Belmans: 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.
Belmans
Largest movements
- Cash +€24,132
up €24,132 (+9.6%), from €251,435 to €275,567
mainly Other debts (+€49,224) and Net result for the year (+€35,946)
- Receivables within one year +€8,325
up €8,325 (+45.5%), from €18,300 to €26,625
of which Trade receivables: +€4,289
- Tangible fixed assets -€4,060
down €4,060 (-21.8%), from €18,608 to €14,548
- Other debts +€49,224
up €49,224 (+6343.7%), from €776 to €50,000
- Reserves -€13,940
down €13,940 (-6.0%), from €233,699 to €219,760
- Debts after one year -€6,335
down €6,335 (-23.0%), from €27,534 to €21,199
- Gross operating margin -€31,953
down €31,953 (-35.5%), from €89,937 to €57,984
- Taxes +€11,181
up €11,181 (+176.8%), from €6,323 to €17,504
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 | €290,306 | €318,366 | +€28,060 | +9.7% |
| Fixed assets | 21/28 | €18,633 | €14,573 | -€4,060 | -21.8% |
| Tangible fixed assets | 22/27 | €18,608 | €14,548 | -€4,060 | -21.8% |
| Land and buildings | 22 | €18,608 | €14,548 | -€4,060 | -21.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €271,672 | €303,792 | +€32,120 | +11.8% |
| Amounts receivable within one year | 40/41 | €18,300 | €26,625 | +€8,325 | +45.5% |
| Trade receivables | 40 | €18,300 | €22,590 | +€4,289 | +23.4% |
| Other amounts receivable | 41 | - | €4,035 | +€4,035 | |
| Cash at bank and in hand | 54/58 | €251,435 | €275,567 | +€24,132 | +9.6% |
| Deferred charges and accrued income | 490/1 | €1,937 | €1,600 | -€337 | -17.4% |
| Total equity and liabilities | 10/49 | €290,306 | €318,366 | +€28,060 | +9.7% |
| Equity | 10/15 | €246,099 | €232,160 | -€13,940 | -5.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €233,699 | €219,760 | -€13,940 | -6.0% |
| Distributable reserves | 133 | €233,699 | €219,760 | -€13,940 | -6.0% |
| Amounts payable | 17/49 | €44,207 | €86,206 | +€42,000 | +95.0% |
| Amounts payable after more than one year | 17 | €27,534 | €21,199 | -€6,335 | -23.0% |
| Financial debts | 170/4 | €27,534 | €21,199 | -€6,335 | -23.0% |
| Amounts payable within one year | 42/48 | €15,813 | €64,258 | +€48,445 | +306.4% |
| Current portion of amounts payable after more than one year | 42 | €6,001 | €6,335 | +€334 | +5.6% |
| Trade debts | 44 | €2,056 | €3,594 | +€1,538 | +74.8% |
| Suppliers | 440/4 | €2,056 | €3,594 | +€1,538 | +74.8% |
| Taxes, remuneration and social security | 45 | €6,980 | €4,329 | -€2,651 | -38.0% |
| Taxes | 450/3 | €6,980 | €4,329 | -€2,651 | -38.0% |
| Other amounts payable | 47/48 | €776 | €50,000 | +€49,224 | +6343.7% |
| Accrued charges and deferred income | 492/3 | €860 | €749 | -€111 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,798 | €4,060 | -€738 | -15.4% |
| Other operating charges | 640/8 | €1,212 | €920 | -€292 | -24.1% |
| Gross operating margin | 9900 | €89,937 | €57,984 | -€31,953 | -35.5% |
| Operating profit (loss) | 9901 | €83,928 | €53,005 | -€30,923 | -36.8% |
| Financial income | 75/76B | €2,476 | €2,244 | -€232 | -9.4% |
| Recurring financial income | 75 | €2,476 | €2,244 | -€232 | -9.4% |
| Financial charges | 65/66B | €2,192 | €1,798 | -€394 | -18.0% |
| Recurring financial charges | 65 | €2,192 | €1,798 | -€394 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €84,211 | €53,451 | -€30,760 | -36.5% |
| Income taxes | 67/77 | €6,323 | €17,504 | +€11,181 | +176.8% |
| Profit (loss) for the period | 9904 | €77,888 | €35,946 | -€41,942 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €77,888 | €35,946 | -€41,942 | -53.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.