Belteinka: 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.
What changed
Belteinka
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,151
2024 · €31,291-€14,140
Equity
€3.7m
2024 · €3.7m+€17,151
Cash
€260,361
2024 · €283,638-€23,277
Balance sheet total
€4.1m
2024 · €4.1m-€228
Largest movements
Assets
- Tangible fixed assets +€78,816
up €78,816 (+2.2%), from €3.7m to €3.7m
of which Land and buildings: +€82,952
- Receivables within one year -€67,294
down €67,294 (-59.3%), from €113,509 to €46,215
of which Other amounts receivable: -€42,792
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€14,426
down €14,426 (-7.7%), from €186,535 to €172,109
- Financial charges -€3,339
down €3,339 (-21.8%), from €15,308 to €11,969
- Other operating charges +€2,368
up €2,368 (+5.3%), from €44,717 to €47,085
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.
Result 2024
€31,291
Gross operating margin
-€14,426
Depreciation
-€750
Other operating charges
-€2,368
Financial income
+€65
Financial charges
+€3,339
Result 2025
€17,151
raises the resultlowers the result
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.
From operations
+€178,790
Investment
-€176,148
Financing
-€25,919
Cash 2024
€283,638
From operations (derived)
+€178,790
Net result for the year
+€17,151
Depreciation
+€97,332
Receivables within one year
+€67,294
Deferred charges and accrued income
-€11,527
Trade debts
-€318
Other debts
+€10,000
Accrued charges and deferred income
-€1,142
Investment (derived)
-€176,148
Investment in fixed assets (net)
-€176,148
Financing
-€25,919
Debts after one year
-€1,484
Current portion of long-term debt
-€24,435
Cash 2025
€260,361
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,129,463 | €4,129,235 | -€228 | 0.0% |
| Fixed assets | 21/28 | €3,702,477 | €3,781,293 | +€78,816 | +2.1% |
| Tangible fixed assets | 22/27 | €3,652,477 | €3,731,293 | +€78,816 | +2.2% |
| Land and buildings | 22 | €3,645,476 | €3,728,428 | +€82,952 | +2.3% |
| Plant, machinery and equipment | 23 | €898 | €47 | -€851 | -94.8% |
| Furniture and vehicles | 24 | €6,103 | €2,818 | -€3,285 | -53.8% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €426,986 | €347,942 | -€79,044 | -18.5% |
| Amounts receivable within one year | 40/41 | €113,509 | €46,215 | -€67,294 | -59.3% |
| Trade receivables | 40 | €41,665 | €17,162 | -€24,503 | -58.8% |
| Other amounts receivable | 41 | €71,844 | €29,053 | -€42,792 | -59.6% |
| Cash at bank and in hand | 54/58 | €283,638 | €260,361 | -€23,277 | -8.2% |
| Deferred charges and accrued income | 490/1 | €29,838 | €41,365 | +€11,527 | +38.6% |
| Total equity and liabilities | 10/49 | €4,129,463 | €4,129,235 | -€228 | 0.0% |
| Equity | 10/15 | €3,664,638 | €3,681,789 | +€17,151 | +0.5% |
| Contributions | 10/11 | €87,406 | €87,406 | = | 0.0% |
| Capital | 10 | €75,677 | €75,677 | = | 0.0% |
| Issued capital | 100 | €75,677 | €75,677 | = | 0.0% |
| Contributions outside capital | 11 | €11,729 | €11,729 | = | 0.0% |
| Share premium | 1100/10 | €11,729 | €11,729 | = | 0.0% |
| Revaluation surpluses | 12 | €2,590,000 | €2,590,000 | = | 0.0% |
| Reserves | 13 | €984,357 | €1,004,357 | +€20,000 | +2.0% |
| Non-distributable reserves | 130/1 | €7,568 | €7,568 | = | 0.0% |
| Legal reserve | 130 | €7,568 | €7,568 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,789 | €46,789 | = | 0.0% |
| Distributable reserves | 133 | €930,000 | €950,000 | +€20,000 | +2.2% |
| Profit (loss) carried forward | 14 | €2,875 | €26 | -€2,849 | -99.1% |
| Amounts payable | 17/49 | €464,825 | €447,446 | -€17,379 | -3.7% |
| Amounts payable after more than one year | 17 | €1,484 | €0 | -€1,484 | -100% |
| Financial debts | 170/4 | €1,384 | €0 | -€1,384 | -100% |
| Other amounts payable | 178/9 | €100 | €0 | -€100 | -100% |
| Amounts payable within one year | 42/48 | €455,367 | €440,614 | -€14,753 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €25,819 | €1,384 | -€24,435 | -94.6% |
| Financial debts | 43 | €220,000 | €220,000 | = | 0.0% |
| Credit institutions | 430/8 | €220,000 | €220,000 | = | 0.0% |
| Trade debts | 44 | €14,207 | €13,889 | -€318 | -2.2% |
| Suppliers | 440/4 | €14,207 | €13,889 | -€318 | -2.2% |
| Other amounts payable | 47/48 | €195,341 | €205,341 | +€10,000 | +5.1% |
| Accrued charges and deferred income | 492/3 | €7,974 | €6,832 | -€1,142 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,582 | €97,332 | +€750 | +0.8% |
| Other operating charges | 640/8 | €44,717 | €47,085 | +€2,368 | +5.3% |
| Gross operating margin | 9900 | €186,535 | €172,109 | -€14,426 | -7.7% |
| Operating profit (loss) | 9901 | €45,236 | €27,692 | -€17,544 | -38.8% |
| Financial income | 75/76B | €1,363 | €1,428 | +€65 | +4.7% |
| Recurring financial income | 75 | €1,363 | €1,428 | +€65 | +4.7% |
| Financial charges | 65/66B | €15,308 | €11,969 | -€3,339 | -21.8% |
| Recurring financial charges | 65 | €15,308 | €11,969 | -€3,339 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €31,291 | €17,151 | -€14,140 | -45.2% |
| Profit (loss) for the period | 9904 | €31,291 | €17,151 | -€14,140 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,291 | €17,151 | -€14,140 | -45.2% |
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 25 October 2026 via checked.be.