BELMAS: 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.
BELMAS
Largest movements
- Tangible fixed assets -€32,916
down €32,916 (-3.0%), from €1.1m to €1.1m
of which Land and buildings: -€32,553
- Other debts +€89,524
up €89,524 (+14.8%), from €605,594 to €695,118
- Trade debts -€68,800
down €68,800 (-97.4%), from €70,630 to €1,830
- Debts after one year -€30,675
down €30,675 (-8.1%), from €379,468 to €348,793
- Profit (loss) carried forward -€16,810
down €16,810 (-20.2%), from -€83,387 to -€100,197
- Gross operating margin +€13,657
up €13,657 (+65.6%), from €20,808 to €34,465
- Depreciation +€6,793
up €6,793 (+26.0%), from €26,123 to €32,916
- Taxes +€2,858
new in 2025: €2,858
- Other operating charges -€2,349
down €2,349 (-76.7%), from €3,061 to €712
- Financial charges +€1,429
up €1,429 (+10.7%), from €13,359 to €14,788
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 | €1,114,676 | €1,088,992 | -€25,684 | -2.3% |
| Fixed assets | 21/28 | €1,112,015 | €1,079,099 | -€32,916 | -3.0% |
| Tangible fixed assets | 22/27 | €1,112,015 | €1,079,099 | -€32,916 | -3.0% |
| Land and buildings | 22 | €1,072,208 | €1,039,655 | -€32,553 | -3.0% |
| Plant, machinery and equipment | 23 | €1,307 | €944 | -€363 | -27.8% |
| Furniture and vehicles | 24 | €27,500 | €27,500 | = | 0.0% |
| Other tangible fixed assets | 26 | €11,000 | €11,000 | = | 0.0% |
| Current assets | 29/58 | €2,661 | €9,893 | +€7,232 | +271.8% |
| Amounts receivable within one year | 40/41 | - | €7,813 | +€7,813 | |
| Trade receivables | 40 | - | €7,813 | +€7,813 | |
| Cash at bank and in hand | 54/58 | €2,661 | €2,080 | -€581 | -21.8% |
| Total equity and liabilities | 10/49 | €1,114,676 | €1,088,992 | -€25,684 | -2.3% |
| Equity | 10/15 | €29,385 | €12,575 | -€16,810 | -57.2% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €2,772 | €2,772 | = | 0.0% |
| Non-distributable reserves | 130/1 | €681 | €681 | = | 0.0% |
| Reserves not available under the articles | 1311 | €681 | €681 | = | 0.0% |
| Distributable reserves | 133 | €2,091 | €2,091 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,387 | -€100,197 | -€16,810 | -20.2% |
| Amounts payable | 17/49 | €1,085,291 | €1,076,417 | -€8,874 | -0.8% |
| Amounts payable after more than one year | 17 | €379,468 | €348,793 | -€30,675 | -8.1% |
| Financial debts | 170/4 | €379,468 | €348,793 | -€30,675 | -8.1% |
| Amounts payable within one year | 42/48 | €705,823 | €727,624 | +€21,801 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €29,599 | €30,676 | +€1,077 | +3.6% |
| Trade debts | 44 | €70,630 | €1,830 | -€68,800 | -97.4% |
| Suppliers | 440/4 | €70,630 | €1,830 | -€68,800 | -97.4% |
| Other amounts payable | 47/48 | €605,594 | €695,118 | +€89,524 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,123 | €32,916 | +€6,793 | +26.0% |
| Other operating charges | 640/8 | €3,061 | €712 | -€2,349 | -76.7% |
| Gross operating margin | 9900 | €20,808 | €34,465 | +€13,657 | +65.6% |
| Operating profit (loss) | 9901 | -€8,376 | €837 | +€9,213 | |
| Financial charges | 65/66B | €13,359 | €14,788 | +€1,429 | +10.7% |
| Recurring financial charges | 65 | €13,359 | €14,788 | +€1,429 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | -€21,735 | -€13,951 | +€7,784 | +35.8% |
| Income taxes | 67/77 | - | €2,858 | +€2,858 | |
| Profit (loss) for the period | 9904 | -€21,735 | -€16,809 | +€4,926 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,735 | -€16,809 | +€4,926 | +22.7% |
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 4 October 2026 via checked.be.