BELTHACOM: 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.
BELTHACOM
Largest movements
- Cash -€25,823
down €25,823 (-9.5%), from €273,224 to €247,401
mainly Other debts (-€27,058) and Net result for the year (-€9,156)
- Receivables within one year -€19,659
down €19,659 (-91.6%), from €21,452 to €1,793
of which Other amounts receivable: -€15,256
- Tangible fixed assets -€4,953
down €4,953 (-28.3%), from €17,475 to €12,521
of which Furniture and vehicles: -€5,365
- Deferred charges and accrued income +€3,791
up €3,791 (+54.3%), from €6,982 to €10,773
- Stocks and contracts +€3,500
up €3,500 (+27.8%), from €12,600 to €16,100
- Other debts -€27,058
down €27,058 (-35.8%), from €75,663 to €48,605
- Profit (loss) carried forward -€7,296
down €7,296 (-17.9%), from -€40,663 to -€47,959
- Tax, wage and social debts -€6,686
down €6,686 (-12.8%), from €52,357 to €45,671
of which Remuneration and social security: -€4,254
- Gross operating margin -€34,206
down €34,206 (-9.2%), from €370,448 to €336,242
- Staff costs -€32,480
down €32,480 (-8.8%), from €367,879 to €335,400
- Financial charges -€6,798
down €6,798 (-84.0%), from €8,096 to €1,298
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 | €331,858 | €288,713 | -€43,145 | -13.0% |
| Fixed assets | 21/28 | €17,600 | €12,646 | -€4,953 | -28.1% |
| Tangible fixed assets | 22/27 | €17,475 | €12,521 | -€4,953 | -28.3% |
| Plant, machinery and equipment | 23 | €5,125 | €4,841 | -€284 | -5.5% |
| Furniture and vehicles | 24 | €12,349 | €6,985 | -€5,365 | -43.4% |
| Other tangible fixed assets | 26 | - | €695 | +€695 | |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €314,258 | €276,067 | -€38,191 | -12.2% |
| Stocks and contracts in progress | 3 | €12,600 | €16,100 | +€3,500 | +27.8% |
| Stocks | 30/36 | €12,600 | €16,100 | +€3,500 | +27.8% |
| Amounts receivable within one year | 40/41 | €21,452 | €1,793 | -€19,659 | -91.6% |
| Trade receivables | 40 | €4,403 | - | -€4,403 | |
| Other amounts receivable | 41 | €17,049 | €1,793 | -€15,256 | -89.5% |
| Cash at bank and in hand | 54/58 | €273,224 | €247,401 | -€25,823 | -9.5% |
| Deferred charges and accrued income | 490/1 | €6,982 | €10,773 | +€3,791 | +54.3% |
| Total equity and liabilities | 10/49 | €331,858 | €288,713 | -€43,145 | -13.0% |
| Equity | 10/15 | €182,393 | €173,237 | -€9,156 | -5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €216,856 | €214,996 | -€1,860 | -0.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €216,856 | €214,996 | -€1,860 | -0.9% |
| Profit (loss) carried forward | 14 | -€40,663 | -€47,959 | -€7,296 | -17.9% |
| Amounts payable | 17/49 | €149,465 | €115,476 | -€33,989 | -22.7% |
| Amounts payable within one year | 42/48 | €144,241 | €113,566 | -€30,675 | -21.3% |
| Trade debts | 44 | €16,221 | €19,170 | +€2,949 | +18.2% |
| Suppliers | 440/4 | €16,221 | €19,170 | +€2,949 | +18.2% |
| Advances received on contracts in progress | 46 | - | €120 | +€120 | |
| Taxes, remuneration and social security | 45 | €52,357 | €45,671 | -€6,686 | -12.8% |
| Taxes | 450/3 | €16,105 | €13,672 | -€2,433 | -15.1% |
| Remuneration and social security | 454/9 | €36,253 | €31,999 | -€4,254 | -11.7% |
| Other amounts payable | 47/48 | €75,663 | €48,605 | -€27,058 | -35.8% |
| Accrued charges and deferred income | 492/3 | €5,224 | €1,910 | -€3,314 | -63.4% |
| Remuneration, social security and pensions | 62 | €367,879 | €335,400 | -€32,480 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,494 | €8,509 | +€15 | +0.2% |
| Other operating charges | 640/8 | €2,524 | €1,468 | -€1,056 | -41.8% |
| Gross operating margin | 9900 | €370,448 | €336,242 | -€34,206 | -9.2% |
| Operating profit (loss) | 9901 | -€8,449 | -€9,135 | -€686 | -8.1% |
| Financial income | 75/76B | €1,922 | €1,595 | -€327 | -17.0% |
| Recurring financial income | 75 | €1,922 | €1,595 | -€327 | -17.0% |
| Financial charges | 65/66B | €8,096 | €1,298 | -€6,798 | -84.0% |
| Recurring financial charges | 65 | €8,096 | €1,298 | -€6,798 | -84.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,623 | -€8,838 | +€5,785 | +39.6% |
| Income taxes | 67/77 | €648 | €318 | -€330 | -50.9% |
| Profit (loss) for the period | 9904 | -€15,271 | -€9,156 | +€6,115 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,271 | -€9,156 | +€6,115 | +40.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.