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
- Intangible fixed assets +€231,206
up €231,206 (+293.4%), from €78,794 to €310,000
- Stocks and contracts -€119,852
down €119,852 (-100.0%), from €119,852 to €0
- Receivables within one year +€90,842
up €90,842 (+646.1%), from €14,059 to €104,901
of which Trade receivables: +€93,679
- Receivables after one year -€60,047
down €60,047 (-100.0%), from €60,047 to €0
- Cash -€29,567
down €29,567 (-93.0%), from €31,776 to €2,209
mainly Investment in fixed assets (net) (-€304,874) and Net result for the year (-€115,680)
- Revaluation surpluses +€250,904
up €250,904 (+129.3%), from €194,053 to €444,957
- Profit (loss) carried forward -€115,680
down €115,680 (-108.2%), from -€106,877 to -€222,557
- Trade debts +€77,745
up €77,745 (+28.2%), from €275,442 to €353,187
- Tax, wage and social debts -€51,639
down €51,639 (-100.0%), from €51,639 to €0
of which Remuneration and social security: -€51,639
- Other debts +€44,329
up €44,329 (+2955.2%), from €1,500 to €45,829
- Gross operating margin -€72,669
down €72,669 (-34.5%), from €210,790 to €138,121
- Other operating charges +€60,849
up €60,849 (+948.3%), from €6,417 to €67,266
- Staff costs -€57,245
down €57,245 (-27.1%), from €211,271 to €154,025
- Depreciation +€3,737
up €3,737 (+13.6%), from €27,394 to €31,131
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €572,745 | €726,976 | +€154,231 | +26.9% |
| Formation expenses | 20 | - | €23,150 | +€23,150 | |
| Fixed assets | 21/28 | €346,123 | €596,716 | +€250,593 | +72.4% |
| Intangible fixed assets | 21 | €78,794 | €310,000 | +€231,206 | +293.4% |
| Tangible fixed assets | 22/27 | €265,408 | €284,796 | +€19,388 | +7.3% |
| Land and buildings | 22 | €252,870 | €265,630 | +€12,759 | +5.0% |
| Plant, machinery and equipment | 23 | €5,573 | €8,045 | +€2,472 | +44.4% |
| Furniture and vehicles | 24 | €6,965 | €11,122 | +€4,156 | +59.7% |
| Financial fixed assets | 28 | €1,920 | €1,920 | = | 0.0% |
| Current assets | 29/58 | €226,622 | €107,110 | -€119,512 | -52.7% |
| Amounts receivable after more than one year | 29 | €60,047 | €0 | -€60,047 | -100.0% |
| Other amounts receivable | 291 | €60,047 | €0 | -€60,047 | -100.0% |
| Stocks and contracts in progress | 3 | €119,852 | €0 | -€119,852 | -100.0% |
| Stocks | 30/36 | €119,852 | €0 | -€119,852 | -100.0% |
| Amounts receivable within one year | 40/41 | €14,059 | €104,901 | +€90,842 | +646.1% |
| Trade receivables | 40 | €0 | €93,679 | +€93,679 | |
| Other amounts receivable | 41 | €14,059 | €11,222 | -€2,837 | -20.2% |
| Cash at bank and in hand | 54/58 | €31,776 | €2,209 | -€29,567 | -93.0% |
| Deferred charges and accrued income | 490/1 | €888 | €0 | -€888 | -100.0% |
| Total equity and liabilities | 10/49 | €572,745 | €726,976 | +€154,231 | +26.9% |
| Equity | 10/15 | €167,672 | €302,896 | +€135,224 | +80.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €194,053 | €444,957 | +€250,904 | +129.3% |
| Reserves | 13 | €18,496 | €18,496 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €12,296 | €12,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,877 | -€222,557 | -€115,680 | -108.2% |
| Amounts payable | 17/49 | €405,073 | €424,080 | +€19,006 | +4.7% |
| Amounts payable after more than one year | 17 | €11,373 | €2,477 | -€8,897 | -78.2% |
| Financial debts | 170/4 | €11,373 | €2,477 | -€8,897 | -78.2% |
| Amounts payable within one year | 42/48 | €392,912 | €421,047 | +€28,135 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €11,835 | €11,398 | -€437 | -3.7% |
| Financial debts | 43 | €52,496 | €10,633 | -€41,864 | -79.7% |
| Credit institutions | 430/8 | €52,496 | €10,633 | -€41,864 | -79.7% |
| Trade debts | 44 | €275,442 | €353,187 | +€77,745 | +28.2% |
| Suppliers | 440/4 | €275,442 | €353,187 | +€77,745 | +28.2% |
| Taxes, remuneration and social security | 45 | €51,639 | €0 | -€51,639 | -100.0% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €51,639 | €0 | -€51,639 | -100.0% |
| Other amounts payable | 47/48 | €1,500 | €45,829 | +€44,329 | +2955.2% |
| Accrued charges and deferred income | 492/3 | €788 | €557 | -€231 | -29.4% |
| Remuneration, social security and pensions | 62 | €211,271 | €154,025 | -€57,245 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,394 | €31,131 | +€3,737 | +13.6% |
| Other operating charges | 640/8 | €6,417 | €67,266 | +€60,849 | +948.3% |
| Operating charges capitalised as restructuring costs | 649 | - | -€23,150 | -€23,150 | |
| Non-recurring operating charges | 66A | €174,859 | €0 | -€174,859 | -100.0% |
| Gross operating margin | 9900 | €210,790 | €138,121 | -€72,669 | -34.5% |
| Operating profit (loss) | 9901 | -€209,150 | -€91,151 | +€117,999 | +56.4% |
| Financial income | 75/76B | €462 | €336 | -€125 | -27.2% |
| Recurring financial income | 75 | €462 | €336 | -€125 | -27.2% |
| Financial charges | 65/66B | €25,325 | €24,517 | -€808 | -3.2% |
| Recurring financial charges | 65 | €25,325 | €24,517 | -€808 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€234,013 | -€115,332 | +€118,682 | +50.7% |
| Income taxes | 67/77 | €463 | €348 | -€116 | -24.9% |
| Profit (loss) for the period | 9904 | -€234,477 | -€115,680 | +€118,797 | +50.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€234,477 | -€115,680 | +€118,797 | +50.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.