BELSBERG: 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.
BELSBERG
Largest movements
- Cash -€346,280
down €346,280 (-56.4%), from €613,740 to €267,460
mainly Trade debts (-€854,829) and Receivables within one year (-€79,788)
- Receivables within one year +€79,788
up €79,788 (+5.5%), from €1.5m to €1.5m
of which Other amounts receivable: +€70,331
- Receivables after one year +€75,000
up €75,000 (+57.7%), from €130,000 to €205,000
- Trade debts -€854,829
down €854,829 (-45.5%), from €1.9m to €1.0m
- Debts after one year +€411,720
new in 2025: €411,720
- Current portion of long-term debt +€155,598
new in 2025: €155,598
- Advances received +€110,408
up €110,408, from €0 to €110,408
- Accrued charges and deferred income -€43,957
down €43,957 (-63.9%), from €68,825 to €24,868
- Staff costs +€83,185
up €83,185 (+17.5%), from €474,738 to €557,922
- Gross operating margin +€80,486
up €80,486 (+13.9%), from €577,721 to €658,207
- Financial charges +€16,746
up €16,746 (+152%), from €11,054 to €27,800
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 | €2,263,029 | €2,067,682 | -€195,347 | -8.6% |
| Fixed assets | 21/28 | €50,979 | €34,085 | -€16,893 | -33.1% |
| Intangible fixed assets | 21 | €7,558 | €5,974 | -€1,584 | -21.0% |
| Tangible fixed assets | 22/27 | €36,671 | €21,361 | -€15,310 | -41.7% |
| Furniture and vehicles | 24 | €36,671 | €21,361 | -€15,310 | -41.7% |
| Financial fixed assets | 28 | €6,750 | €6,750 | = | 0.0% |
| Current assets | 29/58 | €2,212,050 | €2,033,597 | -€178,453 | -8.1% |
| Amounts receivable after more than one year | 29 | €130,000 | €205,000 | +€75,000 | +57.7% |
| Other amounts receivable | 291 | €130,000 | €205,000 | +€75,000 | +57.7% |
| Amounts receivable within one year | 40/41 | €1,454,686 | €1,534,474 | +€79,788 | +5.5% |
| Trade receivables | 40 | €1,412,014 | €1,421,471 | +€9,457 | +0.7% |
| Other amounts receivable | 41 | €42,671 | €113,003 | +€70,331 | +165% |
| Cash at bank and in hand | 54/58 | €613,740 | €267,460 | -€346,280 | -56.4% |
| Deferred charges and accrued income | 490/1 | €13,625 | €26,663 | +€13,038 | +95.7% |
| Total equity and liabilities | 10/49 | €2,263,029 | €2,067,682 | -€195,347 | -8.6% |
| Equity | 10/15 | €210,127 | €223,861 | +€13,734 | +6.5% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €205,627 | €219,361 | +€13,734 | +6.7% |
| Distributable reserves | 133 | €205,627 | €219,361 | +€13,734 | +6.7% |
| Amounts payable | 17/49 | €2,052,902 | €1,843,821 | -€209,081 | -10.2% |
| Amounts payable after more than one year | 17 | - | €411,720 | +€411,720 | |
| Financial debts | 170/4 | - | €411,720 | +€411,720 | |
| Amounts payable within one year | 42/48 | €1,984,077 | €1,407,233 | -€576,844 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | - | €155,598 | +€155,598 | |
| Trade debts | 44 | €1,877,734 | €1,022,905 | -€854,829 | -45.5% |
| Suppliers | 440/4 | €1,877,734 | €1,022,905 | -€854,829 | -45.5% |
| Advances received on contracts in progress | 46 | €0 | €110,408 | +€110,408 | |
| Taxes, remuneration and social security | 45 | €90,420 | €82,243 | -€8,177 | -9.0% |
| Taxes | 450/3 | €32,076 | €49,956 | +€17,880 | +55.7% |
| Remuneration and social security | 454/9 | €58,344 | €32,287 | -€26,057 | -44.7% |
| Other amounts payable | 47/48 | €15,923 | €36,079 | +€20,156 | +127% |
| Accrued charges and deferred income | 492/3 | €68,825 | €24,868 | -€43,957 | -63.9% |
| Remuneration, social security and pensions | 62 | €474,738 | €557,922 | +€83,185 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,038 | €16,893 | +€1,856 | +12.3% |
| Other operating charges | 640/8 | €1,271 | €1,066 | -€206 | -16.2% |
| Non-recurring operating charges | 66A | - | €25,783 | +€25,783 | |
| Gross operating margin | 9900 | €577,721 | €658,207 | +€80,486 | +13.9% |
| Operating profit (loss) | 9901 | €86,675 | €56,543 | -€30,132 | -34.8% |
| Financial income | 75/76B | €1,895 | €4,422 | +€2,527 | +133% |
| Recurring financial income | 75 | €1,895 | €4,422 | +€2,527 | +133% |
| Financial charges | 65/66B | €11,054 | €27,800 | +€16,746 | +152% |
| Recurring financial charges | 65 | €11,054 | €27,800 | +€16,746 | +152% |
| Profit (loss) for the period before taxes | 9903 | €77,516 | €33,165 | -€44,352 | -57.2% |
| Income taxes | 67/77 | €24,656 | €19,430 | -€5,226 | -21.2% |
| Profit (loss) for the period | 9904 | €52,860 | €13,734 | -€39,126 | -74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,860 | €13,734 | -€39,126 | -74.0% |
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 17 October 2026 via checked.be.