BELREF: 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.
What changed
BELREF
NACE 23.200, Manufacture of other non-metallic mineral products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€267,414
2024 · -€835,522+€568,109
Equity
€1.9m
2024 · €2.1m-€267,414
Cash
€577,013
2024 · €110,853+€466,160
Balance sheet total
€4.8m
2024 · €4.7m+€68,004
Largest movements
Assets
- Cash +€466,160
up €466,160 (+421%), from €110,853 to €577,013
mainly Depreciation (+€551,633) and Trade debts (+€551,104)
- Tangible fixed assets -€398,395
down €398,395 (-22.6%), from €1.8m to €1.4m
of which Plant, machinery and equipment: -€399,019
- Receivables within one year -€271,507
down €271,507 (-17.6%), from €1.5m to €1.3m
of which Trade receivables: -€192,701
- Stocks and contracts +€151,876
up €151,876 (+12.6%), from €1.2m to €1.4m
- Deferred charges and accrued income +€113,775
up €113,775 (+514%), from €22,119 to €135,894
Equity and liabilities
- Trade debts +€551,104
up €551,104 (+93.5%), from €589,722 to €1.1m
- Profit (loss) carried forward -€267,414
down €267,414 (-36.7%), from -€728,917 to -€996,331
- Debts after one year -€155,743
down €155,743 (-25.2%), from €619,199 to €463,457
- Tax, wage and social debts -€87,716
down €87,716 (-32.7%), from €268,263 to €180,547
of which Taxes: -€48,193
Income statement
- Goods and materials +€788,689
up €788,689 (+31.7%), from €2.5m to €3.3m
of which Purchases: +€520,300
- Turnover +€318,905
up €318,905 (+5.4%), from €6.0m to €6.3m
- Financial income +€199,342
up €199,342 (+8,942%), from €2,229 to €201,571
of which Non-recurring financial income: +€199,328
- Depreciation +€69,965
up €69,965 (+14.5%), from €481,668 to €551,633
- Other operating income +€68,996
up €68,996 (+290%), from €23,764 to €92,760
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
-€835,522
Turnover
+€318,905
Other operating income
+€68,996
Goods and materials
-€788,689
Services and other goods
-€4,639
Staff costs
+€58,925
Depreciation
-€69,965
Other operating charges
-€1,424
Other operating items
+€771,775
Financial income
+€199,342
Financial charges
+€15,392
Taxes
-€509
Result 2025
-€267,414
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€767,203
Investment
-€159,333
Financing
-€141,710
Cash 2024
€110,853
From operations (derived)
+€767,203
Net result for the year
-€267,414
Depreciation
+€551,633
Stocks and contracts
-€151,876
Receivables within one year
+€271,507
Deferred charges and accrued income
-€113,775
Trade debts
+€551,104
Tax, wage and social debts
-€87,716
Other debts
-€12,056
Accrued charges and deferred income
+€25,795
Investment (derived)
-€159,333
Investment in fixed assets (net)
-€159,333
Financing
-€141,710
Debts after one year
-€155,743
Current portion of long-term debt
+€14,032
Cash 2025
€577,013
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,741,806 | €4,809,809 | +€68,004 | +1.4% |
| Fixed assets | 21/28 | €1,864,354 | €1,472,053 | -€392,301 | -21.0% |
| Intangible fixed assets | 21 | - | €6,094 | +€6,094 | |
| Tangible fixed assets | 22/27 | €1,764,702 | €1,366,307 | -€398,395 | -22.6% |
| Plant, machinery and equipment | 23 | €1,692,218 | €1,293,199 | -€399,019 | -23.6% |
| Furniture and vehicles | 24 | €52,591 | €43,367 | -€9,224 | -17.5% |
| Other tangible fixed assets | 26 | €19,893 | €20,824 | +€931 | +4.7% |
| Assets under construction and advance payments | 27 | - | €8,917 | +€8,917 | |
| Financial fixed assets | 28 | €99,652 | €99,652 | = | 0.0% |
| Other financial fixed assets | 284/8 | €99,652 | €99,652 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €99,652 | €99,652 | = | 0.0% |
| Current assets | 29/58 | €2,877,452 | €3,337,756 | +€460,304 | +16.0% |
| Stocks and contracts in progress | 3 | €1,204,225 | €1,356,101 | +€151,876 | +12.6% |
| Stocks | 30/36 | €1,204,225 | €1,356,101 | +€151,876 | +12.6% |
| Raw materials and consumables | 30/31 | €880,830 | €875,055 | -€5,775 | -0.7% |
| Work in progress | 32 | €102,314 | €256,314 | +€154,000 | +151% |
| Finished goods | 33 | €208,065 | €210,071 | +€2,006 | +1.0% |
| Goods purchased for resale | 34 | €13,017 | €14,661 | +€1,645 | +12.6% |
