BELMONTE 2: 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.
BELMONTE 2
Largest movements
- Receivables within one year -€35,037
down €35,037 (-73.8%), from €47,468 to €12,431
of which Other amounts receivable: -€36,181
- Cash -€12,487
down €12,487 (-55.0%), from €22,686 to €10,199
mainly Net result for the year (-€37,753) and Debts after one year (-€14,231)
- Tangible fixed assets -€7,426
down €7,426 (-12.7%), from €58,493 to €51,068
of which Land and buildings: -€8,491
- Deferred charges and accrued income +€1,740
up €1,740 (+3890.9%), from €45 to €1,785
- Profit (loss) carried forward -€37,753
down €37,753 (-124.7%), from -€30,271 to -€68,024
- Debts after one year -€14,231
down €14,231 (-38.2%), from €37,293 to €23,062
- Trade debts -€3,479
down €3,479 (-10.1%), from €34,541 to €31,062
- Other debts +€2,000
new in 2025: €2,000
- Gross operating margin -€46,639
down €46,639 (-26.3%), from €177,232 to €130,593
- Staff costs -€6,889
down €6,889 (-4.4%), from €157,152 to €150,263
- Financial charges +€2,835
up €2,835 (+52.9%), from €5,360 to €8,195
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.
Cash bridge derived
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 | €136,740 | €82,737 | -€54,003 | -39.5% |
| Fixed assets | 21/28 | €58,693 | €51,268 | -€7,426 | -12.7% |
| Tangible fixed assets | 22/27 | €58,493 | €51,068 | -€7,426 | -12.7% |
| Land and buildings | 22 | €57,566 | €49,075 | -€8,491 | -14.8% |
| Plant, machinery and equipment | 23 | €496 | €0 | -€496 | -100.0% |
| Furniture and vehicles | 24 | €431 | €1,993 | +€1,562 | +362.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €78,047 | €31,469 | -€46,577 | -59.7% |
| Stocks and contracts in progress | 3 | €7,848 | €7,054 | -€793 | -10.1% |
| Stocks | 30/36 | €7,848 | €7,054 | -€793 | -10.1% |
| Amounts receivable within one year | 40/41 | €47,468 | €12,431 | -€35,037 | -73.8% |
| Trade receivables | 40 | €379 | €1,522 | +€1,143 | +301.9% |
| Other amounts receivable | 41 | €47,090 | €10,909 | -€36,181 | -76.8% |
| Cash at bank and in hand | 54/58 | €22,686 | €10,199 | -€12,487 | -55.0% |
| Deferred charges and accrued income | 490/1 | €45 | €1,785 | +€1,740 | +3890.9% |
| Total equity and liabilities | 10/49 | €136,740 | €82,737 | -€54,003 | -39.5% |
| Equity | 10/15 | €17,981 | -€19,772 | -€37,753 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €29,660 | €29,660 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,286 | €2,286 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,286 | €2,286 | = | 0.0% |
| Distributable reserves | 133 | €27,374 | €27,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,271 | -€68,024 | -€37,753 | -124.7% |
| Amounts payable | 17/49 | €118,759 | €102,509 | -€16,250 | -13.7% |
| Amounts payable after more than one year | 17 | €37,293 | €23,062 | -€14,231 | -38.2% |
| Financial debts | 170/4 | €37,293 | €23,062 | -€14,231 | -38.2% |
| Amounts payable within one year | 42/48 | €81,467 | €79,448 | -€2,019 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €14,983 | €15,597 | +€615 | +4.1% |
| Trade debts | 44 | €34,541 | €31,062 | -€3,479 | -10.1% |
| Suppliers | 440/4 | €34,541 | €31,062 | -€3,479 | -10.1% |
| Taxes, remuneration and social security | 45 | €31,943 | €30,788 | -€1,155 | -3.6% |
| Taxes | 450/3 | €10,330 | €8,163 | -€2,167 | -21.0% |
| Remuneration and social security | 454/9 | €21,614 | €22,625 | +€1,012 | +4.7% |
| Other amounts payable | 47/48 | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €157,152 | €150,263 | -€6,889 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,716 | €9,384 | -€333 | -3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €986 | €356 | -€630 | -63.9% |
| Gross operating margin | 9900 | €177,232 | €130,593 | -€46,639 | -26.3% |
| Operating profit (loss) | 9901 | €9,377 | -€29,409 | -€38,786 | |
| Financial income | 75/76B | €195 | €160 | -€35 | -17.9% |
| Recurring financial income | 75 | €195 | €160 | -€35 | -17.9% |
| Financial charges | 65/66B | €5,360 | €8,195 | +€2,835 | +52.9% |
| Recurring financial charges | 65 | €5,360 | €8,195 | +€2,835 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €4,213 | -€37,444 | -€41,657 | |
| Income taxes | 67/77 | €207 | €309 | +€103 | +49.6% |
| Profit (loss) for the period | 9904 | €4,006 | -€37,753 | -€41,759 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,006 | -€37,753 | -€41,759 |
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 9 October 2026 via checked.be.