BELSTONE: 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.
BELSTONE
Largest movements
- Receivables within one year -€24,976
down €24,976 (-53.0%), from €47,103 to €22,127
of which Trade receivables: -€24,393
- Tangible fixed assets -€9,368
down €9,368 (-23.9%), from €39,257 to €29,889
of which Plant, machinery and equipment: -€6,355
- Stocks and contracts +€6,951
up €6,951 (+25.1%), from €27,653 to €34,604
- Cash +€2,313
up €2,313 (+48.7%), from €4,747 to €7,060
mainly Receivables within one year (+€24,976) and Depreciation (+€9,858)
- Other debts -€15,137
down €15,137 (-22.2%), from €68,332 to €53,195
- Trade debts -€5,191
down €5,191 (-71.5%), from €7,256 to €2,065
- Profit (loss) carried forward -€4,753
down €4,753 (-55.4%), from €8,580 to €3,827
- Gross operating margin -€14,032
down €14,032 (-66.0%), from €21,254 to €7,222
- Write-downs +€5,411
no longer reported in 2025 (was -€5,411)
- Other operating charges -€911
down €911 (-30.9%), from €2,945 to €2,034
- Financial charges -€540
down €540 (-86.7%), from €623 to €83
- Depreciation -€426
down €426 (-4.1%), from €10,284 to €9,858
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 | €118,760 | €93,680 | -€25,080 | -21.1% |
| Fixed assets | 21/28 | €39,257 | €29,889 | -€9,368 | -23.9% |
| Tangible fixed assets | 22/27 | €39,257 | €29,889 | -€9,368 | -23.9% |
| Plant, machinery and equipment | 23 | €30,950 | €24,595 | -€6,355 | -20.5% |
| Other tangible fixed assets | 26 | €8,307 | €5,294 | -€3,013 | -36.3% |
| Current assets | 29/58 | €79,503 | €63,791 | -€15,712 | -19.8% |
| Stocks and contracts in progress | 3 | €27,653 | €34,604 | +€6,951 | +25.1% |
| Stocks | 30/36 | €27,653 | €34,604 | +€6,951 | +25.1% |
| Amounts receivable within one year | 40/41 | €47,103 | €22,127 | -€24,976 | -53.0% |
| Trade receivables | 40 | €46,071 | €21,678 | -€24,393 | -52.9% |
| Other amounts receivable | 41 | €1,032 | €449 | -€583 | -56.5% |
| Cash at bank and in hand | 54/58 | €4,747 | €7,060 | +€2,313 | +48.7% |
| Total equity and liabilities | 10/49 | €118,760 | €93,680 | -€25,080 | -21.1% |
| Equity | 10/15 | €27,172 | €22,420 | -€4,752 | -17.5% |
| Contributions | 10/11 | €18,592 | €18,593 | +€1 | 0.0% |
| Outside capital | 11 | €18,592 | €18,593 | +€1 | 0.0% |
| Share premium | 1100/10 | €18,592 | €18,593 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | €8,580 | €3,827 | -€4,753 | -55.4% |
| Amounts payable | 17/49 | €91,588 | €71,260 | -€20,328 | -22.2% |
| Amounts payable after more than one year | 17 | €16,000 | €16,000 | = | 0.0% |
| Financial debts | 170/4 | €16,000 | €16,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,588 | €55,260 | -€20,328 | -26.9% |
| Trade debts | 44 | €7,256 | €2,065 | -€5,191 | -71.5% |
| Suppliers | 440/4 | €7,256 | €2,065 | -€5,191 | -71.5% |
| Other amounts payable | 47/48 | €68,332 | €53,195 | -€15,137 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,284 | €9,858 | -€426 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,411 | - | +€5,411 | |
| Other operating charges | 640/8 | €2,945 | €2,034 | -€911 | -30.9% |
| Gross operating margin | 9900 | €21,254 | €7,222 | -€14,032 | -66.0% |
| Operating profit (loss) | 9901 | €13,436 | -€4,670 | -€18,106 | |
| Financial income | 75/76B | €29 | - | -€29 | |
| Recurring financial income | 75 | €29 | - | -€29 | |
| Financial charges | 65/66B | €623 | €83 | -€540 | -86.7% |
| Recurring financial charges | 65 | €623 | €83 | -€540 | -86.7% |
| Profit (loss) for the period before taxes | 9903 | €12,842 | -€4,753 | -€17,595 | |
| Profit (loss) for the period | 9904 | €12,842 | -€4,753 | -€17,595 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,842 | -€4,753 | -€17,595 |
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 5 October 2026 via checked.be.