BELTAF: 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.
BELTAF
Largest movements
- Tangible fixed assets +€54,571
up €54,571 (+25.4%), from €214,566 to €269,137
of which Furniture and vehicles: +€54,358
- Stocks and contracts +€28,408
new in 2025: €28,408
- Receivables within one year -€24,390
down €24,390 (-37.2%), from €65,489 to €41,099
of which Other amounts receivable: -€30,187
- Cash +€9,389
up €9,389 (+190.1%), from €4,940 to €14,329
mainly Other debts (+€68,945) and Contributions, distributions and other (+€37,825)
- Other debts +€68,945
up €68,945 (+26.2%), from €263,542 to €332,487
- Trade debts -€60,492
down €60,492 (-72.8%), from €83,060 to €22,568
- Investment grants +€37,825
new in 2025: €37,825
- Tax, wage and social debts +€19,508
new in 2025: €19,508
of which Remuneration and social security: +€11,928
- Gross operating margin +€146,180
up €146,180, from -€68,548 to €77,632
- Staff costs +€60,388
new in 2025: €60,388
- Depreciation +€18,640
up €18,640 (+1780.3%), from €1,047 to €19,687
- Financial income +€4,924
new in 2025: €4,924
of which Financial income: +€4,309
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 | €284,995 | €352,973 | +€67,978 | +23.9% |
| Fixed assets | 21/28 | €214,566 | €269,137 | +€54,571 | +25.4% |
| Tangible fixed assets | 22/27 | €214,566 | €269,137 | +€54,571 | +25.4% |
| Plant, machinery and equipment | 23 | €10,521 | €11,422 | +€901 | +8.6% |
| Furniture and vehicles | 24 | €62,721 | €117,079 | +€54,358 | +86.7% |
| Other tangible fixed assets | 26 | €141,324 | €140,636 | -€688 | -0.5% |
| Current assets | 29/58 | €70,429 | €83,836 | +€13,407 | +19.0% |
| Stocks and contracts in progress | 3 | - | €28,408 | +€28,408 | |
| Stocks | 30/36 | - | €28,408 | +€28,408 | |
| Amounts receivable within one year | 40/41 | €65,489 | €41,099 | -€24,390 | -37.2% |
| Trade receivables | 40 | €34,612 | €40,409 | +€5,797 | +16.7% |
| Other amounts receivable | 41 | €30,877 | €690 | -€30,187 | -97.8% |
| Cash at bank and in hand | 54/58 | €4,940 | €14,329 | +€9,389 | +190.1% |
| Total equity and liabilities | 10/49 | €284,995 | €352,973 | +€67,978 | +23.9% |
| Equity | 10/15 | -€61,607 | -€21,590 | +€40,017 | +65.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,607 | -€67,415 | +€2,192 | +3.1% |
| Investment grants | 15 | - | €37,825 | +€37,825 | |
| Amounts payable | 17/49 | €346,602 | €374,563 | +€27,961 | +8.1% |
| Amounts payable within one year | 42/48 | €346,602 | €374,563 | +€27,961 | +8.1% |
| Trade debts | 44 | €83,060 | €22,568 | -€60,492 | -72.8% |
| Suppliers | 440/4 | €83,060 | €22,568 | -€60,492 | -72.8% |
| Taxes, remuneration and social security | 45 | - | €19,508 | +€19,508 | |
| Taxes | 450/3 | - | €7,580 | +€7,580 | |
| Remuneration and social security | 454/9 | - | €11,928 | +€11,928 | |
| Other amounts payable | 47/48 | €263,542 | €332,487 | +€68,945 | +26.2% |
| Remuneration, social security and pensions | 62 | - | €60,388 | +€60,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,047 | €19,687 | +€18,640 | +1780.3% |
| Other operating charges | 640/8 | - | €212 | +€212 | |
| Gross operating margin | 9900 | -€68,548 | €77,632 | +€146,180 | |
| Operating profit (loss) | 9901 | -€69,595 | -€2,655 | +€66,940 | +96.2% |
| Financial income | 75/76B | - | €4,924 | +€4,924 | |
| Recurring financial income | 75 | - | €4,309 | +€4,309 | |
| Non-recurring financial income | 76B | - | €615 | +€615 | |
| Financial charges | 65/66B | €12 | €77 | +€65 | +541.7% |
| Recurring financial charges | 65 | €12 | €77 | +€65 | +541.7% |
| Profit (loss) for the period before taxes | 9903 | -€69,607 | €2,192 | +€71,799 | |
| Profit (loss) for the period | 9904 | -€69,607 | €2,192 | +€71,799 | |
| Profit (loss) for the period to be appropriated | 9905 | -€69,607 | €2,192 | +€71,799 |
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 11 October 2026 via checked.be.