Belzis: 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.
Belzis
Largest movements
- Stocks and contracts -€885,395
down €885,395 (-20.5%), from €4.3m to €3.4m
- Receivables within one year +€328,040
up €328,040 (+15.6%), from €2.1m to €2.4m
of which Trade receivables: +€463,146
- Receivables after one year -€129,162
down €129,162 (-9.1%), from €1.4m to €1.3m
- Short-term financial debts -€1.1m
down €1.1m (-43.3%), from €2.4m to €1.4m
- Other debts +€777,521
up €777,521 (+88.3%), from €880,329 to €1.7m
- Trade debts -€365,710
down €365,710 (-85.4%), from €428,198 to €62,488
- Profit (loss) carried forward -€88,724
down €88,724 (-23.0%), from -€386,533 to -€475,257
- Gross operating margin +€486,006
up €486,006, from -€124,741 to €361,265
- Financial charges +€150,482
up €150,482 (+51.7%), from €290,999 to €441,481
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,838,554 | €7,147,101 | -€691,453 | -8.8% |
| Current assets | 29/58 | €7,838,554 | €7,147,101 | -€691,453 | -8.8% |
| Amounts receivable after more than one year | 29 | €1,412,692 | €1,283,530 | -€129,162 | -9.1% |
| Other amounts receivable | 291 | €1,412,692 | €1,283,530 | -€129,162 | -9.1% |
| Stocks and contracts in progress | 3 | €4,315,544 | €3,430,148 | -€885,395 | -20.5% |
| Stocks | 30/36 | €4,315,544 | €3,430,148 | -€885,395 | -20.5% |
| Amounts receivable within one year | 40/41 | €2,101,661 | €2,429,701 | +€328,040 | +15.6% |
| Trade receivables | 40 | €946,666 | €1,409,812 | +€463,146 | +48.9% |
| Other amounts receivable | 41 | €1,154,996 | €1,019,890 | -€135,106 | -11.7% |
| Cash at bank and in hand | 54/58 | €5,119 | €3,205 | -€1,914 | -37.4% |
| Deferred charges and accrued income | 490/1 | €3,539 | €516 | -€3,022 | -85.4% |
| Total equity and liabilities | 10/49 | €7,838,554 | €7,147,101 | -€691,453 | -8.8% |
| Equity | 10/15 | -€136,533 | -€225,257 | -€88,724 | -65.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€386,533 | -€475,257 | -€88,724 | -23.0% |
| Amounts payable | 17/49 | €7,975,087 | €7,372,357 | -€602,729 | -7.6% |
| Amounts payable after more than one year | 17 | €4,000,000 | €4,000,000 | = | 0.0% |
| Financial debts | 170/4 | €4,000,000 | €4,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,739,598 | €3,099,403 | -€640,195 | -17.1% |
| Financial debts | 43 | €2,427,005 | €1,375,247 | -€1.1m | -43.3% |
| Credit institutions | 430/8 | €2,427,005 | €1,375,247 | -€1.1m | -43.3% |
| Trade debts | 44 | €428,198 | €62,488 | -€365,710 | -85.4% |
| Suppliers | 440/4 | €428,198 | €62,488 | -€365,710 | -85.4% |
| Taxes, remuneration and social security | 45 | €4,066 | €3,819 | -€248 | -6.1% |
| Taxes | 450/3 | €4,066 | €3,819 | -€248 | -6.1% |
| Other amounts payable | 47/48 | €880,329 | €1,657,849 | +€777,521 | +88.3% |
| Accrued charges and deferred income | 492/3 | €235,489 | €272,954 | +€37,465 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,771 | €8,526 | +€1,755 | +25.9% |
| Gross operating margin | 9900 | -€124,741 | €361,265 | +€486,006 | |
| Operating profit (loss) | 9901 | -€131,511 | €352,740 | +€484,251 | |
| Financial income | 75/76B | €2,190 | €17 | -€2,173 | -99.2% |
| Recurring financial income | 75 | €2,190 | €17 | -€2,173 | -99.2% |
| Financial charges | 65/66B | €290,999 | €441,481 | +€150,482 | +51.7% |
| Recurring financial charges | 65 | €290,999 | €441,481 | +€150,482 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | -€420,321 | -€88,724 | +€331,597 | +78.9% |
| Income taxes | 67/77 | -€1,119 | €0 | +€1,119 | |
| Profit (loss) for the period | 9904 | -€419,202 | -€88,724 | +€330,478 | +78.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€419,202 | -€88,724 | +€330,478 | +78.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.