BELTAC: 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.
BELTAC
Largest movements
- Cash -€8,290
down €8,290 (-18.5%), from €44,732 to €36,442
mainly Contributions, distributions and other (-€35,000) and Other debts (-€27,154)
- Receivables within one year -€5,819
down €5,819 (-67.8%), from €8,586 to €2,768
- Deferred charges and accrued income +€1,673
up €1,673 (+15.0%), from €11,136 to €12,809
- Receivables after one year +€1,500
new in 2025: €1,500
- Other debts -€27,154
down €27,154 (-84.7%), from €32,077 to €4,924
- Trade debts +€14,568
up €14,568 (+3,228%), from €451 to €15,020
- Debts after one year -€7,750
down €7,750 (-63.2%), from €12,270 to €4,521
- Profit (loss) carried forward +€4,912
up €4,912, from €0 to €4,912
- Tax, wage and social debts +€3,726
up €3,726 (+28.7%), from €12,967 to €16,693
- Gross operating margin +€11,877
up €11,877 (+24.6%), from €48,288 to €60,164
- Taxes +€5,130
up €5,130 (+40.3%), from €12,717 to €17,847
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 | €65,615 | €54,119 | -€11,496 | -17.5% |
| Fixed assets | 21/28 | €1,161 | €600 | -€560 | -48.3% |
| Tangible fixed assets | 22/27 | €1,161 | €600 | -€560 | -48.3% |
| Plant, machinery and equipment | 23 | €1,161 | €600 | -€560 | -48.3% |
| Current assets | 29/58 | €64,455 | €53,519 | -€10,936 | -17.0% |
| Amounts receivable after more than one year | 29 | - | €1,500 | +€1,500 | |
| Other amounts receivable | 291 | - | €1,500 | +€1,500 | |
| Amounts receivable within one year | 40/41 | €8,586 | €2,768 | -€5,819 | -67.8% |
| Trade receivables | 40 | €8,586 | €2,768 | -€5,819 | -67.8% |
| Cash at bank and in hand | 54/58 | €44,732 | €36,442 | -€8,290 | -18.5% |
| Deferred charges and accrued income | 490/1 | €11,136 | €12,809 | +€1,673 | +15.0% |
| Total equity and liabilities | 10/49 | €65,615 | €54,119 | -€11,496 | -17.5% |
| Equity | 10/15 | €100 | €5,012 | +€4,912 | +4,912% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €4,912 | +€4,912 | |
| Amounts payable | 17/49 | €65,515 | €49,107 | -€16,409 | -25.0% |
| Amounts payable after more than one year | 17 | €12,270 | €4,521 | -€7,750 | -63.2% |
| Financial debts | 170/4 | €12,270 | €4,521 | -€7,750 | -63.2% |
| Amounts payable within one year | 42/48 | €53,245 | €44,386 | -€8,859 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €7,750 | €7,750 | = | 0.0% |
| Trade debts | 44 | €451 | €15,020 | +€14,568 | +3,228% |
| Suppliers | 440/4 | €451 | €15,020 | +€14,568 | +3,228% |
| Taxes, remuneration and social security | 45 | €12,967 | €16,693 | +€3,726 | +28.7% |
| Taxes | 450/3 | €12,967 | €16,693 | +€3,726 | +28.7% |
| Other amounts payable | 47/48 | €32,077 | €4,924 | -€27,154 | -84.7% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €520 | €560 | +€40 | +7.7% |
| Other operating charges | 640/8 | €1,130 | €1,102 | -€28 | -2.5% |
| Non-recurring operating charges | 66A | €688 | - | -€688 | |
| Gross operating margin | 9900 | €48,288 | €60,164 | +€11,877 | +24.6% |
| Operating profit (loss) | 9901 | €45,949 | €58,502 | +€12,553 | +27.3% |
| Financial income | 75/76B | €68 | €10 | -€58 | -85.7% |
| Recurring financial income | 75 | €68 | €10 | -€58 | -85.7% |
| Financial charges | 65/66B | €1,223 | €752 | -€471 | -38.5% |
| Recurring financial charges | 65 | €1,223 | €752 | -€471 | -38.5% |
| Profit (loss) for the period before taxes | 9903 | €44,794 | €57,760 | +€12,965 | +28.9% |
| Income taxes | 67/77 | €12,717 | €17,847 | +€5,130 | +40.3% |
| Profit (loss) for the period | 9904 | €32,077 | €39,912 | +€7,835 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,077 | €39,912 | +€7,835 | +24.4% |
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 21 October 2026 via checked.be.