BELTRACK: 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.
BELTRACK
Largest movements
- Cash +€115,175
up €115,175 (+8.0%), from €1.4m to €1.6m
mainly Trade debts (+€168,774) and Net result for the year (+€143,866)
- Receivables within one year +€27,459
up €27,459 (+15.2%), from €180,862 to €208,321
of which Trade receivables: +€19,978
- Trade debts +€168,774
up €168,774 (+24.0%), from €704,274 to €873,048
- Reserves +€143,866
up €143,866 (+21.6%), from €666,639 to €810,505
of which Distributable reserves: +€143,866
- Tax, wage and social debts -€127,446
down €127,446 (-71.6%), from €177,906 to €50,460
- Other debts -€59,585
down €59,585 (-50.7%), from €117,462 to €57,877
- Gross operating margin -€68,275
down €68,275 (-18.8%), from €363,918 to €295,643
- Staff costs -€13,906
down €13,906 (-22.6%), from €61,428 to €47,522
- Depreciation +€9,285
up €9,285 (+178%), from €5,204 to €14,489
- Taxes -€5,925
down €5,925 (-6.7%), from €88,772 to €82,847
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,825,013 | €1,946,413 | +€121,400 | +6.7% |
| Fixed assets | 21/28 | €36,987 | €22,498 | -€14,489 | -39.2% |
| Tangible fixed assets | 22/27 | €36,987 | €22,498 | -€14,489 | -39.2% |
| Plant, machinery and equipment | 23 | €2,719 | €831 | -€1,888 | -69.4% |
| Furniture and vehicles | 24 | €34,268 | €21,667 | -€12,601 | -36.8% |
| Current assets | 29/58 | €1,788,026 | €1,923,915 | +€135,889 | +7.6% |
| Stocks and contracts in progress | 3 | €157,220 | €158,262 | +€1,042 | +0.7% |
| Stocks | 30/36 | €157,220 | €158,262 | +€1,042 | +0.7% |
| Amounts receivable within one year | 40/41 | €180,862 | €208,321 | +€27,459 | +15.2% |
| Trade receivables | 40 | €180,862 | €200,840 | +€19,978 | +11.0% |
| Other amounts receivable | 41 | - | €7,481 | +€7,481 | |
| Cash at bank and in hand | 54/58 | €1,442,157 | €1,557,332 | +€115,175 | +8.0% |
| Deferred charges and accrued income | 490/1 | €7,787 | - | -€7,787 | |
| Total equity and liabilities | 10/49 | €1,825,013 | €1,946,413 | +€121,400 | +6.7% |
| Equity | 10/15 | €786,112 | €929,978 | +€143,866 | +18.3% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €666,639 | €810,505 | +€143,866 | +21.6% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €658,639 | €802,505 | +€143,866 | +21.8% |
| Profit (loss) carried forward | 14 | €39,473 | €39,473 | = | 0.0% |
| Amounts payable | 17/49 | €1,038,901 | €1,016,435 | -€22,466 | -2.2% |
| Amounts payable after more than one year | 17 | €12,323 | €12,323 | = | 0.0% |
| Advances received on contracts in progress | 176 | €12,323 | €12,323 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,005,186 | €986,929 | -€18,257 | -1.8% |
| Trade debts | 44 | €704,274 | €873,048 | +€168,774 | +24.0% |
| Suppliers | 440/4 | €704,274 | €873,048 | +€168,774 | +24.0% |
| Advances received on contracts in progress | 46 | €5,544 | €5,544 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €177,906 | €50,460 | -€127,446 | -71.6% |
| Taxes | 450/3 | €177,906 | €50,460 | -€127,446 | -71.6% |
| Other amounts payable | 47/48 | €117,462 | €57,877 | -€59,585 | -50.7% |
| Accrued charges and deferred income | 492/3 | €21,392 | €17,183 | -€4,209 | -19.7% |
| Remuneration, social security and pensions | 62 | €61,428 | €47,522 | -€13,906 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,204 | €14,489 | +€9,285 | +178% |
| Other operating charges | 640/8 | €4,449 | €4,002 | -€447 | -10.0% |
| Gross operating margin | 9900 | €363,918 | €295,643 | -€68,275 | -18.8% |
| Operating profit (loss) | 9901 | €292,837 | €229,630 | -€63,207 | -21.6% |
| Financial income | 75/76B | €13 | - | -€13 | |
| Recurring financial income | 75 | €13 | - | -€13 | |
| Financial charges | 65/66B | €108 | €2,917 | +€2,809 | +2,601% |
| Recurring financial charges | 65 | €108 | €2,917 | +€2,809 | +2,601% |
| Profit (loss) for the period before taxes | 9903 | €292,742 | €226,713 | -€66,029 | -22.6% |
| Income taxes | 67/77 | €88,772 | €82,847 | -€5,925 | -6.7% |
| Profit (loss) for the period | 9904 | €203,970 | €143,866 | -€60,104 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €203,970 | €143,866 | -€60,104 | -29.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.