Belvet Services: 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.
Belvet Services
Largest movements
- Cash -€49,262
down €49,262 (-17.1%), from €288,913 to €239,651
mainly Net result for the year (-€56,694) and Other debts (-€29,786)
- Tangible fixed assets -€17,285
down €17,285 (-20.3%), from €84,973 to €67,688
of which Land and buildings: -€9,961
- Reserves -€56,694
down €56,694 (-7.0%), from €811,031 to €754,336
of which Tax-exempt reserves: -€84,200
- Other debts -€29,786
down €29,786 (-7.8%), from €379,713 to €349,927
- Gross operating margin -€110,590
down €110,590 (-54.6%), from €202,449 to €91,858
- Taxes -€16,929
down €16,929 (-82.7%), from €20,466 to €3,537
- Other operating charges +€7,632
up €7,632 (+214%), from €3,571 to €11,203
- Depreciation +€3,812
up €3,812 (+16.7%), from €22,772 to €26,584
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.
Derived cash bridge
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 | €1,302,636 | €1,218,666 | -€83,970 | -6.4% |
| Fixed assets | 21/28 | €84,973 | €67,688 | -€17,285 | -20.3% |
| Tangible fixed assets | 22/27 | €84,973 | €67,688 | -€17,285 | -20.3% |
| Land and buildings | 22 | €47,823 | €37,862 | -€9,961 | -20.8% |
| Plant, machinery and equipment | 23 | €25,741 | €22,603 | -€3,138 | -12.2% |
| Furniture and vehicles | 24 | €11,409 | €7,222 | -€4,187 | -36.7% |
| Current assets | 29/58 | €1,217,662 | €1,150,978 | -€66,685 | -5.5% |
| Stocks and contracts in progress | 3 | €174 | €66 | -€108 | -62.1% |
| Stocks | 30/36 | €174 | €66 | -€108 | -62.1% |
| Amounts receivable within one year | 40/41 | €893,554 | €882,609 | -€10,946 | -1.2% |
| Trade receivables | 40 | €770,383 | €805,043 | +€34,659 | +4.5% |
| Other amounts receivable | 41 | €123,171 | €77,566 | -€45,605 | -37.0% |
| Cash at bank and in hand | 54/58 | €288,913 | €239,651 | -€49,262 | -17.1% |
| Deferred charges and accrued income | 490/1 | €35,021 | €28,652 | -€6,369 | -18.2% |
| Total equity and liabilities | 10/49 | €1,302,636 | €1,218,666 | -€83,970 | -6.4% |
| Equity | 10/15 | €829,631 | €772,936 | -€56,694 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €811,031 | €754,336 | -€56,694 | -7.0% |
| Tax-exempt reserves | 132 | €168,400 | €84,200 | -€84,200 | -50.0% |
| Distributable reserves | 133 | €642,631 | €670,136 | +€27,506 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €473,005 | €445,729 | -€27,276 | -5.8% |
| Amounts payable within one year | 42/48 | €472,303 | €445,225 | -€27,079 | -5.7% |
| Trade debts | 44 | €44,267 | €45,748 | +€1,481 | +3.3% |
| Suppliers | 440/4 | €44,267 | €45,748 | +€1,481 | +3.3% |
| Taxes, remuneration and social security | 45 | €48,323 | €49,550 | +€1,227 | +2.5% |
| Taxes | 450/3 | €0 | €912 | +€912 | |
| Remuneration and social security | 454/9 | €48,323 | €48,638 | +€315 | +0.7% |
| Other amounts payable | 47/48 | €379,713 | €349,927 | -€29,786 | -7.8% |
| Accrued charges and deferred income | 492/3 | €702 | €505 | -€197 | -28.1% |
| Non-recurring operating income | 76A | €11,169 | €0 | -€11,169 | -100% |
| Remuneration, social security and pensions | 62 | €106,345 | €107,535 | +€1,190 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,772 | €26,584 | +€3,812 | +16.7% |
| Other operating charges | 640/8 | €3,571 | €11,203 | +€7,632 | +214% |
| Non-recurring operating charges | 66A | €955 | €0 | -€955 | -100% |
| Gross operating margin | 9900 | €202,449 | €91,858 | -€110,590 | -54.6% |
| Operating profit (loss) | 9901 | €68,805 | -€53,464 | -€122,269 | |
| Financial income | 75/76B | €2,014 | €649 | -€1,365 | -67.8% |
| Recurring financial income | 75 | €2,014 | €649 | -€1,365 | -67.8% |
| Financial charges | 65/66B | €1,978 | €342 | -€1,636 | -82.7% |
| Recurring financial charges | 65 | €1,978 | €342 | -€1,636 | -82.7% |
| Profit (loss) for the period before taxes | 9903 | €68,841 | -€53,157 | -€121,998 | |
| Income taxes | 67/77 | €20,466 | €3,537 | -€16,929 | -82.7% |
| Profit (loss) for the period | 9904 | €48,374 | -€56,694 | -€105,069 | |
| Transfer from tax-exempt reserves | 789 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,374 | €27,506 | -€20,869 | -43.1% |
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 23 October 2026 via checked.be.