BELTRAG: 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.
BELTRAG
Largest movements
- Receivables within one year -€94,681
down €94,681 (-69.9%), from €135,364 to €40,683
- Intangible fixed assets -€20,200
no longer reported in 2025 (was €20,200)
- Tangible fixed assets +€3,963
up €3,963 (+42.1%), from €9,408 to €13,371
of which Furniture and vehicles: +€3,235
- Profit (loss) carried forward -€69,438
down €69,438 (-1126.6%), from -€6,164 to -€75,601
- Trade debts -€41,255
down €41,255 (-61.3%), from €67,342 to €26,087
- Other debts +€23,112
up €23,112 (+52.3%), from €44,220 to €67,332
- Short-term financial debts -€15,561
down €15,561 (-32.7%), from €47,641 to €32,080
of which Other loans: -€17,000
- Current portion of long-term debt -€4,515
down €4,515 (-65.5%), from €6,893 to €2,377
- Gross operating margin -€161,720
down €161,720, from €129,121 to -€32,599
- Financial charges -€5,534
down €5,534 (-58.5%), from €9,453 to €3,919
- Staff costs -€5,388
down €5,388 (-37.8%), from €14,248 to €8,859
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 | €172,413 | €60,378 | -€112,035 | -65.0% |
| Fixed assets | 21/28 | €30,658 | €14,821 | -€15,837 | -51.7% |
| Intangible fixed assets | 21 | €20,200 | - | -€20,200 | |
| Tangible fixed assets | 22/27 | €9,408 | €13,371 | +€3,963 | +42.1% |
| Land and buildings | 22 | €3,086 | €2,753 | -€334 | -10.8% |
| Plant, machinery and equipment | 23 | €5,989 | €7,051 | +€1,062 | +17.7% |
| Furniture and vehicles | 24 | €333 | €3,568 | +€3,235 | +972.0% |
| Financial fixed assets | 28 | €1,050 | €1,450 | +€400 | +38.1% |
| Current assets | 29/58 | €141,755 | €45,557 | -€96,198 | -67.9% |
| Stocks and contracts in progress | 3 | €5,488 | €4,855 | -€633 | -11.5% |
| Stocks | 30/36 | €5,488 | €4,855 | -€633 | -11.5% |
| Amounts receivable within one year | 40/41 | €135,364 | €40,683 | -€94,681 | -69.9% |
| Trade receivables | 40 | €135,364 | €40,683 | -€94,681 | -69.9% |
| Cash at bank and in hand | 54/58 | €19 | €19 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €885 | - | -€885 | |
| Total equity and liabilities | 10/49 | €172,413 | €60,378 | -€112,035 | -65.0% |
| Equity | 10/15 | €1,896 | -€67,541 | -€69,438 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,164 | -€75,601 | -€69,438 | -1126.6% |
| Amounts payable | 17/49 | €170,516 | €127,919 | -€42,597 | -25.0% |
| Amounts payable after more than one year | 17 | €2,377 | - | -€2,377 | |
| Financial debts | 170/4 | €2,377 | - | -€2,377 | |
| Amounts payable within one year | 42/48 | €168,139 | €127,919 | -€40,220 | -23.9% |
| Current portion of amounts payable after more than one year | 42 | €6,893 | €2,377 | -€4,515 | -65.5% |
| Financial debts | 43 | €47,641 | €32,080 | -€15,561 | -32.7% |
| Credit institutions | 430/8 | €20,141 | €21,580 | +€1,439 | +7.1% |
| Other loans | 439 | €27,500 | €10,500 | -€17,000 | -61.8% |
| Trade debts | 44 | €67,342 | €26,087 | -€41,255 | -61.3% |
| Suppliers | 440/4 | €67,342 | €26,087 | -€41,255 | -61.3% |
| Advances received on contracts in progress | 46 | €1,815 | - | -€1,815 | |
| Taxes, remuneration and social security | 45 | €229 | €43 | -€185 | -81.0% |
| Taxes | 450/3 | - | €43 | +€43 | |
| Remuneration and social security | 454/9 | €229 | - | -€229 | |
| Other amounts payable | 47/48 | €44,220 | €67,332 | +€23,112 | +52.3% |
| Remuneration, social security and pensions | 62 | €14,248 | €8,859 | -€5,388 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,699 | €21,982 | -€717 | -3.2% |
| Other operating charges | 640/8 | €2,710 | €2,080 | -€630 | -23.3% |
| Non-recurring operating charges | 66A | €392 | - | -€392 | |
| Gross operating margin | 9900 | €129,121 | -€32,599 | -€161,720 | |
| Operating profit (loss) | 9901 | €89,072 | -€65,520 | -€154,592 | |
| Financial income | 75/76B | €29 | €1 | -€28 | -95.9% |
| Recurring financial income | 75 | €29 | €1 | -€28 | -95.9% |
| Financial charges | 65/66B | €9,453 | €3,919 | -€5,534 | -58.5% |
| Recurring financial charges | 65 | €9,453 | €3,919 | -€5,534 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | €79,648 | -€69,438 | -€149,086 | |
| Profit (loss) for the period | 9904 | €79,648 | -€69,438 | -€149,086 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,648 | -€69,438 | -€149,086 |
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.