BELSKIN: 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.
BELSKIN
Largest movements
- Cash -€28,640
down €28,640 (-85.5%), from €33,505 to €4,865
mainly Receivables within one year (-€26,587) and Tax, wage and social debts (-€19,550)
- Receivables within one year +€26,587
up €26,587 (+156.0%), from €17,045 to €43,632
of which Trade receivables: +€22,431
- Tax, wage and social debts -€19,550
down €19,550 (-85.9%), from €22,755 to €3,205
of which Taxes: -€19,697
- Profit (loss) carried forward +€13,799
up €13,799 (+24.1%), from €57,278 to €71,077
- Gross operating margin -€19,743
down €19,743 (-25.6%), from €77,034 to €57,291
- Staff costs -€5,955
down €5,955 (-23.4%), from €25,461 to €19,506
- Financial charges -€4,374
down €4,374 (-25.0%), from €17,494 to €13,120
- Other operating charges -€2,799
down €2,799 (-20.7%), from €13,512 to €10,714
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 | €727,071 | €720,918 | -€6,153 | -0.8% |
| Fixed assets | 21/28 | €171 | €171 | = | 0.0% |
| Tangible fixed assets | 22/27 | €171 | €171 | = | 0.0% |
| Land and buildings | 22 | €171 | €171 | = | 0.0% |
| Current assets | 29/58 | €726,900 | €720,747 | -€6,153 | -0.8% |
| Stocks and contracts in progress | 3 | €676,350 | €672,250 | -€4,100 | -0.6% |
| Stocks | 30/36 | €676,350 | €672,250 | -€4,100 | -0.6% |
| Amounts receivable within one year | 40/41 | €17,045 | €43,632 | +€26,587 | +156.0% |
| Trade receivables | 40 | €16,197 | €38,628 | +€22,431 | +138.5% |
| Other amounts receivable | 41 | €848 | €5,004 | +€4,156 | +490.0% |
| Cash at bank and in hand | 54/58 | €33,505 | €4,865 | -€28,640 | -85.5% |
| Total equity and liabilities | 10/49 | €727,071 | €720,918 | -€6,153 | -0.8% |
| Equity | 10/15 | €227,025 | €240,824 | +€13,799 | +6.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €24,433 | €24,433 | = | 0.0% |
| Reserves | 13 | €83,314 | €83,314 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €77,114 | €77,114 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,278 | €71,077 | +€13,799 | +24.1% |
| Amounts payable | 17/49 | €500,046 | €480,094 | -€19,952 | -4.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €500,046 | €479,205 | -€20,842 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €38,566 | €37,542 | -€1,025 | -2.7% |
| Suppliers | 440/4 | €38,566 | €37,542 | -€1,025 | -2.7% |
| Taxes, remuneration and social security | 45 | €22,755 | €3,205 | -€19,550 | -85.9% |
| Taxes | 450/3 | €19,934 | €237 | -€19,697 | -98.8% |
| Remuneration and social security | 454/9 | €2,821 | €2,967 | +€147 | +5.2% |
| Other amounts payable | 47/48 | €138,725 | €138,458 | -€267 | -0.2% |
| Accrued charges and deferred income | 492/3 | €0 | €889 | +€889 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €25,461 | €19,506 | -€5,955 | -23.4% |
| Other operating charges | 640/8 | €13,512 | €10,714 | -€2,799 | -20.7% |
| Gross operating margin | 9900 | €77,034 | €57,291 | -€19,743 | -25.6% |
| Operating profit (loss) | 9901 | €38,061 | €27,072 | -€10,989 | -28.9% |
| Financial income | 75/76B | €301 | €75 | -€225 | -75.0% |
| Recurring financial income | 75 | €301 | €75 | -€225 | -75.0% |
| Financial charges | 65/66B | €17,494 | €13,120 | -€4,374 | -25.0% |
| Recurring financial charges | 65 | €17,494 | €13,120 | -€4,374 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €20,868 | €14,027 | -€6,840 | -32.8% |
| Income taxes | 67/77 | €188 | €228 | +€41 | +21.8% |
| Profit (loss) for the period | 9904 | €20,680 | €13,799 | -€6,881 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,680 | €13,799 | -€6,881 | -33.3% |
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 7 October 2026 via checked.be.