Beluma: what changed
Two fiscal 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.
Beluma
Largest movements
- Cash +€74,983
up €74,983 (+14.8%), from €507,995 to €582,978
mainly Net result for the year (+€593,400) and Other debts (+€291,661)
- Receivables within one year +€36,476
up €36,476 (+3.5%), from €1.0m to €1.1m
of which Other amounts receivable: +€66,550
- Stocks and contracts -€26,627
no longer reported in 2025 (was €26,627)
- Other debts +€291,661
up €291,661 (+51.7%), from €563,736 to €855,397
- Reserves -€206,600
down €206,600 (-34.8%), from €592,916 to €386,316
of which Distributable reserves: -€206,600
- Provisions -€180,000
no longer reported in 2025 (was €180,000)
- Tax, wage and social debts +€147,780
up €147,780 (+87.4%), from €169,178 to €316,958
of which Remuneration and social security: +€84,299
- Trade debts +€39,213
up €39,213 (+1265.7%), from €3,098 to €42,311
- Provisions -€100,000
no longer reported in 2025 (was €100,000)
- Taxes +€73,707
up €73,707 (+58.2%), from €126,593 to €200,300
- Gross operating margin +€65,836
up €65,836 (+4.1%), from €1.6m to €1.7m
- Staff costs -€38,865
down €38,865 (-4.3%), from €897,587 to €858,722
- Other operating charges -€21,399
down €21,399 (-86.7%), from €24,683 to €3,284
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 | €1,583,296 | €1,675,350 | +€92,054 | +5.8% |
| Fixed assets | 21/28 | €10,878 | €18,100 | +€7,222 | +66.4% |
| Tangible fixed assets | 22/27 | €10,878 | €18,100 | +€7,222 | +66.4% |
| Furniture and vehicles | 24 | €10,878 | €18,100 | +€7,222 | +66.4% |
| Current assets | 29/58 | €1,572,418 | €1,657,250 | +€84,832 | +5.4% |
| Stocks and contracts in progress | 3 | €26,627 | - | -€26,627 | |
| Stocks | 30/36 | €26,627 | - | -€26,627 | |
| Amounts receivable within one year | 40/41 | €1,034,671 | €1,071,147 | +€36,476 | +3.5% |
| Trade receivables | 40 | €701,406 | €671,332 | -€30,074 | -4.3% |
| Other amounts receivable | 41 | €333,265 | €399,815 | +€66,550 | +20.0% |
| Cash at bank and in hand | 54/58 | €507,995 | €582,978 | +€74,983 | +14.8% |
| Deferred charges and accrued income | 490/1 | €3,125 | €3,125 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,583,296 | €1,675,350 | +€92,054 | +5.8% |
| Equity | 10/15 | €667,284 | €460,684 | -€206,600 | -31.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €592,916 | €386,316 | -€206,600 | -34.8% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,456 | €107,456 | = | 0.0% |
| Distributable reserves | 133 | €478,023 | €271,423 | -€206,600 | -43.2% |
| Provisions and deferred taxes | 16 | €180,000 | - | -€180,000 | |
| Provisions for liabilities and charges | 160/5 | €180,000 | - | -€180,000 | |
| Other liabilities and charges | 164/5 | €180,000 | - | -€180,000 | |
| Amounts payable | 17/49 | €736,012 | €1,214,666 | +€478,654 | +65.0% |
| Amounts payable within one year | 42/48 | €736,012 | €1,214,666 | +€478,654 | +65.0% |
| Trade debts | 44 | €3,098 | €42,311 | +€39,213 | +1265.7% |
| Suppliers | 440/4 | €3,098 | €42,311 | +€39,213 | +1265.7% |
| Taxes, remuneration and social security | 45 | €169,178 | €316,958 | +€147,780 | +87.4% |
| Taxes | 450/3 | €59,747 | €123,228 | +€63,481 | +106.2% |
| Remuneration and social security | 454/9 | €109,431 | €193,730 | +€84,299 | +77.0% |
| Other amounts payable | 47/48 | €563,736 | €855,397 | +€291,661 | +51.7% |
| Non-recurring operating income | 76A | - | €7,195 | +€7,195 | |
| Remuneration, social security and pensions | 62 | €897,587 | €858,722 | -€38,865 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,309 | €7,819 | -€11,490 | -59.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,155 | €4,516 | +€12,671 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €100,000 | - | -€100,000 | |
| Other operating charges | 640/8 | €24,683 | €3,284 | -€21,399 | -86.7% |
| Non-recurring operating charges | 66A | €99,672 | - | -€99,672 | |
| Gross operating margin | 9900 | €1,606,181 | €1,672,017 | +€65,836 | +4.1% |
| Operating profit (loss) | 9901 | €473,085 | €797,677 | +€324,592 | +68.6% |
| Financial charges | 65/66B | €3,616 | €3,977 | +€361 | +10.0% |
| Recurring financial charges | 65 | €3,616 | €3,977 | +€361 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €469,469 | €793,700 | +€324,231 | +69.1% |
| Income taxes | 67/77 | €126,593 | €200,300 | +€73,707 | +58.2% |
| Profit (loss) for the period | 9904 | €342,876 | €593,400 | +€250,524 | +73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €342,876 | €593,400 | +€250,524 | +73.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.