BELTEX PROPERTIES: 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.
BELTEX PROPERTIES
Largest movements
- Tangible fixed assets -€122,857
down €122,857 (-37.9%), from €324,346 to €201,489
- Cash +€3,958
up €3,958 (+153%), from €2,591 to €6,549
mainly Investment in fixed assets (net) (+€115,909) and Net result for the year (+€14,121)
- Debts after one year -€97,695
down €97,695 (-44.1%), from €221,579 to €123,885
- Other debts -€33,400
down €33,400 (-33.5%), from €99,650 to €66,250
- Profit (loss) carried forward +€14,121
up €14,121 (+36.4%), from -€38,770 to -€24,649
- Current portion of long-term debt -€4,515
down €4,515 (-28.5%), from €15,845 to €11,330
- Gross operating margin +€16,735
up €16,735 (+185%), from €9,040 to €25,775
- Financial charges -€5,755
down €5,755 (-74.9%), from €7,684 to €1,929
- Depreciation -€3,273
down €3,273 (-32.0%), from €10,221 to €6,948
- Other operating charges +€2,531
up €2,531 (+900%), from €281 to €2,812
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 | €327,815 | €208,823 | -€118,992 | -36.3% |
| Fixed assets | 21/28 | €325,096 | €202,239 | -€122,857 | -37.8% |
| Tangible fixed assets | 22/27 | €324,346 | €201,489 | -€122,857 | -37.9% |
| Land and buildings | 22 | €324,346 | €201,489 | -€122,857 | -37.9% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €2,719 | €6,584 | +€3,865 | +142% |
| Amounts receivable within one year | 40/41 | €126 | €35 | -€91 | -72.1% |
| Trade receivables | 40 | €98 | - | -€98 | |
| Other amounts receivable | 41 | €29 | €35 | +€7 | +22.6% |
| Cash at bank and in hand | 54/58 | €2,591 | €6,549 | +€3,958 | +153% |
| Deferred charges and accrued income | 490/1 | €2 | - | -€2 | |
| Total equity and liabilities | 10/49 | €327,815 | €208,823 | -€118,992 | -36.3% |
| Equity | 10/15 | -€18,770 | -€4,649 | +€14,121 | +75.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,770 | -€24,649 | +€14,121 | +36.4% |
| Amounts payable | 17/49 | €346,586 | €213,472 | -€133,114 | -38.4% |
| Amounts payable after more than one year | 17 | €221,579 | €123,885 | -€97,695 | -44.1% |
| Financial debts | 170/4 | €221,579 | €123,885 | -€97,695 | -44.1% |
| Amounts payable within one year | 42/48 | €125,006 | €89,587 | -€35,419 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €15,845 | €11,330 | -€4,515 | -28.5% |
| Trade debts | 44 | €9,511 | €12,007 | +€2,496 | +26.2% |
| Suppliers | 440/4 | €9,511 | €12,007 | +€2,496 | +26.2% |
| Other amounts payable | 47/48 | €99,650 | €66,250 | -€33,400 | -33.5% |
| Non-recurring operating income | 76A | - | €11,045 | +€11,045 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,221 | €6,948 | -€3,273 | -32.0% |
| Other operating charges | 640/8 | €281 | €2,812 | +€2,531 | +900% |
| Gross operating margin | 9900 | €9,040 | €25,775 | +€16,735 | +185% |
| Operating profit (loss) | 9901 | -€1,462 | €16,015 | +€17,477 | |
| Financial income | 75/76B | - | €36 | +€36 | |
| Recurring financial income | 75 | - | €36 | +€36 | |
| Financial charges | 65/66B | €7,684 | €1,929 | -€5,755 | -74.9% |
| Recurring financial charges | 65 | €7,684 | €1,929 | -€5,755 | -74.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,147 | €14,121 | +€23,268 | |
| Profit (loss) for the period | 9904 | -€9,147 | €14,121 | +€23,268 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,147 | €14,121 | +€23,268 |
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 20 October 2026 via checked.be.