Belmaco: what changed
What changed
Belmaco
filed annual accounts (NBB)
Net result for the year
€5,062
2024 · €3,582+€1,480
Equity
€86,607
2024 · €82,377+€4,229
Cash
€1,251
2024 · €1,358-€108
Balance sheet total
€193,590
2024 · €197,294-€3,703
Largest movements
Assets
- Tangible fixed assets -€3,632
down €3,632 (-3.8%), from €94,732 to €91,100
Equity and liabilities
- Other debts -€8,294
down €8,294 (-7.5%), from €110,254 to €101,961
- Reserves +€4,229
up €4,229 (+6.6%), from €63,777 to €68,007
Income statement
- Gross operating margin +€2,257
up €2,257 (+19.4%), from €11,647 to €13,904
- Taxes +€700
up €700 (+40.7%), from €1,720 to €2,420
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.
Result 2024
€3,582
Gross operating margin
+€2,257
Other operating charges
-€77
Financial charges
-€0
Taxes
-€700
Result 2025
€5,062
raises the resultlowers the result
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.
From operations
+€725
Investment
€0
Financing
-€833
Cash 2024
€1,358
From operations (derived)
+€725
Net result for the year
+€5,062
Depreciation
+€3,632
Deferred charges and accrued income
-€36
Tax, wage and social debts
+€469
Other debts
-€8,294
Accrued charges and deferred income
-€109
Financing
-€833
Contributions, distributions and other
-€833
Cash 2025
€1,251
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €197,294 | €193,590 | -€3,703 | -1.9% |
| Fixed assets | 21/28 | €94,732 | €91,100 | -€3,632 | -3.8% |
| Tangible fixed assets | 22/27 | €94,732 | €91,100 | -€3,632 | -3.8% |
| Land and buildings | 22 | €94,732 | €91,100 | -€3,632 | -3.8% |
| Current assets | 29/58 | €102,562 | €102,490 | -€71 | -0.1% |
| Amounts receivable within one year | 40/41 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 41 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,358 | €1,251 | -€108 | -7.9% |
| Deferred charges and accrued income | 490/1 | €1,203 | €1,240 | +€36 | +3.0% |
| Total equity and liabilities | 10/49 | €197,294 | €193,590 | -€3,703 | -1.9% |
| Equity | 10/15 | €82,377 | €86,607 | +€4,229 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,777 | €68,007 | +€4,229 | +6.6% |
| Distributable reserves | 133 | €63,777 | €68,007 | +€4,229 | +6.6% |
| Amounts payable | 17/49 | €114,916 | €106,984 | -€7,933 | -6.9% |
| Amounts payable after more than one year | 17 | €620 | €620 | = | 0.0% |
| Other amounts payable | 178/9 | €620 | €620 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,924 | €106,100 | -€7,824 | -6.9% |
| Taxes, remuneration and social security | 45 | €3,670 | €4,139 | +€469 | +12.8% |
| Taxes | 450/3 | €3,670 | €4,139 | +€469 | +12.8% |
| Other amounts payable | 47/48 | €110,254 | €101,961 | -€8,294 | -7.5% |
| Accrued charges and deferred income | 492/3 | €372 | €264 | -€109 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,632 | €3,632 | = | 0.0% |
| Other operating charges | 640/8 | €2,560 | €2,637 | +€77 | +3.0% |
| Gross operating margin | 9900 | €11,647 | €13,904 | +€2,257 | +19.4% |
| Operating profit (loss) | 9901 | €5,455 | €7,636 | +€2,181 | +40.0% |
| Financial charges | 65/66B | €153 | €153 | +€0 | +0.1% |
| Recurring financial charges | 65 | €153 | €153 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €5,302 | €7,482 | +€2,181 | +41.1% |
| Income taxes | 67/77 | €1,720 | €2,420 | +€700 | +40.7% |
| Profit (loss) for the period | 9904 | €3,582 | €5,062 | +€1,480 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,582 | €5,062 | +€1,480 | +41.3% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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.