BELZ: 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.
BELZ
Largest movements
- Tangible fixed assets -€12,552
down €12,552 (-15.8%), from €79,667 to €67,115
of which Furniture and vehicles: -€13,877
- Cash -€6,980
down €6,980 (-34.6%), from €20,160 to €13,180
mainly Trade debts (-€17,259) and Debts after one year (-€8,868)
- Receivables within one year +€2,872
up €2,872 (+11.0%), from €26,152 to €29,024
of which Trade receivables: +€1,899
- Trade debts -€17,259
down €17,259 (-59.9%), from €28,805 to €11,546
- Debts after one year -€8,868
down €8,868 (-45.0%), from €19,718 to €10,849
- Profit (loss) carried forward +€8,480
up €8,480 (+18.2%), from €46,563 to €55,043
- Depreciation +€3,071
up €3,071 (+20.0%), from €15,346 to €18,416
- Gross operating margin +€2,915
up €2,915 (+10.1%), from €28,782 to €31,697
- Financial charges -€405
down €405 (-25.3%), from €1,603 to €1,198
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 | €143,886 | €126,253 | -€17,634 | -12.3% |
| Fixed assets | 21/28 | €79,667 | €67,115 | -€12,552 | -15.8% |
| Tangible fixed assets | 22/27 | €79,667 | €67,115 | -€12,552 | -15.8% |
| Land and buildings | 22 | €17,343 | €18,721 | +€1,378 | +7.9% |
| Plant, machinery and equipment | 23 | €7,980 | €7,927 | -€53 | -0.7% |
| Furniture and vehicles | 24 | €54,343 | €40,467 | -€13,877 | -25.5% |
| Current assets | 29/58 | €64,220 | €59,138 | -€5,082 | -7.9% |
| Amounts receivable within one year | 40/41 | €26,152 | €29,024 | +€2,872 | +11.0% |
| Trade receivables | 40 | €20,303 | €22,202 | +€1,899 | +9.4% |
| Other amounts receivable | 41 | €5,850 | €6,823 | +€973 | +16.6% |
| Current investments | 50/53 | €14,400 | €14,400 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,160 | €13,180 | -€6,980 | -34.6% |
| Deferred charges and accrued income | 490/1 | €3,508 | €2,534 | -€974 | -27.8% |
| Total equity and liabilities | 10/49 | €143,886 | €126,253 | -€17,634 | -12.3% |
| Equity | 10/15 | €67,014 | €75,494 | +€8,480 | +12.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,563 | €55,043 | +€8,480 | +18.2% |
| Amounts payable | 17/49 | €76,872 | €50,759 | -€26,113 | -34.0% |
| Amounts payable after more than one year | 17 | €19,718 | €10,849 | -€8,868 | -45.0% |
| Financial debts | 170/4 | €19,718 | €10,849 | -€8,868 | -45.0% |
| Amounts payable within one year | 42/48 | €56,770 | €39,510 | -€17,260 | -30.4% |
| Current portion of amounts payable after more than one year | 42 | €8,488 | €8,868 | +€380 | +4.5% |
| Trade debts | 44 | €28,805 | €11,546 | -€17,259 | -59.9% |
| Suppliers | 440/4 | €28,805 | €11,546 | -€17,259 | -59.9% |
| Taxes, remuneration and social security | 45 | - | €44 | +€44 | |
| Taxes | 450/3 | - | €44 | +€44 | |
| Other amounts payable | 47/48 | €19,477 | €19,052 | -€426 | -2.2% |
| Accrued charges and deferred income | 492/3 | €384 | €400 | +€15 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,346 | €18,416 | +€3,071 | +20.0% |
| Other operating charges | 640/8 | €817 | €858 | +€41 | +5.0% |
| Gross operating margin | 9900 | €28,782 | €31,697 | +€2,915 | +10.1% |
| Operating profit (loss) | 9901 | €12,619 | €12,423 | -€197 | -1.6% |
| Financial income | 75/76B | €610 | €427 | -€182 | -29.9% |
| Recurring financial income | 75 | €610 | €427 | -€182 | -29.9% |
| Financial charges | 65/66B | €1,603 | €1,198 | -€405 | -25.3% |
| Recurring financial charges | 65 | €1,603 | €1,198 | -€405 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €11,626 | €11,652 | +€26 | +0.2% |
| Income taxes | 67/77 | €3,162 | €3,172 | +€10 | +0.3% |
| Profit (loss) for the period | 9904 | €8,464 | €8,480 | +€16 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,464 | €8,480 | +€16 | +0.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.