BELTRADE: 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.
BELTRADE
Largest movements
- Current investments +€338,726
up €338,726 (+13.0%), from €2.6m to €2.9m
- Cash -€252,955
down €252,955 (-76.1%), from €332,212 to €79,256
mainly Current investments (-€338,726) and Receivables within one year (-€3,154)
- Reserves +€88,020
up €88,020 (+3.7%), from €2.4m to €2.5m
of which Distributable reserves: +€119,000
- Gross operating margin -€59,449
down €59,449, from €35,989 to -€23,460
- Financial income -€33,636
down €33,636 (-15.9%), from €211,268 to €177,632
- Taxes +€15,121
up €15,121 (+34.4%), from €43,941 to €59,062
- Other operating charges +€3,055
up €3,055 (+281%), from €1,086 to €4,140
- Financial charges -€1,014
down €1,014 (-11.5%), from €8,839 to €7,825
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 | €3,139,985 | €3,223,196 | +€83,211 | +2.7% |
| Fixed assets | 21/28 | €424 | €854 | +€430 | +101% |
| Tangible fixed assets | 22/27 | €424 | €854 | +€430 | +101% |
| Furniture and vehicles | 24 | €424 | €854 | +€430 | +101% |
| Current assets | 29/58 | €3,139,561 | €3,222,341 | +€82,781 | +2.6% |
| Stocks and contracts in progress | 3 | €70,355 | €64,355 | -€6,000 | -8.5% |
| Stocks | 30/36 | €70,355 | €64,355 | -€6,000 | -8.5% |
| Amounts receivable within one year | 40/41 | €134,681 | €137,835 | +€3,154 | +2.3% |
| Other amounts receivable | 41 | €134,681 | €137,835 | +€3,154 | +2.3% |
| Current investments | 50/53 | €2,601,608 | €2,940,334 | +€338,726 | +13.0% |
| Cash at bank and in hand | 54/58 | €332,212 | €79,256 | -€252,955 | -76.1% |
| Deferred charges and accrued income | 490/1 | €704 | €561 | -€144 | -20.4% |
| Total equity and liabilities | 10/49 | €3,139,985 | €3,223,196 | +€83,211 | +2.7% |
| Equity | 10/15 | €2,409,905 | €2,492,530 | +€82,625 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,385,240 | €2,473,260 | +€88,020 | +3.7% |
| Non-distributable reserves | 130/1 | €126,860 | €126,860 | = | 0.0% |
| Other | 1319 | €126,860 | €126,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,517 | €84,538 | -€30,980 | -26.8% |
| Distributable reserves | 133 | €2,142,863 | €2,261,863 | +€119,000 | +5.6% |
| Profit (loss) carried forward | 14 | €6,065 | €669 | -€5,396 | -89.0% |
| Amounts payable | 17/49 | €730,080 | €730,666 | +€586 | +0.1% |
| Amounts payable within one year | 42/48 | €728,851 | €730,666 | +€1,815 | +0.2% |
| Trade debts | 44 | €2,272 | €4,162 | +€1,890 | +83.2% |
| Suppliers | 440/4 | €2,272 | €4,162 | +€1,890 | +83.2% |
| Taxes, remuneration and social security | 45 | - | €3 | +€3 | |
| Taxes | 450/3 | - | €3 | +€3 | |
| Other amounts payable | 47/48 | €726,579 | €726,501 | -€78 | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,229 | - | -€1,229 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378 | €520 | +€142 | +37.6% |
| Other operating charges | 640/8 | €1,086 | €4,140 | +€3,055 | +281% |
| Gross operating margin | 9900 | €35,989 | -€23,460 | -€59,449 | |
| Operating profit (loss) | 9901 | €34,525 | -€28,120 | -€62,646 | |
| Financial income | 75/76B | €211,268 | €177,632 | -€33,636 | -15.9% |
| Recurring financial income | 75 | €211,268 | €177,632 | -€33,636 | -15.9% |
| Financial charges | 65/66B | €8,839 | €7,825 | -€1,014 | -11.5% |
| Recurring financial charges | 65 | €8,839 | €7,825 | -€1,014 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €236,955 | €141,687 | -€95,268 | -40.2% |
| Income taxes | 67/77 | €43,941 | €59,062 | +€15,121 | +34.4% |
| Profit (loss) for the period | 9904 | €193,014 | €82,625 | -€110,389 | -57.2% |
| Transfer from tax-exempt reserves | 789 | €2,363 | €30,980 | +€28,617 | +1,211% |
| Profit (loss) for the period to be appropriated | 9905 | €195,377 | €113,604 | -€81,772 | -41.9% |
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 25 October 2026 via checked.be.