BELRIVE: what changed
What changed
BELRIVE
NACE 30.110, Manufacture of other transport equipment
filed annual accounts (NBB)
Net result for the year
-€17,377
2024 · €51,721-€69,098
Equity
€543,525
2024 · €560,902-€17,377
Cash
€294,513
2024 · €250,909+€43,604
Balance sheet total
€789,190
2024 · €762,955+€26,234
Largest movements
Assets
- Stocks and contracts -€66,076
down €66,076 (-26.1%), from €252,882 to €186,806
- Cash +€43,604
up €43,604 (+17.4%), from €250,909 to €294,513
mainly Stocks and contracts (+€66,076) and Trade debts (+€50,569)
- Receivables within one year +€30,642
up €30,642 (+15.2%), from €201,306 to €231,948
of which Trade receivables: +€36,429
- Tangible fixed assets +€15,475
up €15,475 (+84.4%), from €18,336 to €33,811
of which Furniture and vehicles: +€14,397
Equity and liabilities
- Trade debts +€50,569
up €50,569 (+36.0%), from €140,656 to €191,225
- Profit (loss) carried forward -€17,377
down €17,377 (-6.6%), from €263,302 to €245,925
- Tax, wage and social debts -€13,160
down €13,160 (-32.8%), from €40,067 to €26,908
of which Taxes: -€14,746
Income statement
- Gross operating margin -€75,657
down €75,657 (-24.8%), from €305,467 to €229,810
- Taxes -€20,433
down €20,433 (-100%), from €20,433 to €0
- Financial income -€7,195
down €7,195 (-91.3%), from €7,883 to €688
- Staff costs +€6,198
up €6,198 (+2.8%), from €225,257 to €231,455
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€51,721
Gross operating margin
-€75,657
Staff costs
-€6,198
Depreciation
-€2,198
Write-downs
+€1,408
Other operating charges
-€1,963
Financial income
-€7,195
Financial charges
+€2,273
Taxes
+€20,433
Result 2025
-€17,377
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€69,077
Investment
-€25,473
Financing
€0
Cash 2024
€250,909
From operations (derived)
+€69,077
Net result for the year
-€17,377
Depreciation
+€11,258
Stocks and contracts
+€66,076
Receivables within one year
-€30,642
Deferred charges and accrued income
-€3,850
Trade debts
+€50,569
Tax, wage and social debts
-€13,160
Other debts
+€6,213
Accrued charges and deferred income
-€11
Investment (derived)
-€25,473
Investment in fixed assets (net)
-€25,473
Cash 2025
€294,513
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €762,955 | €789,190 | +€26,234 | +3.4% |
| Fixed assets | 21/28 | €47,416 | €61,631 | +€14,215 | +30.0% |
| Intangible fixed assets | 21 | €2,229 | €0 | -€2,229 | -100% |
| Tangible fixed assets | 22/27 | €18,336 | €33,811 | +€15,475 | +84.4% |
| Plant, machinery and equipment | 23 | €11,541 | €12,619 | +€1,078 | +9.3% |
| Furniture and vehicles | 24 | €6,795 | €21,192 | +€14,397 | +212% |
| Financial fixed assets | 28 | €26,852 | €27,820 | +€969 | +3.6% |
| Current assets | 29/58 | €715,539 | €727,559 | +€12,019 | +1.7% |
| Stocks and contracts in progress | 3 | €252,882 | €186,806 | -€66,076 | -26.1% |
| Stocks | 30/36 | €252,882 | €186,806 | -€66,076 | -26.1% |
| Amounts receivable within one year | 40/41 | €201,306 | €231,948 | +€30,642 | +15.2% |
| Trade receivables | 40 | €135,194 | €171,622 | +€36,429 | +26.9% |
| Other amounts receivable | 41 | €66,112 | €60,325 | -€5,787 | -8.8% |
| Cash at bank and in hand | 54/58 | €250,909 | €294,513 | +€43,604 | +17.4% |
| Deferred charges and accrued income | 490/1 | €10,442 | €14,292 | +€3,850 | +36.9% |
| Total equity and liabilities | 10/49 | €762,955 | €789,190 | +€26,234 | +3.4% |
| Equity | 10/15 | €560,902 | €543,525 | -€17,377 | -3.1% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €172,601 | €172,601 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €160,101 | €160,101 | = | 0.0% |
| Profit (loss) carried forward | 14 | €263,302 | €245,925 | -€17,377 | -6.6% |
| Amounts payable | 17/49 | €202,053 | €245,664 | +€43,611 | +21.6% |
| Amounts payable within one year | 42/48 | €197,909 | €241,531 | +€43,622 | +22.0% |
| Trade debts | 44 | €140,656 | €191,225 | +€50,569 | +36.0% |
| Suppliers | 440/4 | €140,656 | €191,225 | +€50,569 | +36.0% |
| Taxes, remuneration and social security | 45 | €40,067 | €26,908 | -€13,160 | -32.8% |
| Taxes | 450/3 | €14,784 | €38 | -€14,746 | -99.7% |
| Remuneration and social security | 454/9 | €25,283 | €26,869 | +€1,587 | +6.3% |
| Other amounts payable | 47/48 | €17,185 | €23,399 | +€6,213 | +36.2% |
| Accrued charges and deferred income | 492/3 | €4,144 | €4,133 | -€11 | -0.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €225,257 | €231,455 | +€6,198 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,060 | €11,258 | +€2,198 | +24.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,408 | -€1,408 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,223 | €3,185 | +€1,963 | +161% |
| Gross operating margin | 9900 | €305,467 | €229,810 | -€75,657 | -24.8% |
| Operating profit (loss) | 9901 | €69,927 | -€14,681 | -€84,608 | |
| Financial income | 75/76B | €7,883 | €688 | -€7,195 | -91.3% |
| Recurring financial income | 75 | €7,883 | €688 | -€7,195 | -91.3% |
| Financial charges | 65/66B | €5,656 | €3,383 | -€2,273 | -40.2% |
| Recurring financial charges | 65 | €5,656 | €3,383 | -€2,273 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €72,154 | -€17,377 | -€89,531 | |
| Income taxes | 67/77 | €20,433 | €0 | -€20,433 | -100% |
| Profit (loss) for the period | 9904 | €51,721 | -€17,377 | -€69,098 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,721 | -€17,377 | -€69,098 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.