BELMOND: 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.
BELMOND
Largest movements
- Receivables within one year +€29,598
up €29,598 (+3.9%), from €752,930 to €782,527
of which Other amounts receivable: +€30,096
- Cash +€16,201
up €16,201 (+12.7%), from €127,140 to €143,341
mainly Net result for the year (+€315,519) and Tax, wage and social debts (+€48,385)
- Other debts -€328,902
down €328,902 (-73.0%), from €450,716 to €121,814
- Profit (loss) carried forward +€315,519
up €315,519 (+49.5%), from €637,936 to €953,455
- Tax, wage and social debts +€48,385
up €48,385 (+183%), from €26,497 to €74,882
No income-statement line moved by more than 1% of the activity.
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 | €1,150,415 | €1,189,903 | +€39,488 | +3.4% |
| Fixed assets | 21/28 | €21,140 | €15,297 | -€5,842 | -27.6% |
| Tangible fixed assets | 22/27 | €21,140 | €15,297 | -€5,842 | -27.6% |
| Furniture and vehicles | 24 | €21,140 | €15,297 | -€5,842 | -27.6% |
| Current assets | 29/58 | €1,129,276 | €1,174,606 | +€45,330 | +4.0% |
| Amounts receivable within one year | 40/41 | €752,930 | €782,527 | +€29,598 | +3.9% |
| Trade receivables | 40 | €531 | €33 | -€498 | -93.8% |
| Other amounts receivable | 41 | €752,399 | €782,494 | +€30,096 | +4.0% |
| Current investments | 50/53 | €248,595 | €247,466 | -€1,129 | -0.5% |
| Cash at bank and in hand | 54/58 | €127,140 | €143,341 | +€16,201 | +12.7% |
| Deferred charges and accrued income | 490/1 | €611 | €1,271 | +€660 | +108% |
| Total equity and liabilities | 10/49 | €1,150,415 | €1,189,903 | +€39,488 | +3.4% |
| Equity | 10/15 | €658,341 | €973,860 | +€315,519 | +47.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €637,936 | €953,455 | +€315,519 | +49.5% |
| Amounts payable | 17/49 | €492,074 | €216,043 | -€276,031 | -56.1% |
| Amounts payable within one year | 42/48 | €479,978 | €203,947 | -€276,031 | -57.5% |
| Trade debts | 44 | €2,765 | €7,251 | +€4,486 | +162% |
| Suppliers | 440/4 | €2,765 | €7,251 | +€4,486 | +162% |
| Taxes, remuneration and social security | 45 | €26,497 | €74,882 | +€48,385 | +183% |
| Taxes | 450/3 | €26,497 | €74,882 | +€48,385 | +183% |
| Other amounts payable | 47/48 | €450,716 | €121,814 | -€328,902 | -73.0% |
| Accrued charges and deferred income | 492/3 | €12,096 | €12,096 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,473 | €6,876 | +€403 | +6.2% |
| Other operating charges | 640/8 | €796 | €749 | -€47 | -6.0% |
| Gross operating margin | 9900 | €390,782 | €393,061 | +€2,280 | +0.6% |
| Operating profit (loss) | 9901 | €383,513 | €385,437 | +€1,924 | +0.5% |
| Financial income | 75/76B | €36,609 | €34,143 | -€2,466 | -6.7% |
| Recurring financial income | 75 | €36,609 | €34,143 | -€2,466 | -6.7% |
| Financial charges | 65/66B | €3,091 | €2,086 | -€1,005 | -32.5% |
| Recurring financial charges | 65 | €3,091 | €2,086 | -€1,005 | -32.5% |
| Profit (loss) for the period before taxes | 9903 | €417,031 | €417,494 | +€463 | +0.1% |
| Income taxes | 67/77 | €102,695 | €101,975 | -€720 | -0.7% |
| Profit (loss) for the period | 9904 | €314,336 | €315,519 | +€1,183 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €314,336 | €315,519 | +€1,183 | +0.4% |
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.