BELUTH: 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.
BELUTH
Largest movements
- Cash -€14,731
down €14,731 (-86.4%), from €17,056 to €2,325
mainly Investment in fixed assets (net) (-€11,252) and Net result for the year (-€3,615)
- Intangible fixed assets +€11,252
new in 2025: €11,252
- Tangible fixed assets -€955
down €955 (-27.3%), from €3,492 to €2,538
- Stocks and contracts -€360
no longer reported in 2025 (was €360)
- Reserves -€3,589
down €3,589 (-10.4%), from €34,589 to €31,000
- Other debts -€610
down €610 (-10.9%), from €5,570 to €4,960
- Trade debts -€259
no longer reported in 2025 (was €259)
- Gross operating margin -€567
down €567 (-37.9%), from -€1,499 to -€2,066
- Depreciation -€438
down €438 (-31.4%), from €1,392 to €955
- Financial charges +€27
up €27 (+48.8%), from €55 to €82
- Other operating charges -€23
down €23 (-4.3%), from €537 to €513
- Financial income -€21
down €21 (-99.5%), from €21 to €0
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 | €21,111 | €16,483 | -€4,628 | -21.9% |
| Fixed assets | 21/28 | €3,492 | €13,789 | +€10,297 | +295% |
| Intangible fixed assets | 21 | - | €11,252 | +€11,252 | |
| Tangible fixed assets | 22/27 | €3,492 | €2,538 | -€955 | -27.3% |
| Furniture and vehicles | 24 | €3,492 | €2,538 | -€955 | -27.3% |
| Current assets | 29/58 | €17,619 | €2,694 | -€14,925 | -84.7% |
| Stocks and contracts in progress | 3 | €360 | - | -€360 | |
| Stocks | 30/36 | €360 | - | -€360 | |
| Amounts receivable within one year | 40/41 | €203 | €369 | +€166 | +82.1% |
| Trade receivables | 40 | €203 | - | -€203 | |
| Other amounts receivable | 41 | - | €369 | +€369 | |
| Cash at bank and in hand | 54/58 | €17,056 | €2,325 | -€14,731 | -86.4% |
| Total equity and liabilities | 10/49 | €21,111 | €16,483 | -€4,628 | -21.9% |
| Equity | 10/15 | €15,138 | €11,523 | -€3,615 | -23.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €34,589 | €31,000 | -€3,589 | -10.4% |
| Distributable reserves | 133 | €34,589 | €31,000 | -€3,589 | -10.4% |
| Profit (loss) carried forward | 14 | -€19,951 | -€19,977 | -€26 | -0.1% |
| Amounts payable | 17/49 | €5,973 | €4,960 | -€1,012 | -16.9% |
| Amounts payable within one year | 42/48 | €5,973 | €4,960 | -€1,012 | -16.9% |
| Trade debts | 44 | €259 | - | -€259 | |
| Suppliers | 440/4 | €259 | - | -€259 | |
| Taxes, remuneration and social security | 45 | €143 | - | -€143 | |
| Taxes | 450/3 | €143 | - | -€143 | |
| Other amounts payable | 47/48 | €5,570 | €4,960 | -€610 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,392 | €955 | -€438 | -31.4% |
| Other operating charges | 640/8 | €537 | €513 | -€23 | -4.3% |
| Gross operating margin | 9900 | -€1,499 | -€2,066 | -€567 | -37.9% |
| Operating profit (loss) | 9901 | -€3,428 | -€3,534 | -€106 | -3.1% |
| Financial income | 75/76B | €21 | €0 | -€21 | -99.5% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -99.5% |
| Financial charges | 65/66B | €55 | €82 | +€27 | +48.8% |
| Recurring financial charges | 65 | €55 | €82 | +€27 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,461 | -€3,615 | -€154 | -4.5% |
| Profit (loss) for the period | 9904 | -€3,461 | -€3,615 | -€154 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,461 | -€3,615 | -€154 | -4.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.