BELMODA: 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.
BELMODA
Largest movements
- Tangible fixed assets -€9,458
down €9,458 (-5.4%), from €173,635 to €164,178
- Cash +€8,635
up €8,635 (+364.0%), from €2,372 to €11,008
mainly Depreciation (+€9,458) and Net result for the year (+€2,442)
- Other debts -€3,266
down €3,266 (-17.1%), from €19,058 to €15,792
- Profit (loss) carried forward +€2,442
up €2,442 (+5.0%), from €48,788 to €51,230
- Depreciation -€8,684
down €8,684 (-47.9%), from €18,141 to €9,458
- Gross operating margin -€2,009
down €2,009 (-10.6%), from €18,872 to €16,864
- Financial income -€265
no longer reported in 2026 (was €265)
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €182,752 | €181,943 | -€809 | -0.4% |
| Fixed assets | 21/28 | €173,635 | €164,178 | -€9,458 | -5.4% |
| Tangible fixed assets | 22/27 | €173,635 | €164,178 | -€9,458 | -5.4% |
| Land and buildings | 22 | €173,635 | €164,178 | -€9,458 | -5.4% |
| Current assets | 29/58 | €9,117 | €17,766 | +€8,649 | +94.9% |
| Cash at bank and in hand | 54/58 | €2,372 | €11,008 | +€8,635 | +364.0% |
| Deferred charges and accrued income | 490/1 | €6,745 | €6,758 | +€13 | +0.2% |
| Total equity and liabilities | 10/49 | €182,752 | €181,943 | -€809 | -0.4% |
| Equity | 10/15 | €162,988 | €165,430 | +€2,442 | +1.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €52,200 | €52,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,788 | €51,230 | +€2,442 | +5.0% |
| Amounts payable | 17/49 | €19,764 | €16,514 | -€3,251 | -16.4% |
| Amounts payable within one year | 42/48 | €19,764 | €16,514 | -€3,251 | -16.4% |
| Taxes, remuneration and social security | 45 | €706 | €721 | +€15 | +2.1% |
| Taxes | 450/3 | €706 | €721 | +€15 | +2.1% |
| Other amounts payable | 47/48 | €19,058 | €15,792 | -€3,266 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,141 | €9,458 | -€8,684 | -47.9% |
| Other operating charges | 640/8 | €4,029 | €4,168 | +€139 | +3.4% |
| Gross operating margin | 9900 | €18,872 | €16,864 | -€2,009 | -10.6% |
| Operating profit (loss) | 9901 | -€3,298 | €3,238 | +€6,536 | |
| Financial income | 75/76B | €265 | - | -€265 | |
| Recurring financial income | 75 | €265 | - | -€265 | |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,107 | €3,163 | +€6,270 | |
| Income taxes | 67/77 | €706 | €721 | +€15 | +2.1% |
| Profit (loss) for the period | 9904 | -€3,813 | €2,442 | +€6,255 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,813 | €2,442 | +€6,255 |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.