BELTHERM: what changed
What changed
BELTHERM
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€202,643
2024 · €340,776-€138,133
Equity
€5.7m
2024 · €5.5m+€202,643
Cash
€617,393
2024 · €283,005+€334,388
Balance sheet total
€13.1m
2024 · €15.6m-€2.5m
Largest movements
Assets
- Receivables within one year -€1.6m
down €1.6m (-15.2%), from €10.4m to €8.8m
of which Trade receivables: -€1.5m
- Stocks and contracts -€1.1m
down €1.1m (-27.4%), from €3.9m to €2.8m
of which Contracts in progress: -€1.0m
- Cash +€334,388
up €334,388 (+118%), from €283,005 to €617,393
mainly Receivables within one year (+€1.6m) and Stocks and contracts (+€1.1m)
- Tangible fixed assets -€207,867
down €207,867 (-20.2%), from €1.0m to €822,808
of which Leasing and similar rights: -€142,333
Equity and liabilities
- Trade debts -€1.2m
down €1.2m (-21.7%), from €5.3m to €4.1m
- Short-term financial debts -€759,497
down €759,497 (-31.6%), from €2.4m to €1.6m
- Tax, wage and social debts -€346,900
down €346,900 (-29.4%), from €1.2m to €831,082
of which Remuneration and social security: -€291,533
- Profit (loss) carried forward +€202,643
up €202,643 (+5.8%), from €3.5m to €3.7m
- Advances received -€199,386
down €199,386 (-39.8%), from €500,606 to €301,220
Income statement
- Goods and materials -€1.0m
down €1.0m (-6.0%), from €17.4m to €16.3m
of which Purchases: -€834,673
- Services and other goods -€639,472
down €639,472 (-15.6%), from €4.1m to €3.5m
- Turnover -€514,123
down €514,123 (-1.7%), from €30.1m to €29.6m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€340,776
Turnover
-€514,123
Other operating income
+€74,892
Goods and materials
+€1.0m
Services and other goods
+€639,472
Staff costs
-€80,202
Depreciation
-€17,616
Write-downs
+€3,065
Other operating charges
+€27,772
Other operating items
-€1.4m
Financial income
-€10,118
Financial charges
+€11,106
Taxes
+€90,113
Result 2025
€202,643
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.5m
Investment
-€187,576
Financing
-€965,072
Cash 2024
€283,005
From operations (derived)
+€1.5m
Net result for the year
+€202,643
Depreciation
+€395,443
Stocks and contracts
+€1.1m
Receivables within one year
+€1.6m
Deferred charges and accrued income
-€38,170
Trade debts
-€1.2m
Tax, wage and social debts
-€346,900
Advances received
-€199,386
Other debts
-€14,400
Accrued charges and deferred income
-€979
Investment (derived)
-€187,576
Investment in fixed assets (net)
-€187,576
Financing
-€965,072
Debts after one year
-€144,637
Current portion of long-term debt
-€60,938
Short-term financial debts
-€759,497
Cash 2025
€617,393
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,594,036 | €13,118,465 | -€2.5m | -15.9% |
| Fixed assets | 21/28 | €1,030,675 | €822,808 | -€207,867 | -20.2% |
| Tangible fixed assets | 22/27 | €1,030,675 | €822,808 | -€207,867 | -20.2% |
| Plant, machinery and equipment | 23 | €95,812 | €25,618 | -€70,193 | -73.3% |
| Furniture and vehicles | 24 | €378,789 | €275,680 | -€103,110 | -27.2% |
| Leasing and similar rights | 25 | €445,213 | €302,880 | -€142,333 | -32.0% |
| Other tangible fixed assets | 26 | €110,861 | €218,630 | +€107,769 | +97.2% |
| Current assets | 29/58 | €14,563,361 | €12,295,657 | -€2.3m | -15.6% |
| Stocks and contracts in progress | 3 | €3,875,852 | €2,813,972 | -€1.1m | -27.4% |
| Stocks | 30/36 | €1,039,522 | €985,955 | -€53,567 | -5.2% |
| Goods purchased for resale | 34 | €1,039,522 | €985,955 | -€53,567 | -5.2% |
| Contracts in progress | 37 | €2,836,330 | €1,828,017 | -€1.0m | -35.5% |
| Amounts receivable within one year | 40/41 | €10,396,863 | €8,818,481 | -€1.6m | -15.2% |
| Trade receivables | 40 | €9,712,719 | €8,210,582 | -€1.5m | -15.5% |
| Other amounts receivable | 41 | €684,144 | €607,899 | -€76,245 | -11.1% |
| Cash at bank and in hand | 54/58 | €283,005 | €617,393 | +€334,388 | +118% |
| Deferred charges and accrued income | 490/1 | €7,641 | €45,811 | +€38,170 | +500% |
| Total equity and liabilities | 10/49 | €15,594,036 | €13,118,465 | -€2.5m | -15.9% |
