Belt: 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.
Belt
Largest movements
- Stocks and contracts +€4.2m
up €4.2m (+473%), from €896,474 to €5.1m
- Receivables within one year +€273,936
up €273,936 (+1,920%), from €14,264 to €288,200
of which Trade receivables: +€280,407
- Tangible fixed assets +€167,124
up €167,124 (+4.9%), from €3.4m to €3.6m
of which Land and buildings: +€179,207
- Cash +€117,804
up €117,804 (+11,792%), from €999 to €118,803
mainly Advances received (+€2.2m) and Short-term financial debts (+€1.8m)
- Advances received +€2.2m
new in 2025: €2.2m
- Short-term financial debts +€1.8m
up €1.8m (+61.7%), from €2.9m to €4.7m
- Trade debts +€746,538
up €746,538 (+239%), from €312,474 to €1.1m
- Other debts +€511,293
up €511,293 (+31.5%), from €1.6m to €2.1m
- Profit (loss) carried forward -€436,358
down €436,358 (-90.0%), from -€484,793 to -€921,151
- Gross operating margin +€55,404
up €55,404, from -€47,808 to €7,597
- Depreciation +€43,087
up €43,087 (+29.8%), from €144,676 to €187,763
- Financial charges +€30,291
up €30,291 (+16.1%), from €188,719 to €219,010
- Financial income -€7,874
down €7,874 (-98.4%), from €8,000 to €126
- Other operating charges -€7,383
down €7,383 (-16.5%), from €44,691 to €37,308
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 | €4,355,907 | €9,154,995 | +€4.8m | +110% |
| Fixed assets | 21/28 | €3,440,390 | €3,607,515 | +€167,124 | +4.9% |
| Tangible fixed assets | 22/27 | €3,439,890 | €3,607,015 | +€167,124 | +4.9% |
| Land and buildings | 22 | €3,234,525 | €3,413,732 | +€179,207 | +5.5% |
| Furniture and vehicles | 24 | €205,366 | €193,283 | -€12,083 | -5.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €915,516 | €5,547,480 | +€4.6m | +506% |
| Stocks and contracts in progress | 3 | €896,474 | €5,137,028 | +€4.2m | +473% |
| Stocks | 30/36 | €896,474 | €5,137,028 | +€4.2m | +473% |
| Amounts receivable within one year | 40/41 | €14,264 | €288,200 | +€273,936 | +1,920% |
| Trade receivables | 40 | - | €280,407 | +€280,407 | |
| Other amounts receivable | 41 | €14,264 | €7,793 | -€6,471 | -45.4% |
| Cash at bank and in hand | 54/58 | €999 | €118,803 | +€117,804 | +11,792% |
| Deferred charges and accrued income | 490/1 | €3,779 | €3,449 | -€331 | -8.7% |
| Total equity and liabilities | 10/49 | €4,355,907 | €9,154,995 | +€4.8m | +110% |
| Equity | 10/15 | -€477,793 | -€914,151 | -€436,358 | -91.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€484,793 | -€921,151 | -€436,358 | -90.0% |
| Amounts payable | 17/49 | €4,833,699 | €10,069,145 | +€5.2m | +108% |
| Amounts payable after more than one year | 17 | - | €1,590 | +€1,590 | |
| Other amounts payable | 178/9 | - | €1,590 | +€1,590 | |
| Amounts payable within one year | 42/48 | €4,833,699 | €10,067,555 | +€5.2m | +108% |
| Financial debts | 43 | €2,900,000 | €4,690,000 | +€1.8m | +61.7% |
| Credit institutions | 430/8 | €2,900,000 | €4,690,000 | +€1.8m | +61.7% |
| Trade debts | 44 | €312,474 | €1,059,012 | +€746,538 | +239% |
| Suppliers | 440/4 | €312,474 | €1,059,012 | +€746,538 | +239% |
| Advances received on contracts in progress | 46 | - | €2,186,026 | +€2.2m | |
| Other amounts payable | 47/48 | €1,621,225 | €2,132,518 | +€511,293 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,676 | €187,763 | +€43,087 | +29.8% |
| Other operating charges | 640/8 | €44,691 | €37,308 | -€7,383 | -16.5% |
| Gross operating margin | 9900 | -€47,808 | €7,597 | +€55,404 | |
| Operating profit (loss) | 9901 | -€237,174 | -€217,474 | +€19,700 | +8.3% |
| Financial income | 75/76B | €8,000 | €126 | -€7,874 | -98.4% |
| Recurring financial income | 75 | €8,000 | €126 | -€7,874 | -98.4% |
| Financial charges | 65/66B | €188,719 | €219,010 | +€30,291 | +16.1% |
| Recurring financial charges | 65 | €188,719 | €219,010 | +€30,291 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | -€417,893 | -€436,358 | -€18,465 | -4.4% |
| Profit (loss) for the period | 9904 | -€417,893 | -€436,358 | -€18,465 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€417,893 | -€436,358 | -€18,465 | -4.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.