Belstraete: 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.
Belstraete
Largest movements
- Cash +€805,711
up €805,711 (+561%), from €143,555 to €949,266
mainly Net result for the year (+€590,236) and Current investments (+€400,000)
- Current investments -€400,000
down €400,000 (-44.4%), from €900,000 to €500,000
- Tangible fixed assets +€227,454
up €227,454 (+9.3%), from €2.5m to €2.7m
of which Land and buildings: +€199,848
- Receivables within one year -€85,476
down €85,476 (-62.8%), from €136,196 to €50,720
- Reserves +€588,570
up €588,570 (+20.0%), from €2.9m to €3.5m
- Tax, wage and social debts -€95,880
down €95,880 (-53.6%), from €178,874 to €82,994
of which Taxes: -€90,630
- Gross operating margin -€121,342
down €121,342 (-10.9%), from €1.1m to €996,141
- Depreciation -€72,011
down €72,011 (-49.1%), from €146,592 to €74,581
- Financial income +€18,450
up €18,450 (+231%), from €7,997 to €26,447
- Taxes -€13,090
down €13,090 (-4.7%), from €280,483 to €267,393
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 | €6,774,613 | €7,320,664 | +€546,051 | +8.1% |
| Fixed assets | 21/28 | €5,593,224 | €5,820,678 | +€227,454 | +4.1% |
| Tangible fixed assets | 22/27 | €2,452,064 | €2,679,518 | +€227,454 | +9.3% |
| Land and buildings | 22 | €2,359,441 | €2,559,289 | +€199,848 | +8.5% |
| Plant, machinery and equipment | 23 | €46,169 | €34,253 | -€11,916 | -25.8% |
| Furniture and vehicles | 24 | €46,453 | €85,975 | +€39,522 | +85.1% |
| Financial fixed assets | 28 | €3,141,160 | €3,141,160 | = | 0.0% |
| Current assets | 29/58 | €1,181,389 | €1,499,986 | +€318,597 | +27.0% |
| Amounts receivable within one year | 40/41 | €136,196 | €50,720 | -€85,476 | -62.8% |
| Trade receivables | 40 | €136,196 | €50,720 | -€85,476 | -62.8% |
| Current investments | 50/53 | €900,000 | €500,000 | -€400,000 | -44.4% |
| Cash at bank and in hand | 54/58 | €143,555 | €949,266 | +€805,711 | +561% |
| Deferred charges and accrued income | 490/1 | €1,637 | €0 | -€1,637 | -100% |
| Total equity and liabilities | 10/49 | €6,774,613 | €7,320,664 | +€546,051 | +8.1% |
| Equity | 10/15 | €6,041,295 | €6,629,866 | +€588,570 | +9.7% |
| Contributions | 10/11 | €3,103,000 | €3,103,000 | = | 0.0% |
| Reserves | 13 | €2,938,295 | €3,526,866 | +€588,570 | +20.0% |
| Distributable reserves | 133 | €2,938,295 | €3,526,866 | +€588,570 | +20.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €733,317 | €690,798 | -€42,519 | -5.8% |
| Amounts payable within one year | 42/48 | €695,334 | €654,246 | -€41,088 | -5.9% |
| Trade debts | 44 | €36,892 | €77,750 | +€40,858 | +111% |
| Suppliers | 440/4 | €36,892 | €77,750 | +€40,858 | +111% |
| Advances received on contracts in progress | 46 | €2,470 | €3,609 | +€1,139 | +46.1% |
| Taxes, remuneration and social security | 45 | €178,874 | €82,994 | -€95,880 | -53.6% |
| Taxes | 450/3 | €173,624 | €82,994 | -€90,630 | -52.2% |
| Remuneration and social security | 454/9 | €5,250 | €0 | -€5,250 | -100% |
| Other amounts payable | 47/48 | €477,098 | €489,893 | +€12,795 | +2.7% |
| Accrued charges and deferred income | 492/3 | €37,983 | €36,552 | -€1,431 | -3.8% |
| Non-recurring operating income | 76A | €169,613 | €0 | -€169,613 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,592 | €74,581 | -€72,011 | -49.1% |
| Other operating charges | 640/8 | €60,152 | €55,980 | -€4,172 | -6.9% |
| Gross operating margin | 9900 | €1,117,482 | €996,141 | -€121,342 | -10.9% |
| Operating profit (loss) | 9901 | €910,738 | €865,580 | -€45,158 | -5.0% |
| Financial income | 75/76B | €7,997 | €26,447 | +€18,450 | +231% |
| Recurring financial income | 75 | €7,997 | €26,447 | +€18,450 | +231% |
| Financial charges | 65/66B | €37,332 | €34,398 | -€2,934 | -7.9% |
| Recurring financial charges | 65 | €37,332 | €34,398 | -€2,934 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €881,404 | €857,629 | -€23,775 | -2.7% |
| Income taxes | 67/77 | €280,483 | €267,393 | -€13,090 | -4.7% |
| Profit (loss) for the period | 9904 | €600,921 | €590,236 | -€10,685 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €600,921 | €590,236 | -€10,685 | -1.8% |
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 28 October 2026 via checked.be.