BELORTA: 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
BELORTA
NACE 01.630, Crop and animal production, hunting and related service activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · -€888,362+€2.2m
Equity
€46.3m
2024 · €45.0m+€1.2m
Cash
€1.1m
2024 · €3.8m-€2.7m
Balance sheet total
€204.9m
2024 · €209.4m-€4.5m
Largest movements
Assets
- Cash -€2.7m
down €2.7m (-71.8%), from €3.8m to €1.1m
mainly Investment in fixed assets (net) (-€12.3m) and Debts after one year (-€5.6m)
Equity and liabilities
- Other debts +€8.5m
up €8.5m (+39.1%), from €21.7m to €30.1m
- Debts after one year -€5.6m
down €5.6m (-11.2%), from €50.3m to €44.7m
of which Financial debts: -€4.8m
- Short-term financial debts -€5.6m
down €5.6m (-24.6%), from €22.7m to €17.1m
of which Other loans: -€3.7m
- Trade debts -€4.4m
down €4.4m (-7.9%), from €55.8m to €51.4m
Income statement
- Turnover -€23.4m
down €23.4m (-3.2%), from €724.1m to €700.7m
- Goods and materials -€20.8m
down €20.8m (-2.9%), from €727.8m to €707.0m
of which Purchases: -€23.5m
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
-€888,362
Turnover
-€23.4m
Other operating income
+€3.0m
Goods and materials
+€20.8m
Services and other goods
+€3.0m
Staff costs
-€565,377
Depreciation
+€674,313
Write-downs
+€595,778
Provisions
-€16,881
Other operating charges
-€4.3m
Other operating items
+€2.2m
Financial income
+€173,443
Financial charges
+€55,521
Taxes
-€207
Deferred taxes and other
-€86,325
Result 2025
€1.3m
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
+€21.3m
Investment
-€12.3m
Financing
-€11.7m
Cash 2024
€3.8m
From operations (derived)
+€21.3m
Net result for the year
+€1.3m
Depreciation
+€13.4m
Receivables after one year
+€73,646
Stocks and contracts
+€1.5m
Receivables within one year
-€73,101
Deferred charges and accrued income
-€758,445
Provisions
-€240,474
Trade debts
-€4.4m
Tax, wage and social debts
+€1.8m
Other debts
+€8.5m
Accrued charges and deferred income
+€243,425
Investment (derived)
-€12.3m
Investment in fixed assets (net)
-€12.3m
Financing
-€11.7m
Debts after one year
-€5.6m
Current portion of long-term debt
-€402,491
Short-term financial debts
-€5.6m
Contributions, distributions and other
-€100,278
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €209,428,833 | €204,934,222 | -€4.5m | -2.1% |
| Fixed assets | 21/28 | €128,242,657 | €127,205,979 | -€1.0m | -0.8% |
| Intangible fixed assets | 21 | - | €368,693 | +€368,693 | |
| Tangible fixed assets | 22/27 | €107,818,464 | €106,906,619 | -€911,845 | -0.8% |
| Land and buildings | 22 | €70,129,267 | €63,990,792 | -€6.1m | -8.8% |
| Plant, machinery and equipment | 23 | €17,716,728 | €19,984,660 | +€2.3m | +12.8% |
| Furniture and vehicles | 24 | €2,674,155 | €2,346,037 | -€328,118 | -12.3% |
| Other tangible fixed assets | 26 | €17,298,314 | €18,188,767 | +€890,452 | +5.1% |
| Assets under construction and advance payments | 27 | - | €2,396,363 | +€2.4m | |
| Financial fixed assets | 28 | €20,424,193 | €19,930,668 | -€493,524 | -2.4% |
| Affiliated companies | 280/1 | €18,992,223 | €18,443,552 | -€548,672 | -2.9% |
| Participating interests | 280 | €13,992,223 | €14,443,552 | +€451,328 | +3.2% |
| Amounts receivable | 281 | €5,000,000 | €4,000,000 | -€1.0m | -20.0% |
