BELUGA TREE: 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.
BELUGA TREE
Largest movements
- Receivables within one year -€314,802
down €314,802 (-82.1%), from €383,371 to €68,569
of which Trade receivables: -€249,438
- Deferred charges and accrued income -€173,926
down €173,926 (-39.5%), from €440,444 to €266,518
- Cash -€83,225
down €83,225 (-16.3%), from €512,104 to €428,878
mainly Short-term financial debts (-€407,951) and Advances received (-€223,200)
- Short-term financial debts -€407,951
down €407,951 (-54.4%), from €750,000 to €342,050
of which Other loans: -€750,000
- Advances received -€223,200
no longer reported in 2025 (was €223,200)
- Trade debts -€137,495
down €137,495 (-48.3%), from €284,916 to €147,420
- Profit (loss) carried forward +€132,250
up €132,250 (+1693.1%), from €7,811 to €140,061
- Tax, wage and social debts +€38,902
new in 2025: €38,902
- Purchases and services -€3.8m
no longer reported in 2025 (was €3.8m)
- Turnover -€1.8m
no longer reported in 2025 (was €1.8m)
- Gross operating margin +€126,107
up €126,107 (+89.1%), from €141,586 to €267,693
- Financial charges -€59,590
down €59,590 (-38.0%), from €157,003 to €97,412
- Taxes +€35,276
new in 2025: €35,276
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.
Cash bridge derived
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 | €1,776,854 | €1,204,900 | -€571,954 | -32.2% |
| Current assets | 29/58 | €1,776,854 | €1,204,900 | -€571,954 | -32.2% |
| Stocks and contracts in progress | 3 | €440,935 | €440,935 | = | 0.0% |
| Contracts in progress | 37 | €440,935 | €440,935 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €383,371 | €68,569 | -€314,802 | -82.1% |
| Trade receivables | 40 | €287,690 | €38,251 | -€249,438 | -86.7% |
| Other amounts receivable | 41 | €95,681 | €30,317 | -€65,364 | -68.3% |
| Cash at bank and in hand | 54/58 | €512,104 | €428,878 | -€83,225 | -16.3% |
| Deferred charges and accrued income | 490/1 | €440,444 | €266,518 | -€173,926 | -39.5% |
| Total equity and liabilities | 10/49 | €1,776,854 | €1,204,900 | -€571,954 | -32.2% |
| Equity | 10/15 | €72,412 | €207,711 | +€135,299 | +186.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,100 | €6,150 | +€3,050 | +98.4% |
| Non-distributable reserves | 130/1 | €3,100 | €6,150 | +€3,050 | +98.4% |
| Legal reserve | 130 | €3,100 | €6,150 | +€3,050 | +98.4% |
| Profit (loss) carried forward | 14 | €7,811 | €140,061 | +€132,250 | +1693.1% |
| Amounts payable | 17/49 | €1,704,442 | €997,189 | -€707,253 | -41.5% |
| Amounts payable within one year | 42/48 | €1,269,886 | €528,372 | -€741,514 | -58.4% |
| Current portion of amounts payable after more than one year | 42 | €11,771 | - | -€11,771 | |
| Financial debts | 43 | €750,000 | €342,050 | -€407,951 | -54.4% |
| Credit institutions | 430/8 | €0 | €342,050 | +€342,050 | |
| Other loans | 439 | €750,000 | - | -€750,000 | |
| Trade debts | 44 | €284,916 | €147,420 | -€137,495 | -48.3% |
| Suppliers | 440/4 | €284,916 | €147,420 | -€137,495 | -48.3% |
| Advances received on contracts in progress | 46 | €223,200 | - | -€223,200 | |
| Taxes, remuneration and social security | 45 | - | €38,902 | +€38,902 | |
| Taxes | 450/3 | - | €38,902 | +€38,902 | |
| Accrued charges and deferred income | 492/3 | €434,556 | €468,817 | +€34,261 | +7.9% |
| Turnover | 70 | €1,773,869 | - | -€1.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | €3,758,749 | - | -€3.8m | |
| Gross operating margin | 9900 | €141,586 | €267,693 | +€126,107 | +89.1% |
| Operating profit (loss) | 9901 | €141,586 | €267,693 | +€126,107 | +89.1% |
| Financial income | 75/76B | €172 | €294 | +€122 | +70.9% |
| Recurring financial income | 75 | €172 | €294 | +€122 | +70.9% |
| Financial charges | 65/66B | €157,003 | €97,412 | -€59,590 | -38.0% |
| Recurring financial charges | 65 | €157,003 | €97,412 | -€59,590 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,244 | €170,575 | +€185,819 | |
| Income taxes | 67/77 | - | €35,276 | +€35,276 | |
| Profit (loss) for the period | 9904 | -€15,244 | €135,299 | +€150,544 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,244 | €135,299 | +€150,544 |
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 9 October 2026 via checked.be.