BELMA SANI: what changed
BELMA SANI
Largest movements
- Receivables within one year +€24,670
up €24,670 (+14.5%), from €169,574 to €194,244
- Cash -€21,906
down €21,906 (-96.3%), from €22,748 to €843
mainly Receivables within one year (-€24,670) and Other debts (-€19,549)
- Tangible fixed assets -€3,804
down €3,804 (-48.2%), from €7,892 to €4,088
of which Furniture and vehicles: -€2,926
- Other debts -€19,549
down €19,549 (-47.0%), from €41,573 to €22,023
- Tax, wage and social debts +€11,236
up €11,236 (+12.7%), from €88,678 to €99,914
of which Taxes: +€9,807
- Trade debts +€4,431
up €4,431 (+36.5%), from €12,140 to €16,571
- Gross operating margin -€27,396
down €27,396 (-16.9%), from €161,725 to €134,328
- Taxes -€10,504
down €10,504 (-78.3%), from €13,407 to €2,904
- Staff costs +€7,651
up €7,651 (+6.7%), from €113,959 to €121,610
- Other operating charges +€2,874
up €2,874 (+549%), from €523 to €3,397
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,214 | €199,772 | -€442 | -0.2% |
| Fixed assets | 21/28 | €7,892 | €4,088 | -€3,804 | -48.2% |
| Tangible fixed assets | 22/27 | €7,892 | €4,088 | -€3,804 | -48.2% |
| Plant, machinery and equipment | 23 | €587 | €254 | -€333 | -56.8% |
| Furniture and vehicles | 24 | €4,138 | €1,212 | -€2,926 | -70.7% |
| Other tangible fixed assets | 26 | €3,166 | €2,622 | -€544 | -17.2% |
| Current assets | 29/58 | €192,322 | €195,684 | +€3,362 | +1.7% |
| Amounts receivable within one year | 40/41 | €169,574 | €194,244 | +€24,670 | +14.5% |
| Trade receivables | 40 | €169,574 | €194,244 | +€24,670 | +14.5% |
| Cash at bank and in hand | 54/58 | €22,748 | €843 | -€21,906 | -96.3% |
| Deferred charges and accrued income | 490/1 | - | €597 | +€597 | |
| Total equity and liabilities | 10/49 | €200,214 | €199,772 | -€442 | -0.2% |
| Equity | 10/15 | €57,823 | €59,711 | +€1,888 | +3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Share premium | 1100/10 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €649 | €649 | = | 0.0% |
| Non-distributable reserves | 130/1 | €649 | €649 | = | 0.0% |
| Reserves not available under the articles | 1311 | €649 | €649 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,974 | €52,862 | +€1,888 | +3.7% |
| Amounts payable | 17/49 | €142,390 | €140,060 | -€2,330 | -1.6% |
| Amounts payable within one year | 42/48 | €142,390 | €140,060 | -€2,330 | -1.6% |
| Trade debts | 44 | €12,140 | €16,571 | +€4,431 | +36.5% |
| Suppliers | 440/4 | €12,140 | €16,571 | +€4,431 | +36.5% |
| Advances received on contracts in progress | 46 | - | €1,553 | +€1,553 | |
| Taxes, remuneration and social security | 45 | €88,678 | €99,914 | +€11,236 | +12.7% |
| Taxes | 450/3 | €36,588 | €46,394 | +€9,807 | +26.8% |
| Remuneration and social security | 454/9 | €52,090 | €53,519 | +€1,429 | +2.7% |
| Other amounts payable | 47/48 | €41,573 | €22,023 | -€19,549 | -47.0% |
| Remuneration, social security and pensions | 62 | €113,959 | €121,610 | +€7,651 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,063 | €3,804 | -€260 | -6.4% |
| Other operating charges | 640/8 | €523 | €3,397 | +€2,874 | +549% |
| Gross operating margin | 9900 | €161,725 | €134,328 | -€27,396 | -16.9% |
| Operating profit (loss) | 9901 | €43,179 | €5,517 | -€37,662 | -87.2% |
| Financial income | 75/76B | €163 | - | -€163 | |
| Recurring financial income | 75 | €163 | - | -€163 | |
| Financial charges | 65/66B | €1,023 | €726 | -€297 | -29.1% |
| Recurring financial charges | 65 | €1,023 | €726 | -€297 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €42,319 | €4,791 | -€37,527 | -88.7% |
| Income taxes | 67/77 | €13,407 | €2,904 | -€10,504 | -78.3% |
| Profit (loss) for the period | 9904 | €28,911 | €1,888 | -€27,023 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,911 | €1,888 | -€27,023 | -93.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.