Belkhour: 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.
Belkhour
Largest movements
- Cash -€35,107
down €35,107 (-42.7%), from €82,168 to €47,062
mainly Contributions, distributions and other (-€199,000) and Other debts (-€39,000)
- Tangible fixed assets -€7,936
down €7,936 (-70.3%), from €11,295 to €3,360
of which Plant, machinery and equipment: -€6,974
- Deferred charges and accrued income -€4,654
down €4,654 (-61.2%), from €7,603 to €2,950
- Other debts -€39,000
down €39,000 (-57.4%), from €68,000 to €29,000
- Trade debts -€6,278
down €6,278 (-95.2%), from €6,596 to €317
- Reserves -€2,923
down €2,923 (-96.4%), from €3,032 to €108
- Gross operating margin +€7,415
up €7,415 (+2.7%), from €271,901 to €279,316
- Staff costs -€5,804
down €5,804 (-38.2%), from €15,178 to €9,374
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 | €101,805 | €54,009 | -€47,796 | -46.9% |
| Fixed assets | 21/28 | €11,295 | €3,360 | -€7,936 | -70.3% |
| Tangible fixed assets | 22/27 | €11,295 | €3,360 | -€7,936 | -70.3% |
| Plant, machinery and equipment | 23 | €9,205 | €2,231 | -€6,974 | -75.8% |
| Furniture and vehicles | 24 | €2,091 | €1,129 | -€962 | -46.0% |
| Current assets | 29/58 | €90,510 | €50,650 | -€39,860 | -44.0% |
| Amounts receivable within one year | 40/41 | €738 | €638 | -€100 | -13.5% |
| Trade receivables | 40 | €100 | - | -€100 | |
| Other amounts receivable | 41 | €638 | €638 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €82,168 | €47,062 | -€35,107 | -42.7% |
| Deferred charges and accrued income | 490/1 | €7,603 | €2,950 | -€4,654 | -61.2% |
| Total equity and liabilities | 10/49 | €101,805 | €54,009 | -€47,796 | -46.9% |
| Equity | 10/15 | €21,632 | €18,708 | -€2,923 | -13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,032 | €108 | -€2,923 | -96.4% |
| Distributable reserves | 133 | €3,032 | €108 | -€2,923 | -96.4% |
| Amounts payable | 17/49 | €80,174 | €35,301 | -€44,873 | -56.0% |
| Amounts payable within one year | 42/48 | €79,776 | €35,301 | -€44,475 | -55.8% |
| Trade debts | 44 | €6,596 | €317 | -€6,278 | -95.2% |
| Suppliers | 440/4 | €6,596 | €317 | -€6,278 | -95.2% |
| Taxes, remuneration and social security | 45 | €5,181 | €5,984 | +€803 | +15.5% |
| Taxes | 450/3 | €1,144 | €3,659 | +€2,515 | +220% |
| Remuneration and social security | 454/9 | €4,037 | €2,325 | -€1,712 | -42.4% |
| Other amounts payable | 47/48 | €68,000 | €29,000 | -€39,000 | -57.4% |
| Accrued charges and deferred income | 492/3 | €397 | - | -€397 | |
| Non-recurring operating income | 76A | - | €13,000 | +€13,000 | |
| Remuneration, social security and pensions | 62 | €15,178 | €9,374 | -€5,804 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,427 | €4,115 | +€687 | +20.1% |
| Other operating charges | 640/8 | €1,192 | €579 | -€613 | -51.4% |
| Non-recurring operating charges | 66A | €100 | €5,160 | +€5,060 | +5,060% |
| Gross operating margin | 9900 | €271,901 | €279,316 | +€7,415 | +2.7% |
| Operating profit (loss) | 9901 | €252,004 | €260,088 | +€8,085 | +3.2% |
| Financial charges | 65/66B | €408 | €353 | -€55 | -13.5% |
| Recurring financial charges | 65 | €408 | €353 | -€55 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €251,595 | €259,735 | +€8,140 | +3.2% |
| Income taxes | 67/77 | €63,362 | €63,659 | +€297 | +0.5% |
| Profit (loss) for the period | 9904 | €188,234 | €196,077 | +€7,843 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €188,234 | €196,077 | +€7,843 | +4.2% |
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 20 October 2026 via checked.be.