BELTING: 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.
What changed
BELTING
NACE 28.220, Manufacture of machinery and equipment not elsewhere classified
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€308,764
2024 · €131,673-€440,437
Equity
€2.2m
2024 · €2.5m-€308,765
Cash
€327,189
2024 · €427,359-€100,170
Balance sheet total
€3.5m
2024 · €3.9m-€469,224
Largest movements
Assets
- Receivables within one year -€430,474
down €430,474 (-47.1%), from €913,848 to €483,374
of which Trade receivables: -€430,073
- Stocks and contracts +€227,188
up €227,188 (+16.0%), from €1.4m to €1.6m
of which Stocks: +€227,187
- Tangible fixed assets -€155,821
down €155,821 (-13.8%), from €1.1m to €975,916
of which Leasing and similar rights: -€108,944
- Cash -€100,170
down €100,170 (-23.4%), from €427,359 to €327,189
mainly Net result for the year (-€308,764) and Trade debts (-€244,464)
Equity and liabilities
- Reserves -€308,765
down €308,765 (-17.0%), from €1.8m to €1.5m
of which Distributable reserves: -€288,765
- Trade debts -€244,464
down €244,464 (-33.8%), from €723,587 to €479,123
- Other debts +€238,865
up €238,865 (+1,273%), from €18,768 to €257,633
- Current portion of long-term debt -€127,442
down €127,442 (-73.8%), from €172,604 to €45,162
- Debts after one year -€61,232
down €61,232 (-51.9%), from €117,905 to €56,673
Income statement
- Goods and materials +€779,642
up €779,642 (+33.6%), from €2.3m to €3.1m
of which Purchases: +€853,604
- Services and other goods -€181,398
down €181,398 (-9.2%), from €2.0m to €1.8m
- Turnover +€84,981
up €84,981 (+1.2%), from €7.2m to €7.3m
- Depreciation -€77,592
down €77,592 (-21.6%), from €358,632 to €281,040
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.
Result 2024
€131,673
Turnover
+€84,981
Other operating income
-€10,764
Goods and materials
-€779,642
Services and other goods
+€181,398
Staff costs
-€4,563
Depreciation
+€77,592
Write-downs
+€13,608
Provisions
-€1,783
Other operating charges
-€37,804
Other operating items
-€19,871
Financial income
-€324
Financial charges
+€19,035
Taxes
+€37,700
Result 2025
-€308,764
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€221,612
Investment
-€133,108
Financing
-€188,674
Cash 2024
€427,359
From operations (derived)
+€221,612
Net result for the year
-€308,764
Depreciation
+€281,040
Stocks and contracts
-€227,188
Receivables within one year
+€430,474
Deferred charges and accrued income
+€17,835
Provisions
+€398
Trade debts
-€244,464
Tax, wage and social debts
+€36,799
Advances received
-€14,273
Other debts
+€238,865
Accrued charges and deferred income
+€10,890
Investment (derived)
-€133,108
Investment in fixed assets (net)
-€133,108
Financing
-€188,674
Debts after one year
-€61,232
Current portion of long-term debt
-€127,442
Contributions, distributions and other
-€1
Cash 2025
€327,189
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,943,832 | €3,474,608 | -€469,224 | -11.9% |
| Fixed assets | 21/28 | €1,136,230 | €988,298 | -€147,932 | -13.0% |
| Intangible fixed assets | 21 | €4,493 | €12,382 | +€7,889 | +176% |
| Tangible fixed assets | 22/27 | €1,131,737 | €975,916 | -€155,821 | -13.8% |
| Plant, machinery and equipment | 23 | €84,955 | €162,145 | +€77,190 | +90.9% |
| Furniture and vehicles | 24 | €44,927 | €27,330 | -€17,597 | -39.2% |
| Leasing and similar rights | 25 | €211,003 | €102,059 | -€108,944 | -51.6% |
| Other tangible fixed assets | 26 | €790,852 | €684,382 | -€106,470 | -13.5% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €0 | - | = | |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €2,807,601 | €2,486,310 | -€321,291 | -11.4% |
| Stocks and contracts in progress | 3 | €1,421,428 | €1,648,616 | +€227,188 | +16.0% |
| Stocks | 30/36 | €1,359,320 | €1,586,507 | +€227,187 | +16.7% |
| Goods purchased for resale | 34 | €1,352,587 | €1,586,507 | +€233,920 | +17.3% |
| Advance payments | 36 | €6,733 | - | -€6,733 | |
| Contracts in progress | 37 | €62,109 | €62,109 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €913,848 | €483,374 | -€430,474 | -47.1% |
| Trade receivables | 40 | €889,546 | €459,473 | -€430,073 | -48.3% |
| Other amounts receivable | 41 | €24,302 | €23,901 | -€401 | -1.6% |
| Cash at bank and in hand | 54/58 | €427,359 | €327,189 | -€100,170 | -23.4% |
