BELMOCA: 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.
What changed
BELMOCA
NACE 46.370, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€180,561
2024 · €190,504-€9,943
Equity
€959,040
2024 · €778,479+€180,561
Cash
€1.1m
2024 · €397,087+€686,951
Balance sheet total
€16.7m
2024 · €20.8m-€4.2m
Largest movements
Assets
- Receivables within one year -€2.0m
down €2.0m (-48.5%), from €4.1m to €2.1m
of which Trade receivables: -€1.9m
- Stocks and contracts -€1.8m
down €1.8m (-45.2%), from €4.0m to €2.2m
- Tangible fixed assets -€1.0m
down €1.0m (-8.6%), from €12.0m to €11.0m
of which Leasing and similar rights: -€1.1m
- Cash +€686,951
up €686,951 (+173%), from €397,087 to €1.1m
mainly Debts after one year (+€3.8m) and Receivables within one year (+€2.0m)
Equity and liabilities
- Short-term financial debts -€5.3m
down €5.3m (-99.4%), from €5.3m to €31,372
of which Other loans: -€4.5m
- Debts after one year +€3.8m
up €3.8m (+41.7%), from €9.2m to €13.0m
- Trade debts -€2.6m
down €2.6m (-68.3%), from €3.8m to €1.2m
- Current portion of long-term debt -€237,445
down €237,445 (-16.8%), from €1.4m to €1.2m
Income statement
- Goods and materials -€3.0m
down €3.0m (-39.1%), from €7.8m to €4.8m
of which Purchases: -€3.7m
- Services and other goods -€1.4m
down €1.4m (-31.0%), from €4.4m to €3.1m
- Turnover -€1.0m
down €1.0m (-7.6%), from €13.1m to €12.1m
- Other operating income -€305,077
down €305,077 (-19.9%), from €1.5m to €1.2m
- Other operating charges +€214,001
up €214,001 (+155%), from €138,290 to €352,292
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.
Result 2024
€190,504
Turnover
-€1.0m
Other operating income
-€305,077
Goods and materials
+€3.0m
Services and other goods
+€1.4m
Staff costs
-€120,169
Depreciation
+€8,040
Write-downs
+€80,893
Other operating charges
-€214,001
Other operating items
-€2.7m
Financial income
-€22,442
Financial charges
-€93,647
Taxes
-€55,056
Result 2025
€180,561
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.8m
Investment
-€381,579
Financing
-€1.7m
Cash 2024
€397,087
From operations (derived)
+€2.8m
Net result for the year
+€180,561
Depreciation
+€1.5m
Stocks and contracts
+€1.8m
Receivables within one year
+€2.0m
Deferred charges and accrued income
-€5,404
Trade debts
-€2.6m
Tax, wage and social debts
-€86,555
Investment (derived)
-€381,579
Investment in fixed assets (net)
-€381,579
Financing
-€1.7m
Debts after one year
+€3.8m
Current portion of long-term debt
-€237,445
Short-term financial debts
-€5.3m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,843,626 | €16,650,799 | -€4.2m | -20.1% |
| Fixed assets | 21/28 | €12,149,424 | €11,068,335 | -€1.1m | -8.9% |
| Intangible fixed assets | 21 | €99,739 | €56,623 | -€43,116 | -43.2% |
| Tangible fixed assets | 22/27 | €12,043,035 | €11,009,756 | -€1.0m | -8.6% |
| Land and buildings | 22 | €9,206,515 | €9,059,671 | -€146,844 | -1.6% |
| Plant, machinery and equipment | 23 | €343,992 | €674,986 | +€330,994 | +96.2% |
| Furniture and vehicles | 24 | €9,996 | €6,000 | -€3,996 | -40.0% |
| Leasing and similar rights | 25 | €2,359,532 | €1,269,100 | -€1.1m | -46.2% |
| Assets under construction and advance payments | 27 | €123,000 | - | -€123,000 | |
| Financial fixed assets | 28 | €6,650 | €1,956 | -€4,694 | -70.6% |
| Other financial fixed assets | 284/8 | €6,650 | €1,956 | -€4,694 | -70.6% |
| Amounts receivable and cash guarantees | 285/8 | €6,650 | €1,956 | -€4,694 | -70.6% |
| Current assets | 29/58 | €8,694,202 | €5,582,464 | -€3.1m | -35.8% |
| Stocks and contracts in progress | 3 | €3,991,592 | €2,188,483 | -€1.8m | -45.2% |
| Stocks | 30/36 | €3,991,592 | €2,188,483 | -€1.8m | -45.2% |
| Raw materials and consumables | 30/31 | €1,389,850 | €988,881 | -€400,970 | -28.8% |
| Finished goods | 33 | €2,527,879 | €1,150,459 | -€1.4m | -54.5% |
| Goods purchased for resale | 34 | €73,863 | €49,143 | -€24,719 | -33.5% |
| Amounts receivable within one year | 40/41 | €4,125,242 | €2,124,258 | -€2.0m | -48.5% |
| Trade receivables | 40 | €3,666,972 | €1,754,261 | -€1.9m | -52.2% |
