BELWOOD: what changed
What changed
BELWOOD
NACE 46.832, Wholesale of timber
filed annual accounts (NBB)
Net result for the year
€8
2024 · €1,644-€1,636
Equity
€323,487
2024 · €323,479+€8
Cash
€15,716
2024 · €26,565-€10,850
Balance sheet total
€847,243
2024 · €784,595+€62,648
Largest movements
Assets
- Receivables within one year +€92,832
up €92,832 (+298%), from €31,134 to €123,966
of which Trade receivables: +€93,649
- Tangible fixed assets -€30,222
down €30,222 (-5.7%), from €533,662 to €503,440
of which Land and buildings: -€29,716
- Stocks and contracts +€11,837
up €11,837 (+6.3%), from €186,523 to €198,360
- Cash -€10,850
down €10,850 (-40.8%), from €26,565 to €15,716
mainly Receivables within one year (-€92,832) and Debts after one year (-€19,368)
Equity and liabilities
- Trade debts +€81,959
up €81,959 (+137%), from €59,823 to €141,782
- Debts after one year -€19,368
down €19,368 (-9.1%), from €213,711 to €194,342
Income statement
- Gross operating margin -€9,420
down €9,420 (-10.3%), from €91,598 to €82,178
- Financial income +€5,044
up €5,044 (+4,916%), from €103 to €5,146
- Depreciation -€3,796
down €3,796 (-9.0%), from €42,331 to €38,534
- Financial charges -€2,566
down €2,566 (-15.4%), from €16,626 to €14,060
- Staff costs +€1,596
up €1,596 (+6.3%), from €25,172 to €26,768
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1,644
Gross operating margin
-€9,420
Staff costs
-€1,596
Depreciation
+€3,796
Other operating charges
+€414
Other operating items
-€2,446
Financial income
+€5,044
Financial charges
+€2,566
Taxes
+€6
Result 2025
€8
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€23,944
Investment
-€8,312
Financing
-€26,482
Cash 2024
€26,565
From operations (derived)
+€23,944
Net result for the year
+€8
Depreciation
+€38,534
Stocks and contracts
-€11,837
Receivables within one year
-€92,832
Deferred charges and accrued income
+€948
Trade debts
+€81,959
Tax, wage and social debts
+€4,154
Other debts
+€3,814
Accrued charges and deferred income
-€805
Investment (derived)
-€8,312
Investment in fixed assets (net)
-€8,312
Financing
-€26,482
Debts after one year
-€19,368
Current portion of long-term debt
-€2,113
Short-term financial debts
-€5,000
Cash 2025
€15,716
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €784,595 | €847,243 | +€62,648 | +8.0% |
| Fixed assets | 21/28 | €533,847 | €503,625 | -€30,222 | -5.7% |
| Tangible fixed assets | 22/27 | €533,662 | €503,440 | -€30,222 | -5.7% |
| Land and buildings | 22 | €514,527 | €484,811 | -€29,716 | -5.8% |
| Plant, machinery and equipment | 23 | €17,063 | €10,912 | -€6,150 | -36.0% |
| Furniture and vehicles | 24 | €2,073 | €7,717 | +€5,644 | +272% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €250,747 | €343,618 | +€92,871 | +37.0% |
| Stocks and contracts in progress | 3 | €186,523 | €198,360 | +€11,837 | +6.3% |
| Stocks | 30/36 | €186,523 | €198,360 | +€11,837 | +6.3% |
| Amounts receivable within one year | 40/41 | €31,134 | €123,966 | +€92,832 | +298% |
| Trade receivables | 40 | €30,318 | €123,966 | +€93,649 | +309% |
| Other amounts receivable | 41 | €817 | €0 | -€817 | -100% |
| Cash at bank and in hand | 54/58 | €26,565 | €15,716 | -€10,850 | -40.8% |
| Deferred charges and accrued income | 490/1 | €6,524 | €5,576 | -€948 | -14.5% |
| Total equity and liabilities | 10/49 | €784,595 | €847,243 | +€62,648 | +8.0% |
| Equity | 10/15 | €323,479 | €323,487 | +€8 | 0.0% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €227,912 | €227,912 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,433 | €6,433 | = | 0.0% |
| Distributable reserves | 133 | €221,480 | €221,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,033 | -€23,025 | +€8 | 0.0% |
| Provisions and deferred taxes | 16 | €1,394 | €1,394 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,394 | €1,394 | = | 0.0% |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €1,394 | €1,394 | = | 0.0% |
| Amounts payable | 17/49 | €459,721 | €522,362 | +€62,641 | +13.6% |
| Amounts payable after more than one year | 17 | €213,711 | €194,342 | -€19,368 | -9.1% |
| Financial debts | 170/4 | €213,711 | €194,342 | -€19,368 | -9.1% |
| Amounts payable within one year | 42/48 | €238,144 | €320,958 | +€82,814 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €27,755 | €25,642 | -€2,113 | -7.6% |
| Financial debts | 43 | €50,000 | €45,000 | -€5,000 | -10.0% |
| Credit institutions | 430/8 | €50,000 | €45,000 | -€5,000 | -10.0% |
| Trade debts | 44 | €59,823 | €141,782 | +€81,959 | +137% |
| Suppliers | 440/4 | €59,823 | €141,782 | +€81,959 | +137% |
| Taxes, remuneration and social security | 45 | €7,452 | €11,606 | +€4,154 | +55.7% |
| Taxes | 450/3 | €6,242 | €10,500 | +€4,257 | +68.2% |
| Remuneration and social security | 454/9 | €1,210 | €1,106 | -€103 | -8.5% |
| Other amounts payable | 47/48 | €93,114 | €96,928 | +€3,814 | +4.1% |
| Accrued charges and deferred income | 492/3 | €7,866 | €7,062 | -€805 | -10.2% |
| Non-recurring operating income | 76A | €81 | €0 | -€81 | -100% |
| Remuneration, social security and pensions | 62 | €25,172 | €26,768 | +€1,596 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,331 | €38,534 | -€3,796 | -9.0% |
| Other operating charges | 640/8 | €5,782 | €5,367 | -€414 | -7.2% |
| Non-recurring operating charges | 66A | - | €2,446 | +€2,446 | |
| Gross operating margin | 9900 | €91,598 | €82,178 | -€9,420 | -10.3% |
| Operating profit (loss) | 9901 | €18,314 | €9,062 | -€9,251 | -50.5% |
| Financial income | 75/76B | €103 | €5,146 | +€5,044 | +4,916% |
| Recurring financial income | 75 | €103 | €5,146 | +€5,044 | +4,916% |
| Financial charges | 65/66B | €16,626 | €14,060 | -€2,566 | -15.4% |
| Recurring financial charges | 65 | €16,626 | €14,060 | -€2,566 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €1,790 | €148 | -€1,641 | -91.7% |
| Income taxes | 67/77 | €146 | €141 | -€6 | -3.8% |
| Profit (loss) for the period | 9904 | €1,644 | €8 | -€1,636 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,644 | €8 | -€1,636 | -99.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.