BelMiek: 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.
BelMiek
Largest movements
- Receivables within one year -€76,822
down €76,822 (-67.4%), from €113,943 to €37,121
of which Trade receivables: -€64,653
- Tangible fixed assets -€22,013
down €22,013 (-21.2%), from €103,914 to €81,901
of which Plant, machinery and equipment: -€13,525
- Cash -€17,727
down €17,727 (-93.1%), from €19,037 to €1,310
mainly Trade debts (-€108,795) and Debts after one year (-€28,000)
- Trade debts -€108,795
down €108,795 (-81.6%), from €133,375 to €24,579
- Debts after one year -€28,000
down €28,000 (-16.7%), from €167,500 to €139,500
- Profit (loss) carried forward +€18,731
up €18,731 (+17.0%), from -€110,124 to -€91,393
- Other debts +€6,105
new in 2025: €6,105
- Tax, wage and social debts -€5,829
down €5,829 (-26.4%), from €22,070 to €16,241
of which Remuneration and social security: -€9,091
- Gross operating margin +€29,686
up €29,686 (+10.4%), from €284,319 to €314,005
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 | €252,177 | €138,013 | -€114,164 | -45.3% |
| Fixed assets | 21/28 | €113,185 | €91,172 | -€22,013 | -19.4% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -12.2% |
| Tangible fixed assets | 22/27 | €103,914 | €81,901 | -€22,013 | -21.2% |
| Plant, machinery and equipment | 23 | €59,216 | €45,691 | -€13,525 | -22.8% |
| Furniture and vehicles | 24 | €35,168 | €24,364 | -€10,804 | -30.7% |
| Other tangible fixed assets | 26 | €9,530 | €11,846 | +€2,315 | +24.3% |
| Financial fixed assets | 28 | €9,270 | €9,270 | = | 0.0% |
| Current assets | 29/58 | €138,992 | €46,841 | -€92,151 | -66.3% |
| Stocks and contracts in progress | 3 | €6,012 | €7,000 | +€988 | +16.4% |
| Stocks | 30/36 | €6,012 | €7,000 | +€988 | +16.4% |
| Amounts receivable within one year | 40/41 | €113,943 | €37,121 | -€76,822 | -67.4% |
| Trade receivables | 40 | €101,774 | €37,121 | -€64,653 | -63.5% |
| Other amounts receivable | 41 | €12,169 | €0 | -€12,169 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,037 | €1,310 | -€17,727 | -93.1% |
| Deferred charges and accrued income | 490/1 | €0 | €1,410 | +€1,410 | |
| Total equity and liabilities | 10/49 | €252,177 | €138,013 | -€114,164 | -45.3% |
| Equity | 10/15 | -€108,124 | -€89,393 | +€18,731 | +17.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,124 | -€91,393 | +€18,731 | +17.0% |
| Amounts payable | 17/49 | €360,301 | €227,406 | -€132,895 | -36.9% |
| Amounts payable after more than one year | 17 | €167,500 | €139,500 | -€28,000 | -16.7% |
| Financial debts | 170/4 | €167,500 | €139,500 | -€28,000 | -16.7% |
| Amounts payable within one year | 42/48 | €185,445 | €76,925 | -€108,519 | -58.5% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €133,375 | €24,579 | -€108,795 | -81.6% |
| Suppliers | 440/4 | €133,375 | €24,579 | -€108,795 | -81.6% |
| Taxes, remuneration and social security | 45 | €22,070 | €16,241 | -€5,829 | -26.4% |
| Taxes | 450/3 | €334 | €3,595 | +€3,262 | +977.3% |
| Remuneration and social security | 454/9 | €21,736 | €12,646 | -€9,091 | -41.8% |
| Other amounts payable | 47/48 | - | €6,105 | +€6,105 | |
| Accrued charges and deferred income | 492/3 | €7,356 | €10,981 | +€3,625 | +49.3% |
| Remuneration, social security and pensions | 62 | €253,595 | €252,638 | -€957 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,719 | €37,282 | +€1,563 | +4.4% |
| Other operating charges | 640/8 | €1,197 | €1,268 | +€71 | +5.9% |
| Gross operating margin | 9900 | €284,319 | €314,005 | +€29,686 | +10.4% |
| Operating profit (loss) | 9901 | -€6,192 | €22,816 | +€29,008 | |
| Financial income | 75/76B | €498 | €1,858 | +€1,360 | +273.3% |
| Recurring financial income | 75 | €498 | €1,858 | +€1,360 | +273.3% |
| Financial charges | 65/66B | €7,476 | €5,943 | -€1,533 | -20.5% |
| Recurring financial charges | 65 | €7,476 | €5,943 | -€1,533 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | -€13,170 | €18,731 | +€31,901 | |
| Profit (loss) for the period | 9904 | -€13,170 | €18,731 | +€31,901 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,170 | €18,731 | +€31,901 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.