BELKA: 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.
BELKA
Largest movements
- Cash +€504,252
up €504,252 (+340.1%), from €148,259 to €652,511
mainly Other debts (+€342,995) and Net result for the year (+€305,835)
- Tangible fixed assets -€126,448
down €126,448 (-17.7%), from €714,375 to €587,927
of which Plant, machinery and equipment: -€66,530
- Receivables within one year -€101,705
down €101,705 (-41.3%), from €246,105 to €144,401
of which Trade receivables: -€58,948
- Other debts +€342,995
up €342,995 (+239.0%), from €143,518 to €486,513
- Reserves -€100,000
down €100,000 (-11.0%), from €908,100 to €808,100
of which Distributable reserves: -€100,000
- Gross operating margin +€157,401
up €157,401 (+36.8%), from €427,815 to €585,216
- Staff costs +€35,578
up €35,578 (+147.6%), from €24,097 to €59,675
- Depreciation +€14,749
up €14,749 (+9.8%), from €150,074 to €164,823
- Financial income -€7,456
down €7,456 (-97.4%), from €7,656 to €200
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 | €1,137,427 | €1,402,524 | +€265,097 | +23.3% |
| Fixed assets | 21/28 | €714,375 | €587,927 | -€126,448 | -17.7% |
| Tangible fixed assets | 22/27 | €714,375 | €587,927 | -€126,448 | -17.7% |
| Land and buildings | 22 | €147,664 | €128,298 | -€19,366 | -13.1% |
| Plant, machinery and equipment | 23 | €208,864 | €142,334 | -€66,530 | -31.9% |
| Furniture and vehicles | 24 | €12,193 | €3,212 | -€8,982 | -73.7% |
| Leasing and similar rights | 25 | €43,746 | €32,246 | -€11,500 | -26.3% |
| Other tangible fixed assets | 26 | €301,907 | €281,836 | -€20,071 | -6.6% |
| Current assets | 29/58 | €423,052 | €814,597 | +€391,545 | +92.6% |
| Stocks and contracts in progress | 3 | €28,688 | €17,685 | -€11,002 | -38.4% |
| Stocks | 30/36 | €28,688 | €17,685 | -€11,002 | -38.4% |
| Amounts receivable within one year | 40/41 | €246,105 | €144,401 | -€101,705 | -41.3% |
| Trade receivables | 40 | €200,534 | €141,585 | -€58,948 | -29.4% |
| Other amounts receivable | 41 | €45,572 | €2,815 | -€42,756 | -93.8% |
| Cash at bank and in hand | 54/58 | €148,259 | €652,511 | +€504,252 | +340.1% |
| Total equity and liabilities | 10/49 | €1,137,427 | €1,402,524 | +€265,097 | +23.3% |
| Equity | 10/15 | €950,010 | €855,845 | -€94,165 | -9.9% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €908,100 | €808,100 | -€100,000 | -11.0% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €900,000 | €800,000 | -€100,000 | -11.1% |
| Profit (loss) carried forward | 14 | €10,924 | €16,758 | +€5,835 | +53.4% |
| Amounts payable | 17/49 | €187,417 | €546,679 | +€359,262 | +191.7% |
| Amounts payable after more than one year | 17 | €8,383 | €7,528 | -€855 | -10.2% |
| Financial debts | 170/4 | €8,383 | €7,528 | -€855 | -10.2% |
| Amounts payable within one year | 42/48 | €178,462 | €535,173 | +€356,711 | +199.9% |
| Current portion of amounts payable after more than one year | 42 | €808 | €855 | +€46 | +5.8% |
| Trade debts | 44 | €31,439 | €45,234 | +€13,795 | +43.9% |
| Suppliers | 440/4 | €31,439 | €45,234 | +€13,795 | +43.9% |
| Taxes, remuneration and social security | 45 | €2,697 | €2,571 | -€125 | -4.6% |
| Taxes | 450/3 | €9 | - | -€9 | |
| Remuneration and social security | 454/9 | €2,687 | €2,571 | -€116 | -4.3% |
| Other amounts payable | 47/48 | €143,518 | €486,513 | +€342,995 | +239.0% |
| Accrued charges and deferred income | 492/3 | €572 | €3,978 | +€3,405 | +594.9% |
| Remuneration, social security and pensions | 62 | €24,097 | €59,675 | +€35,578 | +147.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,074 | €164,823 | +€14,749 | +9.8% |
| Other operating charges | 640/8 | €13,132 | €10,852 | -€2,280 | -17.4% |
| Gross operating margin | 9900 | €427,815 | €585,216 | +€157,401 | +36.8% |
| Operating profit (loss) | 9901 | €240,512 | €349,866 | +€109,354 | +45.5% |
| Financial income | 75/76B | €7,656 | €200 | -€7,456 | -97.4% |
| Recurring financial income | 75 | €7,656 | €200 | -€7,456 | -97.4% |
| Financial charges | 65/66B | €1,352 | €4,768 | +€3,416 | +252.6% |
| Recurring financial charges | 65 | €1,352 | €4,768 | +€3,416 | +252.6% |
| Profit (loss) for the period before taxes | 9903 | €246,815 | €345,297 | +€98,482 | +39.9% |
| Income taxes | 67/77 | €38,357 | €39,462 | +€1,105 | +2.9% |
| Profit (loss) for the period | 9904 | €208,458 | €305,835 | +€97,377 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €208,458 | €305,835 | +€97,377 | +46.7% |
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 3 October 2026 via checked.be.