BELVEMED: 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.
BELVEMED
Largest movements
- Receivables within one year +€21,297
up €21,297 (+33.5%), from €63,497 to €84,794
of which Other amounts receivable: +€20,294
- Cash +€20,030
up €20,030 (+33.5%), from €59,829 to €79,859
mainly Net result for the year (+€43,417) and Depreciation (+€14,349)
- Tangible fixed assets -€14,349
down €14,349 (-29.2%), from €49,121 to €34,772
- Profit (loss) carried forward +€43,417
up €43,417 (+32.0%), from €135,486 to €178,903
- Debts after one year -€11,688
down €11,688 (-36.7%), from €31,819 to €20,131
- Tax, wage and social debts -€4,072
down €4,072 (-99.5%), from €4,092 to €20
of which Taxes: -€4,092
- Gross operating margin -€57,664
down €57,664 (-45.9%), from €125,539 to €67,875
- Taxes -€12,028
down €12,028 (-49.9%), from €24,092 to €12,064
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 | €189,394 | €218,116 | +€28,722 | +15.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €49,121 | €34,772 | -€14,349 | -29.2% |
| Tangible fixed assets | 22/27 | €49,121 | €34,772 | -€14,349 | -29.2% |
| Furniture and vehicles | 24 | €49,121 | €34,772 | -€14,349 | -29.2% |
| Current assets | 29/58 | €140,273 | €183,344 | +€43,071 | +30.7% |
| Amounts receivable within one year | 40/41 | €63,497 | €84,794 | +€21,297 | +33.5% |
| Trade receivables | 40 | - | €1,003 | +€1,003 | |
| Other amounts receivable | 41 | €63,497 | €83,791 | +€20,294 | +32.0% |
| Cash at bank and in hand | 54/58 | €59,829 | €79,859 | +€20,030 | +33.5% |
| Deferred charges and accrued income | 490/1 | €16,947 | €18,692 | +€1,745 | +10.3% |
| Total equity and liabilities | 10/49 | €189,394 | €218,116 | +€28,722 | +15.2% |
| Equity | 10/15 | €138,486 | €181,903 | +€43,417 | +31.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,486 | €178,903 | +€43,417 | +32.0% |
| Amounts payable | 17/49 | €50,909 | €36,213 | -€14,695 | -28.9% |
| Amounts payable after more than one year | 17 | €31,819 | €20,131 | -€11,688 | -36.7% |
| Financial debts | 170/4 | €31,819 | €20,131 | -€11,688 | -36.7% |
| Amounts payable within one year | 42/48 | €18,417 | €14,188 | -€4,228 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €11,405 | €11,688 | +€284 | +2.5% |
| Trade debts | 44 | €1,203 | €2,480 | +€1,277 | +106.2% |
| Suppliers | 440/4 | €1,203 | €2,480 | +€1,277 | +106.2% |
| Taxes, remuneration and social security | 45 | €4,092 | €20 | -€4,072 | -99.5% |
| Taxes | 450/3 | €4,092 | €0 | -€4,092 | -100.0% |
| Remuneration and social security | 454/9 | - | €20 | +€20 | |
| Other amounts payable | 47/48 | €1,718 | €0 | -€1,718 | -100.0% |
| Accrued charges and deferred income | 492/3 | €672 | €1,894 | +€1,222 | +181.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,600 | €14,349 | +€749 | +5.5% |
| Other operating charges | 640/8 | €759 | €776 | +€17 | +2.3% |
| Gross operating margin | 9900 | €125,539 | €67,875 | -€57,664 | -45.9% |
| Operating profit (loss) | 9901 | €111,179 | €52,750 | -€58,430 | -52.6% |
| Financial income | 75/76B | €3,114 | €3,952 | +€838 | +26.9% |
| Recurring financial income | 75 | €3,114 | €3,952 | +€838 | +26.9% |
| Financial charges | 65/66B | €1,741 | €1,221 | -€520 | -29.9% |
| Recurring financial charges | 65 | €1,741 | €1,221 | -€520 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €112,553 | €55,481 | -€57,072 | -50.7% |
| Income taxes | 67/77 | €24,092 | €12,064 | -€12,028 | -49.9% |
| Profit (loss) for the period | 9904 | €88,461 | €43,417 | -€45,044 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €88,461 | €43,417 | -€45,044 | -50.9% |
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 10 October 2026 via checked.be.