De Belder Projects: 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.
De Belder Projects
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€57,986
down €57,986 (-58.6%), from €98,948 to €40,961
mainly Contributions, distributions and other (-€130,000) and Current investments (-€100,000)
- Receivables within one year +€19,650
up €19,650 (+81.3%), from €24,176 to €43,826
- Tangible fixed assets -€9,211
down €9,211 (-14.1%), from €65,463 to €56,252
of which Furniture and vehicles: -€14,391
- Other debts +€135,315
up €135,315 (+50,260%), from €269 to €135,584
- Reserves -€56,313
down €56,313 (-72.9%), from €77,198 to €20,885
- Debts after one year -€18,675
down €18,675 (-48.9%), from €38,167 to €19,492
- Tax, wage and social debts -€8,456
down €8,456 (-20.3%), from €41,667 to €33,211
of which Remuneration and social security: -€4,345
- Gross operating margin +€49,789
up €49,789 (+78.2%), from €63,671 to €113,459
- Taxes +€6,620
up €6,620 (+51.7%), from €12,808 to €19,427
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.
Derived cash bridge
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 | €188,587 | €241,039 | +€52,452 | +27.8% |
| Fixed assets | 21/28 | €65,463 | €56,252 | -€9,211 | -14.1% |
| Tangible fixed assets | 22/27 | €65,463 | €56,252 | -€9,211 | -14.1% |
| Plant, machinery and equipment | 23 | €992 | €3,396 | +€2,404 | +242% |
| Furniture and vehicles | 24 | €64,471 | €50,080 | -€14,391 | -22.3% |
| Other tangible fixed assets | 26 | - | €2,775 | +€2,775 | |
| Current assets | 29/58 | €123,124 | €184,787 | +€61,663 | +50.1% |
| Amounts receivable within one year | 40/41 | €24,176 | €43,826 | +€19,650 | +81.3% |
| Trade receivables | 40 | €24,176 | €43,826 | +€19,650 | +81.3% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €98,948 | €40,961 | -€57,986 | -58.6% |
| Total equity and liabilities | 10/49 | €188,587 | €241,039 | +€52,452 | +27.8% |
| Equity | 10/15 | €80,198 | €23,885 | -€56,313 | -70.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €77,198 | €20,885 | -€56,313 | -72.9% |
| Distributable reserves | 133 | €77,198 | €20,885 | -€56,313 | -72.9% |
| Amounts payable | 17/49 | €108,389 | €217,154 | +€108,765 | +100% |
| Amounts payable after more than one year | 17 | €38,167 | €19,492 | -€18,675 | -48.9% |
| Financial debts | 170/4 | €38,167 | €19,492 | -€18,675 | -48.9% |
| Amounts payable within one year | 42/48 | €70,017 | €195,641 | +€125,623 | +179% |
| Current portion of amounts payable after more than one year | 42 | €17,893 | €18,675 | +€783 | +4.4% |
| Trade debts | 44 | €10,189 | €8,171 | -€2,018 | -19.8% |
| Suppliers | 440/4 | €10,189 | €8,171 | -€2,018 | -19.8% |
| Taxes, remuneration and social security | 45 | €41,667 | €33,211 | -€8,456 | -20.3% |
| Taxes | 450/3 | €37,322 | €33,211 | -€4,111 | -11.0% |
| Remuneration and social security | 454/9 | €4,345 | - | -€4,345 | |
| Other amounts payable | 47/48 | €269 | €135,584 | +€135,315 | +50,260% |
| Accrued charges and deferred income | 492/3 | €204 | €2,021 | +€1,817 | +890% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,292 | €16,778 | +€486 | +3.0% |
| Other operating charges | 640/8 | €801 | €1,458 | +€656 | +81.9% |
| Gross operating margin | 9900 | €63,671 | €113,459 | +€49,789 | +78.2% |
| Operating profit (loss) | 9901 | €46,577 | €95,223 | +€48,646 | +104% |
| Financial income | 75/76B | €0 | €0 | +€0 | +700% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +700% |
| Financial charges | 65/66B | €2,871 | €2,109 | -€762 | -26.5% |
| Recurring financial charges | 65 | €2,871 | €2,109 | -€762 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €43,706 | €93,114 | +€49,408 | +113% |
| Income taxes | 67/77 | €12,808 | €19,427 | +€6,620 | +51.7% |
| Profit (loss) for the period | 9904 | €30,899 | €73,687 | +€42,788 | +138% |
| Profit (loss) for the period to be appropriated | 9905 | €30,899 | €73,687 | +€42,788 | +138% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.