BELUPA: 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.
BELUPA
Largest movements
- Tangible fixed assets -€77,321
down €77,321 (-18.7%), from €413,896 to €336,575
of which Other tangible fixed assets: -€74,458
- Cash -€18,806
down €18,806 (-19.3%), from €97,639 to €78,833
mainly Short-term financial debts (-€100,000) and Receivables within one year (-€14,506)
- Receivables within one year +€14,506
up €14,506 (+165.4%), from €8,768 to €23,274
of which Trade receivables: +€14,520
- Short-term financial debts -€100,000
down €100,000 (-41.7%), from €240,000 to €140,000
- Profit (loss) carried forward +€23,379
up €23,379 (+10.8%), from €215,769 to €239,148
- Other debts -€5,930
down €5,930 (-86.0%), from €6,894 to €964
- Financial income +€29,731
up €29,731 (+2325.3%), from €1,279 to €31,010
- Gross operating margin -€10,195
down €10,195 (-11.3%), from €90,176 to €79,981
- Depreciation -€3,096
down €3,096 (-3.5%), from €87,513 to €84,417
- Other operating charges +€1,093
up €1,093 (+54.7%), from €2,000 to €3,093
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 | €520,303 | €438,682 | -€81,621 | -15.7% |
| Fixed assets | 21/28 | €413,896 | €336,575 | -€77,321 | -18.7% |
| Tangible fixed assets | 22/27 | €413,896 | €336,575 | -€77,321 | -18.7% |
| Plant, machinery and equipment | 23 | €42,256 | €40,892 | -€1,364 | -3.2% |
| Furniture and vehicles | 24 | €12,888 | €11,389 | -€1,499 | -11.6% |
| Other tangible fixed assets | 26 | €358,752 | €284,294 | -€74,458 | -20.8% |
| Current assets | 29/58 | €106,407 | €102,107 | -€4,300 | -4.0% |
| Amounts receivable within one year | 40/41 | €8,768 | €23,274 | +€14,506 | +165.4% |
| Trade receivables | 40 | €7,309 | €21,829 | +€14,520 | +198.7% |
| Other amounts receivable | 41 | €1,459 | €1,445 | -€14 | -1.0% |
| Cash at bank and in hand | 54/58 | €97,639 | €78,833 | -€18,806 | -19.3% |
| Total equity and liabilities | 10/49 | €520,303 | €438,682 | -€81,621 | -15.7% |
| Equity | 10/15 | €240,204 | €262,365 | +€22,162 | +9.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215,769 | €239,148 | +€23,379 | +10.8% |
| Investment grants | 15 | €2,434 | €1,217 | -€1,217 | -50.0% |
| Amounts payable | 17/49 | €280,100 | €176,316 | -€103,783 | -37.1% |
| Amounts payable within one year | 42/48 | €279,865 | €176,082 | -€103,783 | -37.1% |
| Financial debts | 43 | €240,000 | €140,000 | -€100,000 | -41.7% |
| Other loans | 439 | €240,000 | €140,000 | -€100,000 | -41.7% |
| Trade debts | 44 | €26,202 | €28,432 | +€2,230 | +8.5% |
| Suppliers | 440/4 | €26,202 | €28,432 | +€2,230 | +8.5% |
| Taxes, remuneration and social security | 45 | €6,769 | €6,686 | -€83 | -1.2% |
| Taxes | 450/3 | €6,769 | €6,686 | -€83 | -1.2% |
| Other amounts payable | 47/48 | €6,894 | €964 | -€5,930 | -86.0% |
| Accrued charges and deferred income | 492/3 | €235 | €235 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,513 | €84,417 | -€3,096 | -3.5% |
| Other operating charges | 640/8 | €2,000 | €3,093 | +€1,093 | +54.7% |
| Gross operating margin | 9900 | €90,176 | €79,981 | -€10,195 | -11.3% |
| Operating profit (loss) | 9901 | €663 | -€7,530 | -€8,192 | |
| Financial income | 75/76B | €1,279 | €31,010 | +€29,731 | +2325.3% |
| Recurring financial income | 75 | €1,279 | €31,010 | +€29,731 | +2325.3% |
| Financial charges | 65/66B | €101 | €72 | -€28 | -28.3% |
| Recurring financial charges | 65 | €101 | €72 | -€28 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €1,841 | €23,408 | +€21,568 | +1171.7% |
| Income taxes | 67/77 | €18 | €29 | +€11 | +59.5% |
| Profit (loss) for the period | 9904 | €1,822 | €23,379 | +€21,557 | +1183.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,822 | €23,379 | +€21,557 | +1183.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.