BELTOOLS: what changed
Two fiscal 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.
BELTOOLS
Largest movements
- Stocks and contracts +€140,938
up €140,938 (+63.2%), from €223,139 to €364,078
- Receivables within one year -€118,480
down €118,480 (-31.4%), from €376,730 to €258,250
of which Trade receivables: -€115,159
- Trade debts +€95,498
up €95,498 (+52.2%), from €183,002 to €278,500
- Current portion of long-term debt -€53,750
down €53,750 (-86.0%), from €62,500 to €8,750
- Profit (loss) carried forward +€38,771
up €38,771 (+66.1%), from €58,661 to €97,432
- Other debts -€34,047
down €34,047 (-44.8%), from €76,017 to €41,971
- Tax, wage and social debts -€20,902
down €20,902 (-43.6%), from €47,890 to €26,988
of which Taxes: -€10,588
- Gross operating margin -€80,326
down €80,326 (-30.9%), from €259,696 to €179,370
- Staff costs -€38,421
down €38,421 (-25.3%), from €152,032 to €113,611
- Taxes -€17,594
down €17,594 (-54.5%), from €32,265 to €14,671
- Financial income -€5,248
down €5,248 (-29.9%), from €17,561 to €12,312
- Depreciation +€2,910
up €2,910 (+26.5%), from €10,989 to €13,898
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 | €745,632 | €769,068 | +€23,435 | +3.1% |
| Fixed assets | 21/28 | €101,267 | €94,884 | -€6,383 | -6.3% |
| Tangible fixed assets | 22/27 | €77,598 | €70,217 | -€7,381 | -9.5% |
| Plant, machinery and equipment | 23 | €507 | €347 | -€160 | -31.6% |
| Furniture and vehicles | 24 | €23,790 | €20,994 | -€2,796 | -11.8% |
| Other tangible fixed assets | 26 | €53,302 | €48,877 | -€4,425 | -8.3% |
| Financial fixed assets | 28 | €23,668 | €24,667 | +€998 | +4.2% |
| Current assets | 29/58 | €644,366 | €674,184 | +€29,818 | +4.6% |
| Stocks and contracts in progress | 3 | €223,139 | €364,078 | +€140,938 | +63.2% |
| Stocks | 30/36 | €223,139 | €364,078 | +€140,938 | +63.2% |
| Amounts receivable within one year | 40/41 | €376,730 | €258,250 | -€118,480 | -31.4% |
| Trade receivables | 40 | €357,077 | €241,919 | -€115,159 | -32.3% |
| Other amounts receivable | 41 | €19,653 | €16,331 | -€3,322 | -16.9% |
| Cash at bank and in hand | 54/58 | €39,408 | €45,713 | +€6,306 | +16.0% |
| Deferred charges and accrued income | 490/1 | €5,089 | €6,143 | +€1,054 | +20.7% |
| Total equity and liabilities | 10/49 | €745,632 | €769,068 | +€23,435 | +3.1% |
| Equity | 10/15 | €376,223 | €412,859 | +€36,636 | +9.7% |
| 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 | €252,950 | €252,950 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €228,000 | €228,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,661 | €97,432 | +€38,771 | +66.1% |
| Investment grants | 15 | €2,612 | €477 | -€2,135 | -81.7% |
| Amounts payable | 17/49 | €369,410 | €356,209 | -€13,201 | -3.6% |
| Amounts payable within one year | 42/48 | €369,410 | €356,209 | -€13,201 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €62,500 | €8,750 | -€53,750 | -86.0% |
| Trade debts | 44 | €183,002 | €278,500 | +€95,498 | +52.2% |
| Suppliers | 440/4 | €183,002 | €278,500 | +€95,498 | +52.2% |
| Taxes, remuneration and social security | 45 | €47,890 | €26,988 | -€20,902 | -43.6% |
| Taxes | 450/3 | €24,846 | €14,258 | -€10,588 | -42.6% |
| Remuneration and social security | 454/9 | €23,044 | €12,730 | -€10,314 | -44.8% |
| Other amounts payable | 47/48 | €76,017 | €41,971 | -€34,047 | -44.8% |
| Non-recurring operating income | 76A | €38,870 | - | -€38,870 | |
| Remuneration, social security and pensions | 62 | €152,032 | €113,611 | -€38,421 | -25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,989 | €13,898 | +€2,910 | +26.5% |
| Other operating charges | 640/8 | €3,758 | €2,669 | -€1,089 | -29.0% |
| Gross operating margin | 9900 | €259,696 | €179,370 | -€80,326 | -30.9% |
| Operating profit (loss) | 9901 | €92,917 | €49,191 | -€43,726 | -47.1% |
| Financial income | 75/76B | €17,561 | €12,312 | -€5,248 | -29.9% |
| Recurring financial income | 75 | €17,561 | €12,312 | -€5,248 | -29.9% |
| Financial charges | 65/66B | €7,906 | €8,061 | +€155 | +2.0% |
| Recurring financial charges | 65 | €7,906 | €8,061 | +€155 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €102,571 | €53,442 | -€49,129 | -47.9% |
| Income taxes | 67/77 | €32,265 | €14,671 | -€17,594 | -54.5% |
| Profit (loss) for the period | 9904 | €70,306 | €38,771 | -€31,535 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €70,306 | €38,771 | -€31,535 | -44.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.