BELMARC: 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.
BELMARC
Largest movements
- Cash +€130,185
up €130,185 (+41.7%), from €312,381 to €442,566
mainly Net result for the year (+€112,000) and Depreciation (+€42,123)
- Tangible fixed assets -€42,123
down €42,123 (-16.7%), from €251,721 to €209,598
of which Land and buildings: -€23,630
- Reserves +€112,000
up €112,000 (+68.7%), from €162,922 to €274,922
of which Distributable reserves: +€112,000
- Debts after one year -€27,463
down €27,463 (-53.2%), from €51,602 to €24,139
- Current portion of long-term debt -€16,616
down €16,616 (-37.7%), from €44,105 to €27,490
- Tax, wage and social debts +€12,034
new in 2025: €12,034
- Gross operating margin +€58,624
up €58,624 (+39.5%), from €148,483 to €207,108
- Taxes +€23,061
up €23,061 (+89.7%), from €25,714 to €48,775
- Depreciation -€11,142
down €11,142 (-20.9%), from €53,265 to €42,123
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 | €573,066 | €655,651 | +€82,585 | +14.4% |
| Fixed assets | 21/28 | €251,721 | €209,598 | -€42,123 | -16.7% |
| Tangible fixed assets | 22/27 | €251,721 | €209,598 | -€42,123 | -16.7% |
| Land and buildings | 22 | €192,783 | €169,153 | -€23,630 | -12.3% |
| Furniture and vehicles | 24 | €58,938 | €40,445 | -€18,493 | -31.4% |
| Current assets | 29/58 | €321,345 | €446,053 | +€124,708 | +38.8% |
| Amounts receivable within one year | 40/41 | €8,964 | €3,487 | -€5,477 | -61.1% |
| Other amounts receivable | 41 | €8,964 | €3,487 | -€5,477 | -61.1% |
| Cash at bank and in hand | 54/58 | €312,381 | €442,566 | +€130,185 | +41.7% |
| Total equity and liabilities | 10/49 | €573,066 | €655,651 | +€82,585 | +14.4% |
| Equity | 10/15 | €444,046 | €556,047 | +€112,000 | +25.2% |
| Contributions | 10/11 | €281,124 | €281,124 | = | 0.0% |
| Capital | 10 | €281,124 | €281,124 | = | 0.0% |
| Issued capital | 100 | €281,124 | €281,124 | = | 0.0% |
| Reserves | 13 | €162,922 | €274,922 | +€112,000 | +68.7% |
| Non-distributable reserves | 130/1 | €16,368 | €16,368 | = | 0.0% |
| Legal reserve | 130 | €16,368 | €16,368 | = | 0.0% |
| Distributable reserves | 133 | €146,555 | €258,555 | +€112,000 | +76.4% |
| Amounts payable | 17/49 | €129,020 | €99,604 | -€29,415 | -22.8% |
| Amounts payable after more than one year | 17 | €51,602 | €24,139 | -€27,463 | -53.2% |
| Financial debts | 170/4 | €51,602 | €24,139 | -€27,463 | -53.2% |
| Amounts payable within one year | 42/48 | €77,418 | €75,465 | -€1,952 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €44,105 | €27,490 | -€16,616 | -37.7% |
| Financial debts | 43 | - | €3,343 | +€3,343 | |
| Credit institutions | 430/8 | - | €3,343 | +€3,343 | |
| Trade debts | 44 | €947 | - | -€947 | |
| Suppliers | 440/4 | €947 | - | -€947 | |
| Taxes, remuneration and social security | 45 | - | €12,034 | +€12,034 | |
| Taxes | 450/3 | - | €12,034 | +€12,034 | |
| Other amounts payable | 47/48 | €32,365 | €32,599 | +€234 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,265 | €42,123 | -€11,142 | -20.9% |
| Other operating charges | 640/8 | €1,661 | €655 | -€1,006 | -60.6% |
| Non-recurring operating charges | 66A | - | €1,805 | +€1,805 | |
| Gross operating margin | 9900 | €148,483 | €207,108 | +€58,624 | +39.5% |
| Operating profit (loss) | 9901 | €93,558 | €162,525 | +€68,967 | +73.7% |
| Financial income | 75/76B | €2 | €1,640 | +€1,638 | +76,190% |
| Recurring financial income | 75 | €2 | €1,640 | +€1,638 | +76,190% |
| Financial charges | 65/66B | €4,130 | €3,390 | -€740 | -17.9% |
| Recurring financial charges | 65 | €4,130 | €3,390 | -€740 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €89,430 | €160,776 | +€71,346 | +79.8% |
| Income taxes | 67/77 | €25,714 | €48,775 | +€23,061 | +89.7% |
| Profit (loss) for the period | 9904 | €63,716 | €112,000 | +€48,284 | +75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €63,716 | €112,000 | +€48,284 | +75.8% |
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.