Belmar: 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.
Belmar
Largest movements
- Receivables within one year -€49,728
down €49,728 (-70.7%), from €70,288 to €20,560
of which Trade receivables: -€50,000
- Cash -€3,107
down €3,107 (-68.8%), from €4,516 to €1,409
mainly Other debts (-€48,814) and Net result for the year (-€4,086)
- Other debts -€48,814
no longer reported in 2025 (was €48,814)
- Profit (loss) carried forward -€4,086
down €4,086 (-1.3%), from -€319,912 to -€323,998
- Gross operating margin +€42,840
up €42,840, from -€39,967 to €2,872
- Other operating charges +€5,969
up €5,969 (+1058.5%), from €564 to €6,533
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 | €92,825 | €39,745 | -€53,081 | -57.2% |
| Fixed assets | 21/28 | €18,022 | €17,776 | -€246 | -1.4% |
| Tangible fixed assets | 22/27 | €17,420 | €17,174 | -€246 | -1.4% |
| Land and buildings | 22 | €17,415 | €17,174 | -€241 | -1.4% |
| Furniture and vehicles | 24 | €5 | - | -€5 | |
| Financial fixed assets | 28 | €602 | €602 | = | 0.0% |
| Current assets | 29/58 | €74,804 | €21,969 | -€52,835 | -70.6% |
| Amounts receivable within one year | 40/41 | €70,288 | €20,560 | -€49,728 | -70.7% |
| Trade receivables | 40 | €57,334 | €7,334 | -€50,000 | -87.2% |
| Other amounts receivable | 41 | €12,954 | €13,226 | +€272 | +2.1% |
| Cash at bank and in hand | 54/58 | €4,516 | €1,409 | -€3,107 | -68.8% |
| Total equity and liabilities | 10/49 | €92,825 | €39,745 | -€53,081 | -57.2% |
| Equity | 10/15 | €43,071 | €38,985 | -€4,086 | -9.5% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €232,983 | €232,983 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,767 | €12,767 | = | 0.0% |
| Legal reserve | 130 | - | €12,767 | +€12,767 | |
| Reserves not available under the articles | 1311 | €12,767 | - | -€12,767 | |
| Tax-exempt reserves | 132 | €42,740 | €42,740 | = | 0.0% |
| Distributable reserves | 133 | €177,477 | €177,477 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€319,912 | -€323,998 | -€4,086 | -1.3% |
| Amounts payable | 17/49 | €49,755 | €760 | -€48,995 | -98.5% |
| Amounts payable within one year | 42/48 | €49,755 | €574 | -€49,181 | -98.8% |
| Trade debts | 44 | €380 | €13 | -€367 | -96.5% |
| Suppliers | 440/4 | €380 | €13 | -€367 | -96.5% |
| Taxes, remuneration and social security | 45 | €560 | €560 | = | 0.0% |
| Taxes | 450/3 | €560 | €560 | = | 0.0% |
| Other amounts payable | 47/48 | €48,814 | - | -€48,814 | |
| Accrued charges and deferred income | 492/3 | - | €186 | +€186 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364 | €246 | -€119 | -32.6% |
| Other operating charges | 640/8 | €564 | €6,533 | +€5,969 | +1058.5% |
| Gross operating margin | 9900 | -€39,967 | €2,872 | +€42,840 | |
| Operating profit (loss) | 9901 | -€40,896 | -€3,907 | +€36,989 | +90.4% |
| Financial income | 75/76B | €106 | - | -€106 | |
| Recurring financial income | 75 | €106 | - | -€106 | |
| Financial charges | 65/66B | €179 | €179 | +€1 | +0.4% |
| Recurring financial charges | 65 | €179 | €179 | +€1 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€40,969 | -€4,086 | +€36,883 | +90.0% |
| Profit (loss) for the period | 9904 | -€40,969 | -€4,086 | +€36,883 | +90.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,969 | -€4,086 | +€36,883 | +90.0% |
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 5 October 2026 via checked.be.