Belgmann: 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.
Belgmann
Largest movements
- Stocks and contracts -€10,002
down €10,002 (-22.2%), from €45,000 to €34,998
- Cash +€9,204
up €9,204 (+57.7%), from €15,956 to €25,160
mainly Net result for the year (+€12,454) and Stocks and contracts (+€10,002)
- Receivables within one year +€4,424
up €4,424 (+13.7%), from €32,272 to €36,696
of which Other amounts receivable: +€4,424
- Tangible fixed assets -€3,182
down €3,182 (-7.4%), from €42,963 to €39,781
of which Other tangible fixed assets: -€1,594
- Trade debts -€17,302
down €17,302 (-22.5%), from €76,730 to €59,428
- Profit (loss) carried forward +€12,454
up €12,454 (+40.8%), from €30,489 to €42,942
- Other debts +€2,684
up €2,684 (+12.2%), from €22,000 to €24,684
- Tax, wage and social debts +€2,609
up €2,609 (+52.5%), from €4,972 to €7,581
of which Remuneration and social security: +€2,068
- Turnover +€125,289
up €125,289 (+63.8%), from €196,278 to €321,567
- Purchases and services +€124,207
up €124,207 (+86.9%), from €142,880 to €267,088
- Staff costs -€5,211
down €5,211 (-15.8%), from €32,952 to €27,741
- Financial charges -€3,600
down €3,600 (-79.7%), from €4,517 to €917
of which Financial charges: -€3,186
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 | €136,190 | €136,634 | +€444 | +0.3% |
| Fixed assets | 21/28 | €42,963 | €39,781 | -€3,182 | -7.4% |
| Tangible fixed assets | 22/27 | €42,963 | €39,781 | -€3,182 | -7.4% |
| Furniture and vehicles | 24 | €33,005 | €31,417 | -€1,588 | -4.8% |
| Other tangible fixed assets | 26 | €9,958 | €8,364 | -€1,594 | -16.0% |
| Current assets | 29/58 | €93,227 | €96,854 | +€3,626 | +3.9% |
| Stocks and contracts in progress | 3 | €45,000 | €34,998 | -€10,002 | -22.2% |
| Stocks | 30/36 | €45,000 | €34,998 | -€10,002 | -22.2% |
| Amounts receivable within one year | 40/41 | €32,272 | €36,696 | +€4,424 | +13.7% |
| Trade receivables | 40 | €530 | €530 | = | 0.0% |
| Other amounts receivable | 41 | €31,742 | €36,166 | +€4,424 | +13.9% |
| Cash at bank and in hand | 54/58 | €15,956 | €25,160 | +€9,204 | +57.7% |
| Total equity and liabilities | 10/49 | €136,190 | €136,634 | +€444 | +0.3% |
| Equity | 10/15 | €32,489 | €44,942 | +€12,454 | +38.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Share premium | 1100/10 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,489 | €42,942 | +€12,454 | +40.8% |
| Amounts payable | 17/49 | €103,702 | €91,692 | -€12,009 | -11.6% |
| Amounts payable within one year | 42/48 | €103,702 | €91,692 | -€12,009 | -11.6% |
| Trade debts | 44 | €76,730 | €59,428 | -€17,302 | -22.5% |
| Suppliers | 440/4 | €76,730 | €59,428 | -€17,302 | -22.5% |
| Taxes, remuneration and social security | 45 | €4,972 | €7,581 | +€2,609 | +52.5% |
| Taxes | 450/3 | €10 | €551 | +€541 | +5,371% |
| Remuneration and social security | 454/9 | €4,962 | €7,030 | +€2,068 | +41.7% |
| Other amounts payable | 47/48 | €22,000 | €24,684 | +€2,684 | +12.2% |
| Turnover | 70 | €196,278 | €321,567 | +€125,289 | +63.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €142,880 | €267,088 | +€124,207 | +86.9% |
| Remuneration, social security and pensions | 62 | €32,952 | €27,741 | -€5,211 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,667 | €9,721 | +€2,053 | +26.8% |
| Other operating charges | 640/8 | €597 | €586 | -€11 | -1.9% |
| Gross operating margin | 9900 | €53,398 | €54,479 | +€1,082 | +2.0% |
| Operating profit (loss) | 9901 | €12,181 | €16,432 | +€4,251 | +34.9% |
| Financial charges | 65/66B | €4,517 | €917 | -€3,600 | -79.7% |
| Recurring financial charges | 65 | €4,103 | €917 | -€3,186 | -77.7% |
| Non-recurring financial charges | 66B | €414 | - | -€414 | |
| Profit (loss) for the period before taxes | 9903 | €7,664 | €15,515 | +€7,851 | +102% |
| Income taxes | 67/77 | €3,147 | €3,062 | -€85 | -2.7% |
| Profit (loss) for the period | 9904 | €4,517 | €12,454 | +€7,936 | +176% |
| Profit (loss) for the period to be appropriated | 9905 | €4,517 | €12,454 | +€7,936 | +176% |
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 13 October 2026 via checked.be.