BELMOUNT: 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.
What changed
BELMOUNT
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€19.6m
2024 · €12,906+€19.6m
Equity
€1.9m
2024 · €1.4m+€523,281
Cash
€10,401
2024 · €6,058+€4,342
Balance sheet total
€6.8m
2024 · €25.4m-€18.7m
Largest movements
Assets
- Financial fixed assets -€18.5m
down €18.5m (-96.1%), from €19.2m to €746,825
Equity and liabilities
- Other debts -€19.1m
down €19.1m (-99.0%), from €19.3m to €200,000
- Profit (loss) carried forward +€410,323
up €410,323, from -€24,151 to €386,172
Income statement
- Financial income +€38.1m
up €38.1m (+18743.5%), from €203,406 to €38.3m
of which Non-recurring financial income: +€38.1m
- Financial charges +€18.5m
up €18.5m (+12384.2%), from €149,583 to €18.7m
of which Non-recurring financial charges: +€18.5m
- Gross operating margin +€34,084
up €34,084 (+161.3%), from €21,126 to €55,210
- Depreciation -€700
down €700 (-1.3%), from €55,865 to €55,165
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
€12,906
Gross operating margin
+€34,084
Depreciation
+€700
Other operating charges
-€25
Financial income
+€38.1m
Financial charges
-€18.5m
Result 2025
€19.6m
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.
From operations
+€742,230
Investment
+€18.5m
Financing
-€19.2m
Cash 2024
€6,058
From operations (derived)
+€742,230
Net result for the year
+€19.6m
Depreciation
+€55,165
Receivables within one year
+€115,341
Smaller working-capital items
-€2,520
Other debts
-€19.1m
Investment (derived)
+€18.5m
Investment in fixed assets (net)
+€18.5m
Financing
-€19.2m
Debts after one year
-€100,000
Contributions, distributions and other
-€19.1m
Cash 2025
€10,401
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,423,534 | €6,758,601 | -€18.7m | -73.4% |
| Fixed assets | 21/28 | €20,584,688 | €2,042,410 | -€18.5m | -90.1% |
| Tangible fixed assets | 22/27 | €1,350,750 | €1,295,585 | -€55,165 | -4.1% |
| Land and buildings | 22 | €653,078 | €626,426 | -€26,652 | -4.1% |
| Leasing and similar rights | 25 | €573,121 | €565,359 | -€7,762 | -1.4% |
| Other tangible fixed assets | 26 | €124,551 | €103,801 | -€20,750 | -16.7% |
| Financial fixed assets | 28 | €19,233,938 | €746,825 | -€18.5m | -96.1% |
| Current assets | 29/58 | €4,838,847 | €4,716,191 | -€122,656 | -2.5% |
| Amounts receivable within one year | 40/41 | €4,670,182 | €4,554,841 | -€115,341 | -2.5% |
| Trade receivables | 40 | €5,182 | €5,958 | +€776 | +15.0% |
| Other amounts receivable | 41 | €4,665,000 | €4,548,883 | -€116,117 | -2.5% |
| Cash at bank and in hand | 54/58 | €6,058 | €10,401 | +€4,342 | +71.7% |
| Deferred charges and accrued income | 490/1 | €162,606 | €150,949 | -€11,657 | -7.2% |
| Total equity and liabilities | 10/49 | €25,423,534 | €6,758,601 | -€18.7m | -73.4% |
| Equity | 10/15 | €1,373,549 | €1,896,830 | +€523,281 | +38.1% |
| Contributions | 10/11 | €1,350,000 | €1,350,000 | = | 0.0% |
| Capital | 10 | €1,350,000 | €1,350,000 | = | 0.0% |
| Issued capital | 100 | €1,350,000 | €1,350,000 | = | 0.0% |
| Reserves | 13 | €47,700 | €160,658 | +€112,957 | +236.8% |
| Non-distributable reserves | 130/1 | €16,957 | €135,000 | +€118,043 | +696.1% |
| Legal reserve | 130 | €16,957 | €135,000 | +€118,043 | +696.1% |
| Tax-exempt reserves | 132 | €30,743 | €25,658 | -€5,085 | -16.5% |
| Profit (loss) carried forward | 14 | -€24,151 | €386,172 | +€410,323 | |
| Provisions and deferred taxes | 16 | €15,837 | €13,217 | -€2,620 | -16.5% |
| Deferred taxes | 168 | €15,837 | €13,217 | -€2,620 | -16.5% |
| Amounts payable | 17/49 | €24,034,148 | €4,848,554 | -€19.2m | -79.8% |
| Amounts payable after more than one year | 17 | €4,734,200 | €4,634,200 | -€100,000 | -2.1% |
| Financial debts | 170/4 | €4,730,000 | €4,630,000 | -€100,000 | -2.1% |
| Other amounts payable | 178/9 | €4,200 | €4,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,277,766 | €206,354 | -€19.1m | -98.9% |
| Trade debts | 44 | €3,728 | €6,354 | +€2,626 | +70.4% |
| Suppliers | 440/4 | €2,491 | €6,354 | +€3,863 | +155.1% |
| Bills of exchange payable | 441 | €1,238 | - | -€1,238 | |
| Other amounts payable | 47/48 | €19,274,038 | €200,000 | -€19.1m | -99.0% |
| Accrued charges and deferred income | 492/3 | €22,182 | €8,000 | -€14,182 | -63.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,865 | €55,165 | -€700 | -1.3% |
| Other operating charges | 640/8 | €8,798 | €8,823 | +€25 | +0.3% |
| Gross operating margin | 9900 | €21,126 | €55,210 | +€34,084 | +161.3% |
| Operating profit (loss) | 9901 | -€43,536 | -€8,778 | +€34,759 | +79.8% |
| Financial income | 75/76B | €203,406 | €38,328,748 | +€38.1m | +18743.5% |
| Recurring financial income | 75 | €203,406 | €186,528 | -€16,878 | -8.3% |
| Non-recurring financial income | 76B | - | €38,142,220 | +€38.1m | |
| Financial charges | 65/66B | €149,583 | €18,674,310 | +€18.5m | +12384.2% |
| Recurring financial charges | 65 | €149,583 | €187,197 | +€37,614 | +25.1% |
| Non-recurring financial charges | 66B | - | €18,487,113 | +€18.5m | |
| Profit (loss) for the period before taxes | 9903 | €10,287 | €19,645,661 | +€19.6m | +190882.3% |
| Transfer from deferred taxes | 780 | €2,620 | €2,620 | = | 0.0% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €12,906 | €19,648,281 | +€19.6m | +152136.8% |
| Transfer from tax-exempt reserves | 789 | €5,085 | €5,085 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,992 | €19,653,366 | +€19.6m | +109135.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.