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 +€90,135
up €90,135 (+464%), from €19,417 to €109,553
- Cash -€85,494
down €85,494 (-89.0%), from €96,029 to €10,536
mainly Receivables within one year (-€90,135) and Investment in fixed assets (net) (-€27,300)
- Tangible fixed assets +€7,978
up €7,978 (+3.4%), from €233,018 to €240,996
of which Plant, machinery and equipment: +€17,707
- Debts after one year +€37,259
new in 2025: €37,259
- Other debts -€10,000
down €10,000 (-14.7%), from €67,980 to €57,980
- Trade debts -€5,244
down €5,244 (-83.2%), from €6,302 to €1,059
- Reserves -€4,097
down €4,097 (-1.6%), from €257,152 to €253,054
of which Tax-exempt reserves: -€4,097
- Gross operating margin -€24,693
down €24,693 (-43.0%), from €57,397 to €32,704
- Staff costs -€3,733
down €3,733 (-18.7%), from €19,911 to €16,178
- Depreciation +€2,593
up €2,593 (+15.5%), from €16,729 to €19,322
- Financial charges -€1,583
down €1,583 (-35.9%), from €4,407 to €2,824
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 | €348,465 | €361,084 | +€12,619 | +3.6% |
| Fixed assets | 21/28 | €233,018 | €240,996 | +€7,978 | +3.4% |
| Tangible fixed assets | 22/27 | €233,018 | €240,996 | +€7,978 | +3.4% |
| Land and buildings | 22 | €192,899 | €183,169 | -€9,730 | -5.0% |
| Plant, machinery and equipment | 23 | €40,119 | €57,827 | +€17,707 | +44.1% |
| Current assets | 29/58 | €115,447 | €120,089 | +€4,642 | +4.0% |
| Amounts receivable within one year | 40/41 | €19,417 | €109,553 | +€90,135 | +464% |
| Other amounts receivable | 41 | €19,417 | €109,553 | +€90,135 | +464% |
| Cash at bank and in hand | 54/58 | €96,029 | €10,536 | -€85,494 | -89.0% |
| Total equity and liabilities | 10/49 | €348,465 | €361,084 | +€12,619 | +3.6% |
| Equity | 10/15 | €263,352 | €256,066 | -€7,286 | -2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €257,152 | €253,054 | -€4,097 | -1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,033 | €16,936 | -€4,097 | -19.5% |
| Distributable reserves | 133 | €234,258 | €234,258 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,189 | -€3,189 | |
| Provisions and deferred taxes | 16 | €10,831 | €8,721 | -€2,110 | -19.5% |
| Deferred taxes | 168 | €10,831 | €8,721 | -€2,110 | -19.5% |
| Amounts payable | 17/49 | €74,282 | €96,298 | +€22,015 | +29.6% |
| Amounts payable after more than one year | 17 | - | €37,259 | +€37,259 | |
| Financial debts | 170/4 | - | €37,259 | +€37,259 | |
| Amounts payable within one year | 42/48 | €74,282 | €59,039 | -€15,244 | -20.5% |
| Trade debts | 44 | €6,302 | €1,059 | -€5,244 | -83.2% |
| Suppliers | 440/4 | €6,302 | €1,059 | -€5,244 | -83.2% |
| Other amounts payable | 47/48 | €67,980 | €57,980 | -€10,000 | -14.7% |
| Non-recurring operating income | 76A | €1,892 | €1,938 | +€46 | +2.4% |
| Remuneration, social security and pensions | 62 | €19,911 | €16,178 | -€3,733 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,729 | €19,322 | +€2,593 | +15.5% |
| Gross operating margin | 9900 | €57,397 | €32,704 | -€24,693 | -43.0% |
| Operating profit (loss) | 9901 | €20,757 | -€2,796 | -€23,553 | |
| Financial charges | 65/66B | €4,407 | €2,824 | -€1,583 | -35.9% |
| Recurring financial charges | 65 | €4,407 | €2,824 | -€1,583 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €16,349 | -€5,621 | -€21,970 | |
| Transfer from deferred taxes | 780 | €2,110 | €2,110 | = | 0.0% |
| Income taxes | 67/77 | €4,026 | €3,775 | -€250 | -6.2% |
| Profit (loss) for the period | 9904 | €14,434 | -€7,286 | -€21,720 | |
| Transfer from tax-exempt reserves | 789 | €4,097 | €4,097 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,531 | -€3,189 | -€21,720 |
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 16 October 2026 via checked.be.