BELTREX CORPORATE: what changed
What changed
BELTREX CORPORATE
NACE 50.200, Water transport
filed annual accounts (NBB)
Net result for the year
€20,090
2024 · -€27,681+€47,772
Equity
€3.1m
2024 · €3.1m+€20,090
Cash
€263,989
2024 · €197,444+€66,544
Balance sheet total
€3.8m
2024 · €3.8m+€33,220
Largest movements
Assets
- Tangible fixed assets -€76,594
down €76,594 (-4.0%), from €1.9m to €1.8m
of which Land and buildings: -€71,770
- Cash +€66,544
up €66,544 (+33.7%), from €197,444 to €263,989
mainly Depreciation (+€96,270) and Trade debts (+€41,790)
- Receivables within one year +€43,497
up €43,497 (+27.6%), from €157,786 to €201,282
of which Trade receivables: +€42,392
Equity and liabilities
- Trade debts +€41,790
up €41,790 (+35.1%), from €119,122 to €160,912
Income statement
- Gross operating margin +€68,652
up €68,652 (+63.1%), from €108,817 to €177,469
- Financial income -€30,033
down €30,033 (-55.8%), from €53,870 to €23,837
- Staff costs -€11,337
down €11,337 (-24.0%), from €47,172 to €35,835
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€27,681
Gross operating margin
+€68,652
Staff costs
+€11,337
Depreciation
-€1,479
Other operating charges
-€1,150
Financial income
-€30,033
Financial charges
+€445
Result 2025
€20,090
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€110,666
Investment
-€19,676
Financing
-€24,445
Cash 2024
€197,444
From operations (derived)
+€110,666
Net result for the year
+€20,090
Depreciation
+€96,270
Receivables within one year
-€43,497
Deferred charges and accrued income
+€227
Trade debts
+€41,790
Tax, wage and social debts
+€4,956
Other debts
-€9,171
Investment (derived)
-€19,676
Investment in fixed assets (net)
-€19,676
Financing
-€24,445
Debts after one year
-€24,752
Current portion of long-term debt
+€307
Cash 2025
€263,989
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,813,936 | €3,847,156 | +€33,220 | +0.9% |
| Fixed assets | 21/28 | €3,445,382 | €3,368,788 | -€76,594 | -2.2% |
| Tangible fixed assets | 22/27 | €1,909,193 | €1,832,599 | -€76,594 | -4.0% |
| Land and buildings | 22 | €1,891,919 | €1,820,149 | -€71,770 | -3.8% |
| Plant, machinery and equipment | 23 | €9,961 | €5,760 | -€4,202 | -42.2% |
| Furniture and vehicles | 24 | €7,312 | €6,690 | -€622 | -8.5% |
| Financial fixed assets | 28 | €1,536,189 | €1,536,189 | = | 0.0% |
| Current assets | 29/58 | €368,555 | €478,369 | +€109,814 | +29.8% |
| Amounts receivable within one year | 40/41 | €157,786 | €201,282 | +€43,497 | +27.6% |
| Trade receivables | 40 | €68,981 | €111,373 | +€42,392 | +61.5% |
| Other amounts receivable | 41 | €88,804 | €89,909 | +€1,105 | +1.2% |
| Cash at bank and in hand | 54/58 | €197,444 | €263,989 | +€66,544 | +33.7% |
| Deferred charges and accrued income | 490/1 | €13,325 | €13,098 | -€227 | -1.7% |
| Total equity and liabilities | 10/49 | €3,813,936 | €3,847,156 | +€33,220 | +0.9% |
| Equity | 10/15 | €3,127,827 | €3,147,918 | +€20,090 | +0.6% |
| Contributions | 10/11 | €540,954 | €540,954 | = | 0.0% |
| Capital | 10 | €540,954 | €540,954 | = | 0.0% |
| Issued capital | 100 | €540,954 | €540,954 | = | 0.0% |
| Reserves | 13 | €2,586,874 | €2,606,964 | +€20,090 | +0.8% |
| Non-distributable reserves | 130/1 | €94,095 | €94,095 | = | 0.0% |
| Legal reserve | 130 | €94,095 | €94,095 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,426 | €2,426 | = | 0.0% |
| Distributable reserves | 133 | €2,490,352 | €2,510,442 | +€20,090 | +0.8% |
| Amounts payable | 17/49 | €686,109 | €699,239 | +€13,130 | +1.9% |
| Amounts payable after more than one year | 17 | €513,010 | €488,258 | -€24,752 | -4.8% |
| Financial debts | 170/4 | €159,882 | €135,130 | -€24,752 | -15.5% |
| Other amounts payable | 178/9 | €353,128 | €353,128 | = | 0.0% |
| Amounts payable within one year | 42/48 | €173,099 | €210,980 | +€37,881 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €24,445 | €24,752 | +€307 | +1.3% |
| Trade debts | 44 | €119,122 | €160,912 | +€41,790 | +35.1% |
| Suppliers | 440/4 | €119,122 | €160,912 | +€41,790 | +35.1% |
| Taxes, remuneration and social security | 45 | €17,116 | €22,072 | +€4,956 | +29.0% |
| Taxes | 450/3 | €6,249 | €16,126 | +€9,877 | +158% |
| Remuneration and social security | 454/9 | €10,866 | €5,945 | -€4,921 | -45.3% |
| Other amounts payable | 47/48 | €12,416 | €3,245 | -€9,171 | -73.9% |
| Remuneration, social security and pensions | 62 | €47,172 | €35,835 | -€11,337 | -24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,791 | €96,270 | +€1,479 | +1.6% |
| Other operating charges | 640/8 | €23,424 | €24,573 | +€1,150 | +4.9% |
| Gross operating margin | 9900 | €108,817 | €177,469 | +€68,652 | +63.1% |
| Operating profit (loss) | 9901 | -€56,569 | €20,790 | +€77,360 | |
| Financial income | 75/76B | €53,870 | €23,837 | -€30,033 | -55.8% |
| Recurring financial income | 75 | €53,870 | €23,837 | -€30,033 | -55.8% |
| Financial charges | 65/66B | €24,983 | €24,537 | -€445 | -1.8% |
| Recurring financial charges | 65 | €24,983 | €24,537 | -€445 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | -€27,681 | €20,090 | +€47,772 | |
| Profit (loss) for the period | 9904 | -€27,681 | €20,090 | +€47,772 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,681 | €20,090 | +€47,772 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.