BELMANCO: 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.
BELMANCO
Largest movements
- Receivables after one year -€350,000
down €350,000 (-100%), from €350,000 to €0
- Tangible fixed assets -€110,094
down €110,094 (-6.2%), from €1.8m to €1.7m
of which Land and buildings: -€77,565
- Cash -€92,319
down €92,319 (-53.7%), from €172,064 to €79,745
mainly Current portion of long-term debt (-€450,457) and Contributions, distributions and other (-€262,000)
- Deferred charges and accrued income -€38,792
down €38,792 (-87.7%), from €44,237 to €5,446
- Current portion of long-term debt -€450,457
down €450,457 (-79.2%), from €568,709 to €118,252
- Debts after one year -€118,252
down €118,252 (-7.6%), from €1.6m to €1.4m
- Gross operating margin +€101,795
up €101,795 (+14.2%), from €716,872 to €818,667
- Write-downs +€19,192
up €19,192 (+6.2%), from €311,617 to €330,808
- Taxes +€14,526
up €14,526 (+22.4%), from €64,880 to €79,405
- Financial charges +€13,129
up €13,129 (+33.9%), from €38,754 to €51,882
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 | €2,430,908 | €1,817,248 | -€613,660 | -25.2% |
| Fixed assets | 21/28 | €1,789,602 | €1,679,508 | -€110,094 | -6.2% |
| Tangible fixed assets | 22/27 | €1,786,986 | €1,676,892 | -€110,094 | -6.2% |
| Land and buildings | 22 | €1,661,181 | €1,583,617 | -€77,565 | -4.7% |
| Plant, machinery and equipment | 23 | €739 | €388 | -€351 | -47.5% |
| Furniture and vehicles | 24 | €125,066 | €92,887 | -€32,178 | -25.7% |
| Financial fixed assets | 28 | €2,616 | €2,616 | = | 0.0% |
| Current assets | 29/58 | €641,306 | €137,740 | -€503,566 | -78.5% |
| Amounts receivable after more than one year | 29 | €350,000 | €0 | -€350,000 | -100% |
| Other amounts receivable | 291 | €350,000 | €0 | -€350,000 | -100% |
| Amounts receivable within one year | 40/41 | €75,005 | €52,550 | -€22,455 | -29.9% |
| Trade receivables | 40 | €53,985 | €51,955 | -€2,029 | -3.8% |
| Other amounts receivable | 41 | €21,020 | €595 | -€20,426 | -97.2% |
| Cash at bank and in hand | 54/58 | €172,064 | €79,745 | -€92,319 | -53.7% |
| Deferred charges and accrued income | 490/1 | €44,237 | €5,446 | -€38,792 | -87.7% |
| Total equity and liabilities | 10/49 | €2,430,908 | €1,817,248 | -€613,660 | -25.2% |
| Equity | 10/15 | €35,944 | €14,038 | -€21,906 | -60.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,484 | -€6,422 | -€21,906 | |
| Amounts payable | 17/49 | €2,394,964 | €1,803,210 | -€591,754 | -24.7% |
| Amounts payable after more than one year | 17 | €1,558,652 | €1,440,400 | -€118,252 | -7.6% |
| Financial debts | 170/4 | €1,558,652 | €1,440,400 | -€118,252 | -7.6% |
| Amounts payable within one year | 42/48 | €836,312 | €362,810 | -€473,501 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €568,709 | €118,252 | -€450,457 | -79.2% |
| Trade debts | 44 | €49,044 | €26,966 | -€22,078 | -45.0% |
| Suppliers | 440/4 | €49,044 | €26,966 | -€22,078 | -45.0% |
| Taxes, remuneration and social security | 45 | €33,261 | €28,050 | -€5,211 | -15.7% |
| Taxes | 450/3 | €33,261 | €28,050 | -€5,211 | -15.7% |
| Other amounts payable | 47/48 | €185,297 | €189,542 | +€4,245 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,510 | €110,899 | +€5,389 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €311,617 | €330,808 | +€19,192 | +6.2% |
| Other operating charges | 640/8 | €8,370 | €5,578 | -€2,792 | -33.4% |
| Non-recurring operating charges | 66A | €2,611 | €0 | -€2,611 | -100% |
| Gross operating margin | 9900 | €716,872 | €818,667 | +€101,795 | +14.2% |
| Operating profit (loss) | 9901 | €288,765 | €371,382 | +€82,617 | +28.6% |
| Financial charges | 65/66B | €38,754 | €51,882 | +€13,129 | +33.9% |
| Recurring financial charges | 65 | €38,754 | €51,882 | +€13,129 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €250,011 | €319,499 | +€69,488 | +27.8% |
| Income taxes | 67/77 | €64,880 | €79,405 | +€14,526 | +22.4% |
| Profit (loss) for the period | 9904 | €185,132 | €240,094 | +€54,962 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €185,132 | €240,094 | +€54,962 | +29.7% |
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 15 October 2026 via checked.be.