BELMAT: what changed
What changed
BELMAT
NACE 16.230, Manufacture of other builders' carpentry and joinery
filed annual accounts (NBB)
Net result for the year
€40,463
2024 · €28,256+€12,207
Equity
€1.1m
2024 · €1.0m+€40,463
Cash
€142,220
2024 · €172,680-€30,460
Balance sheet total
€2.8m
2024 · €2.8m+€12,365
Largest movements
Assets
- Stocks and contracts +€169,625
up €169,625 (+13.8%), from €1.2m to €1.4m
- Tangible fixed assets -€133,371
down €133,371 (-13.0%), from €1.0m to €889,642
of which Land and buildings: -€74,734
- Cash -€30,460
down €30,460 (-17.6%), from €172,680 to €142,220
mainly Debts after one year (-€208,974) and Stocks and contracts (-€169,625)
Equity and liabilities
- Debts after one year -€208,974
down €208,974 (-19.0%), from €1.1m to €889,535
- Trade debts +€134,507
up €134,507 (+27.2%), from €495,086 to €629,593
- Reserves +€40,463
up €40,463 (+23.9%), from €169,314 to €209,778
of which Distributable reserves: +€40,463
- Current portion of long-term debt +€30,315
up €30,315 (+23.6%), from €128,470 to €158,785
Income statement
- Staff costs -€22,430
down €22,430 (-11.9%), from €187,897 to €165,466
- Gross operating margin -€13,355
down €13,355 (-2.9%), from €453,416 to €440,061
- Financial charges -€4,641
down €4,641 (-11.0%), from €42,358 to €37,717
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€28,256
Gross operating margin
-€13,355
Staff costs
+€22,430
Depreciation
+€245
Other operating charges
+€2,001
Financial income
+€517
Financial charges
+€4,641
Taxes
-€4,273
Result 2025
€40,463
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€155,296
Investment
-€7,097
Financing
-€178,659
Cash 2024
€172,680
From operations (derived)
+€155,296
Net result for the year
+€40,463
Depreciation
+€140,468
Stocks and contracts
-€169,625
Receivables within one year
-€13,877
Deferred charges and accrued income
+€7,305
Trade debts
+€134,507
Tax, wage and social debts
+€15,948
Other debts
+€105
Investment (derived)
-€7,097
Investment in fixed assets (net)
-€7,097
Financing
-€178,659
Debts after one year
-€208,974
Current portion of long-term debt
+€30,315
Cash 2025
€142,220
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,771,628 | €2,783,993 | +€12,365 | +0.4% |
| Fixed assets | 21/28 | €1,045,213 | €911,842 | -€133,371 | -12.8% |
| Tangible fixed assets | 22/27 | €1,023,013 | €889,642 | -€133,371 | -13.0% |
| Land and buildings | 22 | €807,266 | €732,532 | -€74,734 | -9.3% |
| Plant, machinery and equipment | 23 | €22,788 | €18,959 | -€3,829 | -16.8% |
| Furniture and vehicles | 24 | €4,759 | €7,014 | +€2,254 | +47.4% |
| Leasing and similar rights | 25 | €188,199 | €131,136 | -€57,063 | -30.3% |
| Financial fixed assets | 28 | €22,200 | €22,200 | = | 0.0% |
| Current assets | 29/58 | €1,726,415 | €1,872,151 | +€145,736 | +8.4% |
| Stocks and contracts in progress | 3 | €1,230,984 | €1,400,609 | +€169,625 | +13.8% |
| Stocks | 30/36 | €1,230,984 | €1,400,609 | +€169,625 | +13.8% |
| Amounts receivable within one year | 40/41 | €305,966 | €319,843 | +€13,877 | +4.5% |
| Trade receivables | 40 | €304,736 | €319,843 | +€15,107 | +5.0% |
| Other amounts receivable | 41 | €1,230 | - | -€1,230 | |
| Cash at bank and in hand | 54/58 | €172,680 | €142,220 | -€30,460 | -17.6% |
| Deferred charges and accrued income | 490/1 | €16,784 | €9,480 | -€7,305 | -43.5% |
| Total equity and liabilities | 10/49 | €2,771,628 | €2,783,993 | +€12,365 | +0.4% |
| Equity | 10/15 | €1,020,251 | €1,060,714 | +€40,463 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €169,314 | €209,778 | +€40,463 | +23.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €167,454 | €207,918 | +€40,463 | +24.2% |
| Profit (loss) carried forward | 14 | €832,337 | €832,337 | = | 0.0% |
| Amounts payable | 17/49 | €1,751,377 | €1,723,279 | -€28,098 | -1.6% |
| Amounts payable after more than one year | 17 | €1,098,509 | €889,535 | -€208,974 | -19.0% |
| Financial debts | 170/4 | €1,098,509 | €889,535 | -€208,974 | -19.0% |
| Amounts payable within one year | 42/48 | €652,868 | €833,744 | +€180,876 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €128,470 | €158,785 | +€30,315 | +23.6% |
| Trade debts | 44 | €495,086 | €629,593 | +€134,507 | +27.2% |
| Suppliers | 440/4 | €495,086 | €629,593 | +€134,507 | +27.2% |
| Taxes, remuneration and social security | 45 | €18,592 | €34,541 | +€15,948 | +85.8% |
| Taxes | 450/3 | €8,161 | €34,541 | +€26,379 | +323% |
| Remuneration and social security | 454/9 | €10,431 | - | -€10,431 | |
| Other amounts payable | 47/48 | €10,720 | €10,825 | +€105 | +1.0% |
| Remuneration, social security and pensions | 62 | €187,897 | €165,466 | -€22,430 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,714 | €140,468 | -€245 | -0.2% |
| Other operating charges | 640/8 | €40,805 | €38,804 | -€2,001 | -4.9% |
| Gross operating margin | 9900 | €453,416 | €440,061 | -€13,355 | -2.9% |
| Operating profit (loss) | 9901 | €84,001 | €95,322 | +€11,321 | +13.5% |
| Financial income | 75/76B | €546 | €1,063 | +€517 | +94.7% |
| Recurring financial income | 75 | €546 | €1,063 | +€517 | +94.7% |
| Financial charges | 65/66B | €42,358 | €37,717 | -€4,641 | -11.0% |
| Recurring financial charges | 65 | €42,358 | €37,717 | -€4,641 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €42,189 | €58,669 | +€16,479 | +39.1% |
| Income taxes | 67/77 | €13,933 | €18,206 | +€4,273 | +30.7% |
| Profit (loss) for the period | 9904 | €28,256 | €40,463 | +€12,207 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,256 | €40,463 | +€12,207 | +43.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.