BELTAX: 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.
BELTAX
Largest movements
- Cash +€17,543
up €17,543 (+162%), from €10,845 to €28,388
mainly Net result for the year (+€14,291) and Current portion of long-term debt (+€7,757)
- Receivables within one year +€11,279
up €11,279 (+59.9%), from €18,818 to €30,096
of which Trade receivables: +€11,544
- Tangible fixed assets -€5,246
down €5,246 (-2.3%), from €233,011 to €227,765
of which Land and buildings: -€4,982
- Reserves +€14,291
up €14,291 (+19.2%), from €74,274 to €88,565
of which Distributable reserves: +€14,291
- Current portion of long-term debt +€7,757
up €7,757 (+52.7%), from €14,721 to €22,479
- Other debts -€7,078
down €7,078 (-14.4%), from €49,000 to €41,922
- Debts after one year +€5,191
up €5,191 (+5.5%), from €94,639 to €99,830
- Tax, wage and social debts +€4,844
up €4,844 (+38.4%), from €12,611 to €17,455
- Gross operating margin +€28,194
up €28,194 (+261%), from €10,808 to €39,001
- Depreciation -€7,421
down €7,421 (-58.6%), from €12,666 to €5,246
- Taxes +€6,018
up €6,018 (+2,463%), from €244 to €6,262
- Financial charges +€5,343
up €5,343 (+107%), from €5,004 to €10,347
- Other operating charges +€510
up €510 (+21.8%), from €2,345 to €2,855
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 | €263,833 | €287,565 | +€23,732 | +9.0% |
| Fixed assets | 21/28 | €233,011 | €227,765 | -€5,246 | -2.3% |
| Tangible fixed assets | 22/27 | €233,011 | €227,765 | -€5,246 | -2.3% |
| Land and buildings | 22 | €231,937 | €226,956 | -€4,982 | -2.1% |
| Plant, machinery and equipment | 23 | €105 | - | -€105 | |
| Furniture and vehicles | 24 | €968 | €809 | -€159 | -16.4% |
| Current assets | 29/58 | €30,822 | €59,800 | +€28,978 | +94.0% |
| Amounts receivable within one year | 40/41 | €18,818 | €30,096 | +€11,279 | +59.9% |
| Trade receivables | 40 | €18,552 | €30,096 | +€11,544 | +62.2% |
| Other amounts receivable | 41 | €265 | - | -€265 | |
| Cash at bank and in hand | 54/58 | €10,845 | €28,388 | +€17,543 | +162% |
| Deferred charges and accrued income | 490/1 | €1,159 | €1,316 | +€157 | +13.5% |
| Total equity and liabilities | 10/49 | €263,833 | €287,565 | +€23,732 | +9.0% |
| Equity | 10/15 | €86,674 | €100,965 | +€14,291 | +16.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €74,274 | €88,565 | +€14,291 | +19.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €72,414 | €86,705 | +€14,291 | +19.7% |
| Amounts payable | 17/49 | €177,158 | €186,599 | +€9,441 | +5.3% |
| Amounts payable after more than one year | 17 | €94,639 | €99,830 | +€5,191 | +5.5% |
| Financial debts | 170/4 | €94,639 | €99,830 | +€5,191 | +5.5% |
| Amounts payable within one year | 42/48 | €81,039 | €85,290 | +€4,251 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €14,721 | €22,479 | +€7,757 | +52.7% |
| Trade debts | 44 | €4,706 | €3,434 | -€1,272 | -27.0% |
| Suppliers | 440/4 | €4,706 | €3,434 | -€1,272 | -27.0% |
| Taxes, remuneration and social security | 45 | €12,611 | €17,455 | +€4,844 | +38.4% |
| Taxes | 450/3 | €12,611 | €17,455 | +€4,844 | +38.4% |
| Other amounts payable | 47/48 | €49,000 | €41,922 | -€7,078 | -14.4% |
| Accrued charges and deferred income | 492/3 | €1,480 | €1,480 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,666 | €5,246 | -€7,421 | -58.6% |
| Other operating charges | 640/8 | €2,345 | €2,855 | +€510 | +21.8% |
| Gross operating margin | 9900 | €10,808 | €39,001 | +€28,194 | +261% |
| Operating profit (loss) | 9901 | -€4,204 | €30,900 | +€35,104 | |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €5,004 | €10,347 | +€5,343 | +107% |
| Recurring financial charges | 65 | €5,004 | €10,347 | +€5,343 | +107% |
| Profit (loss) for the period before taxes | 9903 | -€9,208 | €20,553 | +€29,761 | |
| Income taxes | 67/77 | €244 | €6,262 | +€6,018 | +2,463% |
| Profit (loss) for the period | 9904 | -€9,452 | €14,291 | +€23,743 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,452 | €14,291 | +€23,743 |
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.