BELMO: 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.
BELMO
Largest movements
- Cash +€335,071
up €335,071 (+534.7%), from €62,667 to €397,738
mainly Depreciation (+€332,265) and Current investments (+€231,891)
- Tangible fixed assets -€325,305
down €325,305 (-4.7%), from €7.0m to €6.7m
of which Land and buildings: -€309,840
- Current investments -€231,891
down €231,891 (-23.3%), from €997,246 to €765,354
- Debts after one year -€256,424
down €256,424 (-3.6%), from €7.1m to €6.9m
of which Financial debts: -€277,484
- Financial income +€56,165
up €56,165 (+651.9%), from €8,616 to €64,781
- Staff costs +€25,136
up €25,136 (+27.2%), from €92,363 to €117,500
- Gross operating margin +€20,382
up €20,382 (+3.3%), from €608,616 to €628,998
- Financial charges +€6,652
up €6,652 (+3.6%), from €187,032 to €193,684
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,072,698 | €7,870,655 | -€202,043 | -2.5% |
| Fixed assets | 21/28 | €6,986,529 | €6,661,224 | -€325,305 | -4.7% |
| Tangible fixed assets | 22/27 | €6,986,529 | €6,661,224 | -€325,305 | -4.7% |
| Land and buildings | 22 | €6,895,027 | €6,585,187 | -€309,840 | -4.5% |
| Furniture and vehicles | 24 | €91,502 | €76,037 | -€15,465 | -16.9% |
| Current assets | 29/58 | €1,086,170 | €1,209,431 | +€123,261 | +11.3% |
| Amounts receivable within one year | 40/41 | €21,492 | €9,566 | -€11,925 | -55.5% |
| Trade receivables | 40 | €12,500 | €503 | -€11,997 | -96.0% |
| Other amounts receivable | 41 | €8,992 | €9,063 | +€71 | +0.8% |
| Current investments | 50/53 | €997,246 | €765,354 | -€231,891 | -23.3% |
| Cash at bank and in hand | 54/58 | €62,667 | €397,738 | +€335,071 | +534.7% |
| Deferred charges and accrued income | 490/1 | €4,766 | €36,773 | +€32,007 | +671.6% |
| Total equity and liabilities | 10/49 | €8,072,698 | €7,870,655 | -€202,043 | -2.5% |
| Equity | 10/15 | €264,385 | €275,487 | +€11,101 | +4.2% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €28,432 | €28,432 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €16,037 | €16,037 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,006 | €123,108 | +€11,101 | +9.9% |
| Amounts payable | 17/49 | €7,808,313 | €7,595,168 | -€213,145 | -2.7% |
| Amounts payable after more than one year | 17 | €7,140,984 | €6,884,560 | -€256,424 | -3.6% |
| Financial debts | 170/4 | €7,017,173 | €6,739,689 | -€277,484 | -4.0% |
| Other amounts payable | 178/9 | €123,811 | €144,871 | +€21,059 | +17.0% |
| Amounts payable within one year | 42/48 | €659,504 | €707,769 | +€48,265 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €480,682 | €485,090 | +€4,407 | +0.9% |
| Trade debts | 44 | €33,691 | €2,706 | -€30,985 | -92.0% |
| Suppliers | 440/4 | €33,691 | €2,706 | -€30,985 | -92.0% |
| Taxes, remuneration and social security | 45 | €3,672 | €7,015 | +€3,344 | +91.1% |
| Remuneration and social security | 454/9 | €3,672 | €7,015 | +€3,344 | +91.1% |
| Other amounts payable | 47/48 | €141,459 | €212,959 | +€71,500 | +50.5% |
| Accrued charges and deferred income | 492/3 | €7,825 | €2,839 | -€4,986 | -63.7% |
| Remuneration, social security and pensions | 62 | €92,363 | €117,500 | +€25,136 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €331,175 | €332,265 | +€1,090 | +0.3% |
| Other operating charges | 640/8 | €32,970 | €39,229 | +€6,259 | +19.0% |
| Gross operating margin | 9900 | €608,616 | €628,998 | +€20,382 | +3.3% |
| Operating profit (loss) | 9901 | €152,107 | €140,004 | -€12,103 | -8.0% |
| Financial income | 75/76B | €8,616 | €64,781 | +€56,165 | +651.9% |
| Recurring financial income | 75 | €8,616 | €64,781 | +€56,165 | +651.9% |
| Financial charges | 65/66B | €187,032 | €193,684 | +€6,652 | +3.6% |
| Recurring financial charges | 65 | €187,032 | €193,684 | +€6,652 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | -€26,309 | €11,101 | +€37,410 | |
| Profit (loss) for the period | 9904 | -€26,309 | €11,101 | +€37,410 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,309 | €11,101 | +€37,410 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.