Belsack Lutgart: 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.
Belsack Lutgart
Largest movements
- Cash +€33,210
up €33,210 (+87.8%), from €37,844 to €71,053
mainly Net result for the year (+€37,956) and Trade debts (+€11,446)
- Receivables within one year +€26,905
up €26,905 (+106%), from €25,295 to €52,200
of which Trade receivables: +€23,111
- Financial fixed assets -€9,000
no longer reported in 2025 (was €9,000)
- Reserves +€37,956
up €37,956 (+78.4%), from €48,413 to €86,368
- Trade debts +€11,446
up €11,446 (+931%), from €1,230 to €12,676
- Gross operating margin -€7,788
down €7,788 (-12.6%), from €61,759 to €53,971
- Taxes +€2,470
up €2,470 (+19.8%), from €12,500 to €14,970
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €74,021 | €124,714 | +€50,693 | +68.5% |
| Fixed assets | 21/28 | €10,882 | €1,460 | -€9,422 | -86.6% |
| Tangible fixed assets | 22/27 | €1,882 | €1,460 | -€422 | -22.4% |
| Furniture and vehicles | 24 | €1,882 | €1,460 | -€422 | -22.4% |
| Financial fixed assets | 28 | €9,000 | - | -€9,000 | |
| Current assets | 29/58 | €63,139 | €123,253 | +€60,115 | +95.2% |
| Amounts receivable within one year | 40/41 | €25,295 | €52,200 | +€26,905 | +106% |
| Trade receivables | 40 | €25,289 | €48,400 | +€23,111 | +91.4% |
| Other amounts receivable | 41 | €6 | €3,800 | +€3,794 | +60,797% |
| Cash at bank and in hand | 54/58 | €37,844 | €71,053 | +€33,210 | +87.8% |
| Total equity and liabilities | 10/49 | €74,021 | €124,714 | +€50,693 | +68.5% |
| Equity | 10/15 | €50,913 | €88,868 | +€37,956 | +74.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €48,413 | €86,368 | +€37,956 | +78.4% |
| Distributable reserves | 133 | €48,413 | €86,368 | +€37,956 | +78.4% |
| Amounts payable | 17/49 | €23,108 | €35,845 | +€12,737 | +55.1% |
| Amounts payable within one year | 42/48 | €23,108 | €35,845 | +€12,737 | +55.1% |
| Trade debts | 44 | €1,230 | €12,676 | +€11,446 | +931% |
| Suppliers | 440/4 | €1,230 | €12,676 | +€11,446 | +931% |
| Taxes, remuneration and social security | 45 | €21,779 | €22,180 | +€400 | +1.8% |
| Taxes | 450/3 | €21,779 | €13,930 | -€7,850 | -36.0% |
| Remuneration and social security | 454/9 | - | €8,250 | +€8,250 | |
| Other amounts payable | 47/48 | €100 | €990 | +€890 | +893% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228 | €422 | +€194 | +85.3% |
| Other operating charges | 640/8 | €603 | €473 | -€130 | -21.5% |
| Gross operating margin | 9900 | €61,759 | €53,971 | -€7,788 | -12.6% |
| Operating profit (loss) | 9901 | €60,928 | €53,076 | -€7,852 | -12.9% |
| Financial income | 75/76B | €225 | €3 | -€222 | -98.7% |
| Recurring financial income | 75 | €225 | €3 | -€222 | -98.7% |
| Financial charges | 65/66B | €240 | €153 | -€87 | -36.2% |
| Recurring financial charges | 65 | €240 | €153 | -€87 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €60,913 | €52,925 | -€7,987 | -13.1% |
| Income taxes | 67/77 | €12,500 | €14,970 | +€2,470 | +19.8% |
| Profit (loss) for the period | 9904 | €48,413 | €37,956 | -€10,457 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €48,413 | €37,956 | -€10,457 | -21.6% |
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 24 October 2026 via checked.be.