BELITHU: 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.
BELITHU
Largest movements
- Receivables within one year +€64,015
up €64,015 (+366.2%), from €17,480 to €81,495
of which Trade receivables: +€53,542
- Cash -€8,106
down €8,106 (-7.7%), from €104,660 to €96,554
mainly Receivables within one year (-€64,015) and Current portion of long-term debt (-€11,279)
- Tangible fixed assets -€5,396
down €5,396 (-17.6%), from €30,672 to €25,276
of which Plant, machinery and equipment: -€5,452
- Trade debts +€58,405
up €58,405 (+12645.6%), from €462 to €58,867
- Current portion of long-term debt -€11,279
down €11,279 (-65.6%), from €17,200 to €5,921
- Reserves +€10,170
up €10,170 (+8.9%), from €114,462 to €124,632
- Debts after one year -€5,921
no longer reported in 2025 (was €5,921)
- Tax, wage and social debts -€2,050
down €2,050 (-89.5%), from €2,290 to €240
- Gross operating margin -€11,927
down €11,927 (-28.4%), from €42,068 to €30,141
- Taxes -€3,681
down €3,681 (-40.9%), from €9,009 to €5,328
- Depreciation +€598
up €598 (+6.8%), from €8,838 to €9,436
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 | €154,409 | €204,354 | +€49,945 | +32.3% |
| Fixed assets | 21/28 | €32,146 | €25,894 | -€6,252 | -19.5% |
| Intangible fixed assets | 21 | €1,474 | €617 | -€857 | -58.1% |
| Tangible fixed assets | 22/27 | €30,672 | €25,276 | -€5,396 | -17.6% |
| Plant, machinery and equipment | 23 | €21,207 | €15,755 | -€5,452 | -25.7% |
| Furniture and vehicles | 24 | €9,465 | €9,521 | +€56 | +0.6% |
| Current assets | 29/58 | €122,263 | €178,460 | +€56,197 | +46.0% |
| Amounts receivable within one year | 40/41 | €17,480 | €81,495 | +€64,015 | +366.2% |
| Trade receivables | 40 | €11,482 | €65,024 | +€53,542 | +466.3% |
| Other amounts receivable | 41 | €5,998 | €16,471 | +€10,473 | +174.6% |
| Cash at bank and in hand | 54/58 | €104,660 | €96,554 | -€8,106 | -7.7% |
| Deferred charges and accrued income | 490/1 | €123 | €410 | +€288 | +233.9% |
| Total equity and liabilities | 10/49 | €154,409 | €204,354 | +€49,945 | +32.3% |
| Equity | 10/15 | €127,786 | €138,015 | +€10,229 | +8.0% |
| Contributions | 10/11 | €12,524 | €12,524 | = | 0.0% |
| Reserves | 13 | €114,462 | €124,632 | +€10,170 | +8.9% |
| Distributable reserves | 133 | €114,462 | €124,632 | +€10,170 | +8.9% |
| Profit (loss) carried forward | 14 | €800 | €859 | +€59 | +7.4% |
| Amounts payable | 17/49 | €26,623 | €66,338 | +€39,715 | +149.2% |
| Amounts payable after more than one year | 17 | €5,921 | - | -€5,921 | |
| Financial debts | 170/4 | €5,921 | - | -€5,921 | |
| Amounts payable within one year | 42/48 | €20,252 | €65,888 | +€45,636 | +225.3% |
| Current portion of amounts payable after more than one year | 42 | €17,200 | €5,921 | -€11,279 | -65.6% |
| Trade debts | 44 | €462 | €58,867 | +€58,405 | +12645.6% |
| Suppliers | 440/4 | €462 | €58,867 | +€58,405 | +12645.6% |
| Taxes, remuneration and social security | 45 | €2,290 | €240 | -€2,050 | -89.5% |
| Taxes | 450/3 | €2,290 | €240 | -€2,050 | -89.5% |
| Other amounts payable | 47/48 | €301 | €861 | +€560 | +186.3% |
| Accrued charges and deferred income | 492/3 | €450 | €450 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,838 | €9,436 | +€598 | +6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€196 | - | +€196 | |
| Other operating charges | 640/8 | €692 | €635 | -€58 | -8.3% |
| Gross operating margin | 9900 | €42,068 | €30,141 | -€11,927 | -28.4% |
| Operating profit (loss) | 9901 | €32,734 | €20,071 | -€12,664 | -38.7% |
| Financial income | 75/76B | €37 | - | -€37 | |
| Recurring financial income | 75 | €37 | - | -€37 | |
| Financial charges | 65/66B | €4,017 | €3,713 | -€304 | -7.6% |
| Recurring financial charges | 65 | €4,017 | €3,713 | -€304 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €28,754 | €16,357 | -€12,397 | -43.1% |
| Income taxes | 67/77 | €9,009 | €5,328 | -€3,681 | -40.9% |
| Profit (loss) for the period | 9904 | €19,745 | €11,029 | -€8,716 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,745 | €11,029 | -€8,716 | -44.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.