BELWORK: what changed
BELWORK
Largest movements
- Receivables within one year +€41,817
up €41,817 (+206%), from €20,295 to €62,112
of which Other amounts receivable: +€41,817
- Tangible fixed assets +€26,810
up €26,810 (+72.7%), from €36,876 to €63,686
of which Furniture and vehicles: +€29,943
- Cash -€22,346
down €22,346 (-65.3%), from €34,233 to €11,887
mainly Investment in fixed assets (net) (-€55,847) and Receivables within one year (-€41,817)
- Trade debts -€34,375
down €34,375 (-29.3%), from €117,184 to €82,809
- Profit (loss) carried forward +€25,087
up €25,087 (+17.7%), from €142,020 to €167,106
- Other debts +€23,203
up €23,203 (+24.8%), from €93,523 to €116,726
- Debts after one year +€13,796
up €13,796 (+62.5%), from €22,061 to €35,857
- Short-term financial debts +€11,891
new in 2025: €11,891
- Staff costs -€17,744
down €17,744 (-39.2%), from €45,274 to €27,530
- Taxes -€15,801
down €15,801 (-54.7%), from €28,867 to €13,066
- Depreciation +€15,596
up €15,596 (+131%), from €11,942 to €27,538
- Gross operating margin +€14,674
up €14,674 (+14.5%), from €100,961 to €115,636
- Other operating charges +€4,485
up €4,485 (+353%), from €1,272 to €5,758
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €419,137 | €468,667 | +€49,530 | +11.8% |
| Fixed assets | 21/28 | €43,981 | €72,291 | +€28,310 | +64.4% |
| Tangible fixed assets | 22/27 | €36,876 | €63,686 | +€26,810 | +72.7% |
| Furniture and vehicles | 24 | €25,298 | €55,241 | +€29,943 | +118% |
| Other tangible fixed assets | 26 | €11,578 | €8,445 | -€3,133 | -27.1% |
| Financial fixed assets | 28 | €7,105 | €8,605 | +€1,500 | +21.1% |
| Current assets | 29/58 | €375,155 | €396,376 | +€21,221 | +5.7% |
| Stocks and contracts in progress | 3 | €289,590 | €291,179 | +€1,589 | +0.5% |
| Stocks | 30/36 | €289,590 | €291,179 | +€1,589 | +0.5% |
| Amounts receivable within one year | 40/41 | €20,295 | €62,112 | +€41,817 | +206% |
| Trade receivables | 40 | €1,449 | €1,449 | = | 0.0% |
| Other amounts receivable | 41 | €18,845 | €60,662 | +€41,817 | +222% |
| Current investments | 50/53 | €22,073 | €22,073 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,233 | €11,887 | -€22,346 | -65.3% |
| Deferred charges and accrued income | 490/1 | €8,964 | €9,125 | +€161 | +1.8% |
| Total equity and liabilities | 10/49 | €419,137 | €468,667 | +€49,530 | +11.8% |
| Equity | 10/15 | €182,547 | €207,634 | +€25,087 | +13.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €34,328 | €34,328 | = | 0.0% |
| 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 | €32,468 | €32,468 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,020 | €167,106 | +€25,087 | +17.7% |
| Amounts payable | 17/49 | €236,589 | €261,033 | +€24,444 | +10.3% |
| Amounts payable after more than one year | 17 | €22,061 | €35,857 | +€13,796 | +62.5% |
| Financial debts | 170/4 | €22,061 | €35,857 | +€13,796 | +62.5% |
| Amounts payable within one year | 42/48 | €214,528 | €225,176 | +€10,648 | +5.0% |
| Financial debts | 43 | - | €11,891 | +€11,891 | |
| Credit institutions | 430/8 | - | €11,891 | +€11,891 | |
| Trade debts | 44 | €117,184 | €82,809 | -€34,375 | -29.3% |
| Suppliers | 440/4 | €117,184 | €82,809 | -€34,375 | -29.3% |
| Taxes, remuneration and social security | 45 | €3,821 | €13,750 | +€9,929 | +260% |
| Taxes | 450/3 | - | €13,750 | +€13,750 | |
| Remuneration and social security | 454/9 | €3,821 | - | -€3,821 | |
| Other amounts payable | 47/48 | €93,523 | €116,726 | +€23,203 | +24.8% |
| Remuneration, social security and pensions | 62 | €45,274 | €27,530 | -€17,744 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,942 | €27,538 | +€15,596 | +131% |
| Other operating charges | 640/8 | €1,272 | €5,758 | +€4,485 | +353% |
| Gross operating margin | 9900 | €100,961 | €115,636 | +€14,674 | +14.5% |
| Operating profit (loss) | 9901 | €42,473 | €54,811 | +€12,337 | +29.0% |
| Financial income | 75/76B | €3,044 | €3,367 | +€323 | +10.6% |
| Recurring financial income | 75 | €3,044 | €3,367 | +€323 | +10.6% |
| Non-recurring financial income | 76B | €3,044 | €3,367 | +€323 | +10.6% |
| Financial charges | 65/66B | €19,528 | €20,025 | +€497 | +2.5% |
| Recurring financial charges | 65 | €19,528 | €20,025 | +€497 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €25,989 | €38,153 | +€12,164 | +46.8% |
| Income taxes | 67/77 | €28,867 | €13,066 | -€15,801 | -54.7% |
| Profit (loss) for the period | 9904 | -€2,878 | €25,087 | +€27,964 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,878 | €25,087 | +€27,964 |
Next steps
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 8 November 2026 via checked.be.