| Other amounts receivable | 41 | €458,270 | €369,997 | -€88,273 | -19.3% |
| Cash at bank and in hand | 54/58 | €397,087 | €1,084,037 | +€686,951 | +173% |
| Deferred charges and accrued income | 490/1 | €180,281 | €185,685 | +€5,404 | +3.0% |
| Total equity and liabilities | 10/49 | €20,843,626 | €16,650,799 | -€4.2m | -20.1% |
| Equity | 10/15 | €778,479 | €959,040 | +€180,561 | +23.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €370,989 | €370,989 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €364,839 | €364,839 | = | 0.0% |
| Profit (loss) carried forward | 14 | €345,990 | €526,551 | +€180,561 | +52.2% |
| Amounts payable | 17/49 | €20,065,147 | €15,691,759 | -€4.4m | -21.8% |
| Amounts payable after more than one year | 17 | €9,198,140 | €13,034,242 | +€3.8m | +41.7% |
| Financial debts | 170/4 | €9,198,140 | €13,034,242 | +€3.8m | +41.7% |
| Leasing and similar obligations | 172 | €1,906,809 | €1,310,697 | -€596,112 | -31.3% |
| Credit institutions | 173 | €7,291,331 | €7,284,181 | -€7,150 | -0.1% |
| Other loans | 174 | - | €4,439,364 | +€4.4m | |
| Amounts payable within one year | 42/48 | €10,867,007 | €2,657,517 | -€8.2m | -75.5% |
| Current portion of amounts payable after more than one year | 42 | €1,410,255 | €1,172,810 | -€237,445 | -16.8% |
| Financial debts | 43 | €5,314,245 | €31,372 | -€5.3m | -99.4% |
| Credit institutions | 430/8 | €781,052 | €31,372 | -€749,681 | -96.0% |
| Other loans | 439 | €4,533,193 | €0 | -€4.5m | -100% |
| Trade debts | 44 | €3,808,738 | €1,206,121 | -€2.6m | -68.3% |
| Suppliers | 440/4 | €3,808,738 | €1,206,121 | -€2.6m | -68.3% |
| Taxes, remuneration and social security | 45 | €333,770 | €247,214 | -€86,555 | -25.9% |
| Taxes | 450/3 | €147,921 | €126,836 | -€21,084 | -14.3% |
| Remuneration and social security | 454/9 | €185,849 | €120,378 | -€65,471 | -35.2% |
| Operating income | 70/76A | €16,007,903 | €11,989,308 | -€4.0m | -25.1% |
| Turnover | 70 | €13,137,013 | €12,136,102 | -€1.0m | -7.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,335,185 | -€1,377,420 | -€2.7m | |
| Other operating income | 74 | €1,535,704 | €1,230,627 | -€305,077 | -19.9% |
| Operating charges | 60/66A | €15,231,777 | €11,051,980 | -€4.2m | -27.4% |
| Goods for resale, raw materials and consumables | 60 | €7,798,805 | €4,752,776 | -€3.0m | -39.1% |
| Purchases | 600/8 | €8,051,130 | €4,327,087 | -€3.7m | -46.3% |
| Change in stocks: decrease (increase) | 609 | -€252,324 | €425,689 | +€678,013 | |
| Services and other goods | 61 | €4,442,515 | €3,063,511 | -€1.4m | -31.0% |
| Remuneration, social security and pensions | 62 | €1,381,457 | €1,501,627 | +€120,169 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,470,708 | €1,462,668 | -€8,040 | -0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€80,893 | -€80,893 | |
| Other operating charges | 640/8 | €138,290 | €352,292 | +€214,001 | +155% |
| Operating profit (loss) | 9901 | €776,126 | €937,328 | +€161,202 | +20.8% |
| Financial income | 75/76B | €65,752 | €43,310 | -€22,442 | -34.1% |
| Recurring financial income | 75 | €65,752 | €43,310 | -€22,442 | -34.1% |
| Income from financial fixed assets | 750 | - | €0 | = | |
| Other financial income | 752/9 | €65,752 | €43,310 | -€22,442 | -34.1% |
| Financial charges | 65/66B | €611,684 | €705,330 | +€93,647 | +15.3% |
| Recurring financial charges | 65 | €611,684 | €705,330 | +€93,647 | +15.3% |
| Debt charges | 650 | €525,622 | €524,362 | -€1,260 | -0.2% |
| Other financial charges | 652/9 | €86,062 | €180,968 | +€94,907 | +110% |
| Profit (loss) for the period before taxes | 9903 | €230,194 | €275,308 | +€45,113 | +19.6% |
| Income taxes | 67/77 | €39,690 | €94,746 | +€55,056 | +139% |
| Taxes | 670/3 | €39,715 | €94,746 | +€55,031 | +139% |
| Tax adjustments and reversals of tax provisions | 77 | €25 | - | -€25 | |
| Profit (loss) for the period | 9904 | €190,504 | €180,561 | -€9,943 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €190,504 | €180,561 | -€9,943 | -5.2% |
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.