Belmy: 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.
Belmy
Largest movements
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Tangible fixed assets -€13,120
down €13,120 (-3.9%), from €332,620 to €319,500
- Cash -€11,154
down €11,154 (-28.0%), from €39,817 to €28,663
mainly Contributions, distributions and other (-€399,975) and Provisions (-€48,339)
- Reserves -€210,451
down €210,451 (-57.9%), from €363,210 to €152,760
of which Tax-exempt reserves: -€145,018
- Profit (loss) carried forward -€196,975
down €196,975 (-100%), from €196,975 to €0
- Provisions -€48,339
down €48,339 (-100%), from €48,339 to €0
- Tax, wage and social debts +€39,105
up €39,105, from €0 to €39,105
- Taxes +€33,603
up €33,603 (+640%), from €5,251 to €38,854
- Financial charges +€22,526
up €22,526 (+2,088%), from €1,079 to €23,605
- Gross operating margin +€18,754
up €18,754 (+360%), from €5,207 to €23,961
- Depreciation -€2,230
down €2,230 (-14.5%), from €15,350 to €13,120
- Financial income -€837
down €837 (-100%), from €837 to €0
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 | €772,437 | €354,373 | -€418,064 | -54.1% |
| Fixed assets | 21/28 | €332,620 | €319,500 | -€13,120 | -3.9% |
| Tangible fixed assets | 22/27 | €332,620 | €319,500 | -€13,120 | -3.9% |
| Land and buildings | 22 | €332,620 | €319,500 | -€13,120 | -3.9% |
| Current assets | 29/58 | €439,817 | €34,873 | -€404,944 | -92.1% |
| Amounts receivable within one year | 40/41 | - | €5,251 | +€5,251 | |
| Other amounts receivable | 41 | - | €5,251 | +€5,251 | |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €39,817 | €28,663 | -€11,154 | -28.0% |
| Deferred charges and accrued income | 490/1 | €0 | €959 | +€959 | |
| Total equity and liabilities | 10/49 | €772,437 | €354,373 | -€418,064 | -54.1% |
| Equity | 10/15 | €622,186 | €214,760 | -€407,426 | -65.5% |
| 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 | €363,210 | €152,760 | -€210,451 | -57.9% |
| Non-distributable reserves | 130/1 | €14,200 | €6,200 | -€8,000 | -56.3% |
| Legal reserve | 130 | €14,200 | €6,200 | -€8,000 | -56.3% |
| Tax-exempt reserves | 132 | €146,327 | €1,309 | -€145,018 | -99.1% |
| Distributable reserves | 133 | €202,683 | €145,251 | -€57,433 | -28.3% |
| Profit (loss) carried forward | 14 | €196,975 | €0 | -€196,975 | -100% |
| Provisions and deferred taxes | 16 | €48,339 | €0 | -€48,339 | -100% |
| Provisions for liabilities and charges | 160/5 | €48,339 | €0 | -€48,339 | -100% |
| Taxes | 161 | €48,339 | €0 | -€48,339 | -100% |
| Amounts payable | 17/49 | €101,912 | €139,614 | +€37,701 | +37.0% |
| Amounts payable within one year | 42/48 | €100,549 | €139,614 | +€39,065 | +38.9% |
| Trade debts | 44 | €71 | €150 | +€80 | +113% |
| Suppliers | 440/4 | €71 | €150 | +€80 | +113% |
| Taxes, remuneration and social security | 45 | €0 | €39,105 | +€39,105 | |
| Taxes | 450/3 | €0 | €39,105 | +€39,105 | |
| Other amounts payable | 47/48 | €100,479 | €100,358 | -€120 | -0.1% |
| Accrued charges and deferred income | 492/3 | €1,363 | €0 | -€1,363 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,350 | €13,120 | -€2,230 | -14.5% |
| Other operating charges | 640/8 | €4,046 | €4,172 | +€126 | +3.1% |
| Gross operating margin | 9900 | €5,207 | €23,961 | +€18,754 | +360% |
| Operating profit (loss) | 9901 | -€14,188 | €6,669 | +€20,857 | |
| Financial income | 75/76B | €837 | €0 | -€837 | -100% |
| Recurring financial income | 75 | €837 | €0 | -€837 | -100% |
| Financial charges | 65/66B | €1,079 | €23,605 | +€22,526 | +2,088% |
| Recurring financial charges | 65 | €1,079 | €23,605 | +€22,526 | +2,088% |
| Profit (loss) for the period before taxes | 9903 | -€14,430 | -€16,936 | -€2,506 | -17.4% |
| Transfer from deferred taxes | 780 | €3,742 | €48,339 | +€44,598 | +1,192% |
| Income taxes | 67/77 | €5,251 | €38,854 | +€33,603 | +640% |
| Profit (loss) for the period | 9904 | -€15,940 | -€7,451 | +€8,489 | +53.3% |
| Transfer from tax-exempt reserves | 789 | €11,225 | €145,018 | +€133,794 | +1,192% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,715 | €137,567 | +€142,282 |
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.