| Companies linked by participating interests | 282/3 | €1,281,205 | €1,306,345 | +€25,140 | +2.0% |
| Participating interests | 282 | €1,281,205 | €1,306,345 | +€25,140 | +2.0% |
| Other financial fixed assets | 284/8 | €150,765 | €180,772 | +€30,007 | +19.9% |
| Shares | 284 | €149,579 | €149,579 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,186 | €31,193 | +€30,007 | +2530.3% |
| Current assets | 29/58 | €81,186,176 | €77,728,243 | -€3.5m | -4.3% |
| Amounts receivable after more than one year | 29 | €406,405 | €332,759 | -€73,646 | -18.1% |
| Trade receivables | 290 | €106,405 | €82,759 | -€23,646 | -22.2% |
| Other amounts receivable | 291 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Stocks and contracts in progress | 3 | €12,662,822 | €11,174,676 | -€1.5m | -11.8% |
| Stocks | 30/36 | €12,662,822 | €11,174,676 | -€1.5m | -11.8% |
| Goods purchased for resale | 34 | €12,662,822 | €11,174,676 | -€1.5m | -11.8% |
| Amounts receivable within one year | 40/41 | €62,835,044 | €62,908,146 | +€73,101 | +0.1% |
| Trade receivables | 40 | €51,439,017 | €54,062,073 | +€2.6m | +5.1% |
| Other amounts receivable | 41 | €11,396,028 | €8,846,072 | -€2.5m | -22.4% |
| Cash at bank and in hand | 54/58 | €3,796,753 | €1,069,066 | -€2.7m | -71.8% |
| Deferred charges and accrued income | 490/1 | €1,485,152 | €2,243,596 | +€758,445 | +51.1% |
| Total equity and liabilities | 10/49 | €209,428,833 | €204,934,222 | -€4.5m | -2.1% |
| Equity | 10/15 | €45,049,197 | €46,257,829 | +€1.2m | +2.7% |
| Contributions | 10/11 | €2,348,090 | €2,271,064 | -€77,026 | -3.3% |
| Reserves | 13 | €36,246,682 | €37,532,340 | +€1.3m | +3.5% |
| Non-distributable reserves | 130/1 | €6,848,524 | €6,848,524 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,848,524 | €6,848,524 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,930,633 | €1,202,453 | -€728,180 | -37.7% |
| Distributable reserves | 133 | €27,467,525 | €29,481,363 | +€2.0m | +7.3% |
| Profit (loss) carried forward | 14 | €6,454,425 | €6,454,425 | = | 0.0% |
| Provisions and deferred taxes | 16 | €699,508 | €459,035 | -€240,474 | -34.4% |
| Provisions for liabilities and charges | 160/5 | €547,324 | €385,346 | -€161,978 | -29.6% |
| Other liabilities and charges | 164/5 | €547,324 | €385,346 | -€161,978 | -29.6% |
| Deferred taxes | 168 | €152,184 | €73,688 | -€78,495 | -51.6% |
| Amounts payable | 17/49 | €163,680,128 | €158,217,359 | -€5.5m | -3.3% |
| Amounts payable after more than one year | 17 | €50,314,283 | €44,699,787 | -€5.6m | -11.2% |
| Financial debts | 170/4 | €47,693,814 | €42,933,098 | -€4.8m | -10.0% |
| Credit institutions | 173 | €47,693,814 | €42,933,098 | -€4.8m | -10.0% |
| Trade debts | 175 | €112,789 | €89,144 | -€23,646 | -21.0% |
| Suppliers | 1750 | €112,789 | €89,144 | -€23,646 | -21.0% |
| Other amounts payable | 178/9 | €2,507,680 | €1,677,546 | -€830,134 | -33.1% |
| Amounts payable within one year | 42/48 | €111,529,371 | €111,437,672 | -€91,699 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €6,705,930 | €6,303,439 | -€402,491 | -6.0% |
| Financial debts | 43 | €22,650,213 | €17,085,111 | -€5.6m | -24.6% |
| Credit institutions | 430/8 | €19,000,000 | €17,085,111 | -€1.9m | -10.1% |
| Other loans | 439 | €3,650,213 | - | -€3.7m | |
