BELMIC: 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.
BELMIC
Largest movements
- Receivables within one year +€227,281
up €227,281 (+69.8%), from €325,413 to €552,694
of which Trade receivables: +€244,235
- Stocks and contracts -€205,971
down €205,971 (-33.3%), from €619,255 to €413,284
- Cash +€25,817
up €25,817 (+292%), from €8,847 to €34,664
mainly Stocks and contracts (+€205,971) and Other debts (+€152,763)
- Short-term financial debts -€160,000
no longer reported in 2025 (was €160,000)
- Other debts +€152,763
up €152,763 (+71.6%), from €213,395 to €366,158
- Trade debts -€76,668
down €76,668 (-17.9%), from €427,122 to €350,455
- Debts after one year +€73,585
up €73,585 (+76.0%), from €96,835 to €170,419
- Current portion of long-term debt +€30,778
up €30,778 (+98.9%), from €31,134 to €61,912
- Gross operating margin +€28,083
up €28,083 (+28.8%), from €97,443 to €125,525
- Staff costs +€27,913
up €27,913 (+72.9%), from €38,274 to €66,187
- Financial charges -€19,120
down €19,120 (-37.9%), from €50,478 to €31,358
- Financial income -€6,804
down €6,804 (-87.7%), from €7,762 to €958
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.
Derived cash bridge
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 | €971,428 | €1,022,206 | +€50,778 | +5.2% |
| Fixed assets | 21/28 | €11,082 | €14,126 | +€3,044 | +27.5% |
| Tangible fixed assets | 22/27 | €8,322 | €9,099 | +€777 | +9.3% |
| Plant, machinery and equipment | 23 | €7,561 | €7,931 | +€371 | +4.9% |
| Furniture and vehicles | 24 | - | €1,167 | +€1,167 | |
| Other tangible fixed assets | 26 | €761 | - | -€761 | |
| Financial fixed assets | 28 | €2,760 | €5,027 | +€2,267 | +82.1% |
| Current assets | 29/58 | €960,346 | €1,008,080 | +€47,734 | +5.0% |
| Stocks and contracts in progress | 3 | €619,255 | €413,284 | -€205,971 | -33.3% |
| Stocks | 30/36 | €619,255 | €413,284 | -€205,971 | -33.3% |
| Amounts receivable within one year | 40/41 | €325,413 | €552,694 | +€227,281 | +69.8% |
| Trade receivables | 40 | €297,513 | €541,748 | +€244,235 | +82.1% |
| Other amounts receivable | 41 | €27,900 | €10,946 | -€16,954 | -60.8% |
| Cash at bank and in hand | 54/58 | €8,847 | €34,664 | +€25,817 | +292% |
| Deferred charges and accrued income | 490/1 | €6,831 | €7,438 | +€607 | +8.9% |
| Total equity and liabilities | 10/49 | €971,428 | €1,022,206 | +€50,778 | +5.2% |
| Equity | 10/15 | €16,089 | €40,465 | +€24,376 | +152% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,203 | €195,203 | = | 0.0% |
| Distributable reserves | 133 | €195,203 | €195,203 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,715 | -€173,338 | +€24,376 | +12.3% |
| Amounts payable | 17/49 | €955,339 | €981,741 | +€26,402 | +2.8% |
| Amounts payable after more than one year | 17 | €96,835 | €170,419 | +€73,585 | +76.0% |
| Financial debts | 170/4 | €96,835 | €170,419 | +€73,585 | +76.0% |
| Amounts payable within one year | 42/48 | €858,504 | €811,321 | -€47,183 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €31,134 | €61,912 | +€30,778 | +98.9% |
| Financial debts | 43 | €160,000 | - | -€160,000 | |
| Credit institutions | 430/8 | €160,000 | - | -€160,000 | |
| Trade debts | 44 | €427,122 | €350,455 | -€76,668 | -17.9% |
| Suppliers | 440/4 | €427,122 | €350,455 | -€76,668 | -17.9% |
| Taxes, remuneration and social security | 45 | €26,853 | €32,797 | +€5,944 | +22.1% |
| Taxes | 450/3 | €18,932 | €23,700 | +€4,768 | +25.2% |
| Remuneration and social security | 454/9 | €7,920 | €9,097 | +€1,176 | +14.9% |
| Other amounts payable | 47/48 | €213,395 | €366,158 | +€152,763 | +71.6% |
| Remuneration, social security and pensions | 62 | €38,274 | €66,187 | +€27,913 | +72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,297 | €3,564 | +€267 | +8.1% |
| Other operating charges | 640/8 | €1,004 | €998 | -€5 | -0.5% |
| Gross operating margin | 9900 | €97,443 | €125,525 | +€28,083 | +28.8% |
| Operating profit (loss) | 9901 | €54,868 | €54,776 | -€92 | -0.2% |
| Financial income | 75/76B | €7,762 | €958 | -€6,804 | -87.7% |
| Recurring financial income | 75 | €7,762 | €958 | -€6,804 | -87.7% |
| Financial charges | 65/66B | €50,478 | €31,358 | -€19,120 | -37.9% |
| Recurring financial charges | 65 | €50,478 | €31,358 | -€19,120 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €12,153 | €24,376 | +€12,224 | +101% |
| Profit (loss) for the period | 9904 | €12,153 | €24,376 | +€12,224 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €12,153 | €24,376 | +€12,224 | +101% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.