Belmagri: 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.
What changed
Belmagri
NACE 08.111, Other mining and quarrying
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · €1.5m+€2.0m
Equity
€30.7m
2024 · €12.7m+€18.0m
Cash
€51,682
2024 · €259,608-€207,926
Balance sheet total
€34.0m
2024 · €24.2m+€9.8m
Largest movements
Assets
- Receivables after one year +€8.5m
up €8.5m (+65.8%), from €12.9m to €21.3m
of which Other amounts receivable: +€7.4m
- Stocks and contracts +€1.1m
up €1.1m (+93.9%), from €1.1m to €2.2m
- Receivables within one year +€904,274
up €904,274 (+122%), from €743,196 to €1.6m
of which Trade receivables: +€904,624
- Tangible fixed assets -€360,856
down €360,856 (-5.6%), from €6.4m to €6.0m
of which Land and buildings: -€212,646
Equity and liabilities
- Reserves +€17.5m
up €17.5m (+190%), from €9.2m to €26.7m
of which Distributable reserves: +€17.5m
- Debts after one year -€5.8m
down €5.8m (-84.5%), from €6.9m to €1.1m
of which Other amounts payable: -€5.6m
- Other debts -€2.2m
no longer reported in 2025 (was €2.2m)
- Contributions +€387,000
up €387,000 (+11.2%), from €3.4m to €3.8m
Income statement
- Turnover +€4.4m
up €4.4m (+51.4%), from €8.6m to €13.0m
- Goods and materials +€3.1m
up €3.1m (+53.9%), from €5.8m to €9.0m
of which Purchases: +€3.1m
- Services and other goods +€1.1m
up €1.1m (+66.2%), from €1.7m to €2.8m
- Taxes +€926,281
up €926,281 (+379%), from €244,247 to €1.2m
- Other operating income +€552,947
up €552,947 (+76.2%), from €725,386 to €1.3m
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.
Result 2024
€1.5m
Turnover
+€4.4m
Other operating income
+€552,947
Goods and materials
-€3.1m
Services and other goods
-€1.1m
Staff costs
-€312,168
Depreciation
-€29,678
Provisions
+€32,448
Other operating charges
+€29,257
Other operating items
+€2.0m
Financial income
+€333,191
Financial charges
+€189,835
Taxes
-€926,281
Result 2025
€3.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€8.6m
Investment
-€166,543
Financing
+€8.6m
Cash 2024
€259,608
From operations (derived)
-€8.6m
Net result for the year
+€3.5m
Depreciation
+€576,900
Receivables after one year
-€8.5m
Stocks and contracts
-€1.1m
Receivables within one year
-€904,274
Smaller working-capital items
+€27,605
Provisions
+€101,270
Trade debts
-€289,909
Tax, wage and social debts
+€151,187
Other debts
-€2.2m
Investment (derived)
-€166,543
Investment in fixed assets (net)
-€166,543
Financing
+€8.6m
Debts after one year
-€5.8m
Current portion of long-term debt
-€143,642
Contributions, distributions and other
+€14.5m
Cash 2025
€51,682
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,200,083 | €33,988,824 | +€9.8m | +40.4% |
| Fixed assets | 21/28 | €9,047,958 | €8,637,601 | -€410,357 | -4.5% |
| Tangible fixed assets | 22/27 | €6,393,548 | €6,032,692 | -€360,856 | -5.6% |
| Land and buildings | 22 | €3,065,544 | €2,852,899 | -€212,646 | -6.9% |
| Plant, machinery and equipment | 23 | €3,024,777 | €2,868,465 | -€156,311 | -5.2% |
| Furniture and vehicles | 24 | €53,499 | €61,600 | +€8,101 | +15.1% |
| Other tangible fixed assets | 26 | €249,728 | €249,728 | = | 0.0% |
| Financial fixed assets | 28 | €2,654,410 | €2,604,909 | -€49,502 | -1.9% |
| Affiliated companies | 280/1 | €178,952 | €209,702 | +€30,750 | +17.2% |
| Participating interests | 280 | €178,952 | €209,702 | +€30,750 | +17.2% |
| Companies linked by participating interests | 282/3 | €2,475,284 | €2,395,033 | -€80,252 | -3.2% |
| Participating interests | 282 | €2,475,284 | €2,395,033 | -€80,252 | -3.2% |
| Other financial fixed assets | 284/8 | €174 | €174 | = | 0.0% |
| Shares | 284 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €15,152,125 | €25,351,223 | +€10.2m | +67.3% |
| Amounts receivable after more than one year | 29 | €12,856,638 | €21,322,022 | +€8.5m | +65.8% |
| Trade receivables | 290 | - | €1,021,105 | +€1.0m | |
| Other amounts receivable | 291 | €12,856,638 | €20,300,917 | +€7.4m | +57.9% |
| Stocks and contracts in progress | 3 | €1,123,484 | €2,178,456 | +€1.1m | +93.9% |
| Stocks | 30/36 | €1,123,484 | €2,178,456 | +€1.1m | +93.9% |
| Raw materials and consumables | 30/31 | €1,123,484 | €2,178,456 | +€1.1m | +93.9% |
| Amounts receivable within one year | 40/41 | €743,196 | €1,647,470 | +€904,274 | +122% |
| Trade receivables | 40 | €600,839 | €1,505,463 | +€904,624 | +151% |
| Other amounts receivable | 41 | €142,357 | €142,007 | -€350 | -0.2% |
| Cash at bank and in hand | 54/58 | €259,608 | €51,682 | -€207,926 | -80.1% |
| Deferred charges and accrued income | 490/1 | €169,199 | €151,594 | -€17,605 | -10.4% |
