BELMEGA: 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.
BELMEGA
Largest movements
- Receivables within one year +€45,156
up €45,156 (+253.4%), from €17,818 to €62,974
of which Trade receivables: +€47,772
- Tangible fixed assets +€16,042
up €16,042 (+45.0%), from €35,669 to €51,711
- Cash -€14,767
down €14,767 (-99.3%), from €14,876 to €109
mainly Receivables within one year (-€45,156) and Investment in fixed assets (net) (-€36,950)
- Deferred charges and accrued income +€7,299
up €7,299 (+305.8%), from €2,387 to €9,686
- Debts after one year +€17,116
up €17,116 (+136.6%), from €12,532 to €29,649
- Trade debts +€11,168
up €11,168 (+1078.9%), from €1,035 to €12,203
- Reserves +€9,000
new in 2025: €9,000
- Accrued charges and deferred income +€6,970
new in 2025: €6,970
- Current portion of long-term debt +€5,321
up €5,321 (+52.1%), from €10,205 to €15,526
- Depreciation +€6,823
up €6,823 (+48.4%), from €14,085 to €20,908
- Financial charges +€1,988
up €1,988 (+177.2%), from €1,122 to €3,109
- Gross operating margin +€613
up €613 (+1.6%), from €39,445 to €40,058
- Taxes -€504
down €504 (-11.6%), from €4,333 to €3,828
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 | €70,751 | €124,480 | +€53,729 | +75.9% |
| Fixed assets | 21/28 | €35,669 | €51,711 | +€16,042 | +45.0% |
| Tangible fixed assets | 22/27 | €35,669 | €51,711 | +€16,042 | +45.0% |
| Furniture and vehicles | 24 | €35,669 | €51,711 | +€16,042 | +45.0% |
| Current assets | 29/58 | €35,082 | €72,770 | +€37,688 | +107.4% |
| Amounts receivable within one year | 40/41 | €17,818 | €62,974 | +€45,156 | +253.4% |
| Trade receivables | 40 | €7,502 | €55,275 | +€47,772 | +636.8% |
| Other amounts receivable | 41 | €10,316 | €7,700 | -€2,617 | -25.4% |
| Cash at bank and in hand | 54/58 | €14,876 | €109 | -€14,767 | -99.3% |
| Deferred charges and accrued income | 490/1 | €2,387 | €9,686 | +€7,299 | +305.8% |
| Total equity and liabilities | 10/49 | €70,751 | €124,480 | +€53,729 | +75.9% |
| Equity | 10/15 | €42,478 | €53,377 | +€10,898 | +25.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €9,000 | +€9,000 | |
| Distributable reserves | 133 | - | €9,000 | +€9,000 | |
| Profit (loss) carried forward | 14 | €39,478 | €41,377 | +€1,898 | +4.8% |
| Amounts payable | 17/49 | €28,273 | €71,104 | +€42,831 | +151.5% |
| Amounts payable after more than one year | 17 | €12,532 | €29,649 | +€17,116 | +136.6% |
| Financial debts | 170/4 | €12,532 | €29,649 | +€17,116 | +136.6% |
| Amounts payable within one year | 42/48 | €15,740 | €34,485 | +€18,745 | +119.1% |
| Current portion of amounts payable after more than one year | 42 | €10,205 | €15,526 | +€5,321 | +52.1% |
| Financial debts | 43 | - | €2,556 | +€2,556 | |
| Credit institutions | 430/8 | - | €2,556 | +€2,556 | |
| Trade debts | 44 | €1,035 | €12,203 | +€11,168 | +1078.9% |
| Suppliers | 440/4 | €1,035 | €12,203 | +€11,168 | +1078.9% |
| Taxes, remuneration and social security | 45 | €4,500 | €4,200 | -€300 | -6.7% |
| Taxes | 450/3 | €4,500 | €4,200 | -€300 | -6.7% |
| Accrued charges and deferred income | 492/3 | - | €6,970 | +€6,970 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,085 | €20,908 | +€6,823 | +48.4% |
| Other operating charges | 640/8 | €981 | €1,260 | +€279 | +28.4% |
| Non-recurring operating charges | 66A | €3,449 | €110 | -€3,339 | -96.8% |
| Gross operating margin | 9900 | €39,445 | €40,058 | +€613 | +1.6% |
| Operating profit (loss) | 9901 | €20,929 | €17,780 | -€3,150 | -15.0% |
| Financial income | 75/76B | €145 | €57 | -€88 | -60.9% |
| Recurring financial income | 75 | €145 | €57 | -€88 | -60.9% |
| Financial charges | 65/66B | €1,122 | €3,109 | +€1,988 | +177.2% |
| Recurring financial charges | 65 | €1,122 | €3,109 | +€1,988 | +177.2% |
| Profit (loss) for the period before taxes | 9903 | €19,953 | €14,727 | -€5,226 | -26.2% |
| Income taxes | 67/77 | €4,333 | €3,828 | -€504 | -11.6% |
| Profit (loss) for the period | 9904 | €15,620 | €10,898 | -€4,722 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,620 | €10,898 | -€4,722 | -30.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.