BELTEK: 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.
BELTEK
Largest movements
- Stocks and contracts +€1.8m
up €1.8m (+167.3%), from €1.1m to €2.8m
- Cash -€547,458
down €547,458 (-64.7%), from €846,340 to €298,882
mainly Stocks and contracts (-€1.8m) and Contributions, distributions and other (-€521,000)
- Receivables within one year +€241,682
up €241,682 (+7.7%), from €3.1m to €3.4m
of which Other amounts receivable: +€162,476
- Tangible fixed assets -€84,331
down €84,331 (-73.0%), from €115,512 to €31,181
of which Plant, machinery and equipment: -€83,321
- Short-term financial debts +€600,000
up €600,000 (+600.0%), from €100,000 to €700,000
- Reserves +€521,823
up €521,823 (+17.5%), from €3.0m to €3.5m
- Other debts +€181,306
up €181,306 (+1286.2%), from €14,097 to €195,402
- Trade debts +€126,222
up €126,222 (+6.3%), from €2.0m to €2.1m
- Debts after one year -€105,678
down €105,678 (-51.8%), from €203,956 to €98,278
- Gross operating margin +€363,455
up €363,455 (+28.7%), from €1.3m to €1.6m
- Staff costs +€52,406
up €52,406 (+47.6%), from €110,057 to €162,463
- Taxes -€25,543
down €25,543 (-13.0%), from €197,123 to €171,580
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 | €5,411,606 | €6,810,075 | +€1.4m | +25.8% |
| Fixed assets | 21/28 | €360,402 | €306,595 | -€53,808 | -14.9% |
| Tangible fixed assets | 22/27 | €115,512 | €31,181 | -€84,331 | -73.0% |
| Plant, machinery and equipment | 23 | €108,801 | €25,480 | -€83,321 | -76.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €6,711 | €5,702 | -€1,010 | -15.0% |
| Financial fixed assets | 28 | €244,890 | €275,413 | +€30,523 | +12.5% |
| Current assets | 29/58 | €5,051,203 | €6,503,481 | +€1.5m | +28.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,053,748 | €2,816,448 | +€1.8m | +167.3% |
| Contracts in progress | 37 | €1,053,748 | €2,816,448 | +€1.8m | +167.3% |
| Amounts receivable within one year | 40/41 | €3,132,620 | €3,374,303 | +€241,682 | +7.7% |
| Trade receivables | 40 | €3,045,411 | €3,124,618 | +€79,206 | +2.6% |
| Other amounts receivable | 41 | €87,209 | €249,685 | +€162,476 | +186.3% |
| Cash at bank and in hand | 54/58 | €846,340 | €298,882 | -€547,458 | -64.7% |
| Deferred charges and accrued income | 490/1 | €18,495 | €13,849 | -€4,646 | -25.1% |
| Total equity and liabilities | 10/49 | €5,411,606 | €6,810,075 | +€1.4m | +25.8% |
| Equity | 10/15 | €2,983,461 | €3,505,284 | +€521,823 | +17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,977,261 | €3,499,084 | +€521,823 | +17.5% |
| Distributable reserves | 133 | €2,977,261 | €3,499,084 | +€521,823 | +17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,428,145 | €3,304,791 | +€876,647 | +36.1% |
| Amounts payable after more than one year | 17 | €203,956 | €98,278 | -€105,678 | -51.8% |
| Financial debts | 170/4 | €203,956 | €98,278 | -€105,678 | -51.8% |
| Amounts payable within one year | 42/48 | €2,223,739 | €3,206,000 | +€982,262 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €101,556 | €172,926 | +€71,370 | +70.3% |
| Financial debts | 43 | €100,000 | €700,000 | +€600,000 | +600.0% |
| Credit institutions | 430/8 | €100,000 | €700,000 | +€600,000 | +600.0% |
| Trade debts | 44 | €1,991,709 | €2,117,931 | +€126,222 | +6.3% |
| Suppliers | 440/4 | €1,991,709 | €2,117,931 | +€126,222 | +6.3% |
| Taxes, remuneration and social security | 45 | €16,377 | €19,741 | +€3,364 | +20.5% |
| Taxes | 450/3 | €7,476 | €4,131 | -€3,345 | -44.7% |
| Remuneration and social security | 454/9 | €8,901 | €15,610 | +€6,709 | +75.4% |
| Other amounts payable | 47/48 | €14,097 | €195,402 | +€181,306 | +1286.2% |
| Accrued charges and deferred income | 492/3 | €450 | €513 | +€63 | +13.9% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €110,057 | €162,463 | +€52,406 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,574 | €86,963 | -€1,610 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €117,012 | €128,886 | +€11,873 | +10.1% |
| Other operating charges | 640/8 | €15,100 | €2,869 | -€12,230 | -81.0% |
| Non-recurring operating charges | 66A | €12,776 | €1,246 | -€11,530 | -90.2% |
| Gross operating margin | 9900 | €1,267,215 | €1,630,671 | +€363,455 | +28.7% |
| Operating profit (loss) | 9901 | €923,697 | €1,248,243 | +€324,547 | +35.1% |
| Financial income | 75/76B | €19,212 | €6,868 | -€12,344 | -64.3% |
| Recurring financial income | 75 | €19,212 | €6,868 | -€12,344 | -64.3% |
| Financial charges | 65/66B | €28,226 | €40,709 | +€12,482 | +44.2% |
| Recurring financial charges | 65 | €28,226 | €40,709 | +€12,482 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €914,683 | €1,214,403 | +€299,720 | +32.8% |
| Income taxes | 67/77 | €197,123 | €171,580 | -€25,543 | -13.0% |
| Profit (loss) for the period | 9904 | €717,560 | €1,042,823 | +€325,263 | +45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €717,560 | €1,042,823 | +€325,263 | +45.3% |
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 8 October 2026 via checked.be.