BELRO CONSTRUCT: 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.
BELRO CONSTRUCT
Largest movements
- Tangible fixed assets -€12,296
down €12,296 (-44.7%), from €27,501 to €15,205
of which Leasing and similar rights: -€25,385
- Deferred charges and accrued income +€11,581
up €11,581 (+3197.5%), from €362 to €11,943
- Receivables within one year -€8,356
down €8,356 (-31.5%), from €26,542 to €18,186
of which Trade receivables: -€11,318
- Cash +€2,691
up €2,691 (+1839.2%), from €146 to €2,837
mainly Net result for the year (+€16,563) and Investment in fixed assets (net) (+€10,296)
- Financial fixed assets +€1,000
new in 2025: €1,000
- Debts after one year -€18,424
no longer reported in 2025 (was €18,424)
- Profit (loss) carried forward +€16,563
up €16,563 (+84.1%), from €19,688 to €36,251
- Current portion of long-term debt -€3,022
no longer reported in 2025 (was €3,022)
- Tax, wage and social debts -€863
down €863 (-13.5%), from €6,375 to €5,513
of which Remuneration and social security: -€2,295
- Gross operating margin +€29,054
up €29,054 (+139.2%), from €20,879 to €49,933
- Depreciation -€1,753
down €1,753 (-63.7%), from €2,753 to €1,000
- Taxes +€1,425
up €1,425 (+34.9%), from €4,080 to €5,505
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 | €54,551 | €49,171 | -€5,380 | -9.9% |
| Fixed assets | 21/28 | €27,501 | €16,205 | -€11,296 | -41.1% |
| Tangible fixed assets | 22/27 | €27,501 | €15,205 | -€12,296 | -44.7% |
| Furniture and vehicles | 24 | €2,116 | €15,205 | +€13,089 | +618.6% |
| Leasing and similar rights | 25 | €25,385 | - | -€25,385 | |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €27,050 | €32,966 | +€5,915 | +21.9% |
| Amounts receivable within one year | 40/41 | €26,542 | €18,186 | -€8,356 | -31.5% |
| Trade receivables | 40 | €23,767 | €12,449 | -€11,318 | -47.6% |
| Other amounts receivable | 41 | €2,775 | €5,737 | +€2,962 | +106.7% |
| Cash at bank and in hand | 54/58 | €146 | €2,837 | +€2,691 | +1839.2% |
| Deferred charges and accrued income | 490/1 | €362 | €11,943 | +€11,581 | +3197.5% |
| Total equity and liabilities | 10/49 | €54,551 | €49,171 | -€5,380 | -9.9% |
| Equity | 10/15 | €22,688 | €39,251 | +€16,563 | +73.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,688 | €36,251 | +€16,563 | +84.1% |
| Amounts payable | 17/49 | €31,864 | €9,920 | -€21,943 | -68.9% |
| Amounts payable after more than one year | 17 | €18,424 | - | -€18,424 | |
| Financial debts | 170/4 | €18,424 | - | -€18,424 | |
| Amounts payable within one year | 42/48 | €13,439 | €9,920 | -€3,519 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €3,022 | - | -€3,022 | |
| Trade debts | 44 | €4,042 | €4,408 | +€365 | +9.0% |
| Suppliers | 440/4 | €4,042 | €4,408 | +€365 | +9.0% |
| Taxes, remuneration and social security | 45 | €6,375 | €5,513 | -€863 | -13.5% |
| Taxes | 450/3 | €4,080 | €5,513 | +€1,432 | +35.1% |
| Remuneration and social security | 454/9 | €2,295 | - | -€2,295 | |
| Non-recurring operating income | 76A | - | €22,202 | +€22,202 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,753 | €1,000 | -€1,753 | -63.7% |
| Other operating charges | 640/8 | €851 | €521 | -€330 | -38.8% |
| Non-recurring operating charges | 66A | - | €25,385 | +€25,385 | |
| Gross operating margin | 9900 | €20,879 | €49,933 | +€29,054 | +139.2% |
| Operating profit (loss) | 9901 | €17,275 | €23,027 | +€5,752 | +33.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | +2400.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +2400.0% |
| Financial charges | 65/66B | €901 | €960 | +€59 | +6.6% |
| Recurring financial charges | 65 | €901 | €960 | +€59 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €16,375 | €22,068 | +€5,693 | +34.8% |
| Income taxes | 67/77 | €4,080 | €5,505 | +€1,425 | +34.9% |
| Profit (loss) for the period | 9904 | €12,294 | €16,563 | +€4,268 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,294 | €16,563 | +€4,268 | +34.7% |
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 2 October 2026 via checked.be.