BELUNCH: what changed
Two fiscal 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.
BELUNCH
Largest movements
- Cash +€30,028
up €30,028 (+98.2%), from €30,569 to €60,597
mainly Depreciation (+€21,578) and Net result for the year (+€18,450)
- Tangible fixed assets -€21,653
down €21,653 (-20.5%), from €105,811 to €84,158
of which Plant, machinery and equipment: -€13,502
- Receivables within one year -€2,187
down €2,187 (-28.0%), from €7,822 to €5,635
of which Other amounts receivable: -€1,754
- Debts after one year -€25,790
down €25,790 (-20.8%), from €123,940 to €98,151
of which Other amounts payable: -€16,279
- Profit (loss) carried forward +€18,450
up €18,450 (+71.0%), from -€25,969 to -€7,519
- Tax, wage and social debts +€10,320
up €10,320 (+80.4%), from €12,834 to €23,154
of which Remuneration and social security: +€9,144
- Gross operating margin +€33,161
up €33,161 (+24.4%), from €135,761 to €168,922
- Staff costs +€17,158
up €17,158 (+16.2%), from €105,902 to €123,060
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 | €149,901 | €154,389 | +€4,488 | +3.0% |
| Fixed assets | 21/28 | €107,469 | €84,569 | -€22,900 | -21.3% |
| Intangible fixed assets | 21 | €1,658 | €410 | -€1,247 | -75.2% |
| Tangible fixed assets | 22/27 | €105,811 | €84,158 | -€21,653 | -20.5% |
| Plant, machinery and equipment | 23 | €52,158 | €38,655 | -€13,502 | -25.9% |
| Furniture and vehicles | 24 | €1,679 | €416 | -€1,263 | -75.2% |
| Other tangible fixed assets | 26 | €51,975 | €45,088 | -€6,887 | -13.3% |
| Current assets | 29/58 | €42,433 | €69,820 | +€27,388 | +64.5% |
| Stocks and contracts in progress | 3 | €3,373 | €3,373 | = | 0.0% |
| Stocks | 30/36 | €3,373 | €3,373 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,822 | €5,635 | -€2,187 | -28.0% |
| Trade receivables | 40 | €1,193 | €761 | -€432 | -36.2% |
| Other amounts receivable | 41 | €6,629 | €4,874 | -€1,754 | -26.5% |
| Cash at bank and in hand | 54/58 | €30,569 | €60,597 | +€30,028 | +98.2% |
| Deferred charges and accrued income | 490/1 | €669 | €215 | -€454 | -67.9% |
| Total equity and liabilities | 10/49 | €149,901 | €154,389 | +€4,488 | +3.0% |
| Equity | 10/15 | -€969 | €17,481 | +€18,450 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,969 | -€7,519 | +€18,450 | +71.0% |
| Amounts payable | 17/49 | €150,871 | €136,908 | -€13,963 | -9.3% |
| Amounts payable after more than one year | 17 | €123,940 | €98,151 | -€25,790 | -20.8% |
| Financial debts | 170/4 | €83,662 | €74,151 | -€9,511 | -11.4% |
| Other amounts payable | 178/9 | €40,279 | €24,000 | -€16,279 | -40.4% |
| Amounts payable within one year | 42/48 | €26,930 | €38,758 | +€11,827 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | €9,104 | €9,511 | +€407 | +4.5% |
| Trade debts | 44 | €4,992 | €6,092 | +€1,100 | +22.0% |
| Suppliers | 440/4 | €4,992 | €6,092 | +€1,100 | +22.0% |
| Taxes, remuneration and social security | 45 | €12,834 | €23,154 | +€10,320 | +80.4% |
| Taxes | 450/3 | €6,458 | €7,634 | +€1,176 | +18.2% |
| Remuneration and social security | 454/9 | €6,376 | €15,520 | +€9,144 | +143.4% |
| Remuneration, social security and pensions | 62 | €105,902 | €123,060 | +€17,158 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,092 | €21,578 | -€1,513 | -6.6% |
| Other operating charges | 640/8 | €402 | €400 | -€2 | -0.6% |
| Gross operating margin | 9900 | €135,761 | €168,922 | +€33,161 | +24.4% |
| Operating profit (loss) | 9901 | €6,365 | €23,884 | +€17,519 | +275.3% |
| Financial income | 75/76B | €245 | €367 | +€122 | +49.6% |
| Recurring financial income | 75 | €245 | €367 | +€122 | +49.6% |
| Financial charges | 65/66B | €5,977 | €5,801 | -€176 | -3.0% |
| Recurring financial charges | 65 | €5,977 | €5,801 | -€176 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €633 | €18,450 | +€17,817 | +2814.7% |
| Profit (loss) for the period | 9904 | €633 | €18,450 | +€17,817 | +2814.7% |
| Profit (loss) for the period to be appropriated | 9905 | €633 | €18,450 | +€17,817 | +2814.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.