BELPASTA: 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.
BELPASTA
Largest movements
- Stocks and contracts +€33,988
up €33,988 (+307.5%), from €11,052 to €45,040
- Receivables within one year +€31,458
up €31,458 (+116.4%), from €27,017 to €58,475
of which Trade receivables: +€36,768
- Cash -€19,697
down €19,697 (-61.0%), from €32,304 to €12,607
mainly Stocks and contracts (-€33,988) and Receivables within one year (-€31,458)
- Tangible fixed assets -€14,102
down €14,102 (-10.2%), from €138,870 to €124,768
of which Plant, machinery and equipment: -€14,771
- Deferred charges and accrued income +€6,985
up €6,985 (+475.6%), from €1,469 to €8,454
- Profit (loss) carried forward +€61,554
up €61,554 (+64.0%), from -€96,243 to -€34,688
- Debts after one year -€27,156
down €27,156 (-25.9%), from €104,689 to €77,532
- Tax, wage and social debts +€7,624
new in 2025: €7,624
of which Remuneration and social security: +€7,148
- Trade debts +€6,982
up €6,982 (+17.1%), from €40,782 to €47,764
- Other debts -€6,423
down €6,423 (-5.9%), from €108,683 to €102,261
- Gross operating margin +€152,041
up €152,041, from -€3,748 to €148,293
- Staff costs +€56,775
up €56,775 (+2386.5%), from €2,379 to €59,154
- Financial income +€4,033
up €4,033 (+761000.0%), from €1 to €4,034
- Depreciation +€1,856
up €1,856 (+7.5%), from €24,687 to €26,543
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 | €215,954 | €253,025 | +€37,071 | +17.2% |
| Fixed assets | 21/28 | €144,112 | €128,449 | -€15,664 | -10.9% |
| Intangible fixed assets | 21 | €3,242 | €1,680 | -€1,562 | -48.2% |
| Tangible fixed assets | 22/27 | €138,870 | €124,768 | -€14,102 | -10.2% |
| Plant, machinery and equipment | 23 | €138,870 | €124,100 | -€14,771 | -10.6% |
| Furniture and vehicles | 24 | - | €669 | +€669 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €71,842 | €124,577 | +€52,735 | +73.4% |
| Stocks and contracts in progress | 3 | €11,052 | €45,040 | +€33,988 | +307.5% |
| Stocks | 30/36 | €11,052 | €45,040 | +€33,988 | +307.5% |
| Amounts receivable within one year | 40/41 | €27,017 | €58,475 | +€31,458 | +116.4% |
| Trade receivables | 40 | €13,704 | €50,472 | +€36,768 | +268.3% |
| Other amounts receivable | 41 | €13,314 | €8,004 | -€5,310 | -39.9% |
| Cash at bank and in hand | 54/58 | €32,304 | €12,607 | -€19,697 | -61.0% |
| Deferred charges and accrued income | 490/1 | €1,469 | €8,454 | +€6,985 | +475.6% |
| Total equity and liabilities | 10/49 | €215,954 | €253,025 | +€37,071 | +17.2% |
| Equity | 10/15 | -€65,243 | -€9,312 | +€55,931 | +85.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,243 | -€34,688 | +€61,554 | +64.0% |
| Investment grants | 15 | €9,000 | €3,376 | -€5,624 | -62.5% |
| Amounts payable | 17/49 | €281,197 | €262,337 | -€18,860 | -6.7% |
| Amounts payable after more than one year | 17 | €104,689 | €77,532 | -€27,156 | -25.9% |
| Financial debts | 170/4 | €104,689 | €77,532 | -€27,156 | -25.9% |
| Amounts payable within one year | 42/48 | €176,508 | €184,805 | +€8,297 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €27,043 | €27,156 | +€113 | +0.4% |
| Trade debts | 44 | €40,782 | €47,764 | +€6,982 | +17.1% |
| Suppliers | 440/4 | €40,782 | €47,764 | +€6,982 | +17.1% |
| Taxes, remuneration and social security | 45 | - | €7,624 | +€7,624 | |
| Taxes | 450/3 | - | €476 | +€476 | |
| Remuneration and social security | 454/9 | - | €7,148 | +€7,148 | |
| Other amounts payable | 47/48 | €108,683 | €102,261 | -€6,423 | -5.9% |
| Remuneration, social security and pensions | 62 | €2,379 | €59,154 | +€56,775 | +2386.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,687 | €26,543 | +€1,856 | +7.5% |
| Other operating charges | 640/8 | €106 | €1,268 | +€1,162 | +1093.4% |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | -€3,748 | €148,293 | +€152,041 | |
| Operating profit (loss) | 9901 | -€30,920 | €61,316 | +€92,236 | |
| Financial income | 75/76B | €1 | €4,034 | +€4,033 | +761000.0% |
| Recurring financial income | 75 | €1 | €4,034 | +€4,033 | +761000.0% |
| Financial charges | 65/66B | €4,382 | €3,769 | -€613 | -14.0% |
| Recurring financial charges | 65 | €4,382 | €3,769 | -€613 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,302 | €61,580 | +€96,882 | |
| Income taxes | 67/77 | €0 | €25 | +€25 | +15825.0% |
| Profit (loss) for the period | 9904 | -€35,302 | €61,554 | +€96,857 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,302 | €61,554 | +€96,857 |
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 5 October 2026 via checked.be.