BELTERRA: 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.
BELTERRA
Largest movements
- Stocks and contracts -€2.2m
down €2.2m (-28.7%), from €7.7m to €5.5m
- Short-term financial debts -€2.9m
down €2.9m (-62.7%), from €4.6m to €1.7m
- Advances received +€798,284
up €798,284 (+116.5%), from €685,000 to €1.5m
- Trade debts -€141,908
no longer reported in 2025 (was €141,908)
- Debts after one year +€78,000
up €78,000 (+3.7%), from €2.1m to €2.2m
- Gross operating margin +€21,691
up €21,691 (+56.4%), from -€38,491 to -€16,800
- Other operating charges +€711
up €711 (+183.6%), from €387 to €1,098
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 | €7,699,889 | €5,509,175 | -€2.2m | -28.5% |
| Current assets | 29/58 | €7,699,889 | €5,509,175 | -€2.2m | -28.5% |
| Stocks and contracts in progress | 3 | €7,677,419 | €5,474,179 | -€2.2m | -28.7% |
| Stocks | 30/36 | €7,677,419 | €5,474,179 | -€2.2m | -28.7% |
| Amounts receivable within one year | 40/41 | - | €17,499 | +€17,499 | |
| Trade receivables | 40 | - | €17,499 | +€17,499 | |
| Cash at bank and in hand | 54/58 | €22,470 | €17,497 | -€4,972 | -22.1% |
| Total equity and liabilities | 10/49 | €7,699,889 | €5,509,175 | -€2.2m | -28.5% |
| Equity | 10/15 | €152,721 | €132,431 | -€20,291 | -13.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,279 | -€67,569 | -€20,291 | -42.9% |
| Amounts payable | 17/49 | €7,547,168 | €5,376,744 | -€2.2m | -28.8% |
| Amounts payable after more than one year | 17 | €2,090,000 | €2,168,000 | +€78,000 | +3.7% |
| Financial debts | 170/4 | €2,090,000 | €2,168,000 | +€78,000 | +3.7% |
| Amounts payable within one year | 42/48 | €5,457,168 | €3,208,744 | -€2.2m | -41.2% |
| Financial debts | 43 | €4,630,260 | €1,725,461 | -€2.9m | -62.7% |
| Credit institutions | 430/8 | €4,630,260 | €1,725,461 | -€2.9m | -62.7% |
| Trade debts | 44 | €141,908 | - | -€141,908 | |
| Suppliers | 440/4 | €141,908 | - | -€141,908 | |
| Advances received on contracts in progress | 46 | €685,000 | €1,483,284 | +€798,284 | +116.5% |
| Other operating charges | 640/8 | €387 | €1,098 | +€711 | +183.6% |
| Gross operating margin | 9900 | -€38,491 | -€16,800 | +€21,691 | +56.4% |
| Operating profit (loss) | 9901 | -€38,878 | -€17,898 | +€20,980 | +54.0% |
| Financial charges | 65/66B | €2,164 | €2,393 | +€229 | +10.6% |
| Recurring financial charges | 65 | €2,164 | €2,393 | +€229 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | -€41,042 | -€20,291 | +€20,751 | +50.6% |
| Profit (loss) for the period | 9904 | -€41,042 | -€20,291 | +€20,751 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,042 | -€20,291 | +€20,751 | +50.6% |
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 7 October 2026 via checked.be.