BELVAR: 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.
BELVAR
Largest movements
- Receivables within one year -€24,395
down €24,395 (-32.6%), from €74,823 to €50,429
of which Trade receivables: -€24,343
- Cash +€4,566
up €4,566 (+599.2%), from €762 to €5,328
mainly Net result for the year (+€30,577) and Receivables within one year (+€24,395)
- Other debts -€51,609
down €51,609 (-16.1%), from €319,836 to €268,227
- Profit (loss) carried forward +€30,577
up €30,577 (+8.6%), from -€357,474 to -€326,898
- Tax, wage and social debts +€1,280
new in 2025: €1,280
- Gross operating margin +€16,891
up €16,891 (+116.5%), from €14,503 to €31,394
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 | €86,385 | €66,556 | -€19,829 | -23.0% |
| Current assets | 29/58 | €86,385 | €66,556 | -€19,829 | -23.0% |
| Amounts receivable within one year | 40/41 | €74,823 | €50,429 | -€24,395 | -32.6% |
| Trade receivables | 40 | €31,688 | €7,345 | -€24,343 | -76.8% |
| Other amounts receivable | 41 | €43,135 | €43,084 | -€51 | -0.1% |
| Cash at bank and in hand | 54/58 | €762 | €5,328 | +€4,566 | +599.2% |
| Deferred charges and accrued income | 490/1 | €10,800 | €10,800 | = | 0.0% |
| Total equity and liabilities | 10/49 | €86,385 | €66,556 | -€19,829 | -23.0% |
| Equity | 10/15 | -€233,527 | -€202,951 | +€30,577 | +13.1% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€357,474 | -€326,898 | +€30,577 | +8.6% |
| Amounts payable | 17/49 | €319,913 | €269,507 | -€50,406 | -15.8% |
| Amounts payable within one year | 42/48 | €319,913 | €269,507 | -€50,406 | -15.8% |
| Trade debts | 44 | €76 | - | -€76 | |
| Suppliers | 440/4 | €76 | - | -€76 | |
| Taxes, remuneration and social security | 45 | - | €1,280 | +€1,280 | |
| Taxes | 450/3 | - | €1,280 | +€1,280 | |
| Other amounts payable | 47/48 | €319,836 | €268,227 | -€51,609 | -16.1% |
| Other operating charges | 640/8 | €518 | €778 | +€260 | +50.3% |
| Gross operating margin | 9900 | €14,503 | €31,394 | +€16,891 | +116.5% |
| Operating profit (loss) | 9901 | €13,985 | €30,616 | +€16,631 | +118.9% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €246 | €39 | -€206 | -83.9% |
| Recurring financial charges | 65 | €246 | €39 | -€206 | -83.9% |
| Profit (loss) for the period before taxes | 9903 | €13,745 | €30,577 | +€16,832 | +122.5% |
| Profit (loss) for the period | 9904 | €13,745 | €30,577 | +€16,832 | +122.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,745 | €30,577 | +€16,832 | +122.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.