BELURBA: 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.
What changed
BELURBA
NACE 46.900, Non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €902,968+€202,149
Equity
€1.2m
2024 · €1.1m+€75,118
Cash
€476,393
2024 · €104,608+€371,785
Balance sheet total
€3.4m
2024 · €3.2m+€251,723
Largest movements
Assets
- Cash +€371,785
up €371,785 (+355%), from €104,608 to €476,393
mainly Net result for the year (+€1.1m) and Other debts (+€344,327)
- Receivables within one year -€79,985
down €79,985 (-4.1%), from €1.9m to €1.9m
of which Trade receivables: -€81,325
Equity and liabilities
- Other debts +€344,327
up €344,327 (+48.2%), from €714,692 to €1.1m
- Debts after one year -€274,243
down €274,243 (-77.3%), from €354,921 to €80,678
- Provisions +€89,166
new in 2025: €89,166
- Reserves +€75,118
up €75,118 (+7.1%), from €1.1m to €1.1m
of which Distributable reserves: +€75,118
- Trade debts +€48,713
up €48,713 (+6.2%), from €779,520 to €828,233
Income statement
- Gross operating margin +€296,737
up €296,737 (+11.7%), from €2.5m to €2.8m
- Write-downs +€115,827
new in 2025: €115,827
- Taxes -€70,579
down €70,579 (-73.8%), from €95,640 to €25,061
- Staff costs +€67,416
up €67,416 (+5.2%), from €1.3m to €1.4m
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.
Result 2024
€902,968
Gross operating margin
+€296,737
Staff costs
-€67,416
Depreciation
-€2,065
Write-downs
-€115,827
Other operating charges
-€206
Financial income
+€47
Financial charges
+€20,302
Taxes
+€70,579
Result 2025
€1.1m
raises the resultlowers the result
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.
From operations
+€1.8m
Investment
-€113,091
Financing
-€1.4m
Cash 2024
€104,608
From operations (derived)
+€1.8m
Net result for the year
+€1.1m
Depreciation
+€147,521
Stocks and contracts
+€13,441
Receivables within one year
+€79,985
Deferred charges and accrued income
-€7,794
Provisions
+€89,166
Trade debts
+€48,713
Tax, wage and social debts
-€6,367
Advances received
+€21,192
Other debts
+€344,327
Investment (derived)
-€113,091
Investment in fixed assets (net)
-€113,091
Financing
-€1.4m
Debts after one year
-€274,243
Current portion of long-term debt
-€1,020
Short-term financial debts
-€45,162
Contributions, distributions and other
-€1.0m
Cash 2025
€476,393
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,168,368 | €3,420,091 | +€251,723 | +7.9% |
| Fixed assets | 21/28 | €418,621 | €384,191 | -€34,430 | -8.2% |
| Tangible fixed assets | 22/27 | €410,951 | €378,781 | -€32,170 | -7.8% |
| Land and buildings | 22 | - | €21,329 | +€21,329 | |
| Plant, machinery and equipment | 23 | €202,789 | €190,591 | -€12,198 | -6.0% |
| Furniture and vehicles | 24 | €120,643 | €109,343 | -€11,301 | -9.4% |
| Leasing and similar rights | 25 | €87,518 | €57,518 | -€30,000 | -34.3% |
| Financial fixed assets | 28 | €7,670 | €5,410 | -€2,260 | -29.5% |
| Current assets | 29/58 | €2,749,747 | €3,035,900 | +€286,153 | +10.4% |
| Stocks and contracts in progress | 3 | €692,523 | €679,082 | -€13,441 | -1.9% |
| Stocks | 30/36 | €692,523 | €679,082 | -€13,441 | -1.9% |
| Amounts receivable within one year | 40/41 | €1,949,416 | €1,869,431 | -€79,985 | -4.1% |
| Trade receivables | 40 | €1,944,990 | €1,863,665 | -€81,325 | -4.2% |
| Other amounts receivable | 41 | €4,426 | €5,766 | +€1,340 | +30.3% |
| Cash at bank and in hand | 54/58 | €104,608 | €476,393 | +€371,785 | +355% |
| Deferred charges and accrued income | 490/1 | €3,200 | €10,994 | +€7,794 | +244% |
| Total equity and liabilities | 10/49 | €3,168,368 | €3,420,091 | +€251,723 | +7.9% |
| Equity | 10/15 | €1,077,495 | €1,152,612 | +€75,118 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,058,895 | €1,134,012 | +€75,118 | +7.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,609 | €10,609 | = | 0.0% |
| Distributable reserves | 133 | €1,046,426 | €1,121,543 | +€75,118 | +7.2% |
| Provisions and deferred taxes | 16 | - | €89,166 | +€89,166 | |
| Provisions for liabilities and charges | 160/5 | - | €89,166 | +€89,166 | |
| Other liabilities and charges | 164/5 | - | €89,166 | +€89,166 | |
| Amounts payable | 17/49 | €2,090,873 | €2,178,313 | +€87,440 | +4.2% |
| Amounts payable after more than one year | 17 | €354,921 | €80,678 | -€274,243 | -77.3% |
| Financial debts | 170/4 | €354,921 | €80,678 | -€274,243 | -77.3% |
| Amounts payable within one year | 42/48 | €1,735,952 | €2,097,635 | +€361,682 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €75,263 | €74,243 | -€1,020 | -1.4% |
| Financial debts | 43 | €45,162 | - | -€45,162 | |
| Credit institutions | 430/8 | €45,162 | - | -€45,162 | |
| Trade debts | 44 | €779,520 | €828,233 | +€48,713 | +6.2% |
| Suppliers | 440/4 | €779,520 | €828,233 | +€48,713 | +6.2% |
| Advances received on contracts in progress | 46 | €3,125 | €24,317 | +€21,192 | +678% |
| Taxes, remuneration and social security | 45 | €118,190 | €111,823 | -€6,367 | -5.4% |
| Taxes | 450/3 | €5,632 | €61 | -€5,571 | -98.9% |
| Remuneration and social security | 454/9 | €112,558 | €111,762 | -€796 | -0.7% |
| Other amounts payable | 47/48 | €714,692 | €1,059,019 | +€344,327 | +48.2% |
| Remuneration, social security and pensions | 62 | €1,305,013 | €1,372,429 | +€67,416 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,456 | €147,521 | +€2,065 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €115,827 | +€115,827 | |
| Other operating charges | 640/8 | €5,942 | €6,149 | +€206 | +3.5% |
| Gross operating margin | 9900 | €2,534,718 | €2,831,455 | +€296,737 | +11.7% |
| Operating profit (loss) | 9901 | €1,078,307 | €1,189,529 | +€111,222 | +10.3% |
| Financial income | 75/76B | €46 | €93 | +€47 | +100% |
| Recurring financial income | 75 | €46 | €93 | +€47 | +100% |
| Financial charges | 65/66B | €79,745 | €59,444 | -€20,302 | -25.5% |
| Recurring financial charges | 65 | €79,745 | €59,444 | -€20,302 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €998,609 | €1,130,178 | +€131,570 | +13.2% |
| Income taxes | 67/77 | €95,640 | €25,061 | -€70,579 | -73.8% |
| Profit (loss) for the period | 9904 | €902,968 | €1,105,118 | +€202,149 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €902,968 | €1,105,118 | +€202,149 | +22.4% |
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 17 October 2026 via checked.be.