and social security | 454/9 | €10,721 | €17,157 | +€6,436 | +60.0% |
| Other amounts payable | 47/48 | €538 | €8,743 | +€8,205 | +1525.0% |
| Remuneration, social security and pensions | 62 | €23,471 | €9,703 | -€13,768 | -58.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,284 | €9,909 | +€5,625 | +131.3% |
| Other operating charges | 640/8 | €1,427 | €1,616 | +€189 | +13.2% |
| Non-recurring operating charges | 66A | €227 | €3,218 | +€2,991 | +1317.1% |
| Gross operating margin | 9900 | €21,379 | -€9,696 | -€31,075 | |
| Operating profit (loss) | 9901 | -€8,030 | -€34,142 | -€26,112 | -325.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €321 | €498 | +€177 | +55.1% |
| Recurring financial charges | 65 | €321 | €498 | +€177 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,351 | -€34,640 | -€26,289 | -314.8% |
| Income taxes | 67/77 | €10,062 | €236 | -€9,827 | -97.7% |
| Profit (loss) for the period | 9904 | -€18,414 | -€34,876 | -€16,462 | -89.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,414 | -€34,876 | -€16,462 | -89.4% |
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.