Beltratex: 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.
Beltratex
Largest movements
- Cash -€220,879
down €220,879 (-36.6%), from €603,940 to €383,061
mainly Debts after one year (-€220,000) and Net result for the year (-€11,009)
- Debts after one year -€220,000
down €220,000 (-15.1%), from €1.5m to €1.2m
of which Other amounts payable: -€220,000
- Taxes +€195,561
up €195,561, from -€195,187 to €374
- Staff costs -€31,822
no longer reported in 2025 (was €31,822)
- Gross operating margin +€20,839
up €20,839 (+84.7%), from -€24,593 to -€3,754
- Depreciation +€4,317
up €4,317 (+135%), from €3,206 to €7,523
- Financial income +€3,258
new in 2025: €3,258
of which Financial income: +€3,258
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 | €2,423,548 | €2,192,531 | -€231,017 | -9.5% |
| Fixed assets | 21/28 | €95,106 | €87,583 | -€7,523 | -7.9% |
| Intangible fixed assets | 21 | €59,711 | €59,711 | = | 0.0% |
| Tangible fixed assets | 22/27 | €34,176 | €26,653 | -€7,523 | -22.0% |
| Furniture and vehicles | 24 | €34,176 | €26,653 | -€7,523 | -22.0% |
| Financial fixed assets | 28 | €1,219 | €1,219 | = | 0.0% |
| Current assets | 29/58 | €2,328,442 | €2,104,948 | -€223,494 | -9.6% |
| Amounts receivable within one year | 40/41 | €1,722,639 | €1,721,112 | -€1,527 | -0.1% |
| Trade receivables | 40 | €769,475 | €769,475 | = | 0.0% |
| Other amounts receivable | 41 | €953,164 | €951,637 | -€1,527 | -0.2% |
| Cash at bank and in hand | 54/58 | €603,940 | €383,061 | -€220,879 | -36.6% |
| Deferred charges and accrued income | 490/1 | €1,863 | €775 | -€1,088 | -58.4% |
| Total equity and liabilities | 10/49 | €2,423,548 | €2,192,531 | -€231,017 | -9.5% |
| Equity | 10/15 | -€227,590 | -€238,599 | -€11,009 | -4.8% |
| 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 | €5,704 | €5,704 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,704 | €5,704 | = | 0.0% |
| Legal reserve | 130 | €5,704 | €5,704 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€294,794 | -€305,803 | -€11,009 | -3.7% |
| Amounts payable | 17/49 | €2,651,138 | €2,431,130 | -€220,008 | -8.3% |
| Amounts payable after more than one year | 17 | €1,461,581 | €1,241,581 | -€220,000 | -15.1% |
| Financial debts | 170/4 | €700,000 | €700,000 | = | 0.0% |
| Other amounts payable | 178/9 | €761,581 | €541,581 | -€220,000 | -28.9% |
| Amounts payable within one year | 42/48 | €1,186,606 | €1,186,598 | -€8 | 0.0% |
| Trade debts | 44 | €16,340 | €20,022 | +€3,682 | +22.5% |
| Suppliers | 440/4 | €16,340 | €20,022 | +€3,682 | +22.5% |
| Taxes, remuneration and social security | 45 | €11,172 | €11,193 | +€21 | +0.2% |
| Taxes | 450/3 | €8,386 | €8,407 | +€21 | +0.3% |
| Remuneration and social security | 454/9 | €2,786 | €2,786 | = | 0.0% |
| Other amounts payable | 47/48 | €1,159,094 | €1,155,383 | -€3,711 | -0.3% |
| Accrued charges and deferred income | 492/3 | €2,951 | €2,951 | = | 0.0% |
| Non-recurring operating income | 76A | €8,633 | - | -€8,633 | |
| Remuneration, social security and pensions | 62 | €31,822 | - | -€31,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,206 | €7,523 | +€4,317 | +135% |
| Other operating charges | 640/8 | €3,692 | €2,340 | -€1,352 | -36.6% |
| Non-recurring operating charges | 66A | €16 | - | -€16 | |
| Gross operating margin | 9900 | -€24,593 | -€3,754 | +€20,839 | +84.7% |
| Operating profit (loss) | 9901 | -€63,329 | -€13,617 | +€49,712 | +78.5% |
| Financial income | 75/76B | - | €3,258 | +€3,258 | |
| Recurring financial income | 75 | - | €3,258 | +€3,258 | |
| Non-recurring financial income | 76B | - | €3,258 | +€3,258 | |
| Financial charges | 65/66B | €647 | €276 | -€371 | -57.3% |
| Recurring financial charges | 65 | €647 | €276 | -€371 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | -€63,976 | -€10,635 | +€53,341 | +83.4% |
| Income taxes | 67/77 | -€195,187 | €374 | +€195,561 | |
| Profit (loss) for the period | 9904 | €131,211 | -€11,009 | -€142,220 | |
| Profit (loss) for the period to be appropriated | 9905 | €131,211 | -€11,009 | -€142,220 |
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 22 October 2026 via checked.be.