VZW BELARMY: what changed
VZW BELARMY
Largest movements
- Receivables within one year +€21,433
up €21,433 (+137%), from €15,682 to €37,115
of which Trade receivables: +€31,855
- Cash +€19,252
up €19,252 (+19.8%), from €96,988 to €116,240
mainly Net result for the year (+€44,715) and Accrued charges and deferred income (+€2,386)
- Tangible fixed assets +€6,682
new in 2025: €6,682
- Profit (loss) carried forward +€44,715
up €44,715 (+123%), from €36,265 to €80,979
- Accrued charges and deferred income +€2,386
new in 2025: €2,386
- Turnover +€28,704
up €28,704 (+21.1%), from €136,026 to €164,730
- Gross operating margin +€16,007
up €16,007 (+52.5%), from €30,506 to €46,512
- Purchases and services +€13,566
up €13,566 (+12.9%), from €105,520 to €119,086
- Depreciation +€1,671
new in 2025: €1,671
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 | €113,535 | €160,037 | +€46,503 | +41.0% |
| Fixed assets | 21/28 | - | €6,682 | +€6,682 | |
| Tangible fixed assets | 22/27 | - | €6,682 | +€6,682 | |
| Plant, machinery and equipment | 23 | - | €6,682 | +€6,682 | |
| Current assets | 29/58 | €113,535 | €153,355 | +€39,820 | +35.1% |
| Amounts receivable within one year | 40/41 | €15,682 | €37,115 | +€21,433 | +137% |
| Trade receivables | 40 | - | €31,855 | +€31,855 | |
| Other amounts receivable | 41 | €15,682 | €5,260 | -€10,421 | -66.5% |
| Cash at bank and in hand | 54/58 | €96,988 | €116,240 | +€19,252 | +19.8% |
| Deferred charges and accrued income | 490/1 | €865 | - | -€865 | |
| Total equity and liabilities | 10/49 | €113,535 | €160,037 | +€46,503 | +41.0% |
| Equity | 10/15 | €112,937 | €157,651 | +€44,715 | +39.6% |
| Contributions | 10/11 | €76,672 | €76,672 | = | 0.0% |
| Capital | 10 | €76,672 | €76,672 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,265 | €80,979 | +€44,715 | +123% |
| Amounts payable | 17/49 | €598 | €2,386 | +€1,788 | +299% |
| Amounts payable within one year | 42/48 | €598 | - | -€598 | |
| Trade debts | 44 | €86 | - | -€86 | |
| Suppliers | 440/4 | €86 | - | -€86 | |
| Advances received on contracts in progress | 46 | €512 | - | -€512 | |
| Accrued charges and deferred income | 492/3 | - | €2,386 | +€2,386 | |
| Turnover | 70 | €136,026 | €164,730 | +€28,704 | +21.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €105,520 | €119,086 | +€13,566 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,671 | +€1,671 | |
| Gross operating margin | 9900 | €30,506 | €46,512 | +€16,007 | +52.5% |
| Operating profit (loss) | 9901 | €30,506 | €44,842 | +€14,336 | +47.0% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €169 | €137 | -€32 | -19.2% |
| Recurring financial charges | 65 | €169 | €137 | -€32 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €30,337 | €44,715 | +€14,378 | +47.4% |
| Profit (loss) for the period | 9904 | €30,337 | €44,715 | +€14,378 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €30,337 | €44,715 | +€14,378 | +47.4% |
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 1 November 2026 via checked.be.