BELTEAM: 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.
BELTEAM
Largest movements
- Cash +€21,686
up €21,686 (+108.9%), from €19,911 to €41,597
mainly Net result for the year (+€27,608) and Tax, wage and social debts (+€8,792)
- Receivables within one year +€19,521
up €19,521 (+48.5%), from €40,219 to €59,740
of which Trade receivables: +€18,472
- Tangible fixed assets -€2,496
down €2,496 (-9.9%), from €25,288 to €22,792
of which Furniture and vehicles: -€4,534
- Reserves +€27,608
up €27,608 (+70.8%), from €39,000 to €66,608
- Tax, wage and social debts +€8,792
up €8,792 (+44.1%), from €19,957 to €28,749
of which Taxes: +€10,942
- Trade debts +€6,049
up €6,049 (+18516.7%), from €33 to €6,082
- Debts after one year -€4,937
down €4,937 (-26.5%), from €18,622 to €13,685
- Gross operating margin +€9,419
up €9,419 (+22.4%), from €42,057 to €51,476
- Taxes +€5,080
up €5,080 (+45.1%), from €11,265 to €16,344
- Depreciation +€1,921
up €1,921 (+49.3%), from €3,894 to €5,815
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 | €85,883 | €124,217 | +€38,334 | +44.6% |
| Fixed assets | 21/28 | €25,288 | €22,792 | -€2,496 | -9.9% |
| Tangible fixed assets | 22/27 | €25,288 | €22,792 | -€2,496 | -9.9% |
| Plant, machinery and equipment | 23 | - | €2,038 | +€2,038 | |
| Furniture and vehicles | 24 | €25,288 | €20,754 | -€4,534 | -17.9% |
| Current assets | 29/58 | €60,595 | €101,424 | +€40,829 | +67.4% |
| Amounts receivable within one year | 40/41 | €40,219 | €59,740 | +€19,521 | +48.5% |
| Trade receivables | 40 | €39,240 | €57,712 | +€18,472 | +47.1% |
| Other amounts receivable | 41 | €979 | €2,028 | +€1,049 | +107.1% |
| Cash at bank and in hand | 54/58 | €19,911 | €41,597 | +€21,686 | +108.9% |
| Deferred charges and accrued income | 490/1 | €465 | €88 | -€377 | -81.1% |
| Total equity and liabilities | 10/49 | €85,883 | €124,217 | +€38,334 | +44.6% |
| Equity | 10/15 | €42,524 | €70,132 | +€27,608 | +64.9% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €39,000 | €66,608 | +€27,608 | +70.8% |
| Distributable reserves | 133 | €39,000 | €66,608 | +€27,608 | +70.8% |
| Profit (loss) carried forward | 14 | €2,024 | €2,024 | = | 0.0% |
| Amounts payable | 17/49 | €43,359 | €54,084 | +€10,725 | +24.7% |
| Amounts payable after more than one year | 17 | €18,622 | €13,685 | -€4,937 | -26.5% |
| Financial debts | 170/4 | €18,622 | €13,685 | -€4,937 | -26.5% |
| Amounts payable within one year | 42/48 | €24,737 | €40,399 | +€15,662 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €4,748 | €4,937 | +€189 | +4.0% |
| Trade debts | 44 | €33 | €6,082 | +€6,049 | +18516.7% |
| Suppliers | 440/4 | €33 | €6,082 | +€6,049 | +18516.7% |
| Taxes, remuneration and social security | 45 | €19,957 | €28,749 | +€8,792 | +44.1% |
| Taxes | 450/3 | €17,807 | €28,749 | +€10,942 | +61.4% |
| Remuneration and social security | 454/9 | €2,150 | - | -€2,150 | |
| Other amounts payable | 47/48 | - | €632 | +€632 | |
| Non-recurring operating income | 76A | €8,624 | - | -€8,624 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,894 | €5,815 | +€1,921 | +49.3% |
| Other operating charges | 640/8 | €878 | €654 | -€224 | -25.5% |
| Gross operating margin | 9900 | €42,057 | €51,476 | +€9,419 | +22.4% |
| Operating profit (loss) | 9901 | €37,285 | €45,007 | +€7,722 | +20.7% |
| Financial income | 75/76B | €1 | €6 | +€5 | +1098.0% |
| Recurring financial income | 75 | €1 | €6 | +€5 | +1098.0% |
| Financial charges | 65/66B | €1,037 | €1,061 | +€24 | +2.3% |
| Recurring financial charges | 65 | €1,037 | €1,061 | +€24 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €36,248 | €43,952 | +€7,704 | +21.3% |
| Income taxes | 67/77 | €11,265 | €16,344 | +€5,080 | +45.1% |
| Profit (loss) for the period | 9904 | €24,984 | €27,608 | +€2,624 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,984 | €27,608 | +€2,624 | +10.5% |
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.