| Deferred charges and accrued income | 490/1 | €44,966 | €27,131 | -€17,835 | -39.7% |
| Total equity and liabilities | 10/49 | €3,943,832 | €3,474,608 | -€469,224 | -11.9% |
| Equity | 10/15 | €2,521,508 | €2,212,743 | -€308,765 | -12.2% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €1,821,508 | €1,512,743 | -€308,765 | -17.0% |
| Non-distributable reserves | 130/1 | €20,000 | - | -€20,000 | |
| Reserves not available under the articles | 1311 | €20,000 | - | -€20,000 | |
| Distributable reserves | 133 | €1,801,508 | €1,512,743 | -€288,765 | -16.0% |
| Provisions and deferred taxes | 16 | €40,784 | €41,182 | +€398 | +1.0% |
| Provisions for liabilities and charges | 160/5 | €40,784 | €41,182 | +€398 | +1.0% |
| Other liabilities and charges | 164/5 | €40,784 | €41,182 | +€398 | +1.0% |
| Amounts payable | 17/49 | €1,381,540 | €1,220,683 | -€160,857 | -11.6% |
| Amounts payable after more than one year | 17 | €117,905 | €56,673 | -€61,232 | -51.9% |
| Financial debts | 170/4 | €117,905 | €56,673 | -€61,232 | -51.9% |
| Leasing and similar obligations | 172 | €115,281 | €56,673 | -€58,608 | -50.8% |
| Credit institutions | 173 | €2,623 | - | -€2,623 | |
| Amounts payable within one year | 42/48 | €1,226,195 | €1,115,680 | -€110,515 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €172,604 | €45,162 | -€127,442 | -73.8% |
| Trade debts | 44 | €723,587 | €479,123 | -€244,464 | -33.8% |
| Suppliers | 440/4 | €723,587 | €479,123 | -€244,464 | -33.8% |
| Advances received on contracts in progress | 46 | €14,273 | - | -€14,273 | |
| Taxes, remuneration and social security | 45 | €296,963 | €333,762 | +€36,799 | +12.4% |
| Taxes | 450/3 | €66,823 | €35,748 | -€31,075 | -46.5% |
| Remuneration and social security | 454/9 | €230,141 | €298,014 | +€67,873 | +29.5% |
| Other amounts payable | 47/48 | €18,768 | €257,633 | +€238,865 | +1,273% |
| Accrued charges and deferred income | 492/3 | €37,440 | €48,330 | +€10,890 | +29.1% |
| Operating income | 70/76A | €7,331,060 | €7,387,840 | +€56,780 | +0.8% |
| Turnover | 70 | €7,179,341 | €7,264,322 | +€84,981 | +1.2% |
| Own construction capitalised | 72 | €19,661 | - | -€19,661 | |
| Other operating income | 74 | €107,899 | €97,135 | -€10,764 | -10.0% |
| Non-recurring operating income | 76A | €24,159 | €26,383 | +€2,224 | +9.2% |
| Operating charges | 60/66A | €7,080,925 | €7,634,554 | +€553,629 | +7.8% |
| Goods for resale, raw materials and consumables | 60 | €2,320,422 | €3,100,064 | +€779,642 | +33.6% |
| Purchases | 600/8 | €2,506,130 | €3,359,734 | +€853,604 | +34.1% |
| Change in stocks: decrease (increase) | 609 | -€185,707 | -€259,670 | -€73,963 | -39.8% |
| Services and other goods | 61 | €1,966,002 | €1,784,604 | -€181,398 | -9.2% |
| Remuneration, social security and pensions | 62 | €2,348,702 | €2,353,265 | +€4,563 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €358,632 | €281,040 | -€77,592 | -21.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €39,358 | €25,750 | -€13,608 | -34.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,385 | €398 | +€1,783 | |
| Other operating charges | 640/8 | €49,194 | €86,998 | +€37,804 | +76.8% |
| Non-recurring operating charges | 66A | - | €2,435 | +€2,435 | |
| Operating profit (loss) | 9901 | €250,135 | -€246,714 | -€496,849 | |
| Financial income | 75/76B | €343 | €19 | -€324 | -94.5% |
| Recurring financial income | 75 | €343 | €19 | -€324 | -94.5% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Other financial income | 752/9 | €343 | €19 | -€324 | -94.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €75,605 | €56,570 | -€19,035 | -25.2% |
| Recurring financial charges | 65 | €75,605 | €56,570 | -€19,035 | -25.2% |
| Debt charges | 650 | €7,702 | €5,486 | -€2,216 | -28.8% |
| Other financial charges | 652/9 | €67,904 | €51,084 | -€16,820 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €174,873 | -€303,265 | -€478,138 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €43,199 | €5,499 | -€37,700 | -87.3% |
| Taxes | 670/3 | €43,199 | €5,499 | -€37,700 | -87.3% |
| Profit (loss) for the period | 9904 | €131,673 | -€308,764 | -€440,437 | |
| Profit (loss) for the period to be appropriated | 9905 | €131,673 | -€308,764 | -€440,437 |
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 17 October 2026 via checked.be.