BELMADI: 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.
BELMADI
Largest movements
- Cash -€42,823
down €42,823 (-76.5%), from €56,003 to €13,180
mainly Receivables within one year (-€38,378) and Other debts (-€20,958)
- Receivables within one year +€38,378
up €38,378 (+12,793%), from €300 to €38,678
of which Trade receivables: +€36,300
- Profit (loss) carried forward +€24,063
up €24,063 (+38.1%), from €63,148 to €87,211
- Other debts -€20,958
down €20,958 (-2.1%), from €1.0m to €983,327
- Tax, wage and social debts -€15,527
down €15,527 (-73.0%), from €21,270 to €5,743
of which Taxes: -€13,027
- Gross operating margin -€37,934
down €37,934 (-44.4%), from €85,348 to €47,415
- Depreciation +€8,593
up €8,593 (+255%), from €3,373 to €11,965
- Taxes -€8,192
down €8,192 (-48.9%), from €16,764 to €8,572
- Financial charges +€2,282
up €2,282 (+2,713%), from €84 to €2,366
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 | €1,089,023 | €1,076,382 | -€12,641 | -1.2% |
| Fixed assets | 21/28 | €1,031,909 | €1,023,864 | -€8,045 | -0.8% |
| Tangible fixed assets | 22/27 | €31,909 | €23,864 | -€8,045 | -25.2% |
| Furniture and vehicles | 24 | €31,909 | €23,864 | -€8,045 | -25.2% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €57,114 | €52,518 | -€4,595 | -8.0% |
| Amounts receivable within one year | 40/41 | €300 | €38,678 | +€38,378 | +12,793% |
| Trade receivables | 40 | €300 | €36,600 | +€36,300 | +12,100% |
| Other amounts receivable | 41 | - | €2,078 | +€2,078 | |
| Cash at bank and in hand | 54/58 | €56,003 | €13,180 | -€42,823 | -76.5% |
| Deferred charges and accrued income | 490/1 | €810 | €661 | -€150 | -18.5% |
| Total equity and liabilities | 10/49 | €1,089,023 | €1,076,382 | -€12,641 | -1.2% |
| Equity | 10/15 | €63,248 | €87,311 | +€24,063 | +38.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,148 | €87,211 | +€24,063 | +38.1% |
| Amounts payable | 17/49 | €1,025,774 | €989,071 | -€36,704 | -3.6% |
| Amounts payable within one year | 42/48 | €1,025,774 | €989,071 | -€36,704 | -3.6% |
| Trade debts | 44 | €219 | - | -€219 | |
| Suppliers | 440/4 | €219 | - | -€219 | |
| Taxes, remuneration and social security | 45 | €21,270 | €5,743 | -€15,527 | -73.0% |
| Taxes | 450/3 | €18,770 | €5,743 | -€13,027 | -69.4% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | €1,004,286 | €983,327 | -€20,958 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,373 | €11,965 | +€8,593 | +255% |
| Other operating charges | 640/8 | €184 | €452 | +€269 | +146% |
| Gross operating margin | 9900 | €85,348 | €47,415 | -€37,934 | -44.4% |
| Operating profit (loss) | 9901 | €81,792 | €34,997 | -€46,795 | -57.2% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €84 | €2,366 | +€2,282 | +2,713% |
| Recurring financial charges | 65 | €84 | €2,366 | +€2,282 | +2,713% |
| Profit (loss) for the period before taxes | 9903 | €81,708 | €32,636 | -€49,072 | -60.1% |
| Income taxes | 67/77 | €16,764 | €8,572 | -€8,192 | -48.9% |
| Profit (loss) for the period | 9904 | €64,944 | €24,063 | -€40,880 | -62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,944 | €24,063 | -€40,880 | -62.9% |
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.