BELIMAR: 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.
BELIMAR
Largest movements
- Stocks and contracts +€5.2m
up €5.2m (+846.6%), from €619,213 to €5.9m
- Receivables within one year +€313,902
up €313,902 (+79256.1%), from €396 to €314,298
of which Trade receivables: +€314,298
- Advances received +€3.0m
new in 2025: €3.0m
- Short-term financial debts +€1.5m
new in 2025: €1.5m
- Tax, wage and social debts +€607,282
new in 2025: €607,282
- Debts after one year +€557,060
up €557,060 (+34.0%), from €1.6m to €2.2m
- Gross operating margin +€59,529
up €59,529, from -€3,685 to €55,844
- Financial charges +€37,271
up €37,271 (+13605.5%), from €274 to €37,545
- Financial income +€2,356
up €2,356 (+36.2%), from €6,501 to €8,857
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 | €1,914,942 | €7,550,607 | +€5.6m | +294.3% |
| Fixed assets | 21/28 | €605,741 | €605,741 | = | 0.0% |
| Tangible fixed assets | 22/27 | €605,741 | €605,741 | = | 0.0% |
| Land and buildings | 22 | €605,741 | €605,741 | = | 0.0% |
| Current assets | 29/58 | €1,309,201 | €6,944,866 | +€5.6m | +430.5% |
| Stocks and contracts in progress | 3 | €619,213 | €5,861,339 | +€5.2m | +846.6% |
| Contracts in progress | 37 | €619,213 | €5,861,339 | +€5.2m | +846.6% |
| Amounts receivable within one year | 40/41 | €396 | €314,298 | +€313,902 | +79256.1% |
| Trade receivables | 40 | - | €314,298 | +€314,298 | |
| Other amounts receivable | 41 | €396 | - | -€396 | |
| Cash at bank and in hand | 54/58 | €689,591 | €759,794 | +€70,202 | +10.2% |
| Deferred charges and accrued income | 490/1 | - | €9,435 | +€9,435 | |
| Total equity and liabilities | 10/49 | €1,914,942 | €7,550,607 | +€5.6m | +294.3% |
| Equity | 10/15 | €161,469 | €187,644 | +€26,175 | +16.2% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,531 | -€112,356 | +€26,175 | +18.9% |
| Amounts payable | 17/49 | €1,753,473 | €7,362,963 | +€5.6m | +319.9% |
| Amounts payable after more than one year | 17 | €1,637,882 | €2,194,942 | +€557,060 | +34.0% |
| Financial debts | 170/4 | €1,637,882 | €2,194,942 | +€557,060 | +34.0% |
| Amounts payable within one year | 42/48 | €115,591 | €5,168,021 | +€5.1m | +4370.9% |
| Financial debts | 43 | - | €1,529,150 | +€1.5m | |
| Credit institutions | 430/8 | - | €1,529,150 | +€1.5m | |
| Trade debts | 44 | €115,591 | €41,565 | -€74,027 | -64.0% |
| Suppliers | 440/4 | €115,591 | €41,565 | -€74,027 | -64.0% |
| Advances received on contracts in progress | 46 | - | €2,990,025 | +€3.0m | |
| Taxes, remuneration and social security | 45 | - | €607,282 | +€607,282 | |
| Taxes | 450/3 | - | €607,282 | +€607,282 | |
| Other operating charges | 640/8 | €855 | €981 | +€126 | +14.8% |
| Gross operating margin | 9900 | -€3,685 | €55,844 | +€59,529 | |
| Operating profit (loss) | 9901 | -€4,540 | €54,863 | +€59,403 | |
| Financial income | 75/76B | €6,501 | €8,857 | +€2,356 | +36.2% |
| Recurring financial income | 75 | €6,501 | €8,857 | +€2,356 | +36.2% |
| Financial charges | 65/66B | €274 | €37,545 | +€37,271 | +13605.5% |
| Recurring financial charges | 65 | €274 | €37,545 | +€37,271 | +13605.5% |
| Profit (loss) for the period before taxes | 9903 | €1,687 | €26,175 | +€24,488 | +1451.2% |
| Profit (loss) for the period | 9904 | €1,687 | €26,175 | +€24,488 | +1451.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,687 | €26,175 | +€24,488 | +1451.2% |
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 11 October 2026 via checked.be.