| Amounts receivable within one year | 40/41 | €1,540,255 | €1,268,748 | -€271,507 | -17.6% |
| Trade receivables | 40 | €1,387,709 | €1,195,008 | -€192,701 | -13.9% |
| Other amounts receivable | 41 | €152,546 | €73,740 | -€78,806 | -51.7% |
| Cash at bank and in hand | 54/58 | €110,853 | €577,013 | +€466,160 | +421% |
| Deferred charges and accrued income | 490/1 | €22,119 | €135,894 | +€113,775 | +514% |
| Total equity and liabilities | 10/49 | €4,741,806 | €4,809,809 | +€68,004 | +1.4% |
| Equity | 10/15 | €2,132,167 | €1,864,754 | -€267,414 | -12.5% |
| Contributions | 10/11 | €2,800,000 | €2,800,000 | = | 0.0% |
| Capital | 10 | €2,800,000 | €2,800,000 | = | 0.0% |
| Issued capital | 100 | €2,800,000 | €2,800,000 | = | 0.0% |
| Reserves | 13 | €61,085 | €61,085 | = | 0.0% |
| Non-distributable reserves | 130/1 | €61,085 | €61,085 | = | 0.0% |
| Legal reserve | 130 | €61,085 | €61,085 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€728,917 | -€996,331 | -€267,414 | -36.7% |
| Amounts payable | 17/49 | €2,609,638 | €2,945,055 | +€335,417 | +12.9% |
| Amounts payable after more than one year | 17 | €619,199 | €463,457 | -€155,743 | -25.2% |
| Financial debts | 170/4 | €619,199 | €463,457 | -€155,743 | -25.2% |
| Credit institutions | 173 | €619,199 | €463,457 | -€155,743 | -25.2% |
| Amounts payable within one year | 42/48 | €1,935,175 | €2,400,540 | +€465,365 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €265,135 | €279,168 | +€14,032 | +5.3% |
| Trade debts | 44 | €589,722 | €1,140,826 | +€551,104 | +93.5% |
| Suppliers | 440/4 | €589,722 | €1,140,826 | +€551,104 | +93.5% |
| Taxes, remuneration and social security | 45 | €268,263 | €180,547 | -€87,716 | -32.7% |
| Taxes | 450/3 | €59,913 | €11,720 | -€48,193 | -80.4% |
| Remuneration and social security | 454/9 | €208,350 | €168,826 | -€39,523 | -19.0% |
| Other amounts payable | 47/48 | €812,056 | €800,000 | -€12,056 | -1.5% |
| Accrued charges and deferred income | 492/3 | €55,264 | €81,059 | +€25,795 | +46.7% |
| Operating income | 70/76A | €5,652,310 | €6,811,986 | +€1.2m | +20.5% |
| Turnover | 70 | €5,956,156 | €6,275,061 | +€318,905 | +5.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€428,638 | €444,164 | +€872,803 | |
| Own construction capitalised | 72 | €101,028 | - | -€101,028 | |
| Other operating income | 74 | €23,764 | €92,760 | +€68,996 | +290% |
| Operating charges | 60/66A | €6,410,543 | €7,216,335 | +€805,792 | +12.6% |
| Goods for resale, raw materials and consumables | 60 | €2,489,174 | €3,277,862 | +€788,689 | +31.7% |
| Purchases | 600/8 | €2,465,274 | €2,985,574 | +€520,300 | +21.1% |
| Change in stocks: decrease (increase) | 609 | €23,900 | €292,289 | +€268,389 | +1,123% |
| Services and other goods | 61 | €1,784,401 | €1,789,041 | +€4,639 | +0.3% |
| Remuneration, social security and pensions | 62 | €1,499,044 | €1,440,120 | -€58,925 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €481,668 | €551,633 | +€69,965 | +14.5% |
| Other operating charges | 640/8 | €156,254 | €157,678 | +€1,424 | +0.9% |
| Operating profit (loss) | 9901 | -€758,233 | -€404,349 | +€353,884 | +46.7% |
| Financial income | 75/76B | €2,229 | €201,571 | +€199,342 | +8,942% |
| Recurring financial income | 75 | €2,229 | €2,243 | +€14 | +0.6% |
| Other financial income | 752/9 | €2,229 | €2,243 | +€14 | +0.6% |
| Non-recurring financial income | 76B | - | €199,328 | +€199,328 | |
| Financial charges | 65/66B | €78,755 | €63,363 | -€15,392 | -19.5% |
| Recurring financial charges | 65 | €78,755 | €63,363 | -€15,392 | -19.5% |
| Debt charges | 650 | €74,790 | €60,531 | -€14,259 | -19.1% |
| Other financial charges | 652/9 | €3,965 | €2,832 | -€1,133 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | -€834,758 | -€266,141 | +€568,618 | +68.1% |
| Income taxes | 67/77 | €764 | €1,273 | +€509 | +66.6% |
| Taxes | 670/3 | €764 | €1,273 | +€509 | +66.6% |
| Profit (loss) for the period | 9904 | -€835,522 | -€267,414 | +€568,109 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€835,522 | -€267,414 | +€568,109 | +68.0% |
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 15 October 2026 via checked.be.