BELRAM: 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.
BELRAM
Largest movements
- Receivables within one year +€883,255
up €883,255 (+206.6%), from €427,596 to €1.3m
of which Other amounts receivable: +€1.0m
- Cash -€471,997
down €471,997 (-76.8%), from €614,726 to €142,730
mainly Receivables within one year (-€883,255) and Stocks and contracts (-€79,091)
- Current investments -€95,774
down €95,774 (-68.0%), from €140,774 to €45,000
- Stocks and contracts +€79,091
up €79,091 (+7.2%), from €1.1m to €1.2m
- Profit (loss) carried forward +€273,370
up €273,370 (+13.9%), from €2.0m to €2.2m
- Trade debts +€180,402
up €180,402 (+780.4%), from €23,115 to €203,517
- Tax, wage and social debts -€72,378
down €72,378 (-43.2%), from €167,355 to €94,978
of which Taxes: -€63,252
- Gross operating margin -€371,378
down €371,378 (-27.9%), from €1.3m to €959,636
- Taxes -€81,776
down €81,776 (-46.8%), from €174,723 to €92,946
- Financial income +€63,345
up €63,345 (+496.6%), from €12,756 to €76,101
- Other operating charges +€20,220
up €20,220 (+753.4%), from €2,684 to €22,904
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 | €2,373,729 | €2,751,851 | +€378,122 | +15.9% |
| Fixed assets | 21/28 | €85,647 | €65,033 | -€20,614 | -24.1% |
| Intangible fixed assets | 21 | €2,947 | €1,507 | -€1,440 | -48.9% |
| Tangible fixed assets | 22/27 | €82,540 | €60,496 | -€22,044 | -26.7% |
| Plant, machinery and equipment | 23 | €20,584 | €18,027 | -€2,557 | -12.4% |
| Furniture and vehicles | 24 | €61,101 | €41,899 | -€19,203 | -31.4% |
| Other tangible fixed assets | 26 | €855 | €570 | -€285 | -33.3% |
| Financial fixed assets | 28 | €160 | €3,030 | +€2,870 | +1794.0% |
| Current assets | 29/58 | €2,288,081 | €2,686,818 | +€398,736 | +17.4% |
| Stocks and contracts in progress | 3 | €1,101,546 | €1,180,636 | +€79,091 | +7.2% |
| Stocks | 30/36 | €1,101,546 | €1,180,636 | +€79,091 | +7.2% |
| Amounts receivable within one year | 40/41 | €427,596 | €1,310,851 | +€883,255 | +206.6% |
| Trade receivables | 40 | €382,319 | €232,277 | -€150,042 | -39.2% |
| Other amounts receivable | 41 | €45,277 | €1,078,575 | +€1.0m | +2282.2% |
| Current investments | 50/53 | €140,774 | €45,000 | -€95,774 | -68.0% |
| Cash at bank and in hand | 54/58 | €614,726 | €142,730 | -€471,997 | -76.8% |
| Deferred charges and accrued income | 490/1 | €3,439 | €7,601 | +€4,162 | +121.0% |
| Total equity and liabilities | 10/49 | €2,373,729 | €2,751,851 | +€378,122 | +15.9% |
| Equity | 10/15 | €2,092,135 | €2,365,504 | +€273,370 | +13.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €63,270 | €63,270 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,270 | €26,270 | = | 0.0% |
| Legal reserve | 130 | €26,270 | €26,270 | = | 0.0% |
| Distributable reserves | 133 | €37,000 | €37,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,966,865 | €2,240,234 | +€273,370 | +13.9% |
| Amounts payable | 17/49 | €281,594 | €386,347 | +€104,753 | +37.2% |
| Amounts payable within one year | 42/48 | €278,298 | €386,347 | +€108,049 | +38.8% |
| Trade debts | 44 | €23,115 | €203,517 | +€180,402 | +780.4% |
| Suppliers | 440/4 | €23,115 | €203,517 | +€180,402 | +780.4% |
| Taxes, remuneration and social security | 45 | €167,355 | €94,978 | -€72,378 | -43.2% |
| Taxes | 450/3 | €108,796 | €45,545 | -€63,252 | -58.1% |
| Remuneration and social security | 454/9 | €58,559 | €49,433 | -€9,126 | -15.6% |
| Other amounts payable | 47/48 | €87,827 | €87,852 | +€25 | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,297 | - | -€3,297 | |
| Remuneration, social security and pensions | 62 | €534,482 | €531,652 | -€2,830 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,903 | €28,507 | -€2,396 | -7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,406 | €4,578 | +€172 | +3.9% |
| Other operating charges | 640/8 | €2,684 | €22,904 | +€20,220 | +753.4% |
| Gross operating margin | 9900 | €1,331,014 | €959,636 | -€371,378 | -27.9% |
| Operating profit (loss) | 9901 | €758,539 | €371,995 | -€386,544 | -51.0% |
| Financial income | 75/76B | €12,756 | €76,101 | +€63,345 | +496.6% |
| Recurring financial income | 75 | €12,756 | €76,101 | +€63,345 | +496.6% |
| Financial charges | 65/66B | €92,383 | €81,780 | -€10,604 | -11.5% |
| Recurring financial charges | 65 | €92,383 | €81,780 | -€10,604 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €678,912 | €366,316 | -€312,596 | -46.0% |
| Income taxes | 67/77 | €174,723 | €92,946 | -€81,776 | -46.8% |
| Profit (loss) for the period | 9904 | €504,189 | €273,370 | -€230,819 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | €504,189 | €273,370 | -€230,819 | -45.8% |
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.