Belver: 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.
Belver
Largest movements
- Tangible fixed assets -€64,641
down €64,641 (-23.7%), from €272,596 to €207,955
of which Plant, machinery and equipment: -€64,157
- Receivables within one year -€63,532
down €63,532 (-67.7%), from €93,782 to €30,250
of which Other amounts receivable: -€68,391
- Stocks and contracts +€14,303
up €14,303 (+3.6%), from €393,188 to €407,491
- Reserves -€60,694
down €60,694 (-10.7%), from €566,004 to €505,310
of which Distributable reserves: -€39,051
- Trade debts -€38,218
down €38,218 (-49.6%), from €77,000 to €38,782
- Other debts -€11,014
down €11,014 (-21.5%), from €51,171 to €40,157
- Staff costs +€12,249
up €12,249 (+3.0%), from €403,959 to €416,208
- Gross operating margin +€8,296
up €8,296 (+1.9%), from €447,757 to €456,052
- Depreciation -€5,212
down €5,212 (-12.4%), from €41,890 to €36,677
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 | €854,091 | €733,986 | -€120,105 | -14.1% |
| Fixed assets | 21/28 | €275,435 | €210,793 | -€64,641 | -23.5% |
| Tangible fixed assets | 22/27 | €272,596 | €207,955 | -€64,641 | -23.7% |
| Plant, machinery and equipment | 23 | €272,111 | €207,955 | -€64,157 | -23.6% |
| Furniture and vehicles | 24 | €485 | - | -€485 | |
| Financial fixed assets | 28 | €2,838 | €2,838 | = | 0.0% |
| Current assets | 29/58 | €578,656 | €523,193 | -€55,463 | -9.6% |
| Stocks and contracts in progress | 3 | €393,188 | €407,491 | +€14,303 | +3.6% |
| Stocks | 30/36 | €393,188 | €407,491 | +€14,303 | +3.6% |
| Amounts receivable within one year | 40/41 | €93,782 | €30,250 | -€63,532 | -67.7% |
| Trade receivables | 40 | €18,983 | €23,843 | +€4,860 | +25.6% |
| Other amounts receivable | 41 | €74,799 | €6,407 | -€68,391 | -91.4% |
| Current investments | 50/53 | €2 | €2 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €90,994 | €85,450 | -€5,544 | -6.1% |
| Deferred charges and accrued income | 490/1 | €691 | - | -€691 | |
| Total equity and liabilities | 10/49 | €854,091 | €733,986 | -€120,105 | -14.1% |
| Equity | 10/15 | €584,754 | €524,060 | -€60,694 | -10.4% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €566,004 | €505,310 | -€60,694 | -10.7% |
| Non-distributable reserves | 130/1 | €3,858 | €3,858 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,858 | €3,858 | = | 0.0% |
| Tax-exempt reserves | 132 | €137,495 | €115,853 | -€21,642 | -15.7% |
| Distributable reserves | 133 | €424,650 | €385,599 | -€39,051 | -9.2% |
| Provisions and deferred taxes | 16 | €45,832 | €38,618 | -€7,214 | -15.7% |
| Deferred taxes | 168 | €45,832 | €38,618 | -€7,214 | -15.7% |
| Amounts payable | 17/49 | €223,505 | €171,308 | -€52,197 | -23.4% |
| Amounts payable within one year | 42/48 | €223,505 | €171,308 | -€52,197 | -23.4% |
| Trade debts | 44 | €77,000 | €38,782 | -€38,218 | -49.6% |
| Suppliers | 440/4 | €77,000 | €38,782 | -€38,218 | -49.6% |
| Taxes, remuneration and social security | 45 | €95,334 | €92,368 | -€2,965 | -3.1% |
| Taxes | 450/3 | €9,356 | €7,097 | -€2,259 | -24.1% |
| Remuneration and social security | 454/9 | €85,978 | €85,272 | -€706 | -0.8% |
| Other amounts payable | 47/48 | €51,171 | €40,157 | -€11,014 | -21.5% |
| Non-recurring operating income | 76A | €1,640 | €4,804 | +€3,164 | +192.9% |
| Remuneration, social security and pensions | 62 | €403,959 | €416,208 | +€12,249 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,890 | €36,677 | -€5,212 | -12.4% |
| Other operating charges | 640/8 | €4,299 | €2,005 | -€2,294 | -53.4% |
| Gross operating margin | 9900 | €447,757 | €456,052 | +€8,296 | +1.9% |
| Operating profit (loss) | 9901 | -€2,392 | €1,162 | +€3,553 | |
| Financial income | 75/76B | €1,652 | €2,197 | +€545 | +33.0% |
| Recurring financial income | 75 | €1,652 | €2,197 | +€545 | +33.0% |
| Financial charges | 65/66B | €2,156 | €5,517 | +€3,361 | +155.9% |
| Recurring financial charges | 65 | €2,156 | €5,517 | +€3,361 | +155.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,896 | -€2,159 | +€737 | +25.5% |
| Transfer from deferred taxes | 780 | €7,214 | €7,214 | = | 0.0% |
| Income taxes | 67/77 | €9,512 | €11,719 | +€2,206 | +23.2% |
| Profit (loss) for the period | 9904 | -€5,194 | -€6,663 | -€1,469 | -28.3% |
| Transfer from tax-exempt reserves | 789 | €21,642 | €21,642 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,449 | €14,980 | -€1,469 | -8.9% |
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.