BELTOUR: 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.
BELTOUR
Largest movements
- Cash -€10,632
down €10,632 (-5.0%), from €212,895 to €202,262
mainly Net result for the year (-€11,378) and Trade debts (-€1,053)
- Profit (loss) carried forward -€11,378
down €11,378 (-29.1%), from -€39,055 to -€50,433
- Other operating charges +€10,247
up €10,247 (+102.3%), from €10,012 to €20,258
- Gross operating margin +€604
up €604 (+5.9%), from €10,171 to €10,775
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 | €343,198 | €330,767 | -€12,431 | -3.6% |
| Fixed assets | 21/28 | €130,303 | €128,504 | -€1,799 | -1.4% |
| Tangible fixed assets | 22/27 | €130,303 | €128,504 | -€1,799 | -1.4% |
| Land and buildings | 22 | €130,303 | €128,504 | -€1,799 | -1.4% |
| Current assets | 29/58 | €212,895 | €202,262 | -€10,632 | -5.0% |
| Cash at bank and in hand | 54/58 | €212,895 | €202,262 | -€10,632 | -5.0% |
| Total equity and liabilities | 10/49 | €343,198 | €330,767 | -€12,431 | -3.6% |
| Equity | 10/15 | €338,730 | €327,352 | -€11,378 | -3.4% |
| Contributions | 10/11 | €141,299 | €141,299 | = | 0.0% |
| Capital | 10 | €141,299 | €141,299 | = | 0.0% |
| Issued capital | 100 | €141,299 | €141,299 | = | 0.0% |
| Reserves | 13 | €236,485 | €236,485 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,130 | €14,130 | = | 0.0% |
| Legal reserve | 130 | €14,130 | €14,130 | = | 0.0% |
| Distributable reserves | 133 | €222,356 | €222,356 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,055 | -€50,433 | -€11,378 | -29.1% |
| Amounts payable | 17/49 | €4,468 | €3,415 | -€1,053 | -23.6% |
| Amounts payable within one year | 42/48 | €4,468 | €3,415 | -€1,053 | -23.6% |
| Trade debts | 44 | €1,053 | - | -€1,053 | |
| Suppliers | 440/4 | €1,053 | - | -€1,053 | |
| Other amounts payable | 47/48 | €3,415 | €3,415 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,799 | €1,799 | +€0 | 0.0% |
| Other operating charges | 640/8 | €10,012 | €20,258 | +€10,247 | +102.3% |
| Gross operating margin | 9900 | €10,171 | €10,775 | +€604 | +5.9% |
| Operating profit (loss) | 9901 | -€1,639 | -€11,282 | -€9,643 | -588.4% |
| Financial charges | 65/66B | €135 | €97 | -€39 | -28.5% |
| Recurring financial charges | 65 | €135 | €97 | -€39 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,774 | -€11,378 | -€9,604 | -541.3% |
| Profit (loss) for the period | 9904 | -€1,774 | -€11,378 | -€9,604 | -541.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,774 | -€11,378 | -€9,604 | -541.3% |
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 8 October 2026 via checked.be.