| Equity | 10/15 | €5,533,367 | €5,736,010 | +€202,643 | +3.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,855,399 | €1,855,399 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €50,399 | €50,399 | = | 0.0% |
| Distributable reserves | 133 | €1,785,000 | €1,785,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,477,969 | €3,680,612 | +€202,643 | +5.8% |
| Amounts payable | 17/49 | €10,060,669 | €7,382,455 | -€2.7m | -26.6% |
| Amounts payable after more than one year | 17 | €460,822 | €316,185 | -€144,637 | -31.4% |
| Financial debts | 170/4 | €460,822 | €316,185 | -€144,637 | -31.4% |
| Leasing and similar obligations | 172 | €332,117 | €229,883 | -€102,234 | -30.8% |
| Credit institutions | 173 | €128,705 | €86,302 | -€42,403 | -32.9% |
| Amounts payable within one year | 42/48 | €9,598,867 | €7,066,270 | -€2.5m | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €205,575 | €144,637 | -€60,938 | -29.6% |
| Financial debts | 43 | €2,403,050 | €1,643,553 | -€759,497 | -31.6% |
| Credit institutions | 430/8 | €2,403,050 | €1,643,553 | -€759,497 | -31.6% |
| Trade debts | 44 | €5,297,254 | €4,145,778 | -€1.2m | -21.7% |
| Suppliers | 440/4 | €5,297,254 | €4,145,778 | -€1.2m | -21.7% |
| Advances received on contracts in progress | 46 | €500,606 | €301,220 | -€199,386 | -39.8% |
| Taxes, remuneration and social security | 45 | €1,177,982 | €831,082 | -€346,900 | -29.4% |
| Taxes | 450/3 | €191,582 | €136,214 | -€55,367 | -28.9% |
| Remuneration and social security | 454/9 | €986,400 | €694,867 | -€291,533 | -29.6% |
| Other amounts payable | 47/48 | €14,400 | - | -€14,400 | |
| Accrued charges and deferred income | 492/3 | €979 | - | -€979 | |
| Operating income | 70/76A | €30,903,919 | €29,060,859 | -€1.8m | -6.0% |
| Turnover | 70 | €30,110,918 | €29,596,795 | -€514,123 | -1.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €414,761 | -€1,008,313 | -€1.4m | |
| Other operating income | 74 | €366,939 | €441,831 | +€74,892 | +20.4% |
| Non-recurring operating income | 76A | €11,301 | €30,547 | +€19,246 | +170% |
| Operating charges | 60/66A | €30,202,653 | €28,588,827 | -€1.6m | -5.3% |
| Goods for resale, raw materials and consumables | 60 | €17,379,744 | €16,338,408 | -€1.0m | -6.0% |
| Purchases | 600/8 | €17,119,514 | €16,284,841 | -€834,673 | -4.9% |
| Change in stocks: decrease (increase) | 609 | €260,230 | €53,567 | -€206,663 | -79.4% |
| Services and other goods | 61 | €4,091,069 | €3,451,598 | -€639,472 | -15.6% |
| Remuneration, social security and pensions | 62 | €8,289,841 | €8,370,043 | +€80,202 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377,827 | €395,443 | +€17,616 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€3,065 | -€3,065 | |
| Other operating charges | 640/8 | €64,172 | €36,400 | -€27,772 | -43.3% |
| Operating profit (loss) | 9901 | €701,266 | €472,032 | -€229,234 | -32.7% |
| Financial income | 75/76B | €11,253 | €1,136 | -€10,118 | -89.9% |
| Recurring financial income | 75 | €11,253 | €1,136 | -€10,118 | -89.9% |
| Income from current assets | 751 | €7,193 | - | -€7,193 | |
| Other financial income | 752/9 | €4,061 | €1,136 | -€2,925 | -72.0% |
| Financial charges | 65/66B | €185,700 | €174,595 | -€11,106 | -6.0% |
| Recurring financial charges | 65 | €185,700 | €174,595 | -€11,106 | -6.0% |
| Debt charges | 650 | €165,728 | €120,832 | -€44,896 | -27.1% |
| Other financial charges | 652/9 | €19,972 | €53,763 | +€33,791 | +169% |
| Profit (loss) for the period before taxes | 9903 | €526,818 | €298,573 | -€228,246 | -43.3% |
| Income taxes | 67/77 | €186,043 | €95,930 | -€90,113 | -48.4% |
| Taxes | 670/3 | €190,442 | €99,012 | -€91,429 | -48.0% |
| Tax adjustments and reversals of tax provisions | 77 | €4,399 | €3,083 | -€1,316 | -29.9% |
| Profit (loss) for the period | 9904 | €340,776 | €202,643 | -€138,133 | -40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €340,776 | €202,643 | -€138,133 | -40.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.