BELTACK: 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.
BELTACK
Largest movements
- Tangible fixed assets +€467,157
up €467,157 (+2525.3%), from €18,499 to €485,656
of which Assets under construction and advance payments: +€467,407
- Receivables within one year -€46,422
down €46,422 (-68.9%), from €67,416 to €20,993
of which Trade receivables: -€48,873
- Debts after one year +€488,653
new in 2025: €488,653
- Other debts -€57,544
down €57,544 (-49.1%), from €117,168 to €59,625
- Financial charges +€7,428
up €7,428 (+1469.8%), from €505 to €7,934
- Gross operating margin +€2,005
up €2,005 (+20.8%), from €9,654 to €11,658
- Taxes -€1,956
down €1,956 (-67.2%), from €2,910 to €955
- Other operating charges +€400
new in 2025: €400
- Depreciation +€324
up €324 (+27209.2%), from €1 to €325
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 | €248,367 | €671,625 | +€423,258 | +170.4% |
| Fixed assets | 21/28 | €179,499 | €646,581 | +€467,082 | +260.2% |
| Intangible fixed assets | 21 | €1,000 | €925 | -€75 | -7.5% |
| Tangible fixed assets | 22/27 | €18,499 | €485,656 | +€467,157 | +2525.3% |
| Plant, machinery and equipment | 23 | €999 | €749 | -€250 | -25.0% |
| Assets under construction and advance payments | 27 | €17,500 | €484,907 | +€467,407 | +2670.9% |
| Financial fixed assets | 28 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €68,868 | €25,044 | -€43,824 | -63.6% |
| Stocks and contracts in progress | 3 | €700 | €700 | = | 0.0% |
| Stocks | 30/36 | €700 | €700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,416 | €20,993 | -€46,422 | -68.9% |
| Trade receivables | 40 | €66,326 | €17,453 | -€48,873 | -73.7% |
| Other amounts receivable | 41 | €1,090 | €3,540 | +€2,450 | +224.9% |
| Cash at bank and in hand | 54/58 | €752 | €3,350 | +€2,598 | +345.4% |
| Total equity and liabilities | 10/49 | €248,367 | €671,625 | +€423,258 | +170.4% |
| Equity | 10/15 | €89,374 | €91,420 | +€2,046 | +2.3% |
| Contributions | 10/11 | €34,100 | €34,100 | = | 0.0% |
| Reserves | 13 | €6,237 | €8,282 | +€2,046 | +32.8% |
| Distributable reserves | 133 | €6,237 | €8,282 | +€2,046 | +32.8% |
| Profit (loss) carried forward | 14 | €49,038 | €49,038 | = | 0.0% |
| Amounts payable | 17/49 | €158,993 | €580,205 | +€421,212 | +264.9% |
| Amounts payable after more than one year | 17 | - | €488,653 | +€488,653 | |
| Financial debts | 170/4 | - | €488,653 | +€488,653 | |
| Amounts payable within one year | 42/48 | €158,993 | €91,552 | -€67,440 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €5,611 | €11,347 | +€5,737 | +102.2% |
| Financial debts | 43 | €3,333 | - | -€3,333 | |
| Credit institutions | 430/8 | €3,333 | - | -€3,333 | |
| Trade debts | 44 | €25,480 | €19,557 | -€5,923 | -23.2% |
| Suppliers | 440/4 | €25,480 | €19,557 | -€5,923 | -23.2% |
| Taxes, remuneration and social security | 45 | €7,400 | €1,023 | -€6,377 | -86.2% |
| Taxes | 450/3 | €7,400 | €1,023 | -€6,377 | -86.2% |
| Other amounts payable | 47/48 | €117,168 | €59,625 | -€57,544 | -49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1 | €325 | +€324 | +27209.2% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €9,654 | €11,658 | +€2,005 | +20.8% |
| Operating profit (loss) | 9901 | €9,653 | €10,934 | +€1,281 | +13.3% |
| Financial charges | 65/66B | €505 | €7,934 | +€7,428 | +1469.8% |
| Recurring financial charges | 65 | €505 | €7,934 | +€7,428 | +1469.8% |
| Profit (loss) for the period before taxes | 9903 | €9,147 | €3,000 | -€6,147 | -67.2% |
| Income taxes | 67/77 | €2,910 | €955 | -€1,956 | -67.2% |
| Profit (loss) for the period | 9904 | €6,237 | €2,046 | -€4,191 | -67.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,237 | €2,046 | -€4,191 | -67.2% |
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.