Belobouw: 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.
Belobouw
Largest movements
- Receivables within one year +€43,885
up €43,885 (+443%), from €9,898 to €53,784
of which Trade receivables: +€39,153
- Cash -€27,715
down €27,715 (-35.2%), from €78,689 to €50,973
mainly Contributions, distributions and other (-€85,039) and Receivables within one year (-€43,885)
- Other debts +€79,160
up €79,160 (+536%), from €14,763 to €93,922
- Reserves -€75,061
down €75,061 (-88.3%), from €85,039 to €9,977
- Trade debts +€8,118
up €8,118 (+283%), from €2,870 to €10,988
- Debts after one year +€7,193
up €7,193, from €0 to €7,193
- Current portion of long-term debt -€5,523
down €5,523 (-37.3%), from €14,790 to €9,267
- Gross operating margin -€14,500
down €14,500 (-31.0%), from €46,709 to €32,208
- Taxes -€3,143
down €3,143 (-52.6%), from €5,980 to €2,837
- Depreciation +€2,116
up €2,116 (+13.4%), from €15,740 to €17,856
- Other operating charges -€1,802
down €1,802 (-66.5%), from €2,710 to €907
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 | €127,462 | €144,035 | +€16,573 | +13.0% |
| Fixed assets | 21/28 | €37,601 | €38,465 | +€864 | +2.3% |
| Tangible fixed assets | 22/27 | €37,601 | €38,465 | +€864 | +2.3% |
| Plant, machinery and equipment | 23 | €6,502 | €4,069 | -€2,433 | -37.4% |
| Furniture and vehicles | 24 | €31,098 | €16,609 | -€14,489 | -46.6% |
| Leasing and similar rights | 25 | - | €17,787 | +€17,787 | |
| Current assets | 29/58 | €89,861 | €105,570 | +€15,709 | +17.5% |
| Amounts receivable within one year | 40/41 | €9,898 | €53,784 | +€43,885 | +443% |
| Trade receivables | 40 | €6,675 | €45,828 | +€39,153 | +587% |
| Other amounts receivable | 41 | €3,223 | €7,956 | +€4,733 | +147% |
| Cash at bank and in hand | 54/58 | €78,689 | €50,973 | -€27,715 | -35.2% |
| Deferred charges and accrued income | 490/1 | €1,274 | €812 | -€462 | -36.2% |
| Total equity and liabilities | 10/49 | €127,462 | €144,035 | +€16,573 | +13.0% |
| Equity | 10/15 | €95,039 | €19,977 | -€75,061 | -79.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €85,039 | €9,977 | -€75,061 | -88.3% |
| Distributable reserves | 133 | €85,039 | €9,977 | -€75,061 | -88.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €32,423 | €124,057 | +€91,634 | +283% |
| Amounts payable after more than one year | 17 | €0 | €7,193 | +€7,193 | |
| Financial debts | 170/4 | €0 | €7,193 | +€7,193 | |
| Amounts payable within one year | 42/48 | €32,423 | €116,864 | +€84,441 | +260% |
| Current portion of amounts payable after more than one year | 42 | €14,790 | €9,267 | -€5,523 | -37.3% |
| Trade debts | 44 | €2,870 | €10,988 | +€8,118 | +283% |
| Suppliers | 440/4 | €2,870 | €10,988 | +€8,118 | +283% |
| Taxes, remuneration and social security | 45 | €0 | €2,687 | +€2,687 | |
| Taxes | 450/3 | €0 | €2,687 | +€2,687 | |
| Other amounts payable | 47/48 | €14,763 | €93,922 | +€79,160 | +536% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,740 | €17,856 | +€2,116 | +13.4% |
| Other operating charges | 640/8 | €2,710 | €907 | -€1,802 | -66.5% |
| Gross operating margin | 9900 | €46,709 | €32,208 | -€14,500 | -31.0% |
| Operating profit (loss) | 9901 | €28,259 | €13,445 | -€14,814 | -52.4% |
| Financial income | 75/76B | €425 | €317 | -€108 | -25.4% |
| Recurring financial income | 75 | €425 | €317 | -€108 | -25.4% |
| Financial charges | 65/66B | €1,383 | €948 | -€434 | -31.4% |
| Recurring financial charges | 65 | €1,383 | €948 | -€434 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €27,301 | €12,814 | -€14,487 | -53.1% |
| Income taxes | 67/77 | €5,980 | €2,837 | -€3,143 | -52.6% |
| Profit (loss) for the period | 9904 | €21,321 | €9,977 | -€11,344 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,321 | €9,977 | -€11,344 | -53.2% |
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 22 October 2026 via checked.be.