BELWIN CONSULT: 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.
BELWIN CONSULT
Largest movements
- Current investments +€102,122
up €102,122 (+20.8%), from €491,820 to €593,942
- Receivables within one year -€37,390
down €37,390 (-16.5%), from €226,519 to €189,128
of which Trade receivables: -€37,908
- Cash -€18,131
down €18,131 (-14.7%), from €123,095 to €104,964
mainly Current investments (-€102,122) and Trade debts (-€17,481)
- Reserves +€84,771
up €84,771 (+11.5%), from €737,561 to €822,332
of which Distributable reserves: +€84,771
- Trade debts -€17,481
down €17,481 (-53.8%), from €32,466 to €14,986
- Tax, wage and social debts -€16,530
down €16,530 (-66.7%), from €24,782 to €8,252
- Gross operating margin -€123,004
down €123,004 (-54.9%), from €223,945 to €100,941
- Taxes -€36,756
down €36,756 (-64.5%), from €56,992 to €20,236
- Depreciation -€4,407
no longer reported in 2025 (was €4,407)
- Financial income +€2,670
up €2,670 (+47.9%), from €5,569 to €8,239
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 | €844,287 | €890,880 | +€46,593 | +5.5% |
| Fixed assets | 21/28 | €2,100 | €2,100 | = | 0.0% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €842,187 | €888,780 | +€46,593 | +5.5% |
| Amounts receivable within one year | 40/41 | €226,519 | €189,128 | -€37,390 | -16.5% |
| Trade receivables | 40 | €212,511 | €174,604 | -€37,908 | -17.8% |
| Other amounts receivable | 41 | €14,007 | €14,525 | +€518 | +3.7% |
| Current investments | 50/53 | €491,820 | €593,942 | +€102,122 | +20.8% |
| Cash at bank and in hand | 54/58 | €123,095 | €104,964 | -€18,131 | -14.7% |
| Deferred charges and accrued income | 490/1 | €753 | €746 | -€7 | -1.0% |
| Total equity and liabilities | 10/49 | €844,287 | €890,880 | +€46,593 | +5.5% |
| Equity | 10/15 | €759,742 | €844,513 | +€84,771 | +11.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €737,561 | €822,332 | +€84,771 | +11.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,781 | €3,781 | = | 0.0% |
| Distributable reserves | 133 | €731,920 | €816,691 | +€84,771 | +11.6% |
| Profit (loss) carried forward | 14 | €15,981 | €15,981 | = | 0.0% |
| Amounts payable | 17/49 | €84,545 | €46,366 | -€38,179 | -45.2% |
| Amounts payable within one year | 42/48 | €84,545 | €45,505 | -€39,040 | -46.2% |
| Trade debts | 44 | €32,466 | €14,986 | -€17,481 | -53.8% |
| Suppliers | 440/4 | €32,466 | €14,986 | -€17,481 | -53.8% |
| Taxes, remuneration and social security | 45 | €24,782 | €8,252 | -€16,530 | -66.7% |
| Taxes | 450/3 | €24,782 | €8,252 | -€16,530 | -66.7% |
| Other amounts payable | 47/48 | €27,296 | €22,267 | -€5,029 | -18.4% |
| Accrued charges and deferred income | 492/3 | - | €862 | +€862 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,407 | - | -€4,407 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,629 | €1,943 | -€686 | -26.1% |
| Other operating charges | 640/8 | €582 | €1,932 | +€1,350 | +232% |
| Gross operating margin | 9900 | €223,945 | €100,941 | -€123,004 | -54.9% |
| Operating profit (loss) | 9901 | €216,327 | €97,065 | -€119,262 | -55.1% |
| Financial income | 75/76B | €5,569 | €8,239 | +€2,670 | +47.9% |
| Recurring financial income | 75 | €5,569 | €8,239 | +€2,670 | +47.9% |
| Financial charges | 65/66B | €445 | €297 | -€148 | -33.3% |
| Recurring financial charges | 65 | €445 | €297 | -€148 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €221,451 | €105,007 | -€116,443 | -52.6% |
| Income taxes | 67/77 | €56,992 | €20,236 | -€36,756 | -64.5% |
| Profit (loss) for the period | 9904 | €164,459 | €84,771 | -€79,688 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €164,459 | €84,771 | -€79,688 | -48.5% |
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 14 October 2026 via checked.be.