| Total equity and liabilities | 10/49 | €24,200,083 | €33,988,824 | +€9.8m | +40.4% |
| Equity | 10/15 | €12,663,902 | €30,673,737 | +€18.0m | +142% |
| Contributions | 10/11 | €3,445,000 | €3,832,000 | +€387,000 | +11.2% |
| Capital | 10 | €3,445,000 | €3,832,000 | +€387,000 | +11.2% |
| Issued capital | 100 | €3,445,000 | €3,832,000 | +€387,000 | +11.2% |
| Reserves | 13 | €9,218,902 | €26,715,591 | +€17.5m | +190% |
| Non-distributable reserves | 130/1 | €344,500 | €383,200 | +€38,700 | +11.2% |
| Legal reserve | 130 | €344,500 | €383,200 | +€38,700 | +11.2% |
| Tax-exempt reserves | 132 | - | €363 | +€363 | |
| Distributable reserves | 133 | €8,874,402 | €26,332,027 | +€17.5m | +197% |
| Profit (loss) carried forward | 14 | - | €126,146 | +€126,146 | |
| Provisions and deferred taxes | 16 | - | €101,270 | +€101,270 | |
| Provisions for liabilities and charges | 160/5 | - | €101,270 | +€101,270 | |
| Other liabilities and charges | 164/5 | - | €101,270 | +€101,270 | |
| Amounts payable | 17/49 | €11,536,181 | €3,213,817 | -€8.3m | -72.1% |
| Amounts payable after more than one year | 17 | €6,897,580 | €1,067,580 | -€5.8m | -84.5% |
| Financial debts | 170/4 | €1,330,000 | €1,050,000 | -€280,000 | -21.1% |
| Credit institutions | 173 | €1,330,000 | €1,050,000 | -€280,000 | -21.1% |
| Trade debts | 175 | €17,580 | €17,580 | = | 0.0% |
| Suppliers | 1750 | €17,580 | €17,580 | = | 0.0% |
| Other amounts payable | 178/9 | €5,550,000 | - | -€5.6m | |
| Amounts payable within one year | 42/48 | €4,623,601 | €2,121,237 | -€2.5m | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €423,642 | €280,000 | -€143,642 | -33.9% |
| Trade debts | 44 | €1,896,899 | €1,606,990 | -€289,909 | -15.3% |
| Suppliers | 440/4 | €1,896,899 | €1,606,990 | -€289,909 | -15.3% |
| Taxes, remuneration and social security | 45 | €83,060 | €234,247 | +€151,187 | +182% |
| Taxes | 450/3 | €24,593 | €142,170 | +€117,576 | +478% |
| Remuneration and social security | 454/9 | €58,467 | €92,077 | +€33,611 | +57.5% |
| Other amounts payable | 47/48 | €2,220,000 | - | -€2.2m | |
| Accrued charges and deferred income | 492/3 | €15,000 | €25,000 | +€10,000 | +66.7% |
| Operating income | 70/76A | €9,291,197 | €16,217,229 | +€6.9m | +74.5% |
| Turnover | 70 | €8,564,348 | €12,969,397 | +€4.4m | +51.4% |
| Other operating income | 74 | €725,386 | €1,278,333 | +€552,947 | +76.2% |
| Non-recurring operating income | 76A | €1,463 | €1,969,500 | +€2.0m | +134,540% |
| Operating charges | 60/66A | €9,066,161 | €13,585,872 | +€4.5m | +49.9% |
| Goods for resale, raw materials and consumables | 60 | €5,830,432 | €8,972,509 | +€3.1m | +53.9% |
| Purchases | 600/8 | €6,953,916 | €10,027,480 | +€3.1m | +44.2% |
| Change in stocks: decrease (increase) | 609 | -€1,123,484 | -€1,054,972 | +€68,512 | +6.1% |
| Services and other goods | 61 | €1,657,797 | €2,755,294 | +€1.1m | +66.2% |
| Remuneration, social security and pensions | 62 | €640,102 | €952,269 | +€312,168 | +48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €547,222 | €576,900 | +€29,678 | +5.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€32,448 | -€32,448 | |
| Other operating charges | 640/8 | €390,604 | €361,347 | -€29,257 | -7.5% |
| Non-recurring operating charges | 66A | €4 | - | -€4 | |
| Operating profit (loss) | 9901 | €225,036 | €2,631,358 | +€2.4m | +1,069% |
| Financial income | 75/76B | €1,708,410 | €2,041,601 | +€333,191 | +19.5% |
| Recurring financial income | 75 | €1,708,410 | €2,041,601 | +€333,191 | +19.5% |
| Income from financial fixed assets | 750 | €1,681,708 | €1,879,214 | +€197,506 | +11.7% |
| Income from current assets | 751 | €26,702 | €162,387 | +€135,685 | +508% |
| Other financial income | 752/9 | €0 | €0 | +€0 | +329% |
| Financial charges | 65/66B | €229,629 | €39,794 | -€189,835 | -82.7% |
| Recurring financial charges | 65 | €229,629 | €39,794 | -€189,835 | -82.7% |
| Debt charges | 650 | €217,456 | €23,700 | -€193,756 | -89.1% |
| Other financial charges | 652/9 | €12,173 | €16,093 | +€3,921 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €1,703,817 | €4,633,166 | +€2.9m | +172% |
| Income taxes | 67/77 | €244,247 | €1,170,528 | +€926,281 | +379% |
| Taxes | 670/3 | €244,247 | €1,170,528 | +€926,281 | +379% |
| Profit (loss) for the period | 9904 | €1,459,571 | €3,462,638 | +€2.0m | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €1,459,571 | €3,462,638 | +€2.0m | +137% |
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 20 October 2026 via checked.be.