BelTower: 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.
BelTower
Largest movements
- Current investments +€407,102
up €407,102 (+23.9%), from €1.7m to €2.1m
- Receivables within one year -€277,256
down €277,256 (-57.0%), from €486,337 to €209,081
of which Trade receivables: -€323,282
- Tangible fixed assets -€38,044
down €38,044 (-40.8%), from €93,322 to €55,279
- Cash +€32,657
up €32,657 (+129%), from €25,323 to €57,980
mainly Receivables within one year (+€277,256) and Net result for the year (+€169,550)
- Profit (loss) carried forward +€169,550
up €169,550 (+18.6%), from €909,969 to €1.1m
- Other debts -€49,076
down €49,076 (-3.8%), from €1.3m to €1.2m
- Gross operating margin -€548,329
down €548,329 (-62.2%), from €880,926 to €332,598
- Financial charges +€146,107
up €146,107, from -€93,262 to €52,845
- Taxes -€27,378
down €27,378 (-29.7%), from €92,244 to €64,866
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 | €2,308,117 | €2,432,809 | +€124,691 | +5.4% |
| Fixed assets | 21/28 | €93,322 | €55,279 | -€38,044 | -40.8% |
| Tangible fixed assets | 22/27 | €93,322 | €55,279 | -€38,044 | -40.8% |
| Furniture and vehicles | 24 | €93,322 | €55,279 | -€38,044 | -40.8% |
| Current assets | 29/58 | €2,214,795 | €2,377,530 | +€162,735 | +7.3% |
| Amounts receivable within one year | 40/41 | €486,337 | €209,081 | -€277,256 | -57.0% |
| Trade receivables | 40 | €462,789 | €139,507 | -€323,282 | -69.9% |
| Other amounts receivable | 41 | €23,548 | €69,574 | +€46,026 | +195% |
| Current investments | 50/53 | €1,701,802 | €2,108,904 | +€407,102 | +23.9% |
| Cash at bank and in hand | 54/58 | €25,323 | €57,980 | +€32,657 | +129% |
| Deferred charges and accrued income | 490/1 | €1,333 | €1,566 | +€233 | +17.5% |
| Total equity and liabilities | 10/49 | €2,308,117 | €2,432,809 | +€124,691 | +5.4% |
| Equity | 10/15 | €977,619 | €1,147,169 | +€169,550 | +17.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €909,969 | €1,079,519 | +€169,550 | +18.6% |
| Amounts payable | 17/49 | €1,330,498 | €1,285,639 | -€44,858 | -3.4% |
| Amounts payable within one year | 42/48 | €1,330,498 | €1,285,639 | -€44,858 | -3.4% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €2,256 | €6,411 | +€4,155 | +184% |
| Suppliers | 440/4 | €2,256 | €6,411 | +€4,155 | +184% |
| Taxes, remuneration and social security | 45 | €17,300 | €17,363 | +€63 | +0.4% |
| Taxes | 450/3 | €17,300 | €17,363 | +€63 | +0.4% |
| Other amounts payable | 47/48 | €1,285,942 | €1,236,866 | -€49,076 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,631 | €40,332 | -€298 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,344 | €6,336 | +€1,992 | +45.9% |
| Gross operating margin | 9900 | €880,926 | €332,598 | -€548,329 | -62.2% |
| Operating profit (loss) | 9901 | €835,951 | €285,929 | -€550,022 | -65.8% |
| Financial income | 75/76B | €5 | €1,332 | +€1,327 | +28,723% |
| Recurring financial income | 75 | €5 | €1,332 | +€1,327 | +28,723% |
| Financial charges | 65/66B | -€93,262 | €52,845 | +€146,107 | |
| Recurring financial charges | 65 | -€93,262 | €52,845 | +€146,107 | |
| Profit (loss) for the period before taxes | 9903 | €929,218 | €234,416 | -€694,802 | -74.8% |
| Income taxes | 67/77 | €92,244 | €64,866 | -€27,378 | -29.7% |
| Profit (loss) for the period | 9904 | €836,974 | €169,550 | -€667,424 | -79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €836,974 | €169,550 | -€667,424 | -79.7% |
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 28 October 2026 via checked.be.