BELMAX: 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.
BELMAX
Largest movements
- Current investments +€280,000
new in 2025: €280,000
- Cash +€45,109
up €45,109 (+807.7%), from €5,585 to €50,693
mainly Other debts (+€280,000) and Debts after one year (+€46,329)
- Profit (loss) carried forward -€281,220
down €281,220 (-21.1%), from €1.3m to €1.1m
- Reserves +€280,000
new in 2025: €280,000
- Other debts +€280,000
new in 2025: €280,000
- Debts after one year +€46,329
up €46,329 (+72.7%), from €63,760 to €110,089
- Financial income -€1.4m
no longer reported in 2025 (was €1.4m)
- Gross operating margin +€182
up €182 (+61.0%), from -€298 to -€116
- Financial charges -€48
down €48 (-26.0%), from €185 to €137
- Other operating charges +€7
up €7 (+0.8%), from €960 to €968
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 | €1,405,585 | €1,730,693 | +€325,109 | +23.1% |
| Fixed assets | 21/28 | €1,400,000 | €1,400,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,400,000 | €1,400,000 | = | 0.0% |
| Current assets | 29/58 | €5,585 | €330,693 | +€325,109 | +5821.6% |
| Current investments | 50/53 | - | €280,000 | +€280,000 | |
| Cash at bank and in hand | 54/58 | €5,585 | €50,693 | +€45,109 | +807.7% |
| Total equity and liabilities | 10/49 | €1,405,585 | €1,730,693 | +€325,109 | +23.1% |
| Equity | 10/15 | €1,341,825 | €1,340,604 | -€1,220 | -0.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | - | €280,000 | +€280,000 | |
| Non-distributable reserves | 130/1 | - | €280,000 | +€280,000 | |
| Own shares acquired | 1312 | - | €280,000 | +€280,000 | |
| Profit (loss) carried forward | 14 | €1,335,625 | €1,054,404 | -€281,220 | -21.1% |
| Amounts payable | 17/49 | €63,760 | €390,089 | +€326,329 | +511.8% |
| Amounts payable after more than one year | 17 | €63,760 | €110,089 | +€46,329 | +72.7% |
| Other amounts payable | 178/9 | €63,760 | €110,089 | +€46,329 | +72.7% |
| Amounts payable within one year | 42/48 | - | €280,000 | +€280,000 | |
| Other amounts payable | 47/48 | - | €280,000 | +€280,000 | |
| Other operating charges | 640/8 | €960 | €968 | +€7 | +0.8% |
| Gross operating margin | 9900 | -€298 | -€116 | +€182 | +61.0% |
| Operating profit (loss) | 9901 | -€1,258 | -€1,084 | +€174 | +13.9% |
| Financial income | 75/76B | €1,350,000 | - | -€1.4m | |
| Recurring financial income | 75 | €1,350,000 | - | -€1.4m | |
| Financial charges | 65/66B | €185 | €137 | -€48 | -26.0% |
| Recurring financial charges | 65 | €185 | €137 | -€48 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €1,348,557 | -€1,220 | -€1.3m | |
| Profit (loss) for the period | 9904 | €1,348,557 | -€1,220 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,348,557 | -€1,220 | -€1.3m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.