BELNOR: 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.
BELNOR
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash -€275,974
down €275,974 (-72.4%), from €381,365 to €105,391
mainly Current investments (-€300,000) and Tax, wage and social debts (-€22,430)
- Tangible fixed assets -€24,057
down €24,057 (-7.2%), from €333,198 to €309,141
of which Furniture and vehicles: -€13,521
- Other debts +€24,785
up €24,785 (+10.6%), from €234,369 to €259,154
- Tax, wage and social debts -€22,430
down €22,430 (-76.8%), from €29,199 to €6,769
- Trade debts -€17,824
down €17,824 (-85.3%), from €20,899 to €3,075
- Reserves +€9,000
up €9,000 (+3.0%), from €297,000 to €306,000
of which Distributable reserves: +€9,000
- Gross operating margin -€155,801
down €155,801 (-61.6%), from €252,825 to €97,024
- Turnover +€132,902
new in 2025: €132,902
- Purchases and services +€43,369
new in 2025: €43,369
- Financial income +€3,901
new in 2025: €3,901
- Taxes -€3,425
down €3,425 (-7.8%), from €43,762 to €40,337
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 | €730,699 | €724,368 | -€6,331 | -0.9% |
| Fixed assets | 21/28 | €333,198 | €309,141 | -€24,057 | -7.2% |
| Tangible fixed assets | 22/27 | €333,198 | €309,141 | -€24,057 | -7.2% |
| Furniture and vehicles | 24 | €20,217 | €6,696 | -€13,521 | -66.9% |
| Other tangible fixed assets | 26 | €312,981 | €302,445 | -€10,536 | -3.4% |
| Current assets | 29/58 | €397,501 | €415,227 | +€17,726 | +4.5% |
| Amounts receivable within one year | 40/41 | €15,596 | €9,836 | -€5,760 | -36.9% |
| Trade receivables | 40 | €10,871 | €6,500 | -€4,371 | -40.2% |
| Other amounts receivable | 41 | €4,725 | €3,336 | -€1,389 | -29.4% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €381,365 | €105,391 | -€275,974 | -72.4% |
| Deferred charges and accrued income | 490/1 | €540 | - | -€540 | |
| Total equity and liabilities | 10/49 | €730,699 | €724,368 | -€6,331 | -0.9% |
| Equity | 10/15 | €377,233 | €386,370 | +€9,138 | +2.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €297,000 | €306,000 | +€9,000 | +3.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €295,000 | €304,000 | +€9,000 | +3.1% |
| Profit (loss) carried forward | 14 | €60,233 | €60,370 | +€138 | +0.2% |
| Amounts payable | 17/49 | €353,467 | €337,998 | -€15,469 | -4.4% |
| Amounts payable after more than one year | 17 | €69,000 | €69,000 | = | 0.0% |
| Other amounts payable | 178/9 | €69,000 | €69,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €284,467 | €268,998 | -€15,469 | -5.4% |
| Trade debts | 44 | €20,899 | €3,075 | -€17,824 | -85.3% |
| Suppliers | 440/4 | €20,899 | €3,075 | -€17,824 | -85.3% |
| Taxes, remuneration and social security | 45 | €29,199 | €6,769 | -€22,430 | -76.8% |
| Taxes | 450/3 | €29,199 | €6,769 | -€22,430 | -76.8% |
| Other amounts payable | 47/48 | €234,369 | €259,154 | +€24,785 | +10.6% |
| Turnover | 70 | - | €132,902 | +€132,902 | |
| Non-recurring operating income | 76A | €68,945 | - | -€68,945 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €43,369 | +€43,369 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,364 | €29,740 | +€1,376 | +4.9% |
| Other operating charges | 640/8 | €4,668 | €1,611 | -€3,057 | -65.5% |
| Gross operating margin | 9900 | €252,825 | €97,024 | -€155,801 | -61.6% |
| Operating profit (loss) | 9901 | €219,793 | €65,674 | -€154,119 | -70.1% |
| Financial income | 75/76B | - | €3,901 | +€3,901 | |
| Recurring financial income | 75 | - | €3,901 | +€3,901 | |
| Financial charges | 65/66B | €18,073 | €20,101 | +€2,027 | +11.2% |
| Recurring financial charges | 65 | €18,073 | €20,101 | +€2,027 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €201,720 | €49,475 | -€152,245 | -75.5% |
| Income taxes | 67/77 | €43,762 | €40,337 | -€3,425 | -7.8% |
| Profit (loss) for the period | 9904 | €157,958 | €9,138 | -€148,820 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157,958 | €9,138 | -€148,820 | -94.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.