Belki: 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.
What changed
Belki
NACE 46.322, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.2m
2024 · €3.8m-€560,403
Equity
€16.6m
2024 · €13.6m+€3.1m
Cash
€3.1m
2024 · €1.6m+€1.6m
Balance sheet total
€34.0m
2024 · €30.1m+€3.8m
Largest movements
Assets
- Receivables within one year +€2.0m
up €2.0m (+15.5%), from €12.8m to €14.8m
of which Trade receivables: +€2.3m
- Cash +€1.6m
up €1.6m (+99.7%), from €1.6m to €3.1m
mainly Net result for the year (+€3.2m) and Depreciation (+€2.6m)
- Stocks and contracts +€377,118
up €377,118 (+19.7%), from €1.9m to €2.3m
Equity and liabilities
- Profit (loss) carried forward +€3.2m
up €3.2m (+29.2%), from €11.0m to €14.2m
- Trade debts +€704,374
up €704,374 (+5.7%), from €12.4m to €13.1m
- Debts after one year -€500,004
down €500,004 (-50.4%), from €991,637 to €491,633
- Other debts +€339,915
up €339,915 (+68.1%), from €498,847 to €838,762
Income statement
- Turnover +€6.2m
up €6.2m (+5.1%), from €123.4m to €129.6m
- Goods and materials +€5.5m
up €5.5m (+6.6%), from €82.5m to €88.0m
of which Purchases: +€5.6m
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.
Result 2024
€3.8m
Turnover
+€6.2m
Other operating income
+€13,279
Goods and materials
-€5.5m
Services and other goods
-€1.2m
Staff costs
-€283,168
Depreciation
-€242,177
Write-downs
-€462,220
Provisions
-€100,000
Other operating charges
-€38,523
Other operating items
+€807,599
Financial income
-€5,411
Financial charges
+€108,984
Taxes
+€58,240
Result 2025
€3.2m
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.
From operations
+€5.1m
Investment
-€2.6m
Financing
-€980,586
Cash 2024
€1.6m
From operations (derived)
+€5.1m
Net result for the year
+€3.2m
Depreciation
+€2.6m
Receivables after one year
+€73,965
Stocks and contracts
-€377,118
Receivables within one year
-€2.0m
Deferred charges and accrued income
-€43,593
Provisions
+€99,481
Trade debts
+€704,374
Tax, wage and social debts
+€270,277
Other debts
+€339,915
Accrued charges and deferred income
+€174,608
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€2.6m
Financing
-€980,586
Debts after one year
-€500,004
Current portion of long-term debt
+€25,000
Short-term financial debts
-€338,802
Contributions, distributions and other
-€166,780
Cash 2025
€3.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,146,339 | €33,973,175 | +€3.8m | +12.7% |
| Fixed assets | 21/28 | €13,100,894 | €13,038,924 | -€61,970 | -0.5% |
| Intangible fixed assets | 21 | - | €62,734 | +€62,734 | |
| Tangible fixed assets | 22/27 | €13,098,232 | €12,973,529 | -€124,704 | -1.0% |
| Land and buildings | 22 | €7,371,465 | €6,951,239 | -€420,226 | -5.7% |
| Plant, machinery and equipment | 23 | €4,573,480 | €4,695,749 | +€122,269 | +2.7% |
| Furniture and vehicles | 24 | €540,400 | €601,802 | +€61,402 | +11.4% |
| Other tangible fixed assets | 26 | €612,888 | €724,740 | +€111,852 | +18.2% |
| Financial fixed assets | 28 | €2,661 | €2,661 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,661 | €2,661 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,661 | €2,661 | = | 0.0% |
| Current assets | 29/58 | €17,045,445 | €20,934,251 | +€3.9m | +22.8% |
| Amounts receivable after more than one year | 29 | €650,888 | €576,923 | -€73,965 | -11.4% |
| Trade receivables | 290 | €650,888 | €576,923 | -€73,965 | -11.4% |
| Stocks and contracts in progress | 3 | €1,916,261 | €2,293,379 | +€377,118 | +19.7% |
| Stocks | 30/36 | €1,916,261 | €2,293,379 | +€377,118 | +19.7% |
| Raw materials and consumables | 30/31 | €1,108,974 | €1,203,496 | +€94,521 | +8.5% |
| Finished goods | 33 | €807,287 | €1,089,884 | +€282,596 | +35.0% |
| Amounts receivable within one year | 40/41 | €12,773,242 | €14,756,696 | +€2.0m | +15.5% |
| Trade receivables | 40 | €11,622,427 | €13,933,101 | +€2.3m | +19.9% |
| Other amounts receivable | 41 | €1,150,815 | €823,595 | -€327,220 | -28.4% |
| Cash at bank and in hand | 54/58 | €1,563,892 | €3,122,497 | +€1.6m | +99.7% |
| Deferred charges and accrued income | 490/1 | €141,162 | €184,755 | +€43,593 | +30.9% |
| Total equity and liabilities | 10/49 | €30,146,339 | €33,973,175 | +€3.8m | +12.7% |
| Equity | 10/15 | €13,577,262 | €16,629,248 | +€3.1m | +22.5% |
| Contributions | 10/11 | €929,601 | €929,601 | = | 0.0% |
| Capital | 10 | €929,601 | €929,601 | = | 0.0% |
| Issued capital | 100 | €929,601 | €929,601 | = | 0.0% |
| Reserves | 13 | €1,394,765 | €1,393,756 | -€1,009 | -0.1% |
