BELMANS DIRK: 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.
BELMANS DIRK
Largest movements
- Cash +€42,412
up €42,412 (+17.0%), from €249,983 to €292,395
mainly Net result for the year (+€105,396) and Deferred charges and accrued income (+€2,587)
- Profit (loss) carried forward +€105,396
new in 2025: €105,396
- Reserves -€58,265
down €58,265 (-13.8%), from €422,725 to €364,460
of which Distributable reserves: -€58,265
- Gross operating margin -€16,569
down €16,569 (-11.1%), from €149,115 to €132,546
- Taxes -€13,076
down €13,076 (-31.3%), from €41,803 to €28,727
- Financial income +€6,841
up €6,841 (+601.1%), from €1,138 to €7,979
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 | €473,543 | €518,425 | +€44,882 | +9.5% |
| Fixed assets | 21/28 | €73,867 | €73,779 | -€88 | -0.1% |
| Tangible fixed assets | 22/27 | €73,371 | €73,283 | -€88 | -0.1% |
| Land and buildings | 22 | €73,283 | €73,283 | = | 0.0% |
| Furniture and vehicles | 24 | €88 | - | -€88 | |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €399,676 | €444,646 | +€44,970 | +11.3% |
| Amounts receivable within one year | 40/41 | €22,295 | €27,440 | +€5,145 | +23.1% |
| Other amounts receivable | 41 | €22,295 | €27,440 | +€5,145 | +23.1% |
| Current investments | 50/53 | €100,651 | €100,651 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €249,983 | €292,395 | +€42,412 | +17.0% |
| Deferred charges and accrued income | 490/1 | €26,747 | €24,160 | -€2,587 | -9.7% |
| Total equity and liabilities | 10/49 | €473,543 | €518,425 | +€44,882 | +9.5% |
| Equity | 10/15 | €441,317 | €488,448 | +€47,131 | +10.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €422,725 | €364,460 | -€58,265 | -13.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €403,975 | €345,710 | -€58,265 | -14.4% |
| Profit (loss) carried forward | 14 | - | €105,396 | +€105,396 | |
| Amounts payable | 17/49 | €32,226 | €29,977 | -€2,249 | -7.0% |
| Amounts payable within one year | 42/48 | €32,226 | €29,977 | -€2,249 | -7.0% |
| Trade debts | 44 | €4,869 | €2,494 | -€2,375 | -48.8% |
| Suppliers | 440/4 | €4,869 | €2,494 | -€2,375 | -48.8% |
| Taxes, remuneration and social security | 45 | €24,437 | €24,437 | = | 0.0% |
| Taxes | 450/3 | €21,462 | €21,462 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,975 | €2,975 | = | 0.0% |
| Other amounts payable | 47/48 | €2,920 | €3,046 | +€126 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €438 | €88 | -€350 | -79.9% |
| Other operating charges | 640/8 | €5,842 | €6,086 | +€244 | +4.2% |
| Gross operating margin | 9900 | €149,115 | €132,546 | -€16,569 | -11.1% |
| Operating profit (loss) | 9901 | €142,835 | €126,372 | -€16,463 | -11.5% |
| Financial income | 75/76B | €1,138 | €7,979 | +€6,841 | +601.1% |
| Recurring financial income | 75 | €1,138 | €7,979 | +€6,841 | +601.1% |
| Financial charges | 65/66B | €168 | €228 | +€60 | +35.7% |
| Recurring financial charges | 65 | €168 | €228 | +€60 | +35.7% |
| Profit (loss) for the period before taxes | 9903 | €143,805 | €134,123 | -€9,682 | -6.7% |
| Income taxes | 67/77 | €41,803 | €28,727 | -€13,076 | -31.3% |
| Profit (loss) for the period | 9904 | €102,002 | €105,396 | +€3,394 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €102,002 | €105,396 | +€3,394 | +3.3% |
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.