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 +€16,845
up €16,845 (+35.0%), from €48,132 to €64,977
mainly Net result for the year (+€24,873) and Receivables within one year (+€1,868)
- Receivables within one year -€1,868
down €1,868 (-8.5%), from €22,014 to €20,146
- Profit (loss) carried forward +€24,873
up €24,873 (+23.3%), from -€106,879 to -€82,005
- Tax, wage and social debts -€10,929
down €10,929 (-86.7%), from €12,600 to €1,671
- Trade debts +€987
new in 2025: €987
- Write-downs -€450,000
down €450,000, from €150,000 to -€300,000
- Other operating charges +€300,016
up €300,016 (+56838.4%), from €528 to €300,544
- Gross operating margin +€35,391
up €35,391, from -€9,644 to €25,747
- Depreciation -€363
down €363 (-63.2%), from €574 to €211
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 | €71,113 | €85,880 | +€14,767 | +20.8% |
| Fixed assets | 21/28 | €968 | €757 | -€211 | -21.8% |
| Tangible fixed assets | 22/27 | €968 | €757 | -€211 | -21.8% |
| Plant, machinery and equipment | 23 | €968 | €757 | -€211 | -21.8% |
| Current assets | 29/58 | €70,146 | €85,123 | +€14,978 | +21.4% |
| Amounts receivable within one year | 40/41 | €22,014 | €20,146 | -€1,868 | -8.5% |
| Other amounts receivable | 41 | €22,014 | €20,146 | -€1,868 | -8.5% |
| Cash at bank and in hand | 54/58 | €48,132 | €64,977 | +€16,845 | +35.0% |
| Total equity and liabilities | 10/49 | €71,113 | €85,880 | +€14,767 | +20.8% |
| Equity | 10/15 | €58,121 | €82,995 | +€24,873 | +42.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,879 | -€82,005 | +€24,873 | +23.3% |
| Amounts payable | 17/49 | €12,992 | €2,885 | -€10,107 | -77.8% |
| Amounts payable within one year | 42/48 | €12,992 | €2,885 | -€10,107 | -77.8% |
| Trade debts | 44 | - | €987 | +€987 | |
| Suppliers | 440/4 | - | €987 | +€987 | |
| Taxes, remuneration and social security | 45 | €12,600 | €1,671 | -€10,929 | -86.7% |
| Taxes | 450/3 | €12,600 | €1,671 | -€10,929 | -86.7% |
| Other amounts payable | 47/48 | €392 | €228 | -€164 | -41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €574 | €211 | -€363 | -63.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €150,000 | -€300,000 | -€450,000 | |
| Other operating charges | 640/8 | €528 | €300,544 | +€300,016 | +56838.4% |
| Gross operating margin | 9900 | -€9,644 | €25,747 | +€35,391 | |
| Operating profit (loss) | 9901 | -€160,745 | €24,992 | +€185,738 | |
| Financial charges | 65/66B | €148 | €144 | -€4 | -2.7% |
| Recurring financial charges | 65 | €148 | €144 | -€4 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€160,893 | €24,849 | +€185,742 | |
| Income taxes | 67/77 | - | -€25 | -€25 | |
| Profit (loss) for the period | 9904 | -€160,893 | €24,873 | +€185,766 | |
| Profit (loss) for the period to be appropriated | 9905 | -€160,893 | €24,873 | +€185,766 |
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 10 October 2026 via checked.be.