BELITOUR: 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.
BELITOUR
Largest movements
- Stocks and contracts +€147,770
up €147,770 (+126%), from €117,392 to €265,162
- Cash +€36,139
up €36,139 (+26.0%), from €138,907 to €175,046
mainly Other debts (+€200,000) and Net result for the year (+€116,960)
- Receivables within one year -€17,489
down €17,489 (-9.1%), from €192,367 to €174,878
of which Trade receivables: -€30,708
- Other debts +€200,000
new in 2025: €200,000
- Reserves -€83,000
down €83,000 (-47.6%), from €174,250 to €91,250
of which Distributable reserves: -€83,000
- Tax, wage and social debts +€19,512
up €19,512 (+40.4%), from €48,254 to €67,766
of which Taxes: +€36,696
- Accrued charges and deferred income +€18,087
up €18,087 (+18.2%), from €99,540 to €117,626
- Trade debts +€13,504
up €13,504 (+14.9%), from €90,548 to €104,053
- Gross operating margin +€238,102
up €238,102 (+48.2%), from €493,958 to €732,060
- Staff costs +€63,131
up €63,131 (+12.3%), from €514,121 to €577,253
- Taxes +€47,864
up €47,864 (+5,340%), from €896 to €48,760
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 | €493,183 | €651,514 | +€158,331 | +32.1% |
| Fixed assets | 21/28 | €33,621 | €27,858 | -€5,763 | -17.1% |
| Tangible fixed assets | 22/27 | €30,773 | €25,010 | -€5,763 | -18.7% |
| Plant, machinery and equipment | 23 | - | €3,481 | +€3,481 | |
| Furniture and vehicles | 24 | €30,773 | €19,034 | -€11,740 | -38.1% |
| Other tangible fixed assets | 26 | - | €2,496 | +€2,496 | |
| Financial fixed assets | 28 | €2,848 | €2,848 | = | 0.0% |
| Current assets | 29/58 | €459,562 | €623,656 | +€164,094 | +35.7% |
| Stocks and contracts in progress | 3 | €117,392 | €265,162 | +€147,770 | +126% |
| Stocks | 30/36 | €117,392 | €265,162 | +€147,770 | +126% |
| Amounts receivable within one year | 40/41 | €192,367 | €174,878 | -€17,489 | -9.1% |
| Trade receivables | 40 | €172,453 | €141,745 | -€30,708 | -17.8% |
| Other amounts receivable | 41 | €19,914 | €33,133 | +€13,218 | +66.4% |
| Cash at bank and in hand | 54/58 | €138,907 | €175,046 | +€36,139 | +26.0% |
| Deferred charges and accrued income | 490/1 | €10,896 | €8,570 | -€2,326 | -21.3% |
| Total equity and liabilities | 10/49 | €493,183 | €651,514 | +€158,331 | +32.1% |
| Equity | 10/15 | €226,397 | €143,358 | -€83,040 | -36.7% |
| Contributions | 10/11 | €52,000 | €52,000 | = | 0.0% |
| Reserves | 13 | €174,250 | €91,250 | -€83,000 | -47.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €155,500 | €72,500 | -€83,000 | -53.4% |
| Profit (loss) carried forward | 14 | €147 | €108 | -€40 | -26.9% |
| Amounts payable | 17/49 | €266,786 | €508,156 | +€241,370 | +90.5% |
| Amounts payable after more than one year | 17 | €18,711 | €9,929 | -€8,782 | -46.9% |
| Financial debts | 170/4 | €18,711 | €9,929 | -€8,782 | -46.9% |
| Amounts payable within one year | 42/48 | €148,534 | €380,601 | +€232,066 | +156% |
| Current portion of amounts payable after more than one year | 42 | €9,732 | €8,782 | -€950 | -9.8% |
| Trade debts | 44 | €90,548 | €104,053 | +€13,504 | +14.9% |
| Suppliers | 440/4 | €90,548 | €104,053 | +€13,504 | +14.9% |
| Taxes, remuneration and social security | 45 | €48,254 | €67,766 | +€19,512 | +40.4% |
| Taxes | 450/3 | €12,961 | €49,657 | +€36,696 | +283% |
| Remuneration and social security | 454/9 | €35,293 | €18,109 | -€17,184 | -48.7% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Accrued charges and deferred income | 492/3 | €99,540 | €117,626 | +€18,087 | +18.2% |
| Remuneration, social security and pensions | 62 | €514,121 | €577,253 | +€63,131 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,255 | €14,552 | -€3,703 | -20.3% |
| Other operating charges | 640/8 | €2,471 | €6,469 | +€3,998 | +162% |
| Non-recurring operating charges | 66A | -€2,449 | €63 | +€2,513 | |
| Gross operating margin | 9900 | €493,958 | €732,060 | +€238,102 | +48.2% |
| Operating profit (loss) | 9901 | -€38,440 | €133,722 | +€172,162 | |
| Financial income | 75/76B | €31,426 | €36,827 | +€5,401 | +17.2% |
| Recurring financial income | 75 | €31,426 | €36,827 | +€5,401 | +17.2% |
| Financial charges | 65/66B | €4,165 | €4,829 | +€663 | +15.9% |
| Recurring financial charges | 65 | €4,165 | €4,829 | +€663 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | -€11,179 | €165,721 | +€176,899 | |
| Income taxes | 67/77 | €896 | €48,760 | +€47,864 | +5,340% |
| Profit (loss) for the period | 9904 | -€12,075 | €116,960 | +€129,036 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,075 | €116,960 | +€129,036 |
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 14 October 2026 via checked.be.