Beltur: 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.
Beltur
Largest movements
- Cash +€1.1m
up €1.1m (+2,674%), from €39,567 to €1.1m
mainly Net result for the year (+€709,688) and Investment in fixed assets (net) (+€447,187)
- Tangible fixed assets -€447,187
down €447,187 (-100%), from €447,187 to €0
- Reserves +€610,535
up €610,535 (+315%), from €193,638 to €804,173
of which Tax-exempt reserves: +€597,748
- Debts after one year -€271,167
down €271,167 (-100%), from €271,167 to €0
- Provisions +€202,358
up €202,358 (+714%), from €28,345 to €230,703
- Profit (loss) carried forward +€99,153
up €99,153, from -€99,153 to €0
- Current portion of long-term debt -€34,671
down €34,671 (-100%), from €34,671 to €0
- Gross operating margin +€894,915
up €894,915 (+2,179%), from €41,075 to €935,991
- Depreciation -€46,659
down €46,659 (-100%), from €46,659 to €0
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 | €519,135 | €1,130,106 | +€610,972 | +118% |
| Fixed assets | 21/28 | €447,187 | €0 | -€447,187 | -100% |
| Tangible fixed assets | 22/27 | €447,187 | €0 | -€447,187 | -100% |
| Land and buildings | 22 | €447,187 | €0 | -€447,187 | -100% |
| Current assets | 29/58 | €71,947 | €1,130,106 | +€1.1m | +1,471% |
| Amounts receivable within one year | 40/41 | €32,381 | €32,704 | +€324 | +1.0% |
| Other amounts receivable | 41 | €32,381 | €32,704 | +€324 | +1.0% |
| Cash at bank and in hand | 54/58 | €39,567 | €1,097,402 | +€1.1m | +2,674% |
| Total equity and liabilities | 10/49 | €519,135 | €1,130,106 | +€610,972 | +118% |
| Equity | 10/15 | €156,458 | €866,146 | +€709,688 | +454% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €193,638 | €804,173 | +€610,535 | +315% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €94,546 | €692,294 | +€597,748 | +632% |
| Distributable reserves | 133 | €92,894 | €105,681 | +€12,787 | +13.8% |
| Profit (loss) carried forward | 14 | -€99,153 | €0 | +€99,153 | |
| Provisions and deferred taxes | 16 | €28,345 | €230,703 | +€202,358 | +714% |
| Deferred taxes | 168 | €28,345 | €230,703 | +€202,358 | +714% |
| Amounts payable | 17/49 | €334,331 | €33,257 | -€301,074 | -90.1% |
| Amounts payable after more than one year | 17 | €271,167 | €0 | -€271,167 | -100% |
| Financial debts | 170/4 | €271,167 | €0 | -€271,167 | -100% |
| Amounts payable within one year | 42/48 | €63,164 | €33,257 | -€29,907 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €34,671 | €0 | -€34,671 | -100% |
| Trade debts | 44 | - | €50 | +€50 | |
| Suppliers | 440/4 | - | €50 | +€50 | |
| Taxes, remuneration and social security | 45 | - | €4,655 | +€4,655 | |
| Taxes | 450/3 | - | €4,655 | +€4,655 | |
| Other amounts payable | 47/48 | €28,494 | €28,552 | +€58 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,659 | €0 | -€46,659 | -100% |
| Other operating charges | 640/8 | €6,195 | €5,392 | -€803 | -13.0% |
| Gross operating margin | 9900 | €41,075 | €935,991 | +€894,915 | +2,179% |
| Operating profit (loss) | 9901 | -€11,778 | €930,599 | +€942,377 | |
| Financial income | 75/76B | - | €324 | +€324 | |
| Recurring financial income | 75 | - | €324 | +€324 | |
| Financial charges | 65/66B | €11,203 | €14,222 | +€3,019 | +27.0% |
| Recurring financial charges | 65 | €11,203 | €14,222 | +€3,019 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,981 | €916,701 | +€939,682 | |
| Transfer from deferred taxes | 780 | €4,098 | €28,345 | +€24,247 | +592% |
| Transfer to deferred taxes | 680 | - | €230,703 | +€230,703 | |
| Income taxes | 67/77 | - | €4,655 | +€4,655 | |
| Profit (loss) for the period | 9904 | -€18,883 | €709,688 | +€728,571 | |
| Transfer from tax-exempt reserves | 789 | €13,643 | €94,362 | +€80,719 | +592% |
| Transfer to tax-exempt reserves | 689 | - | €692,109 | +€692,109 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,240 | €111,940 | +€117,180 |
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 29 October 2026 via checked.be.