| Non-distributable reserves | 130/1 | €92,960 | €92,960 | = | 0.0% |
| Legal reserve | 130 | €92,960 | €92,960 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,001,804 | €1,000,796 | -€1,009 | -0.1% |
| Distributable reserves | 133 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,010,856 | €14,230,632 | +€3.2m | +29.2% |
| Investment grants | 15 | €242,040 | €75,260 | -€166,780 | -68.9% |
| Provisions and deferred taxes | 16 | €502,077 | €601,558 | +€99,481 | +19.8% |
| Provisions for liabilities and charges | 160/5 | €500,000 | €600,000 | +€100,000 | +20.0% |
| Other liabilities and charges | 164/5 | €500,000 | €600,000 | +€100,000 | +20.0% |
| Deferred taxes | 168 | €2,077 | €1,558 | -€519 | -25.0% |
| Amounts payable | 17/49 | €16,067,000 | €16,742,368 | +€675,369 | +4.2% |
| Amounts payable after more than one year | 17 | €991,637 | €491,633 | -€500,004 | -50.4% |
| Financial debts | 170/4 | €991,637 | €491,633 | -€500,004 | -50.4% |
| Credit institutions | 173 | €991,637 | €491,633 | -€500,004 | -50.4% |
| Amounts payable within one year | 42/48 | €14,836,628 | €15,837,392 | +€1.0m | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €475,004 | €500,004 | +€25,000 | +5.3% |
| Financial debts | 43 | €338,802 | - | -€338,802 | |
| Credit institutions | 430/8 | €338,802 | - | -€338,802 | |
| Trade debts | 44 | €12,383,845 | €13,088,219 | +€704,374 | +5.7% |
| Suppliers | 440/4 | €12,383,845 | €13,088,219 | +€704,374 | +5.7% |
| Taxes, remuneration and social security | 45 | €1,140,130 | €1,410,407 | +€270,277 | +23.7% |
| Taxes | 450/3 | €51,271 | €243,408 | +€192,137 | +374.7% |
| Remuneration and social security | 454/9 | €1,088,858 | €1,166,998 | +€78,140 | +7.2% |
| Other amounts payable | 47/48 | €498,847 | €838,762 | +€339,915 | +68.1% |
| Accrued charges and deferred income | 492/3 | €238,735 | €413,343 | +€174,608 | +73.1% |
| Operating income | 70/76A | €123,191,296 | €130,242,992 | +€7.1m | +5.7% |
| Turnover | 70 | €123,365,731 | €129,596,549 | +€6.2m | +5.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€491,719 | €282,596 | +€774,316 | |
| Other operating income | 74 | €317,284 | €330,563 | +€13,279 | +4.2% |
| Non-recurring operating income | 76A | - | €33,284 | +€33,284 | |
| Operating charges | 60/66A | €118,048,976 | €125,822,887 | +€7.8m | +6.6% |
| Goods for resale, raw materials and consumables | 60 | €82,533,107 | €87,986,462 | +€5.5m | +6.6% |
| Purchases | 600/8 | €82,488,977 | €88,080,984 | +€5.6m | +6.8% |
| Change in stocks: decrease (increase) | 609 | €44,131 | -€94,521 | -€138,652 | |
| Services and other goods | 61 | €24,926,345 | €26,120,813 | +€1.2m | +4.8% |
| Remuneration, social security and pensions | 62 | €8,363,541 | €8,646,709 | +€283,168 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,376,158 | €2,618,335 | +€242,177 | +10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€470,043 | -€7,823 | +€462,220 | +98.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €100,000 | +€100,000 | |
| Other operating charges | 640/8 | €319,868 | €358,391 | +€38,523 | +12.0% |
| Operating profit (loss) | 9901 | €5,142,320 | €4,420,105 | -€722,215 | -14.0% |
| Financial income | 75/76B | €108,980 | €103,569 | -€5,411 | -5.0% |
| Recurring financial income | 75 | €108,980 | €103,569 | -€5,411 | -5.0% |
| Other financial income | 752/9 | €108,980 | €103,569 | -€5,411 | -5.0% |
| Financial charges | 65/66B | €215,863 | €106,879 | -€108,984 | -50.5% |
| Recurring financial charges | 65 | €215,863 | €106,879 | -€108,984 | -50.5% |
| Debt charges | 650 | €165,135 | €45,264 | -€119,872 | -72.6% |
| Other financial charges | 652/9 | €50,727 | €61,615 | +€10,888 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €5,035,437 | €4,416,795 | -€618,642 | -12.3% |
| Transfer from deferred taxes | 780 | €519 | €519 | = | 0.0% |
| Income taxes | 67/77 | €1,256,787 | €1,198,548 | -€58,240 | -4.6% |
| Taxes | 670/3 | €1,256,787 | €1,210,000 | -€46,787 | -3.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €11,452 | +€11,452 | |
| Profit (loss) for the period | 9904 | €3,779,169 | €3,218,767 | -€560,403 | -14.8% |
| Transfer from tax-exempt reserves | 789 | €1,009 | €1,009 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €997,770 | - | -€997,770 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,782,408 | €3,219,775 | +€437,367 | +15.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.