BELTIEM: 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.
BELTIEM
Largest movements
- Tangible fixed assets -€8,820
down €8,820 (-33.5%), from €26,333 to €17,513
- Cash -€5,216
down €5,216 (-10.5%), from €49,540 to €44,324
mainly Net result for the year (-€12,816) and Receivables within one year (-€645)
- Reserves -€12,816
down €12,816 (-18.7%), from €68,689 to €55,874
- Gross operating margin -€12,590
down €12,590, from €7,636 to -€4,955
- Financial income +€1,571
up €1,571 (+616%), from €255 to €1,826
- Depreciation -€480
down €480 (-5.2%), from €9,300 to €8,820
- Other operating charges -€343
down €343 (-29.7%), from €1,154 to €811
- Taxes -€230
down €230 (-100%), from €230 to €0
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 | €83,457 | €70,152 | -€13,304 | -15.9% |
| Fixed assets | 21/28 | €30,335 | €21,515 | -€8,820 | -29.1% |
| Tangible fixed assets | 22/27 | €26,333 | €17,513 | -€8,820 | -33.5% |
| Land and buildings | 22 | €11,230 | €7,486 | -€3,743 | -33.3% |
| Furniture and vehicles | 24 | €3,114 | €1,685 | -€1,429 | -45.9% |
| Other tangible fixed assets | 26 | €11,990 | €8,342 | -€3,648 | -30.4% |
| Financial fixed assets | 28 | €4,001 | €4,001 | = | 0.0% |
| Current assets | 29/58 | €53,122 | €48,638 | -€4,485 | -8.4% |
| Amounts receivable within one year | 40/41 | €3,043 | €3,688 | +€645 | +21.2% |
| Trade receivables | 40 | €2,447 | €3,025 | +€578 | +23.6% |
| Other amounts receivable | 41 | €595 | €663 | +€68 | +11.4% |
| Cash at bank and in hand | 54/58 | €49,540 | €44,324 | -€5,216 | -10.5% |
| Deferred charges and accrued income | 490/1 | €540 | €626 | +€86 | +15.9% |
| Total equity and liabilities | 10/49 | €83,457 | €70,152 | -€13,304 | -15.9% |
| Equity | 10/15 | €81,089 | €68,274 | -€12,816 | -15.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €68,689 | €55,874 | -€12,816 | -18.7% |
| Distributable reserves | 133 | €68,689 | €55,874 | -€12,816 | -18.7% |
| Amounts payable | 17/49 | €2,368 | €1,879 | -€489 | -20.6% |
| Amounts payable within one year | 42/48 | €2,368 | €1,879 | -€489 | -20.6% |
| Trade debts | 44 | €993 | €391 | -€602 | -60.6% |
| Suppliers | 440/4 | €993 | €391 | -€602 | -60.6% |
| Taxes, remuneration and social security | 45 | €993 | €1,111 | +€118 | +11.9% |
| Taxes | 450/3 | €993 | €1,111 | +€118 | +11.9% |
| Other amounts payable | 47/48 | €382 | €377 | -€5 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,300 | €8,820 | -€480 | -5.2% |
| Other operating charges | 640/8 | €1,154 | €811 | -€343 | -29.7% |
| Gross operating margin | 9900 | €7,636 | -€4,955 | -€12,590 | |
| Operating profit (loss) | 9901 | -€2,818 | -€14,586 | -€11,768 | -418% |
| Financial income | 75/76B | €255 | €1,826 | +€1,571 | +616% |
| Recurring financial income | 75 | €255 | €1,826 | +€1,571 | +616% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +2.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,617 | -€12,816 | -€10,199 | -390% |
| Income taxes | 67/77 | €230 | €0 | -€230 | -100% |
| Profit (loss) for the period | 9904 | -€2,846 | -€12,816 | -€9,969 | -350% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,846 | -€12,816 | -€9,969 | -350% |
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 1 November 2026 via checked.be.