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
- Receivables within one year -€2,464
down €2,464 (-19.1%), from €12,911 to €10,447
of which Trade receivables: -€2,416
- Debts after one year -€10,878
down €10,878 (-85.6%), from €12,711 to €1,834
- Other debts +€6,388
up €6,388 (+30.8%), from €20,718 to €27,106
- Reserves +€1,237
up €1,237 (+5.0%), from €24,594 to €25,830
of which Distributable reserves: +€1,237
- Gross operating margin -€10,563
down €10,563 (-77.5%), from €13,624 to €3,061
- Financial charges -€559
down €559 (-53.8%), from €1,039 to €480
- Taxes -€538
down €538 (-46.5%), from €1,157 to €619
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 | €89,040 | €86,673 | -€2,367 | -2.7% |
| Fixed assets | 21/28 | €75,000 | €75,000 | = | 0.0% |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €14,040 | €11,673 | -€2,367 | -16.9% |
| Amounts receivable within one year | 40/41 | €12,911 | €10,447 | -€2,464 | -19.1% |
| Trade receivables | 40 | €12,863 | €10,447 | -€2,416 | -18.8% |
| Other amounts receivable | 41 | €48 | €0 | -€48 | -100% |
| Cash at bank and in hand | 54/58 | €545 | €596 | +€51 | +9.4% |
| Deferred charges and accrued income | 490/1 | €584 | €630 | +€46 | +7.8% |
| Total equity and liabilities | 10/49 | €89,040 | €86,673 | -€2,367 | -2.7% |
| Equity | 10/15 | €43,186 | €44,422 | +€1,237 | +2.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €24,594 | €25,830 | +€1,237 | +5.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €22,734 | €23,971 | +€1,237 | +5.4% |
| Amounts payable | 17/49 | €45,855 | €42,251 | -€3,604 | -7.9% |
| Amounts payable after more than one year | 17 | €12,711 | €1,834 | -€10,878 | -85.6% |
| Financial debts | 170/4 | €12,711 | €1,834 | -€10,878 | -85.6% |
| Amounts payable within one year | 42/48 | €33,144 | €40,417 | +€7,273 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €10,668 | €10,878 | +€210 | +2.0% |
| Trade debts | 44 | €0 | €400 | +€400 | |
| Suppliers | 440/4 | €0 | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €1,758 | €2,033 | +€275 | +15.7% |
| Taxes | 450/3 | €1,758 | €2,033 | +€275 | +15.7% |
| Other amounts payable | 47/48 | €20,718 | €27,106 | +€6,388 | +30.8% |
| Other operating charges | 640/8 | €633 | €725 | +€92 | +14.5% |
| Gross operating margin | 9900 | €13,624 | €3,061 | -€10,563 | -77.5% |
| Operating profit (loss) | 9901 | €12,990 | €2,336 | -€10,654 | -82.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,039 | €480 | -€559 | -53.8% |
| Recurring financial charges | 65 | €1,039 | €480 | -€559 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | €11,951 | €1,856 | -€10,095 | -84.5% |
| Income taxes | 67/77 | €1,157 | €619 | -€538 | -46.5% |
| Profit (loss) for the period | 9904 | €10,794 | €1,237 | -€9,557 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,794 | €1,237 | -€9,557 | -88.5% |
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 20 October 2026 via checked.be.