BELODIUM: 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.
BELODIUM
Largest movements
- Cash -€16,626
down €16,626 (-17.4%), from €95,625 to €79,000
mainly Investment in fixed assets (net) (-€45,893) and Debts after one year (-€31,094)
- Deferred charges and accrued income +€9,731
up €9,731 (+444%), from €2,191 to €11,922
- Debts after one year -€31,094
down €31,094 (-7.1%), from €439,108 to €408,014
- Profit (loss) carried forward +€17,402
up €17,402 (+15.5%), from €112,321 to €129,722
- Current portion of long-term debt +€12,650
up €12,650 (+29.6%), from €42,709 to €55,359
- Gross operating margin +€28,687
up €28,687 (+19.7%), from €145,440 to €174,127
- Staff costs +€21,897
up €21,897 (+31.9%), from €68,727 to €90,624
- Depreciation +€12,443
up €12,443 (+46.9%), from €26,512 to €38,955
- Financial charges -€1,838
down €1,838 (-11.3%), from €16,204 to €14,366
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 | €700,744 | €703,314 | +€2,569 | +0.4% |
| Fixed assets | 21/28 | €584,648 | €591,586 | +€6,938 | +1.2% |
| Tangible fixed assets | 22/27 | €583,823 | €590,761 | +€6,938 | +1.2% |
| Land and buildings | 22 | €550,248 | €541,803 | -€8,445 | -1.5% |
| Plant, machinery and equipment | 23 | €17,576 | €16,385 | -€1,191 | -6.8% |
| Furniture and vehicles | 24 | €12,912 | €32,573 | +€19,661 | +152% |
| Other tangible fixed assets | 26 | €3,087 | €0 | -€3,087 | -100% |
| Financial fixed assets | 28 | €825 | €825 | = | 0.0% |
| Current assets | 29/58 | €116,096 | €111,728 | -€4,368 | -3.8% |
| Stocks and contracts in progress | 3 | €18,166 | €18,886 | +€719 | +4.0% |
| Stocks | 30/36 | €18,166 | €18,886 | +€719 | +4.0% |
| Amounts receivable within one year | 40/41 | €114 | €1,921 | +€1,807 | +1,592% |
| Trade receivables | 40 | €44 | €100 | +€56 | +129% |
| Other amounts receivable | 41 | €70 | €1,821 | +€1,751 | +2,501% |
| Cash at bank and in hand | 54/58 | €95,625 | €79,000 | -€16,626 | -17.4% |
| Deferred charges and accrued income | 490/1 | €2,191 | €11,922 | +€9,731 | +444% |
| Total equity and liabilities | 10/49 | €700,744 | €703,314 | +€2,569 | +0.4% |
| Equity | 10/15 | €126,581 | €143,982 | +€17,402 | +13.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,321 | €129,722 | +€17,402 | +15.5% |
| Amounts payable | 17/49 | €574,164 | €559,331 | -€14,832 | -2.6% |
| Amounts payable after more than one year | 17 | €439,108 | €408,014 | -€31,094 | -7.1% |
| Financial debts | 170/4 | €439,108 | €408,014 | -€31,094 | -7.1% |
| Amounts payable within one year | 42/48 | €135,056 | €151,318 | +€16,262 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €42,709 | €55,359 | +€12,650 | +29.6% |
| Trade debts | 44 | €69,450 | €68,660 | -€789 | -1.1% |
| Suppliers | 440/4 | €69,450 | €68,660 | -€789 | -1.1% |
| Taxes, remuneration and social security | 45 | €21,824 | €26,206 | +€4,382 | +20.1% |
| Taxes | 450/3 | €5,019 | €8,277 | +€3,258 | +64.9% |
| Remuneration and social security | 454/9 | €16,805 | €17,929 | +€1,124 | +6.7% |
| Other amounts payable | 47/48 | €1,073 | €1,092 | +€19 | +1.8% |
| Remuneration, social security and pensions | 62 | €68,727 | €90,624 | +€21,897 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,512 | €38,955 | +€12,443 | +46.9% |
| Other operating charges | 640/8 | €3,083 | €1,898 | -€1,184 | -38.4% |
| Gross operating margin | 9900 | €145,440 | €174,127 | +€28,687 | +19.7% |
| Operating profit (loss) | 9901 | €47,119 | €42,650 | -€4,469 | -9.5% |
| Financial income | 75/76B | €23 | €118 | +€95 | +415% |
| Recurring financial income | 75 | €23 | €118 | +€95 | +415% |
| Financial charges | 65/66B | €16,204 | €14,366 | -€1,838 | -11.3% |
| Recurring financial charges | 65 | €16,204 | €14,366 | -€1,838 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €30,938 | €28,403 | -€2,535 | -8.2% |
| Income taxes | 67/77 | €9,472 | €11,001 | +€1,529 | +16.1% |
| Profit (loss) for the period | 9904 | €21,466 | €17,402 | -€4,064 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,466 | €17,402 | -€4,064 | -18.9% |
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 13 October 2026 via checked.be.