BELSTER: 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.
BELSTER
Largest movements
- Receivables within one year +€55,221
up €55,221 (+29.7%), from €185,738 to €240,959
of which Trade receivables: +€30,086
- Tangible fixed assets -€5,702
down €5,702 (-6.0%), from €94,550 to €88,848
of which Furniture and vehicles: -€13,508
- Reserves +€36,500
up €36,500 (+8.8%), from €413,440 to €449,940
of which Distributable reserves: +€36,500
- Tax, wage and social debts +€10,890
up €10,890 (+1,297%), from €840 to €11,730
- Gross operating margin -€112,402
down €112,402 (-60.8%), from €184,803 to €72,401
- Taxes -€37,798
down €37,798 (-66.3%), from €56,971 to €19,173
- Depreciation +€3,033
up €3,033 (+15.3%), from €19,841 to €22,874
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 | €391,725 | €440,685 | +€48,960 | +12.5% |
| Fixed assets | 21/28 | €94,550 | €88,848 | -€5,702 | -6.0% |
| Tangible fixed assets | 22/27 | €94,550 | €88,848 | -€5,702 | -6.0% |
| Plant, machinery and equipment | 23 | €50,264 | €58,070 | +€7,806 | +15.5% |
| Furniture and vehicles | 24 | €44,286 | €30,778 | -€13,508 | -30.5% |
| Current assets | 29/58 | €297,175 | €351,837 | +€54,661 | +18.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €185,738 | €240,959 | +€55,221 | +29.7% |
| Trade receivables | 40 | €121,339 | €151,425 | +€30,086 | +24.8% |
| Other amounts receivable | 41 | €64,399 | €89,534 | +€25,135 | +39.0% |
| Cash at bank and in hand | 54/58 | €10,164 | €9,306 | -€858 | -8.4% |
| Deferred charges and accrued income | 490/1 | €1,273 | €1,572 | +€299 | +23.5% |
| Total equity and liabilities | 10/49 | €391,725 | €440,685 | +€48,960 | +12.5% |
| Equity | 10/15 | €389,705 | €426,603 | +€36,898 | +9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €413,440 | €449,940 | +€36,500 | +8.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €411,580 | €448,080 | +€36,500 | +8.9% |
| Profit (loss) carried forward | 14 | -€42,335 | -€41,937 | +€398 | +0.9% |
| Amounts payable | 17/49 | €2,020 | €14,081 | +€12,062 | +597% |
| Amounts payable within one year | 42/48 | €2,020 | €14,081 | +€12,062 | +597% |
| Trade debts | 44 | €1,180 | €2,352 | +€1,172 | +99.3% |
| Suppliers | 440/4 | €1,180 | €2,352 | +€1,172 | +99.3% |
| Taxes, remuneration and social security | 45 | €840 | €11,730 | +€10,890 | +1,297% |
| Taxes | 450/3 | €840 | €11,730 | +€10,890 | +1,297% |
| Non-recurring operating income | 76A | €117,276 | - | -€117,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,841 | €22,874 | +€3,033 | +15.3% |
| Other operating charges | 640/8 | €1,486 | €1,365 | -€121 | -8.1% |
| Gross operating margin | 9900 | €184,803 | €72,401 | -€112,402 | -60.8% |
| Operating profit (loss) | 9901 | €163,476 | €48,162 | -€115,314 | -70.5% |
| Financial income | 75/76B | €6,426 | €7,956 | +€1,530 | +23.8% |
| Recurring financial income | 75 | €6,426 | €7,956 | +€1,530 | +23.8% |
| Financial charges | 65/66B | €40 | €47 | +€7 | +17.4% |
| Recurring financial charges | 65 | €40 | €47 | +€7 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €169,862 | €56,071 | -€113,791 | -67.0% |
| Income taxes | 67/77 | €56,971 | €19,173 | -€37,798 | -66.3% |
| Profit (loss) for the period | 9904 | €112,891 | €36,898 | -€75,993 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €112,891 | €36,898 | -€75,993 | -67.3% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.