BELWALL: 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.
BELWALL
Largest movements
- Receivables within one year +€114,758
up €114,758 (+68.6%), from €167,191 to €281,949
of which Trade receivables: +€109,343
- Cash -€20,445
down €20,445 (-74.6%), from €27,395 to €6,951
mainly Receivables within one year (-€114,758) and Investment in fixed assets (net) (-€3,900)
- Trade debts +€80,376
up €80,376 (+65.3%), from €123,006 to €203,382
- Profit (loss) carried forward +€16,872
up €16,872 (+305.6%), from €5,521 to €22,393
- Tax, wage and social debts -€3,423
down €3,423 (-24.6%), from €13,889 to €10,466
of which Taxes: -€4,503
- Gross operating margin +€106,430
up €106,430 (+77.9%), from €136,603 to €243,032
- Staff costs +€50,667
up €50,667 (+31.4%), from €161,227 to €211,894
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 | €224,793 | €316,327 | +€91,535 | +40.7% |
| Fixed assets | 21/28 | €10,372 | €9,212 | -€1,160 | -11.2% |
| Tangible fixed assets | 22/27 | €10,372 | €9,212 | -€1,160 | -11.2% |
| Plant, machinery and equipment | 23 | €6,992 | €7,051 | +€59 | +0.8% |
| Furniture and vehicles | 24 | €3,380 | €2,162 | -€1,219 | -36.1% |
| Current assets | 29/58 | €214,420 | €307,115 | +€92,695 | +43.2% |
| Stocks and contracts in progress | 3 | €12,000 | €12,000 | = | 0.0% |
| Stocks | 30/36 | €12,000 | €12,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €167,191 | €281,949 | +€114,758 | +68.6% |
| Trade receivables | 40 | €139,989 | €249,332 | +€109,343 | +78.1% |
| Other amounts receivable | 41 | €27,202 | €32,617 | +€5,415 | +19.9% |
| Cash at bank and in hand | 54/58 | €27,395 | €6,951 | -€20,445 | -74.6% |
| Deferred charges and accrued income | 490/1 | €7,834 | €6,215 | -€1,619 | -20.7% |
| Total equity and liabilities | 10/49 | €224,793 | €316,327 | +€91,535 | +40.7% |
| Equity | 10/15 | €24,121 | €40,993 | +€16,872 | +69.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,521 | €22,393 | +€16,872 | +305.6% |
| Amounts payable | 17/49 | €200,671 | €275,334 | +€74,663 | +37.2% |
| Amounts payable within one year | 42/48 | €198,128 | €274,975 | +€76,847 | +38.8% |
| Trade debts | 44 | €123,006 | €203,382 | +€80,376 | +65.3% |
| Suppliers | 440/4 | €123,006 | €203,382 | +€80,376 | +65.3% |
| Taxes, remuneration and social security | 45 | €13,889 | €10,466 | -€3,423 | -24.6% |
| Taxes | 450/3 | €5,662 | €1,159 | -€4,503 | -79.5% |
| Remuneration and social security | 454/9 | €8,227 | €9,307 | +€1,080 | +13.1% |
| Other amounts payable | 47/48 | €61,233 | €61,127 | -€106 | -0.2% |
| Accrued charges and deferred income | 492/3 | €2,543 | €359 | -€2,185 | -85.9% |
| Remuneration, social security and pensions | 62 | €161,227 | €211,894 | +€50,667 | +31.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,907 | €5,060 | -€1,847 | -26.7% |
| Other operating charges | 640/8 | €3,810 | €2,646 | -€1,164 | -30.6% |
| Non-recurring operating charges | 66A | €584 | €911 | +€327 | +56.0% |
| Gross operating margin | 9900 | €136,603 | €243,032 | +€106,430 | +77.9% |
| Operating profit (loss) | 9901 | -€35,925 | €22,521 | +€58,446 | |
| Financial income | 75/76B | €1,802 | - | -€1,802 | |
| Recurring financial income | 75 | €1,802 | - | -€1,802 | |
| Financial charges | 65/66B | €6,316 | €5,649 | -€668 | -10.6% |
| Recurring financial charges | 65 | €6,316 | €5,649 | -€668 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€40,440 | €16,872 | +€57,312 | |
| Profit (loss) for the period | 9904 | -€40,440 | €16,872 | +€57,312 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,440 | €16,872 | +€57,312 |
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 7 October 2026 via checked.be.