Belmaco: 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.
Belmaco
Largest movements
- Tangible fixed assets -€3,632
down €3,632 (-3.8%), from €94,732 to €91,100
- Other debts -€8,294
down €8,294 (-7.5%), from €110,254 to €101,961
- Reserves +€4,229
up €4,229 (+6.6%), from €63,777 to €68,007
- Gross operating margin +€2,257
up €2,257 (+19.4%), from €11,647 to €13,904
- Taxes +€700
up €700 (+40.7%), from €1,720 to €2,420
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 | €197,294 | €193,590 | -€3,703 | -1.9% |
| Fixed assets | 21/28 | €94,732 | €91,100 | -€3,632 | -3.8% |
| Tangible fixed assets | 22/27 | €94,732 | €91,100 | -€3,632 | -3.8% |
| Land and buildings | 22 | €94,732 | €91,100 | -€3,632 | -3.8% |
| Current assets | 29/58 | €102,562 | €102,490 | -€71 | -0.1% |
| Amounts receivable within one year | 40/41 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 41 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,358 | €1,251 | -€108 | -7.9% |
| Deferred charges and accrued income | 490/1 | €1,203 | €1,240 | +€36 | +3.0% |
| Total equity and liabilities | 10/49 | €197,294 | €193,590 | -€3,703 | -1.9% |
| Equity | 10/15 | €82,377 | €86,607 | +€4,229 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,777 | €68,007 | +€4,229 | +6.6% |
| Distributable reserves | 133 | €63,777 | €68,007 | +€4,229 | +6.6% |
| Amounts payable | 17/49 | €114,916 | €106,984 | -€7,933 | -6.9% |
| Amounts payable after more than one year | 17 | €620 | €620 | = | 0.0% |
| Other amounts payable | 178/9 | €620 | €620 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,924 | €106,100 | -€7,824 | -6.9% |
| Taxes, remuneration and social security | 45 | €3,670 | €4,139 | +€469 | +12.8% |
| Taxes | 450/3 | €3,670 | €4,139 | +€469 | +12.8% |
| Other amounts payable | 47/48 | €110,254 | €101,961 | -€8,294 | -7.5% |
| Accrued charges and deferred income | 492/3 | €372 | €264 | -€109 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,632 | €3,632 | = | 0.0% |
| Other operating charges | 640/8 | €2,560 | €2,637 | +€77 | +3.0% |
| Gross operating margin | 9900 | €11,647 | €13,904 | +€2,257 | +19.4% |
| Operating profit (loss) | 9901 | €5,455 | €7,636 | +€2,181 | +40.0% |
| Financial charges | 65/66B | €153 | €153 | +€0 | +0.1% |
| Recurring financial charges | 65 | €153 | €153 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €5,302 | €7,482 | +€2,181 | +41.1% |
| Income taxes | 67/77 | €1,720 | €2,420 | +€700 | +40.7% |
| Profit (loss) for the period | 9904 | €3,582 | €5,062 | +€1,480 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,582 | €5,062 | +€1,480 | +41.3% |
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 14 October 2026 via checked.be.