BELTUNA: 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.
BELTUNA
Largest movements
- Stocks and contracts +€79,919
up €79,919 (+245%), from €32,625 to €112,544
- Receivables within one year -€26,280
down €26,280 (-12.1%), from €217,275 to €190,995
of which Trade receivables: -€18,083
- Trade debts +€28,636
up €28,636 (+13.1%), from €217,941 to €246,578
- Tax, wage and social debts +€20,347
up €20,347 (+81.1%), from €25,101 to €45,448
of which Remuneration and social security: +€12,560
- Profit (loss) carried forward +€4,598
up €4,598 (+16.8%), from €27,318 to €31,916
- Gross operating margin +€73,949
up €73,949 (+107%), from €69,379 to €143,328
- Staff costs +€31,276
up €31,276 (+32.8%), from €95,282 to €126,558
- Financial charges +€2,494
up €2,494 (+46.5%), from €5,362 to €7,856
- Other operating charges +€2,064
up €2,064 (+533%), from €387 to €2,451
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 | €281,376 | €332,569 | +€51,193 | +18.2% |
| Fixed assets | 21/28 | €15,605 | €14,252 | -€1,353 | -8.7% |
| Intangible fixed assets | 21 | €6,000 | €5,000 | -€1,000 | -16.7% |
| Tangible fixed assets | 22/27 | €4,780 | €4,427 | -€353 | -7.4% |
| Plant, machinery and equipment | 23 | €530 | €1,544 | +€1,013 | +191% |
| Furniture and vehicles | 24 | €4,249 | - | -€4,249 | |
| Other tangible fixed assets | 26 | - | €2,883 | +€2,883 | |
| Financial fixed assets | 28 | €4,825 | €4,825 | = | 0.0% |
| Current assets | 29/58 | €265,771 | €318,317 | +€52,545 | +19.8% |
| Stocks and contracts in progress | 3 | €32,625 | €112,544 | +€79,919 | +245% |
| Stocks | 30/36 | €32,625 | €112,544 | +€79,919 | +245% |
| Amounts receivable within one year | 40/41 | €217,275 | €190,995 | -€26,280 | -12.1% |
| Trade receivables | 40 | €207,063 | €188,980 | -€18,083 | -8.7% |
| Other amounts receivable | 41 | €10,212 | €2,015 | -€8,197 | -80.3% |
| Cash at bank and in hand | 54/58 | €13,102 | €11,344 | -€1,757 | -13.4% |
| Deferred charges and accrued income | 490/1 | €2,770 | €3,434 | +€664 | +24.0% |
| Total equity and liabilities | 10/49 | €281,376 | €332,569 | +€51,193 | +18.2% |
| Equity | 10/15 | €35,018 | €39,616 | +€4,598 | +13.1% |
| Contributions | 10/11 | €7,700 | €7,700 | = | 0.0% |
| Capital | 10 | €7,700 | €7,700 | = | 0.0% |
| Issued capital | 100 | €7,700 | €7,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,318 | €31,916 | +€4,598 | +16.8% |
| Amounts payable | 17/49 | €246,358 | €292,953 | +€46,595 | +18.9% |
| Amounts payable within one year | 42/48 | €246,358 | €292,953 | +€46,595 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €3,316 | - | -€3,316 | |
| Trade debts | 44 | €217,941 | €246,578 | +€28,636 | +13.1% |
| Suppliers | 440/4 | €217,941 | €246,578 | +€28,636 | +13.1% |
| Taxes, remuneration and social security | 45 | €25,101 | €45,448 | +€20,347 | +81.1% |
| Taxes | 450/3 | €9,899 | €17,686 | +€7,787 | +78.7% |
| Remuneration and social security | 454/9 | €15,202 | €27,762 | +€12,560 | +82.6% |
| Other amounts payable | 47/48 | - | €928 | +€928 | |
| Remuneration, social security and pensions | 62 | €95,282 | €126,558 | +€31,276 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,803 | €1,703 | -€1,099 | -39.2% |
| Other operating charges | 640/8 | €387 | €2,451 | +€2,064 | +533% |
| Gross operating margin | 9900 | €69,379 | €143,328 | +€73,949 | +107% |
| Operating profit (loss) | 9901 | -€29,093 | €12,616 | +€41,709 | |
| Financial income | 75/76B | €70 | - | -€70 | |
| Recurring financial income | 75 | €70 | - | -€70 | |
| Financial charges | 65/66B | €5,362 | €7,856 | +€2,494 | +46.5% |
| Recurring financial charges | 65 | €5,362 | €7,856 | +€2,494 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | -€34,384 | €4,760 | +€39,144 | |
| Income taxes | 67/77 | €1,334 | €162 | -€1,173 | -87.9% |
| Profit (loss) for the period | 9904 | -€35,718 | €4,598 | +€40,317 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,718 | €4,598 | +€40,317 |
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.