BEL'TRANS: 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.
BEL'TRANS
Largest movements
- Tangible fixed assets -€17,335
down €17,335 (-42.5%), from €40,830 to €23,495
- Receivables within one year -€12,654
down €12,654 (-43.2%), from €29,268 to €16,615
of which Trade receivables: -€10,707
- Deferred charges and accrued income +€3,351
up €3,351 (+90.2%), from €3,715 to €7,066
- Cash -€2,826
down €2,826 (-49.7%), from €5,684 to €2,857
mainly Net result for the year (-€10,087) and Trade debts (-€8,430)
- Profit (loss) carried forward -€10,087
new in 2025: -€10,087
- Trade debts -€8,430
down €8,430 (-67.7%), from €12,449 to €4,019
- Debts after one year -€7,665
down €7,665 (-80.0%), from €9,581 to €1,916
- Tax, wage and social debts -€4,185
down €4,185 (-41.6%), from €10,051 to €5,865
of which Remuneration and social security: -€2,770
- Other debts +€904
up €904 (+347%), from €261 to €1,164
- Gross operating margin -€33,977
down €33,977 (-30.0%), from €113,423 to €79,447
- Staff costs -€17,815
down €17,815 (-20.3%), from €87,595 to €69,779
- Other operating charges +€6,685
up €6,685 (+297%), from €2,248 to €8,933
- Depreciation -€3,258
down €3,258 (-25.4%), from €12,808 to €9,550
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 | €82,267 | €52,803 | -€29,464 | -35.8% |
| Fixed assets | 21/28 | €43,600 | €26,265 | -€17,335 | -39.8% |
| Tangible fixed assets | 22/27 | €40,830 | €23,495 | -€17,335 | -42.5% |
| Furniture and vehicles | 24 | €40,830 | €23,495 | -€17,335 | -42.5% |
| Financial fixed assets | 28 | €2,770 | €2,770 | = | 0.0% |
| Current assets | 29/58 | €38,667 | €26,538 | -€12,129 | -31.4% |
| Amounts receivable within one year | 40/41 | €29,268 | €16,615 | -€12,654 | -43.2% |
| Trade receivables | 40 | €25,867 | €15,160 | -€10,707 | -41.4% |
| Other amounts receivable | 41 | €3,401 | €1,455 | -€1,946 | -57.2% |
| Cash at bank and in hand | 54/58 | €5,684 | €2,857 | -€2,826 | -49.7% |
| Deferred charges and accrued income | 490/1 | €3,715 | €7,066 | +€3,351 | +90.2% |
| Total equity and liabilities | 10/49 | €82,267 | €52,803 | -€29,464 | -35.8% |
| Equity | 10/15 | €42,261 | €32,174 | -€10,087 | -23.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €17,261 | €17,261 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €12,261 | €12,261 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,087 | -€10,087 | |
| Amounts payable | 17/49 | €40,006 | €20,629 | -€19,377 | -48.4% |
| Amounts payable after more than one year | 17 | €9,581 | €1,916 | -€7,665 | -80.0% |
| Financial debts | 170/4 | €9,581 | €1,916 | -€7,665 | -80.0% |
| Amounts payable within one year | 42/48 | €30,425 | €18,713 | -€11,712 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €7,665 | €7,665 | = | 0.0% |
| Trade debts | 44 | €12,449 | €4,019 | -€8,430 | -67.7% |
| Suppliers | 440/4 | €12,449 | €4,019 | -€8,430 | -67.7% |
| Taxes, remuneration and social security | 45 | €10,051 | €5,865 | -€4,185 | -41.6% |
| Taxes | 450/3 | €1,567 | €151 | -€1,416 | -90.4% |
| Remuneration and social security | 454/9 | €8,484 | €5,714 | -€2,770 | -32.6% |
| Other amounts payable | 47/48 | €261 | €1,164 | +€904 | +347% |
| Remuneration, social security and pensions | 62 | €87,595 | €69,779 | -€17,815 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,808 | €9,550 | -€3,258 | -25.4% |
| Other operating charges | 640/8 | €2,248 | €8,933 | +€6,685 | +297% |
| Gross operating margin | 9900 | €113,423 | €79,447 | -€33,977 | -30.0% |
| Operating profit (loss) | 9901 | €10,773 | -€8,815 | -€19,588 | |
| Financial charges | 65/66B | €1,462 | €1,243 | -€219 | -15.0% |
| Recurring financial charges | 65 | €1,462 | €1,243 | -€219 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €9,311 | -€10,058 | -€19,369 | |
| Income taxes | 67/77 | €713 | €29 | -€684 | -96.0% |
| Profit (loss) for the period | 9904 | €8,598 | -€10,087 | -€18,685 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,598 | -€10,087 | -€18,685 |
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 17 October 2026 via checked.be.