BELVEN GROUP: what changed
BELVEN GROUP
Largest movements
- Receivables within one year -€132,113
down €132,113 (-28.4%), from €465,129 to €333,017
of which Other amounts receivable: -€135,483
- Cash +€95,298
up €95,298 (+104%), from €92,014 to €187,312
mainly Net result for the year (+€1.1m) and Receivables within one year (+€132,113)
- Reserves +€640,061
up €640,061 (+31.0%), from €2.1m to €2.7m
- Other debts -€585,000
down €585,000 (-57.9%), from €1.0m to €425,000
- Debts after one year -€78,571
down €78,571 (-36.4%), from €216,071 to €137,500
- Financial income +€189,579
up €189,579 (+21.1%), from €898,166 to €1.1m
- Taxes +€29,494
up €29,494 (+147%), from €20,000 to €49,494
- Gross operating margin +€25,559
up €25,559 (+316%), from €8,094 to €33,654
- Financial charges -€1,867
down €1,867 (-21.8%), from €8,561 to €6,694
- Other operating charges -€966
down €966 (-86.6%), from €1,116 to €150
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,924,404 | €3,887,589 | -€36,815 | -0.9% |
| Fixed assets | 21/28 | €3,367,261 | €3,367,261 | = | 0.0% |
| Financial fixed assets | 28 | €3,367,261 | €3,367,261 | = | 0.0% |
| Current assets | 29/58 | €557,143 | €520,328 | -€36,815 | -6.6% |
| Amounts receivable within one year | 40/41 | €465,129 | €333,017 | -€132,113 | -28.4% |
| Trade receivables | 40 | €33,880 | €37,250 | +€3,370 | +9.9% |
| Other amounts receivable | 41 | €431,249 | €295,767 | -€135,483 | -31.4% |
| Cash at bank and in hand | 54/58 | €92,014 | €187,312 | +€95,298 | +104% |
| Total equity and liabilities | 10/49 | €3,924,404 | €3,887,589 | -€36,815 | -0.9% |
| Equity | 10/15 | €2,564,004 | €3,204,065 | +€640,061 | +25.0% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €2,064,004 | €2,704,065 | +€640,061 | +31.0% |
| Distributable reserves | 133 | €2,064,004 | €2,704,065 | +€640,061 | +31.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,360,400 | €683,524 | -€676,876 | -49.8% |
| Amounts payable after more than one year | 17 | €216,071 | €137,500 | -€78,571 | -36.4% |
| Financial debts | 170/4 | €216,071 | €137,500 | -€78,571 | -36.4% |
| Amounts payable within one year | 42/48 | €1,144,329 | €546,024 | -€598,304 | -52.3% |
| Current portion of amounts payable after more than one year | 42 | €78,571 | €78,571 | = | 0.0% |
| Financial debts | 43 | - | €22,065 | +€22,065 | |
| Other loans | 439 | - | €22,065 | +€22,065 | |
| Trade debts | 44 | €55,757 | €20,388 | -€35,370 | -63.4% |
| Suppliers | 440/4 | €55,757 | €20,388 | -€35,370 | -63.4% |
| Other amounts payable | 47/48 | €1,010,000 | €425,000 | -€585,000 | -57.9% |
| Other operating charges | 640/8 | €1,116 | €150 | -€966 | -86.6% |
| Gross operating margin | 9900 | €8,094 | €33,654 | +€25,559 | +316% |
| Operating profit (loss) | 9901 | €6,979 | €33,504 | +€26,525 | +380% |
| Financial income | 75/76B | €898,166 | €1,087,745 | +€189,579 | +21.1% |
| Recurring financial income | 75 | €898,166 | €1,087,745 | +€189,579 | +21.1% |
| Financial charges | 65/66B | €8,561 | €6,694 | -€1,867 | -21.8% |
| Recurring financial charges | 65 | €8,561 | €6,694 | -€1,867 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €896,584 | €1,114,555 | +€217,971 | +24.3% |
| Income taxes | 67/77 | €20,000 | €49,494 | +€29,494 | +147% |
| Profit (loss) for the period | 9904 | €876,584 | €1,065,061 | +€188,477 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €876,584 | €1,065,061 | +€188,477 | +21.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.