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
- Tangible fixed assets -€376,430
down €376,430 (-9.9%), from €3.8m to €3.4m
- Receivables within one year -€122,407
down €122,407 (-43.9%), from €279,138 to €156,731
of which Trade receivables: -€265,703
- Debts after one year -€663,992
down €663,992 (-34.5%), from €1.9m to €1.3m
- Profit (loss) carried forward +€124,760
up €124,760 (+12.0%), from -€1.0m to -€914,451
- Current portion of long-term debt +€50,985
up €50,985 (+8.4%), from €608,395 to €659,381
- Financial charges -€33,676
down €33,676 (-19.2%), from €175,158 to €141,482
- Gross operating margin -€19,223
down €19,223 (-2.7%), from €711,503 to €692,280
- Depreciation -€7,843
down €7,843 (-2.0%), from €385,115 to €377,272
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 | €4,269,456 | €3,788,219 | -€481,237 | -11.3% |
| Fixed assets | 21/28 | €3,802,308 | €3,425,036 | -€377,272 | -9.9% |
| Intangible fixed assets | 21 | €967 | €125 | -€842 | -87.1% |
| Tangible fixed assets | 22/27 | €3,801,341 | €3,424,911 | -€376,430 | -9.9% |
| Land and buildings | 22 | €3,801,341 | €3,424,911 | -€376,430 | -9.9% |
| Current assets | 29/58 | €467,148 | €363,183 | -€103,965 | -22.3% |
| Amounts receivable within one year | 40/41 | €279,138 | €156,731 | -€122,407 | -43.9% |
| Trade receivables | 40 | €265,703 | - | -€265,703 | |
| Other amounts receivable | 41 | €13,435 | €156,731 | +€143,296 | +1066.6% |
| Cash at bank and in hand | 54/58 | €2,327 | €17,536 | +€15,210 | +653.8% |
| Deferred charges and accrued income | 490/1 | €185,683 | €188,915 | +€3,232 | +1.7% |
| Total equity and liabilities | 10/49 | €4,269,456 | €3,788,219 | -€481,237 | -11.3% |
| Equity | 10/15 | €45,764 | €170,524 | +€124,760 | +272.6% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €84,975 | €84,975 | = | 0.0% |
| Non-distributable reserves | 130/1 | €61,663 | €61,663 | = | 0.0% |
| Legal reserve | 130 | €15,847 | €15,847 | = | 0.0% |
| Reserves not available under the articles | 1311 | €45,816 | €45,816 | = | 0.0% |
| Distributable reserves | 133 | €23,312 | €23,312 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,039,211 | -€914,451 | +€124,760 | +12.0% |
| Amounts payable | 17/49 | €4,223,692 | €3,617,695 | -€605,997 | -14.3% |
| Amounts payable after more than one year | 17 | €1,926,404 | €1,262,412 | -€663,992 | -34.5% |
| Financial debts | 170/4 | €1,926,404 | €1,262,412 | -€663,992 | -34.5% |
| Amounts payable within one year | 42/48 | €2,297,288 | €2,355,283 | +€57,995 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €608,395 | €659,381 | +€50,985 | +8.4% |
| Trade debts | 44 | €227,291 | €232,547 | +€5,256 | +2.3% |
| Suppliers | 440/4 | €227,291 | €232,547 | +€5,256 | +2.3% |
| Advances received on contracts in progress | 46 | - | €13,163 | +€13,163 | |
| Other amounts payable | 47/48 | €1,461,602 | €1,450,193 | -€11,410 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385,115 | €377,272 | -€7,843 | -2.0% |
| Other operating charges | 640/8 | €47,703 | €48,766 | +€1,063 | +2.2% |
| Gross operating margin | 9900 | €711,503 | €692,280 | -€19,223 | -2.7% |
| Operating profit (loss) | 9901 | €278,684 | €266,242 | -€12,442 | -4.5% |
| Financial charges | 65/66B | €175,158 | €141,482 | -€33,676 | -19.2% |
| Recurring financial charges | 65 | €175,158 | €141,482 | -€33,676 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €103,526 | €124,760 | +€21,234 | +20.5% |
| Profit (loss) for the period | 9904 | €103,526 | €124,760 | +€21,234 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,526 | €124,760 | +€21,234 | +20.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.