BELITER: what changed
Two fiscal 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.
BELITER
Largest movements
- Stocks and contracts -€357,240
down €357,240 (-37.3%), from €957,240 to €600,000
- Receivables within one year +€351,862
up €351,862 (+29.1%), from €1.2m to €1.6m
of which Other amounts receivable: +€382,740
- Cash -€65,634
down €65,634 (-99.9%), from €65,713 to €79
mainly Receivables within one year (-€351,862) and Short-term financial debts (-€97,500)
- Short-term financial debts -€97,500
down €97,500 (-18.8%), from €517,500 to €420,000
- Gross operating margin -€23,723
down €23,723 (-34.1%), from €69,500 to €45,777
- Staff costs -€17,351
no longer reported in 2025 (was €17,351)
- Financial charges -€16,572
down €16,572 (-33.2%), from €49,881 to €33,309
- Financial income +€11,600
new in 2025: €11,600
- Taxes +€9,798
up €9,798, from -€4,798 to €5,000
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 | €2,230,882 | €2,159,870 | -€71,012 | -3.2% |
| Current assets | 29/58 | €2,230,882 | €2,159,870 | -€71,012 | -3.2% |
| Stocks and contracts in progress | 3 | €957,240 | €600,000 | -€357,240 | -37.3% |
| Stocks | 30/36 | €957,240 | €600,000 | -€357,240 | -37.3% |
| Amounts receivable within one year | 40/41 | €1,207,930 | €1,559,791 | +€351,862 | +29.1% |
| Trade receivables | 40 | €30,878 | - | -€30,878 | |
| Other amounts receivable | 41 | €1,177,051 | €1,559,791 | +€382,740 | +32.5% |
| Cash at bank and in hand | 54/58 | €65,713 | €79 | -€65,634 | -99.9% |
| Total equity and liabilities | 10/49 | €2,230,882 | €2,159,870 | -€71,012 | -3.2% |
| Equity | 10/15 | €1,194,701 | €1,211,578 | +€16,878 | +1.4% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €298,382 | €298,382 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €279,632 | €279,632 | = | 0.0% |
| Profit (loss) carried forward | 14 | €874,318 | €891,196 | +€16,878 | +1.9% |
| Amounts payable | 17/49 | €1,036,182 | €948,292 | -€87,889 | -8.5% |
| Amounts payable within one year | 42/48 | €1,036,182 | €948,292 | -€87,889 | -8.5% |
| Financial debts | 43 | €517,500 | €420,000 | -€97,500 | -18.8% |
| Credit institutions | 430/8 | €517,500 | €420,000 | -€97,500 | -18.8% |
| Trade debts | 44 | €89 | - | -€89 | |
| Suppliers | 440/4 | €89 | - | -€89 | |
| Taxes, remuneration and social security | 45 | €15,762 | €21,722 | +€5,960 | +37.8% |
| Taxes | 450/3 | €9,262 | €15,222 | +€5,960 | +64.3% |
| Remuneration and social security | 454/9 | €6,500 | €6,500 | = | 0.0% |
| Other amounts payable | 47/48 | €502,830 | €506,570 | +€3,740 | +0.7% |
| Remuneration, social security and pensions | 62 | €17,351 | - | -€17,351 | |
| Other operating charges | 640/8 | €2,830 | €2,190 | -€640 | -22.6% |
| Gross operating margin | 9900 | €69,500 | €45,777 | -€23,723 | -34.1% |
| Operating profit (loss) | 9901 | €49,319 | €43,587 | -€5,733 | -11.6% |
| Financial income | 75/76B | - | €11,600 | +€11,600 | |
| Recurring financial income | 75 | - | €11,600 | +€11,600 | |
| Financial charges | 65/66B | €49,881 | €33,309 | -€16,572 | -33.2% |
| Recurring financial charges | 65 | €49,881 | €33,309 | -€16,572 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | -€562 | €21,878 | +€22,440 | |
| Income taxes | 67/77 | -€4,798 | €5,000 | +€9,798 | |
| Profit (loss) for the period | 9904 | €4,236 | €16,878 | +€12,642 | +298.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,236 | €16,878 | +€12,642 | +298.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.