BELHORIZON: 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.
BELHORIZON
Largest movements
- Cash +€9,917
up €9,917 (+23.2%), from €42,712 to €52,629
mainly Trade debts (+€7,941) and Net result for the year (+€7,888)
- Receivables within one year -€1,520
down €1,520 (-32.9%), from €4,614 to €3,094
- Tax, wage and social debts -€7,987
down €7,987 (-66.2%), from €12,068 to €4,081
of which Remuneration and social security: -€5,353
- Trade debts +€7,941
up €7,941 (+115%), from €6,931 to €14,872
- Profit (loss) carried forward +€7,888
up €7,888 (+56.9%), from €13,858 to €21,746
- Staff costs -€18,697
down €18,697 (-13.6%), from €137,289 to €118,591
- Other operating charges +€5,986
up €5,986 (+149%), from €4,018 to €10,003
- Financial income -€5,288
down €5,288 (-100.0%), from €5,289 to €1
of which Non-recurring financial income: -€5,289
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 | €63,221 | €71,063 | +€7,842 | +12.4% |
| Fixed assets | 21/28 | €15,455 | €15,340 | -€115 | -0.7% |
| Tangible fixed assets | 22/27 | €4,109 | €3,994 | -€115 | -2.8% |
| Furniture and vehicles | 24 | - | €1,086 | +€1,086 | |
| Other tangible fixed assets | 26 | €4,109 | €2,908 | -€1,201 | -29.2% |
| Financial fixed assets | 28 | €11,346 | €11,346 | = | 0.0% |
| Current assets | 29/58 | €47,765 | €55,723 | +€7,957 | +16.7% |
| Amounts receivable within one year | 40/41 | €4,614 | €3,094 | -€1,520 | -32.9% |
| Other amounts receivable | 41 | €4,614 | €3,094 | -€1,520 | -32.9% |
| Cash at bank and in hand | 54/58 | €42,712 | €52,629 | +€9,917 | +23.2% |
| Deferred charges and accrued income | 490/1 | €439 | - | -€439 | |
| Total equity and liabilities | 10/49 | €63,221 | €71,063 | +€7,842 | +12.4% |
| Equity | 10/15 | €44,222 | €52,110 | +€7,888 | +17.8% |
| Contributions | 10/11 | €29,600 | €29,600 | = | 0.0% |
| Reserves | 13 | €764 | €764 | = | 0.0% |
| Non-distributable reserves | 130/1 | €764 | €764 | = | 0.0% |
| Reserves not available under the articles | 1311 | €764 | €764 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,858 | €21,746 | +€7,888 | +56.9% |
| Amounts payable | 17/49 | €18,998 | €18,953 | -€45 | -0.2% |
| Amounts payable within one year | 42/48 | €18,998 | €18,953 | -€45 | -0.2% |
| Trade debts | 44 | €6,931 | €14,872 | +€7,941 | +115% |
| Suppliers | 440/4 | €6,931 | €14,872 | +€7,941 | +115% |
| Taxes, remuneration and social security | 45 | €12,068 | €4,081 | -€7,987 | -66.2% |
| Taxes | 450/3 | €2,902 | €268 | -€2,634 | -90.8% |
| Remuneration and social security | 454/9 | €9,166 | €3,813 | -€5,353 | -58.4% |
| Non-recurring operating income | 76A | - | €1,462 | +€1,462 | |
| Remuneration, social security and pensions | 62 | €137,289 | €118,591 | -€18,697 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,201 | €1,744 | +€543 | +45.2% |
| Other operating charges | 640/8 | €4,018 | €10,003 | +€5,986 | +149% |
| Gross operating margin | 9900 | €140,556 | €139,609 | -€947 | -0.7% |
| Operating profit (loss) | 9901 | -€1,951 | €9,270 | +€11,221 | |
| Financial income | 75/76B | €5,289 | €1 | -€5,288 | -100.0% |
| Recurring financial income | 75 | €5,289 | €1 | -€5,288 | -100.0% |
| Non-recurring financial income | 76B | €5,289 | - | -€5,289 | |
| Financial charges | 65/66B | €215 | €119 | -€96 | -44.5% |
| Recurring financial charges | 65 | €215 | €119 | -€96 | -44.5% |
| Profit (loss) for the period before taxes | 9903 | €3,123 | €9,153 | +€6,029 | +193% |
| Income taxes | 67/77 | €1,530 | €1,265 | -€265 | -17.3% |
| Profit (loss) for the period | 9904 | €1,594 | €7,888 | +€6,294 | +395% |
| Profit (loss) for the period to be appropriated | 9905 | €1,594 | €7,888 | +€6,294 | +395% |
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 17 October 2026 via checked.be.