BELTZ: what changed
What changed
BELTZ
filed annual accounts (NBB)
Net result for the year
€411,954
2024 · €309,232+€102,722
Equity
€1.9m
2024 · €1.5m+€411,954
Cash
€1.1m
2024 · €711,555+€407,554
Balance sheet total
€1.9m
2024 · €1.5m+€411,206
Largest movements
Assets
- Cash +€407,554
up €407,554 (+57.3%), from €711,555 to €1.1m
mainly Net result for the year (+€411,954) and Receivables within one year (+€5,363)
Equity and liabilities
- Reserves +€411,900
up €411,900 (+27.6%), from €1.5m to €1.9m
Income statement
- Gross operating margin +€146,118
up €146,118 (+31.6%), from €461,995 to €608,113
- Taxes +€47,412
up €47,412 (+32.2%), from €147,246 to €194,657
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
€309,232
Gross operating margin
+€146,118
Depreciation
+€1,440
Other operating charges
+€1,503
Financial income
+€1,093
Financial charges
-€21
Taxes
-€47,412
Result 2025
€411,954
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
+€411,212
Investment
-€3,658
Financing
€0
Cash 2024
€711,555
From operations (derived)
+€411,212
Net result for the year
+€411,954
Depreciation
+€4,759
Receivables within one year
+€5,363
Deferred charges and accrued income
-€10,116
Smaller working-capital items
-€748
Investment (derived)
-€3,658
Investment in fixed assets (net)
-€3,658
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,530,575 | €1,941,781 | +€411,206 | +26.9% |
| Fixed assets | 21/28 | €7,524 | €6,423 | -€1,101 | -14.6% |
| Tangible fixed assets | 22/27 | €7,226 | €6,125 | -€1,101 | -15.2% |
| Plant, machinery and equipment | 23 | €908 | €3,615 | +€2,706 | +298% |
| Furniture and vehicles | 24 | €4,233 | €1,325 | -€2,908 | -68.7% |
| Other tangible fixed assets | 26 | €2,085 | €1,185 | -€899 | -43.1% |
| Financial fixed assets | 28 | €298 | €298 | = | 0.0% |
| Current assets | 29/58 | €1,523,051 | €1,935,358 | +€412,306 | +27.1% |
| Amounts receivable within one year | 40/41 | €47,601 | €42,238 | -€5,363 | -11.3% |
| Other amounts receivable | 41 | €47,601 | €42,238 | -€5,363 | -11.3% |
| Current investments | 50/53 | €650,000 | €650,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €711,555 | €1,119,108 | +€407,554 | +57.3% |
| Deferred charges and accrued income | 490/1 | €113,896 | €124,012 | +€10,116 | +8.9% |
| Total equity and liabilities | 10/49 | €1,530,575 | €1,941,781 | +€411,206 | +26.9% |
| Equity | 10/15 | €1,510,907 | €1,922,861 | +€411,954 | +27.3% |
| Contributions | 10/11 | €6,238 | €6,238 | = | 0.0% |
| Reserves | 13 | €1,494,659 | €1,906,559 | +€411,900 | +27.6% |
| Non-distributable reserves | 130/1 | €1,494,659 | €1,906,559 | +€411,900 | +27.6% |
| Reserves not available under the articles | 1311 | €1,494,659 | €1,906,559 | +€411,900 | +27.6% |
| Profit (loss) carried forward | 14 | €10,010 | €10,064 | +€54 | +0.5% |
| Amounts payable | 17/49 | €19,668 | €18,920 | -€748 | -3.8% |
| Amounts payable within one year | 42/48 | €19,668 | €18,920 | -€748 | -3.8% |
| Trade debts | 44 | €6,321 | €5,654 | -€667 | -10.5% |
| Suppliers | 440/4 | €6,321 | €5,654 | -€667 | -10.5% |
| Taxes, remuneration and social security | 45 | €13,348 | €13,266 | -€81 | -0.6% |
| Taxes | 450/3 | €13,348 | €13,266 | -€81 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,199 | €4,759 | -€1,440 | -23.2% |
| Other operating charges | 640/8 | €4,535 | €3,032 | -€1,503 | -33.1% |
| Gross operating margin | 9900 | €461,995 | €608,113 | +€146,118 | +31.6% |
| Operating profit (loss) | 9901 | €451,261 | €600,323 | +€149,061 | +33.0% |
| Financial income | 75/76B | €5,469 | €6,562 | +€1,093 | +20.0% |
| Recurring financial income | 75 | €5,469 | €6,562 | +€1,093 | +20.0% |
| Financial charges | 65/66B | €252 | €274 | +€21 | +8.4% |
| Recurring financial charges | 65 | €252 | €274 | +€21 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €456,478 | €606,611 | +€150,133 | +32.9% |
| Income taxes | 67/77 | €147,246 | €194,657 | +€47,412 | +32.2% |
| Profit (loss) for the period | 9904 | €309,232 | €411,954 | +€102,722 | +33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €309,232 | €411,954 | +€102,722 | +33.2% |
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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 7 November 2026 via checked.be.