BELMARMO: 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.
BELMARMO
Largest movements
- Receivables within one year -€86,610
down €86,610 (-72.7%), from €119,209 to €32,599
of which Trade receivables: -€73,848
- Stocks and contracts -€5,576
down €5,576 (-2.4%), from €235,171 to €229,595
- Short-term financial debts -€113,938
no longer reported in 2025 (was €113,938)
- Other debts +€64,660
up €64,660 (+43.1%), from €149,920 to €214,580
- Profit (loss) carried forward -€21,032
down €21,032 (-91.5%), from -€22,990 to -€44,023
- Accrued charges and deferred income -€13,017
down €13,017 (-98.2%), from €13,251 to €233
- Tax, wage and social debts -€4,643
down €4,643 (-92.6%), from €5,016 to €373
- Gross operating margin -€27,456
down €27,456, from €14,179 to -€13,278
- Financial charges -€10,581
down €10,581 (-59.0%), from €17,934 to €7,353
- Other operating charges -€1,685
down €1,685 (-51.9%), from €3,245 to €1,560
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 | €358,254 | €268,639 | -€89,615 | -25.0% |
| Fixed assets | 21/28 | €508 | €2,708 | +€2,201 | +434% |
| Tangible fixed assets | 22/27 | €413 | €13 | -€399 | -96.8% |
| Furniture and vehicles | 24 | €413 | €13 | -€399 | -96.8% |
| Financial fixed assets | 28 | €95 | €2,695 | +€2,600 | +2,737% |
| Current assets | 29/58 | €357,746 | €265,931 | -€91,815 | -25.7% |
| Stocks and contracts in progress | 3 | €235,171 | €229,595 | -€5,576 | -2.4% |
| Stocks | 30/36 | €235,171 | €229,595 | -€5,576 | -2.4% |
| Amounts receivable within one year | 40/41 | €119,209 | €32,599 | -€86,610 | -72.7% |
| Trade receivables | 40 | €85,713 | €11,865 | -€73,848 | -86.2% |
| Other amounts receivable | 41 | €33,496 | €20,734 | -€12,762 | -38.1% |
| Cash at bank and in hand | 54/58 | €2,581 | €3,252 | +€670 | +26.0% |
| Deferred charges and accrued income | 490/1 | €785 | €485 | -€299 | -38.2% |
| Total equity and liabilities | 10/49 | €358,254 | €268,639 | -€89,615 | -25.0% |
| Equity | 10/15 | €28,690 | €7,657 | -€21,032 | -73.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Capital | 10 | €50,000 | €50,000 | = | 0.0% |
| Issued capital | 100 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,680 | €1,680 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,680 | €1,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,990 | -€44,023 | -€21,032 | -91.5% |
| Amounts payable | 17/49 | €329,564 | €260,982 | -€68,582 | -20.8% |
| Amounts payable within one year | 42/48 | €316,314 | €260,748 | -€55,565 | -17.6% |
| Financial debts | 43 | €113,938 | - | -€113,938 | |
| Credit institutions | 430/8 | €113,938 | - | -€113,938 | |
| Trade debts | 44 | €47,440 | €45,796 | -€1,644 | -3.5% |
| Suppliers | 440/4 | €47,440 | €45,796 | -€1,644 | -3.5% |
| Taxes, remuneration and social security | 45 | €5,016 | €373 | -€4,643 | -92.6% |
| Taxes | 450/3 | €5,016 | €373 | -€4,643 | -92.6% |
| Other amounts payable | 47/48 | €149,920 | €214,580 | +€64,660 | +43.1% |
| Accrued charges and deferred income | 492/3 | €13,251 | €233 | -€13,017 | -98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €399 | €399 | = | 0.0% |
| Other operating charges | 640/8 | €3,245 | €1,560 | -€1,685 | -51.9% |
| Gross operating margin | 9900 | €14,179 | -€13,278 | -€27,456 | |
| Operating profit (loss) | 9901 | €10,534 | -€15,237 | -€25,771 | |
| Financial income | 75/76B | €1,883 | €1,756 | -€127 | -6.7% |
| Recurring financial income | 75 | €1,883 | €1,756 | -€127 | -6.7% |
| Financial charges | 65/66B | €17,934 | €7,353 | -€10,581 | -59.0% |
| Recurring financial charges | 65 | €17,934 | €7,353 | -€10,581 | -59.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,517 | -€20,834 | -€15,317 | -278% |
| Income taxes | 67/77 | €174 | €198 | +€24 | +13.7% |
| Profit (loss) for the period | 9904 | -€5,692 | -€21,032 | -€15,341 | -270% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,692 | -€21,032 | -€15,341 | -270% |
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.