BELMAX CONSTRUCTION: 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.
BELMAX CONSTRUCTION
Largest movements
- Receivables within one year +€45,726
up €45,726 (+116.6%), from €39,209 to €84,935
of which Trade receivables: +€43,915
- Deferred charges and accrued income -€10,572
no longer reported in 2025 (was €10,572)
- Cash +€1,340
up €1,340 (+11.3%), from €11,872 to €13,212
mainly Net result for the year (+€18,252) and Trade debts (+€17,393)
- Profit (loss) carried forward +€18,252
up €18,252 (+769.9%), from €2,371 to €20,623
- Trade debts +€17,393
up €17,393 (+53.0%), from €32,799 to €50,192
- Tax, wage and social debts +€6,031
up €6,031 (+45.1%), from €13,368 to €19,398
of which Remuneration and social security: +€5,100
- Accrued charges and deferred income -€3,188
down €3,188 (-34.9%), from €9,138 to €5,950
- Other debts -€1,994
down €1,994 (-67.0%), from €2,977 to €984
- Gross operating margin +€20,023
up €20,023 (+361.1%), from €5,545 to €25,568
- Taxes +€4,252
up €4,252 (+559.6%), from €760 to €5,011
- Other operating charges -€1,877
down €1,877 (-54.7%), from €3,430 to €1,553
- Financial charges -€1,016
down €1,016 (-57.5%), from €1,768 to €752
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 | €61,653 | €98,147 | +€36,494 | +59.2% |
| Current assets | 29/58 | €61,653 | €98,147 | +€36,494 | +59.2% |
| Amounts receivable within one year | 40/41 | €39,209 | €84,935 | +€45,726 | +116.6% |
| Trade receivables | 40 | €39,209 | €83,123 | +€43,915 | +112.0% |
| Other amounts receivable | 41 | - | €1,812 | +€1,812 | |
| Cash at bank and in hand | 54/58 | €11,872 | €13,212 | +€1,340 | +11.3% |
| Deferred charges and accrued income | 490/1 | €10,572 | - | -€10,572 | |
| Total equity and liabilities | 10/49 | €61,653 | €98,147 | +€36,494 | +59.2% |
| Equity | 10/15 | €3,371 | €21,623 | +€18,252 | +541.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,371 | €20,623 | +€18,252 | +769.9% |
| Amounts payable | 17/49 | €58,282 | €76,524 | +€18,242 | +31.3% |
| Amounts payable within one year | 42/48 | €49,144 | €70,574 | +€21,430 | +43.6% |
| Trade debts | 44 | €32,799 | €50,192 | +€17,393 | +53.0% |
| Suppliers | 440/4 | €32,799 | €50,192 | +€17,393 | +53.0% |
| Taxes, remuneration and social security | 45 | €13,368 | €19,398 | +€6,031 | +45.1% |
| Taxes | 450/3 | €5,768 | €6,698 | +€931 | +16.1% |
| Remuneration and social security | 454/9 | €7,600 | €12,700 | +€5,100 | +67.1% |
| Other amounts payable | 47/48 | €2,977 | €984 | -€1,994 | -67.0% |
| Accrued charges and deferred income | 492/3 | €9,138 | €5,950 | -€3,188 | -34.9% |
| Other operating charges | 640/8 | €3,430 | €1,553 | -€1,877 | -54.7% |
| Gross operating margin | 9900 | €5,545 | €25,568 | +€20,023 | +361.1% |
| Operating profit (loss) | 9901 | €2,116 | €24,016 | +€21,900 | +1035.1% |
| Financial charges | 65/66B | €1,768 | €752 | -€1,016 | -57.5% |
| Recurring financial charges | 65 | €1,768 | €752 | -€1,016 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €347 | €23,264 | +€22,916 | +6594.8% |
| Income taxes | 67/77 | €760 | €5,011 | +€4,252 | +559.6% |
| Profit (loss) for the period | 9904 | -€412 | €18,252 | +€18,665 | |
| Profit (loss) for the period to be appropriated | 9905 | -€412 | €18,252 | +€18,665 |
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 2 October 2026 via checked.be.