BELTICO: 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.
BELTICO
Largest movements
- Cash +€103,699
up €103,699 (+1,810%), from €5,731 to €109,430
mainly Net result for the year (+€90,334) and Tax, wage and social debts (+€32,765)
- Tangible fixed assets +€4,722
up €4,722 (+44.3%), from €10,670 to €15,392
of which Other tangible fixed assets: +€5,198
- Receivables within one year +€2,608
up €2,608 (+20.6%), from €12,687 to €15,295
of which Other amounts receivable: +€7,760
- Profit (loss) carried forward +€90,334
up €90,334 (+67.2%), from -€134,391 to -€44,057
- Tax, wage and social debts +€32,765
up €32,765 (+2,152%), from €1,523 to €34,287
of which Taxes: +€32,048
- Other debts -€14,362
down €14,362 (-19.0%), from €75,742 to €61,380
- Accrued charges and deferred income +€2,832
up €2,832 (+43.9%), from €6,456 to €9,288
- Gross operating margin +€115,850
up €115,850 (+2,392%), from €4,843 to €120,693
- Turnover -€67,474
down €67,474 (-100%), from €67,474 to €0
- Purchases and services -€64,507
down €64,507 (-100%), from €64,507 to €0
- Staff costs +€9,606
up €9,606 (+555%), from €1,732 to €11,338
- Taxes +€9,280
up €9,280 (+5,321%), from €174 to €9,454
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 | €29,783 | €140,858 | +€111,075 | +373% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €10,670 | €15,392 | +€4,722 | +44.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €10,670 | €15,392 | +€4,722 | +44.3% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,320 | €3,844 | -€476 | -11.0% |
| Other tangible fixed assets | 26 | €6,350 | €11,548 | +€5,198 | +81.9% |
| Current assets | 29/58 | €19,113 | €125,466 | +€106,353 | +556% |
| Amounts receivable within one year | 40/41 | €12,687 | €15,295 | +€2,608 | +20.6% |
| Trade receivables | 40 | €12,687 | €7,535 | -€5,152 | -40.6% |
| Other amounts receivable | 41 | €0 | €7,760 | +€7,760 | |
| Cash at bank and in hand | 54/58 | €5,731 | €109,430 | +€103,699 | +1,810% |
| Deferred charges and accrued income | 490/1 | €696 | €742 | +€46 | +6.6% |
| Total equity and liabilities | 10/49 | €29,783 | €140,858 | +€111,075 | +373% |
| Equity | 10/15 | -€66,191 | €24,143 | +€90,334 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | - | €0 | = | |
| Profit (loss) carried forward | 14 | -€134,391 | -€44,057 | +€90,334 | +67.2% |
| Amounts payable | 17/49 | €95,974 | €116,715 | +€20,742 | +21.6% |
| Amounts payable within one year | 42/48 | €89,518 | €107,427 | +€17,909 | +20.0% |
| Trade debts | 44 | €12,253 | €11,759 | -€494 | -4.0% |
| Suppliers | 440/4 | €12,253 | €11,759 | -€494 | -4.0% |
| Taxes, remuneration and social security | 45 | €1,523 | €34,287 | +€32,765 | +2,152% |
| Taxes | 450/3 | €964 | €33,012 | +€32,048 | +3,325% |
| Remuneration and social security | 454/9 | €559 | €1,276 | +€717 | +128% |
| Other amounts payable | 47/48 | €75,742 | €61,380 | -€14,362 | -19.0% |
| Accrued charges and deferred income | 492/3 | €6,456 | €9,288 | +€2,832 | +43.9% |
| Turnover | 70 | €67,474 | €0 | -€67,474 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | €64,507 | €0 | -€64,507 | -100% |
| Remuneration, social security and pensions | 62 | €1,732 | €11,338 | +€9,606 | +555% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,317 | €2,752 | -€4,565 | -62.4% |
| Other operating charges | 640/8 | €862 | €842 | -€19 | -2.2% |
| Gross operating margin | 9900 | €4,843 | €120,693 | +€115,850 | +2,392% |
| Operating profit (loss) | 9901 | -€5,068 | €105,761 | +€110,829 | |
| Financial charges | 65/66B | €102 | €5,974 | +€5,872 | +5,759% |
| Recurring financial charges | 65 | €102 | €5,974 | +€5,872 | +5,759% |
| Profit (loss) for the period before taxes | 9903 | -€5,170 | €99,788 | +€104,957 | |
| Income taxes | 67/77 | €174 | €9,454 | +€9,280 | +5,321% |
| Profit (loss) for the period | 9904 | -€5,344 | €90,334 | +€95,678 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,344 | €90,334 | +€95,678 |
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.