BELVENT: 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.
BELVENT
Largest movements
- Receivables within one year -€259,475
down €259,475 (-26.6%), from €973,699 to €714,224
of which Trade receivables: -€214,298
- Formation expenses -€58,859
down €58,859 (-50.0%), from €117,717 to €58,859
- Tangible fixed assets -€52,948
down €52,948 (-67.1%), from €78,924 to €25,976
of which Leasing and similar rights: -€44,781
- Stocks and contracts +€23,519
up €23,519 (+3.3%), from €715,324 to €738,843
of which Contracts in progress: +€25,552
- Trade debts -€435,802
down €435,802 (-49.0%), from €889,586 to €453,784
- Tax, wage and social debts -€55,056
down €55,056 (-41.4%), from €133,023 to €77,967
of which Remuneration and social security: -€63,609
- Advances received +€45,407
up €45,407 (+33387.5%), from €136 to €45,543
- Current portion of long-term debt +€45,347
up €45,347 (+34.2%), from €132,774 to €178,121
- Debts after one year +€42,792
up €42,792 (+43.0%), from €99,607 to €142,399
- Staff costs -€57,992
down €57,992 (-5.5%), from €1.1m to €992,050
- Gross operating margin +€53,001
up €53,001 (+4.7%), from €1.1m to €1.2m
- Depreciation +€44,362
up €44,362 (+168.5%), from €26,333 to €70,694
- Financial income -€16,299
down €16,299 (-92.8%), from €17,568 to €1,270
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 | €2,149,891 | €1,807,046 | -€342,845 | -15.9% |
| Formation expenses | 20 | €117,717 | €58,859 | -€58,859 | -50.0% |
| Fixed assets | 21/28 | €114,095 | €56,663 | -€57,432 | -50.3% |
| Tangible fixed assets | 22/27 | €78,924 | €25,976 | -€52,948 | -67.1% |
| Plant, machinery and equipment | 23 | €11,713 | €9,095 | -€2,618 | -22.3% |
| Furniture and vehicles | 24 | €9,025 | €7,336 | -€1,689 | -18.7% |
| Leasing and similar rights | 25 | €44,781 | €0 | -€44,781 | -100.0% |
| Other tangible fixed assets | 26 | €13,406 | €9,545 | -€3,861 | -28.8% |
| Financial fixed assets | 28 | €35,170 | €30,687 | -€4,484 | -12.7% |
| Current assets | 29/58 | €1,918,079 | €1,691,525 | -€226,554 | -11.8% |
| Stocks and contracts in progress | 3 | €715,324 | €738,843 | +€23,519 | +3.3% |
| Stocks | 30/36 | €460,145 | €458,112 | -€2,033 | -0.4% |
| Contracts in progress | 37 | €255,179 | €280,731 | +€25,552 | +10.0% |
| Amounts receivable within one year | 40/41 | €973,699 | €714,224 | -€259,475 | -26.6% |
| Trade receivables | 40 | €862,924 | €648,625 | -€214,298 | -24.8% |
| Other amounts receivable | 41 | €110,775 | €65,599 | -€45,177 | -40.8% |
| Cash at bank and in hand | 54/58 | €207,223 | €203,092 | -€4,131 | -2.0% |
| Deferred charges and accrued income | 490/1 | €21,832 | €35,366 | +€13,533 | +62.0% |
| Total equity and liabilities | 10/49 | €2,149,891 | €1,807,046 | -€342,845 | -15.9% |
| Equity | 10/15 | €427,329 | €445,024 | +€17,695 | +4.1% |
| Contributions | 10/11 | €281,000 | €281,000 | = | 0.0% |
| Reserves | 13 | €142,100 | €163,100 | +€21,000 | +14.8% |
| Distributable reserves | 133 | €142,100 | €163,100 | +€21,000 | +14.8% |
| Profit (loss) carried forward | 14 | €4,229 | €924 | -€3,305 | -78.1% |
| Amounts payable | 17/49 | €1,722,562 | €1,362,022 | -€360,540 | -20.9% |
| Amounts payable after more than one year | 17 | €99,607 | €142,399 | +€42,792 | +43.0% |
| Financial debts | 170/4 | €99,607 | €142,399 | +€42,792 | +43.0% |
| Amounts payable within one year | 42/48 | €1,605,519 | €1,205,415 | -€400,104 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €132,774 | €178,121 | +€45,347 | +34.2% |
| Financial debts | 43 | €450,000 | €450,000 | = | 0.0% |
| Credit institutions | 430/8 | €450,000 | €450,000 | = | 0.0% |
| Trade debts | 44 | €889,586 | €453,784 | -€435,802 | -49.0% |
| Suppliers | 440/4 | €889,586 | €453,784 | -€435,802 | -49.0% |
| Advances received on contracts in progress | 46 | €136 | €45,543 | +€45,407 | +33387.5% |
| Taxes, remuneration and social security | 45 | €133,023 | €77,967 | -€55,056 | -41.4% |
| Taxes | 450/3 | €4,106 | €12,660 | +€8,554 | +208.3% |
| Remuneration and social security | 454/9 | €128,917 | €65,307 | -€63,609 | -49.3% |
| Accrued charges and deferred income | 492/3 | €17,437 | €14,209 | -€3,228 | -18.5% |
| Non-recurring operating income | 76A | €2,289 | €8,602 | +€6,313 | +275.8% |
| Remuneration, social security and pensions | 62 | €1,050,042 | €992,050 | -€57,992 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,333 | €70,694 | +€44,362 | +168.5% |
| Other operating charges | 640/8 | €8,404 | €13,672 | +€5,268 | +62.7% |
| Non-recurring operating charges | 66A | - | €3,972 | +€3,972 | |
| Gross operating margin | 9900 | €1,135,156 | €1,188,158 | +€53,001 | +4.7% |
| Operating profit (loss) | 9901 | €50,377 | €107,769 | +€57,391 | +113.9% |
| Financial income | 75/76B | €17,568 | €1,270 | -€16,299 | -92.8% |
| Recurring financial income | 75 | €17,568 | €1,270 | -€16,299 | -92.8% |
| Financial charges | 65/66B | €67,243 | €79,114 | +€11,872 | +17.7% |
| Recurring financial charges | 65 | €62,951 | €79,114 | +€16,163 | +25.7% |
| Non-recurring financial charges | 66B | €4,292 | - | -€4,292 | |
| Profit (loss) for the period before taxes | 9903 | €703 | €29,924 | +€29,221 | +4156.4% |
| Income taxes | 67/77 | €596 | €12,229 | +€11,633 | +1952.5% |
| Profit (loss) for the period | 9904 | €107 | €17,695 | +€17,588 | +16403.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107 | €17,695 | +€17,588 | +16403.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.