BELKIZ: 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.
BELKIZ
Largest movements
- Cash +€96,240
up €96,240 (+59.9%), from €160,551 to €256,791
mainly Net result for the year (+€65,413) and Tax, wage and social debts (+€40,903)
- Tangible fixed assets -€19,585
down €19,585 (-4.0%), from €489,974 to €470,389
of which Land and buildings: -€18,720
- Receivables within one year +€13,286
up €13,286 (+18.5%), from €71,807 to €85,093
of which Trade receivables: +€18,768
- Reserves +€61,876
up €61,876 (+21.8%), from €284,271 to €346,148
of which Distributable reserves: +€61,876
- Tax, wage and social debts +€40,903
up €40,903 (+50.4%), from €81,186 to €122,089
of which Taxes: +€36,594
- Debts after one year -€38,194
down €38,194 (-14.8%), from €257,660 to €219,465
- Other debts +€11,519
up €11,519 (+407%), from €2,830 to €14,349
- Revaluation surpluses +€11,058
new in 2025: €11,058
- Gross operating margin +€28,590
up €28,590 (+8.1%), from €353,602 to €382,191
- Staff costs +€14,340
up €14,340 (+6.5%), from €219,085 to €233,425
- Taxes +€4,360
up €4,360 (+13.4%), from €32,538 to €36,898
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 | €758,445 | €847,706 | +€89,261 | +11.8% |
| Fixed assets | 21/28 | €490,178 | €470,389 | -€19,789 | -4.0% |
| Intangible fixed assets | 21 | €204 | - | -€204 | |
| Tangible fixed assets | 22/27 | €489,974 | €470,389 | -€19,585 | -4.0% |
| Land and buildings | 22 | €479,441 | €460,721 | -€18,720 | -3.9% |
| Plant, machinery and equipment | 23 | €3,033 | €2,050 | -€983 | -32.4% |
| Furniture and vehicles | 24 | €7,500 | €7,618 | +€118 | +1.6% |
| Current assets | 29/58 | €268,267 | €377,317 | +€109,050 | +40.6% |
| Stocks and contracts in progress | 3 | €34,548 | €33,296 | -€1,252 | -3.6% |
| Stocks | 30/36 | €34,548 | €33,296 | -€1,252 | -3.6% |
| Amounts receivable within one year | 40/41 | €71,807 | €85,093 | +€13,286 | +18.5% |
| Trade receivables | 40 | €65,989 | €84,758 | +€18,768 | +28.4% |
| Other amounts receivable | 41 | €5,817 | €335 | -€5,482 | -94.2% |
| Cash at bank and in hand | 54/58 | €160,551 | €256,791 | +€96,240 | +59.9% |
| Deferred charges and accrued income | 490/1 | €1,361 | €2,138 | +€776 | +57.0% |
| Total equity and liabilities | 10/49 | €758,445 | €847,706 | +€89,261 | +11.8% |
| Equity | 10/15 | €297,034 | €363,506 | +€66,471 | +22.4% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Revaluation surpluses | 12 | - | €11,058 | +€11,058 | |
| Reserves | 13 | €284,271 | €346,148 | +€61,876 | +21.8% |
| Tax-exempt reserves | 132 | €22,867 | €22,867 | = | 0.0% |
| Distributable reserves | 133 | €261,405 | €323,281 | +€61,876 | +23.7% |
| Profit (loss) carried forward | 14 | €6,463 | - | -€6,463 | |
| Amounts payable | 17/49 | €461,411 | €484,200 | +€22,789 | +4.9% |
| Amounts payable after more than one year | 17 | €257,660 | €219,465 | -€38,194 | -14.8% |
| Financial debts | 170/4 | €257,660 | €219,465 | -€38,194 | -14.8% |
| Amounts payable within one year | 42/48 | €199,840 | €254,497 | +€54,657 | +27.4% |
| Current portion of amounts payable after more than one year | 42 | €47,185 | €38,194 | -€8,991 | -19.1% |
| Financial debts | 43 | - | €5,945 | +€5,945 | |
| Credit institutions | 430/8 | - | €5,945 | +€5,945 | |
| Trade debts | 44 | €68,638 | €69,214 | +€576 | +0.8% |
| Suppliers | 440/4 | €68,638 | €69,214 | +€576 | +0.8% |
| Advances received on contracts in progress | 46 | - | €4,705 | +€4,705 | |
| Taxes, remuneration and social security | 45 | €81,186 | €122,089 | +€40,903 | +50.4% |
| Taxes | 450/3 | €49,241 | €85,835 | +€36,594 | +74.3% |
| Remuneration and social security | 454/9 | €31,945 | €36,255 | +€4,309 | +13.5% |
| Other amounts payable | 47/48 | €2,830 | €14,349 | +€11,519 | +407% |
| Accrued charges and deferred income | 492/3 | €3,912 | €10,238 | +€6,326 | +162% |
| Remuneration, social security and pensions | 62 | €219,085 | €233,425 | +€14,340 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,937 | €34,138 | +€2,201 | +6.9% |
| Other operating charges | 640/8 | €4,810 | €5,373 | +€562 | +11.7% |
| Non-recurring operating charges | 66A | €1,915 | - | -€1,915 | |
| Gross operating margin | 9900 | €353,602 | €382,191 | +€28,590 | +8.1% |
| Operating profit (loss) | 9901 | €95,853 | €109,255 | +€13,402 | +14.0% |
| Financial income | 75/76B | €2,843 | €1,382 | -€1,461 | -51.4% |
| Recurring financial income | 75 | €2,843 | €1,382 | -€1,461 | -51.4% |
| Financial charges | 65/66B | €9,695 | €8,325 | -€1,370 | -14.1% |
| Recurring financial charges | 65 | €9,279 | €8,325 | -€954 | -10.3% |
| Non-recurring financial charges | 66B | €416 | - | -€416 | |
| Profit (loss) for the period before taxes | 9903 | €89,001 | €102,311 | +€13,311 | +15.0% |
| Income taxes | 67/77 | €32,538 | €36,898 | +€4,360 | +13.4% |
| Profit (loss) for the period | 9904 | €56,463 | €65,413 | +€8,951 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,463 | €65,413 | +€8,951 | +15.9% |
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 25 October 2026 via checked.be.