| Trade debts | 44 | €55,819,553 | €51,411,931 | -€4.4m | -7.9% |
| Suppliers | 440/4 | €55,819,553 | €51,411,931 | -€4.4m | -7.9% |
| Taxes, remuneration and social security | 45 | €4,696,244 | €6,509,638 | +€1.8m | +38.6% |
| Taxes | 450/3 | €441,763 | €497,343 | +€55,579 | +12.6% |
| Remuneration and social security | 454/9 | €4,254,481 | €6,012,295 | +€1.8m | +41.3% |
| Other amounts payable | 47/48 | €21,657,431 | €30,127,553 | +€8.5m | +39.1% |
| Accrued charges and deferred income | 492/3 | €1,836,474 | €2,079,899 | +€243,425 | +13.3% |
| Operating income | 70/76A | €872,748,833 | €855,210,403 | -€17.5m | -2.0% |
| Turnover | 70 | €724,098,052 | €700,746,241 | -€23.4m | -3.2% |
| Other operating income | 74 | €146,202,885 | €149,179,690 | +€3.0m | +2.0% |
| Non-recurring operating income | 76A | €2,447,895 | €5,284,472 | +€2.8m | +115.9% |
| Operating charges | 60/66A | €877,146,024 | €857,552,754 | -€19.6m | -2.2% |
| Goods for resale, raw materials and consumables | 60 | €727,821,015 | €706,979,141 | -€20.8m | -2.9% |
| Purchases | 600/8 | €729,019,496 | €705,490,995 | -€23.5m | -3.2% |
| Change in stocks: decrease (increase) | 609 | -€1,198,480 | €1,488,146 | +€2.7m | |
| Services and other goods | 61 | €79,080,709 | €76,092,541 | -€3.0m | -3.8% |
| Remuneration, social security and pensions | 62 | €33,747,707 | €34,313,085 | +€565,377 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,027,125 | €13,352,813 | -€674,313 | -4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€595,778 | -€595,778 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€170,714 | -€153,833 | +€16,881 | +9.9% |
| Other operating charges | 640/8 | €22,626,313 | €26,938,223 | +€4.3m | +19.1% |
| Non-recurring operating charges | 66A | €13,868 | €626,562 | +€612,694 | +4417.9% |
| Operating profit (loss) | 9901 | -€4,397,191 | -€2,342,352 | +€2.1m | +46.7% |
| Financial income | 75/76B | €4,973,902 | €5,147,345 | +€173,443 | +3.5% |
| Recurring financial income | 75 | €4,966,321 | €5,061,498 | +€95,177 | +1.9% |
| Income from financial fixed assets | 750 | €4,328,387 | €4,607,195 | +€278,808 | +6.4% |
| Income from current assets | 751 | €554,214 | €408,423 | -€145,791 | -26.3% |
| Other financial income | 752/9 | €83,719 | €45,880 | -€37,839 | -45.2% |
| Non-recurring financial income | 76B | €7,581 | €85,847 | +€78,266 | +1032.4% |
| Financial charges | 65/66B | €1,590,213 | €1,534,692 | -€55,521 | -3.5% |
| Recurring financial charges | 65 | €1,590,213 | €1,534,692 | -€55,521 | -3.5% |
| Debt charges | 650 | €1,496,397 | €1,423,281 | -€73,117 | -4.9% |
| Other financial charges | 652/9 | €93,815 | €111,411 | +€17,596 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,013,502 | €1,270,301 | +€2.3m | |
| Transfer from deferred taxes | 780 | €164,820 | €78,495 | -€86,325 | -52.4% |
| Income taxes | 67/77 | €39,680 | €39,887 | +€207 | +0.5% |
| Taxes | 670/3 | €39,680 | €39,887 | +€207 | +0.5% |
| Profit (loss) for the period | 9904 | -€888,362 | €1,308,910 | +€2.2m | |
| Transfer from tax-exempt reserves | 789 | €987,154 | €728,180 | -€258,974 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €98,792 | €2,037,090 | +€1.9m | +1962.0% |
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 7 October 2026 via checked.be.