BELMMAR: 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.
BELMMAR
Largest movements
- Receivables within one year -€8,270
down €8,270 (-1.4%), from €576,874 to €568,603
of which Other amounts receivable: -€20,626
- Tax, wage and social debts -€38,586
no longer reported in 2025 (was €38,586)
of which Taxes: -€38,462
- Profit (loss) carried forward +€19,430
up €19,430 (+4.0%), from €482,241 to €501,671
- Trade debts +€6,802
up €6,802 (+330.8%), from €2,057 to €8,859
- Staff costs +€10,636
up €10,636 (+46.0%), from €23,097 to €33,733
- Gross operating margin +€7,366
up €7,366 (+13.9%), from €53,123 to €60,488
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 | €585,748 | €571,902 | -€13,846 | -2.4% |
| Fixed assets | 21/28 | €3,021 | €3,021 | = | 0.0% |
| Financial fixed assets | 28 | €3,021 | €3,021 | = | 0.0% |
| Current assets | 29/58 | €582,727 | €568,881 | -€13,846 | -2.4% |
| Stocks and contracts in progress | 3 | €1,615 | - | -€1,615 | |
| Stocks | 30/36 | €1,615 | - | -€1,615 | |
| Amounts receivable within one year | 40/41 | €576,874 | €568,603 | -€8,270 | -1.4% |
| Trade receivables | 40 | €39,128 | €51,484 | +€12,356 | +31.6% |
| Other amounts receivable | 41 | €537,745 | €517,119 | -€20,626 | -3.8% |
| Cash at bank and in hand | 54/58 | €4,239 | €278 | -€3,960 | -93.4% |
| Total equity and liabilities | 10/49 | €585,748 | €571,902 | -€13,846 | -2.4% |
| Equity | 10/15 | €490,301 | €509,731 | +€19,430 | +4.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €482,241 | €501,671 | +€19,430 | +4.0% |
| Amounts payable | 17/49 | €95,447 | €62,171 | -€33,276 | -34.9% |
| Amounts payable within one year | 42/48 | €95,447 | €62,171 | -€33,276 | -34.9% |
| Financial debts | 43 | €54,805 | €53,312 | -€1,492 | -2.7% |
| Credit institutions | 430/8 | €48,811 | €49,527 | +€715 | +1.5% |
| Other loans | 439 | €5,993 | €3,786 | -€2,208 | -36.8% |
| Trade debts | 44 | €2,057 | €8,859 | +€6,802 | +330.8% |
| Suppliers | 440/4 | €2,057 | €8,859 | +€6,802 | +330.8% |
| Taxes, remuneration and social security | 45 | €38,586 | - | -€38,586 | |
| Taxes | 450/3 | €38,462 | - | -€38,462 | |
| Remuneration and social security | 454/9 | €124 | - | -€124 | |
| Remuneration, social security and pensions | 62 | €23,097 | €33,733 | +€10,636 | +46.0% |
| Gross operating margin | 9900 | €53,123 | €60,488 | +€7,366 | +13.9% |
| Operating profit (loss) | 9901 | €30,025 | €26,755 | -€3,270 | -10.9% |
| Financial charges | 65/66B | €7,573 | €7,325 | -€248 | -3.3% |
| Recurring financial charges | 65 | €7,573 | €7,325 | -€248 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €22,452 | €19,430 | -€3,022 | -13.5% |
| Profit (loss) for the period | 9904 | €22,452 | €19,430 | -€3,022 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,452 | €19,430 | -€3,022 | -13.5% |
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 6 October 2026 via checked.be.