BELU DECO: 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.
BELU DECO
Largest movements
- Cash -€31,491
down €31,491 (-26.6%), from €118,243 to €86,751
mainly Trade debts (-€40,546) and Debts after one year (-€8,192)
- Tangible fixed assets -€16,151
down €16,151 (-54.2%), from €29,826 to €13,675
of which Furniture and vehicles: -€15,022
- Receivables within one year -€12,786
down €12,786 (-45.0%), from €28,437 to €15,651
of which Trade receivables: -€16,731
- Intangible fixed assets -€6,000
down €6,000 (-7.7%), from €78,000 to €72,000
- Trade debts -€40,546
down €40,546 (-47.8%), from €84,867 to €44,320
- Debts after one year -€8,192
down €8,192 (-12.6%), from €65,157 to €56,965
- Tax, wage and social debts -€8,161
down €8,161 (-40.8%), from €20,006 to €11,845
of which Taxes: -€9,557
- Reserves -€6,415
down €6,415 (-7.5%), from €85,138 to €78,723
- Gross operating margin -€21,985
down €21,985 (-43.7%), from €50,316 to €28,331
- Taxes -€9,215
down €9,215 (-100.0%), from €9,215 to €0
- Depreciation -€8,984
down €8,984 (-39.9%), from €22,495 to €13,512
- Staff costs +€753
up €753 (+7.7%), from €9,836 to €10,588
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 | €267,422 | €204,213 | -€63,210 | -23.6% |
| Fixed assets | 21/28 | €108,559 | €86,408 | -€22,151 | -20.4% |
| Intangible fixed assets | 21 | €78,000 | €72,000 | -€6,000 | -7.7% |
| Tangible fixed assets | 22/27 | €29,826 | €13,675 | -€16,151 | -54.2% |
| Land and buildings | 22 | €8,725 | €8,054 | -€671 | -7.7% |
| Plant, machinery and equipment | 23 | €1,068 | €611 | -€458 | -42.8% |
| Furniture and vehicles | 24 | €20,033 | €5,011 | -€15,022 | -75.0% |
| Financial fixed assets | 28 | €733 | €733 | = | 0.0% |
| Current assets | 29/58 | €158,863 | €117,804 | -€41,059 | -25.8% |
| Amounts receivable after more than one year | 29 | €8,788 | €8,788 | = | 0.0% |
| Trade receivables | 290 | €8,788 | €8,788 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,665 | €3,739 | +€2,074 | +125% |
| Stocks | 30/36 | €1,665 | €3,739 | +€2,074 | +125% |
| Amounts receivable within one year | 40/41 | €28,437 | €15,651 | -€12,786 | -45.0% |
| Trade receivables | 40 | €22,995 | €6,264 | -€16,731 | -72.8% |
| Other amounts receivable | 41 | €5,443 | €9,387 | +€3,944 | +72.5% |
| Cash at bank and in hand | 54/58 | €118,243 | €86,751 | -€31,491 | -26.6% |
| Deferred charges and accrued income | 490/1 | €1,730 | €2,875 | +€1,145 | +66.2% |
| Total equity and liabilities | 10/49 | €267,422 | €204,213 | -€63,210 | -23.6% |
| Equity | 10/15 | €85,598 | €79,183 | -€6,415 | -7.5% |
| Contributions | 10/11 | €460 | €460 | = | 0.0% |
| Contributions outside capital | 11 | €460 | €460 | = | 0.0% |
| Share premium | 1100/10 | €460 | €460 | = | 0.0% |
| Reserves | 13 | €85,138 | €78,723 | -€6,415 | -7.5% |
| Distributable reserves | 133 | €85,138 | €78,723 | -€6,415 | -7.5% |
| Amounts payable | 17/49 | €181,825 | €125,030 | -€56,795 | -31.2% |
| Amounts payable after more than one year | 17 | €65,157 | €56,965 | -€8,192 | -12.6% |
| Financial debts | 170/4 | €65,157 | €56,965 | -€8,192 | -12.6% |
| Amounts payable within one year | 42/48 | €116,668 | €68,064 | -€48,603 | -41.7% |
| Current portion of amounts payable after more than one year | 42 | €10,524 | €10,748 | +€224 | +2.1% |
| Trade debts | 44 | €84,867 | €44,320 | -€40,546 | -47.8% |
| Suppliers | 440/4 | €84,867 | €44,320 | -€40,546 | -47.8% |
| Taxes, remuneration and social security | 45 | €20,006 | €11,845 | -€8,161 | -40.8% |
| Taxes | 450/3 | €14,234 | €4,677 | -€9,557 | -67.1% |
| Remuneration and social security | 454/9 | €5,772 | €7,168 | +€1,396 | +24.2% |
| Other amounts payable | 47/48 | €1,271 | €1,151 | -€119 | -9.4% |
| Non-recurring operating income | 76A | €612 | €9,896 | +€9,284 | +1,518% |
| Remuneration, social security and pensions | 62 | €9,836 | €10,588 | +€753 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,495 | €13,512 | -€8,984 | -39.9% |
| Other operating charges | 640/8 | €1,256 | €1,412 | +€157 | +12.5% |
| Non-recurring operating charges | 66A | - | €6,020 | +€6,020 | |
| Gross operating margin | 9900 | €50,316 | €28,331 | -€21,985 | -43.7% |
| Operating profit (loss) | 9901 | €16,729 | -€3,202 | -€19,931 | |
| Financial charges | 65/66B | €3,179 | €3,213 | +€34 | +1.1% |
| Recurring financial charges | 65 | €3,179 | €3,213 | +€34 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €13,550 | -€6,415 | -€19,964 | |
| Income taxes | 67/77 | €9,215 | €0 | -€9,215 | -100.0% |
| Profit (loss) for the period | 9904 | €4,335 | -€6,415 | -€10,749 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,335 | -€6,415 | -€10,749 |
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.