BELWIN: 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.
BELWIN
Largest movements
- Tangible fixed assets +€106,792
up €106,792 (+134.4%), from €79,431 to €186,223
- Receivables within one year +€43,378
up €43,378 (+69.6%), from €62,366 to €105,744
- Cash -€12,139
down €12,139 (-58.7%), from €20,677 to €8,538
mainly Investment in fixed assets (net) (-€116,167) and Receivables within one year (-€43,378)
- Debts after one year +€100,000
new in 2025: €100,000
- Profit (loss) carried forward +€28,985
up €28,985 (+108.9%), from €26,623 to €55,608
- Tax, wage and social debts +€7,636
new in 2025: €7,636
- Gross operating margin +€18,520
up €18,520 (+55.9%), from €33,151 to €51,671
- Taxes +€7,636
new in 2025: €7,636
- Depreciation +€3,791
up €3,791 (+67.9%), from €5,585 to €9,375
- Other operating charges +€2,389
up €2,389 (+261.2%), from €915 to €3,304
- Financial charges +€2,343
up €2,343 (+8231.6%), from €28 to €2,371
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 | €162,474 | €300,505 | +€138,031 | +85.0% |
| Fixed assets | 21/28 | €79,431 | €186,223 | +€106,792 | +134.4% |
| Tangible fixed assets | 22/27 | €79,431 | €186,223 | +€106,792 | +134.4% |
| Land and buildings | 22 | €79,431 | €186,223 | +€106,792 | +134.4% |
| Current assets | 29/58 | €83,043 | €114,282 | +€31,239 | +37.6% |
| Amounts receivable within one year | 40/41 | €62,366 | €105,744 | +€43,378 | +69.6% |
| Other amounts receivable | 41 | €62,366 | €105,744 | +€43,378 | +69.6% |
| Cash at bank and in hand | 54/58 | €20,677 | €8,538 | -€12,139 | -58.7% |
| Total equity and liabilities | 10/49 | €162,474 | €300,505 | +€138,031 | +85.0% |
| Equity | 10/15 | €141,518 | €170,502 | +€28,985 | +20.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €52,894 | €52,894 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €46,694 | €46,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,623 | €55,608 | +€28,985 | +108.9% |
| Amounts payable | 17/49 | €20,956 | €130,002 | +€109,046 | +520.4% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €20,956 | €30,002 | +€9,046 | +43.2% |
| Trade debts | 44 | €79 | €1,200 | +€1,121 | +1419.5% |
| Suppliers | 440/4 | €79 | €1,200 | +€1,121 | +1419.5% |
| Taxes, remuneration and social security | 45 | - | €7,636 | +€7,636 | |
| Taxes | 450/3 | - | €7,636 | +€7,636 | |
| Other amounts payable | 47/48 | €20,877 | €21,167 | +€290 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,585 | €9,375 | +€3,791 | +67.9% |
| Other operating charges | 640/8 | €915 | €3,304 | +€2,389 | +261.2% |
| Gross operating margin | 9900 | €33,151 | €51,671 | +€18,520 | +55.9% |
| Operating profit (loss) | 9901 | €26,652 | €38,992 | +€12,340 | +46.3% |
| Financial charges | 65/66B | €28 | €2,371 | +€2,343 | +8231.6% |
| Recurring financial charges | 65 | €28 | €2,371 | +€2,343 | +8231.6% |
| Profit (loss) for the period before taxes | 9903 | €26,623 | €36,620 | +€9,997 | +37.6% |
| Income taxes | 67/77 | - | €7,636 | +€7,636 | |
| Profit (loss) for the period | 9904 | €26,623 | €28,985 | +€2,361 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,623 | €28,985 | +€2,361 | +8.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.