BELMAD: 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.
BELMAD
Largest movements
- Cash +€9,269
up €9,269 (+4.0%), from €229,332 to €238,601
mainly Net result for the year (+€54,310) and Receivables within one year (+€1,972)
- Profit (loss) carried forward +€22,851
up €22,851 (+10.8%), from €211,380 to €234,231
- Tax, wage and social debts -€16,278
down €16,278 (-80.9%), from €20,129 to €3,851
of which Taxes: -€20,129
- Taxes -€30,491
down €30,491 (-69.6%), from €43,791 to €13,300
- Staff costs +€30,056
up €30,056 (+498.5%), from €6,029 to €36,085
- Gross operating margin -€14,116
down €14,116 (-12.6%), from €112,259 to €98,143
- Financial income +€6,527
up €6,527 (+2559.6%), from €255 to €6,782
of which Financial income: +€6,527
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 | €281,243 | €288,540 | +€7,297 | +2.6% |
| Fixed assets | 21/28 | €3,700 | €3,700 | = | 0.0% |
| Financial fixed assets | 28 | €3,700 | €3,700 | = | 0.0% |
| Current assets | 29/58 | €277,543 | €284,840 | +€7,297 | +2.6% |
| Amounts receivable within one year | 40/41 | €48,211 | €46,239 | -€1,972 | -4.1% |
| Trade receivables | 40 | €32,529 | €34,833 | +€2,304 | +7.1% |
| Other amounts receivable | 41 | €15,682 | €11,406 | -€4,276 | -27.3% |
| Cash at bank and in hand | 54/58 | €229,332 | €238,601 | +€9,269 | +4.0% |
| Total equity and liabilities | 10/49 | €281,243 | €288,540 | +€7,297 | +2.6% |
| Equity | 10/15 | €218,200 | €241,051 | +€22,851 | +10.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,380 | €234,231 | +€22,851 | +10.8% |
| Amounts payable | 17/49 | €63,043 | €47,489 | -€15,554 | -24.7% |
| Amounts payable within one year | 42/48 | €63,043 | €47,489 | -€15,554 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €1,412 | €1,406 | -€6 | -0.4% |
| Trade debts | 44 | €1,502 | €2,232 | +€730 | +48.6% |
| Suppliers | 440/4 | €1,502 | €2,232 | +€730 | +48.6% |
| Taxes, remuneration and social security | 45 | €20,129 | €3,851 | -€16,278 | -80.9% |
| Taxes | 450/3 | €20,129 | - | -€20,129 | |
| Remuneration and social security | 454/9 | - | €3,851 | +€3,851 | |
| Other amounts payable | 47/48 | €40,000 | €40,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €6,029 | €36,085 | +€30,056 | +498.5% |
| Other operating charges | 640/8 | €340 | €378 | +€38 | +11.2% |
| Gross operating margin | 9900 | €112,259 | €98,143 | -€14,116 | -12.6% |
| Operating profit (loss) | 9901 | €105,890 | €61,680 | -€44,210 | -41.8% |
| Financial income | 75/76B | €255 | €6,782 | +€6,527 | +2559.6% |
| Recurring financial income | 75 | €255 | €6,782 | +€6,527 | +2559.6% |
| Non-recurring financial income | 76B | €255 | €6,782 | +€6,527 | +2559.6% |
| Financial charges | 65/66B | €1,137 | €852 | -€285 | -25.1% |
| Recurring financial charges | 65 | €1,137 | €852 | -€285 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €105,008 | €67,610 | -€37,398 | -35.6% |
| Income taxes | 67/77 | €43,791 | €13,300 | -€30,491 | -69.6% |
| Profit (loss) for the period | 9904 | €61,217 | €54,310 | -€6,907 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €61,217 | €54,310 | -€6,907 | -11.3% |
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 7 October 2026 via checked.be.