BELMA: 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.
BELMA
Largest movements
- Cash -€154,561
down €154,561 (-77.1%), from €200,517 to €45,956
mainly Receivables within one year (-€117,962) and Investment in fixed assets (net) (-€59,645)
- Receivables within one year +€117,962
up €117,962 (+69.4%), from €170,056 to €288,017
of which Trade receivables: +€91,330
- Tangible fixed assets +€37,514
up €37,514 (+34.9%), from €107,358 to €144,871
of which Land and buildings: +€38,383
- Stocks and contracts +€22,259
up €22,259 (+9.9%), from €225,648 to €247,907
- Trade debts +€17,510
up €17,510 (+9.7%), from €180,514 to €198,025
- Staff costs +€109,201
up €109,201 (+76.1%), from €143,575 to €252,776
- Taxes -€34,505
down €34,505 (-88.6%), from €38,939 to €4,434
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 | €706,428 | €728,497 | +€22,069 | +3.1% |
| Fixed assets | 21/28 | €107,946 | €145,459 | +€37,514 | +34.8% |
| Tangible fixed assets | 22/27 | €107,358 | €144,871 | +€37,514 | +34.9% |
| Land and buildings | 22 | €80,179 | €118,562 | +€38,383 | +47.9% |
| Plant, machinery and equipment | 23 | €8,181 | €7,824 | -€357 | -4.4% |
| Furniture and vehicles | 24 | €4,170 | €14,638 | +€10,468 | +251% |
| Leasing and similar rights | 25 | €8,231 | - | -€8,231 | |
| Other tangible fixed assets | 26 | €6,596 | €3,847 | -€2,750 | -41.7% |
| Financial fixed assets | 28 | €588 | €588 | = | 0.0% |
| Current assets | 29/58 | €598,482 | €583,038 | -€15,445 | -2.6% |
| Stocks and contracts in progress | 3 | €225,648 | €247,907 | +€22,259 | +9.9% |
| Stocks | 30/36 | €225,648 | €247,907 | +€22,259 | +9.9% |
| Amounts receivable within one year | 40/41 | €170,056 | €288,017 | +€117,962 | +69.4% |
| Trade receivables | 40 | €88,121 | €179,451 | +€91,330 | +104% |
| Other amounts receivable | 41 | €81,935 | €108,566 | +€26,631 | +32.5% |
| Cash at bank and in hand | 54/58 | €200,517 | €45,956 | -€154,561 | -77.1% |
| Deferred charges and accrued income | 490/1 | €2,261 | €1,156 | -€1,105 | -48.9% |
| Total equity and liabilities | 10/49 | €706,428 | €728,497 | +€22,069 | +3.1% |
| Equity | 10/15 | €394,815 | €402,058 | +€7,244 | +1.8% |
| Contributions | 10/11 | €19,400 | €19,400 | = | 0.0% |
| Reserves | 13 | €371,940 | €371,940 | = | 0.0% |
| Non-distributable reserves | 130/1 | €101,940 | €101,940 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,940 | €1,940 | = | 0.0% |
| Other | 1319 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €270,000 | €270,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,475 | €10,718 | +€7,244 | +208% |
| Amounts payable | 17/49 | €311,613 | €326,438 | +€14,825 | +4.8% |
| Amounts payable within one year | 42/48 | €311,613 | €326,438 | +€14,825 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €2,207 | - | -€2,207 | |
| Trade debts | 44 | €180,514 | €198,025 | +€17,510 | +9.7% |
| Suppliers | 440/4 | €180,514 | €198,025 | +€17,510 | +9.7% |
| Taxes, remuneration and social security | 45 | €58,260 | €52,723 | -€5,537 | -9.5% |
| Taxes | 450/3 | €44,210 | €28,702 | -€15,508 | -35.1% |
| Remuneration and social security | 454/9 | €14,050 | €24,021 | +€9,971 | +71.0% |
| Other amounts payable | 47/48 | €70,632 | €75,690 | +€5,058 | +7.2% |
| Remuneration, social security and pensions | 62 | €143,575 | €252,776 | +€109,201 | +76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,384 | €22,131 | +€2,747 | +14.2% |
| Other operating charges | 640/8 | €12,332 | €10,053 | -€2,279 | -18.5% |
| Non-recurring operating charges | 66A | - | €291 | +€291 | |
| Gross operating margin | 9900 | €297,394 | €299,474 | +€2,080 | +0.7% |
| Operating profit (loss) | 9901 | €122,102 | €14,223 | -€107,880 | -88.4% |
| Financial income | 75/76B | €177 | €300 | +€123 | +69.8% |
| Recurring financial income | 75 | €177 | €300 | +€123 | +69.8% |
| Financial charges | 65/66B | €2,634 | €2,845 | +€211 | +8.0% |
| Recurring financial charges | 65 | €2,634 | €2,845 | +€211 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €119,645 | €11,678 | -€107,967 | -90.2% |
| Income taxes | 67/77 | €38,939 | €4,434 | -€34,505 | -88.6% |
| Profit (loss) for the period | 9904 | €80,706 | €7,244 | -€73,462 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,706 | €7,244 | -€73,462 | -91.0% |
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 15 October 2026 via checked.be.