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BELWORK: what changed

What changed

BELWORK

BE 0839.375.048
NACE 47.260, Retail trade
filed annual accounts (NBB)
Financial years compared with
Net result for the year
€25,087
2024 · -€2,878+€27,964
Equity
€207,634
2024 · €182,547+€25,087
Cash
€11,887
2024 · €34,233-€22,346
Balance sheet total
€468,667
2024 · €419,137+€49,530

Largest movements

2024 to 2025
Assets
  • 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)

Equity and liabilities
  • 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

Income statement
  • 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

effect on the result

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 -€2,878
Gross operating margin +€14,674
Staff costs +€17,744
Depreciation -€15,596
Other operating charges -€4,485
Financial income +€323
Financial charges -€497
Taxes +€15,801
Result 2025 €25,087
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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 +€7,814
Investment -€55,847
Financing +€25,687
Cash 2024 €34,233
Net result for the year +€25,087
Depreciation +€27,538
Stocks and contracts -€1,589
Receivables within one year -€41,817
Deferred charges and accrued income -€161
Trade debts -€34,375
Tax, wage and social debts +€9,929
Other debts +€23,203
Investment in fixed assets (net) -€55,847
Debts after one year +€13,796
Short-term financial debts +€11,891
Cash 2025 €11,887
brings cash intakes cash out
Every line side by side 51 lines
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
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.