BELMACO: what changed
Two fiscal 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.
BELMACO
Largest movements
- Receivables within one year +€36,659
up €36,659 (+38.9%), from €94,165 to €130,825
- Tangible fixed assets -€18,356
down €18,356 (-5.5%), from €331,117 to €312,761
of which Land and buildings: -€10,161
- Other debts -€311,506
down €311,506 (-84.7%), from €367,690 to €56,184
- Profit (loss) carried forward +€193,943
up €193,943, from -€83,203 to €110,741
- Accrued charges and deferred income +€62,000
new in 2025: €62,000
- Tax, wage and social debts +€61,772
up €61,772 (+169.8%), from €36,388 to €98,160
- Trade debts +€11,634
up €11,634 (+67.0%), from €17,364 to €28,998
- Gross operating margin +€260,735
up €260,735 (+1895.3%), from €13,757 to €274,491
- Taxes +€57,000
new in 2025: €57,000
- Other operating charges -€3,902
down €3,902 (-42.9%), from €9,094 to €5,193
- Financial charges -€3,355
no longer reported in 2025 (was €3,355)
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €426,872 | €444,716 | +€17,843 | +4.2% |
| Fixed assets | 21/28 | €332,247 | €313,891 | -€18,356 | -5.5% |
| Tangible fixed assets | 22/27 | €331,117 | €312,761 | -€18,356 | -5.5% |
| Land and buildings | 22 | €317,088 | €306,927 | -€10,161 | -3.2% |
| Furniture and vehicles | 24 | €14,028 | €5,834 | -€8,195 | -58.4% |
| Financial fixed assets | 28 | €1,130 | €1,130 | = | 0.0% |
| Current assets | 29/58 | €94,626 | €130,825 | +€36,199 | +38.3% |
| Amounts receivable within one year | 40/41 | €94,165 | €130,825 | +€36,659 | +38.9% |
| Trade receivables | 40 | €94,165 | €130,825 | +€36,659 | +38.9% |
| Deferred charges and accrued income | 490/1 | €461 | - | -€461 | |
| Total equity and liabilities | 10/49 | €426,872 | €444,716 | +€17,843 | +4.2% |
| Equity | 10/15 | €5,430 | €199,373 | +€193,943 | +3571.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €26,632 | €26,632 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €20,432 | €20,432 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,203 | €110,741 | +€193,943 | |
| Amounts payable | 17/49 | €421,443 | €245,343 | -€176,100 | -41.8% |
| Amounts payable within one year | 42/48 | €421,443 | €183,343 | -€238,100 | -56.5% |
| Trade debts | 44 | €17,364 | €28,998 | +€11,634 | +67.0% |
| Suppliers | 440/4 | €17,364 | €28,998 | +€11,634 | +67.0% |
| Taxes, remuneration and social security | 45 | €36,388 | €98,160 | +€61,772 | +169.8% |
| Taxes | 450/3 | €36,388 | €98,160 | +€61,772 | +169.8% |
| Other amounts payable | 47/48 | €367,690 | €56,184 | -€311,506 | -84.7% |
| Accrued charges and deferred income | 492/3 | - | €62,000 | +€62,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,356 | €18,356 | -€0 | 0.0% |
| Other operating charges | 640/8 | €9,094 | €5,193 | -€3,902 | -42.9% |
| Gross operating margin | 9900 | €13,757 | €274,491 | +€260,735 | +1895.3% |
| Operating profit (loss) | 9901 | -€13,693 | €250,943 | +€264,636 | |
| Financial income | 75/76B | €196 | - | -€196 | |
| Recurring financial income | 75 | €196 | - | -€196 | |
| Financial charges | 65/66B | €3,355 | - | -€3,355 | |
| Recurring financial charges | 65 | €3,355 | - | -€3,355 | |
| Profit (loss) for the period before taxes | 9903 | -€16,853 | €250,943 | +€267,796 | |
| Income taxes | 67/77 | - | €57,000 | +€57,000 | |
| Profit (loss) for the period | 9904 | -€16,853 | €193,943 | +€210,796 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,853 | €193,943 | +€210,796 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.