BELWING: 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.
BELWING
Largest movements
- Receivables after one year -€478,964
down €478,964 (-12.9%), from €3.7m to €3.2m
of which Trade receivables: -€3.7m
- Receivables within one year -€238,558
down €238,558 (-89.0%), from €268,183 to €29,625
of which Other amounts receivable: -€241,177
- Debts after one year -€478,964
down €478,964 (-12.9%), from €3.7m to €3.2m
- Other debts -€241,364
down €241,364 (-91.6%), from €263,398 to €22,034
- Gross operating margin +€101,804
up €101,804 (+28.7%), from €354,419 to €456,223
- Other operating charges +€100,045
up €100,045 (+28.0%), from €357,104 to €457,150
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 | €4,029,916 | €3,311,507 | -€718,408 | -17.8% |
| Current assets | 29/58 | €4,029,916 | €3,311,507 | -€718,408 | -17.8% |
| Amounts receivable after more than one year | 29 | €3,702,377 | €3,223,414 | -€478,964 | -12.9% |
| Trade receivables | 290 | €3,702,377 | - | -€3.7m | |
| Other amounts receivable | 291 | - | €3,223,414 | +€3.2m | |
| Amounts receivable within one year | 40/41 | €268,183 | €29,625 | -€238,558 | -89.0% |
| Trade receivables | 40 | €3,513 | €6,132 | +€2,619 | +74.6% |
| Other amounts receivable | 41 | €264,670 | €23,493 | -€241,177 | -91.1% |
| Cash at bank and in hand | 54/58 | €59,355 | €58,469 | -€886 | -1.5% |
| Total equity and liabilities | 10/49 | €4,029,916 | €3,311,507 | -€718,408 | -17.8% |
| Equity | 10/15 | €61,500 | €61,500 | = | 0.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Amounts payable | 17/49 | €3,968,416 | €3,250,007 | -€718,408 | -18.1% |
| Amounts payable after more than one year | 17 | €3,702,377 | €3,223,414 | -€478,964 | -12.9% |
| Other amounts payable | 178/9 | €3,702,377 | €3,223,414 | -€478,964 | -12.9% |
| Amounts payable within one year | 42/48 | €266,038 | €26,594 | -€239,445 | -90.0% |
| Trade debts | 44 | €2,640 | €4,560 | +€1,920 | +72.7% |
| Suppliers | 440/4 | €2,640 | €4,560 | +€1,920 | +72.7% |
| Other amounts payable | 47/48 | €263,398 | €22,034 | -€241,364 | -91.6% |
| Other operating charges | 640/8 | €357,104 | €457,150 | +€100,045 | +28.0% |
| Gross operating margin | 9900 | €354,419 | €456,223 | +€101,804 | +28.7% |
| Operating profit (loss) | 9901 | -€2,686 | -€927 | +€1,759 | +65.5% |
| Financial income | 75/76B | €3,013 | €1,254 | -€1,759 | -58.4% |
| Recurring financial income | 75 | €3,013 | €1,254 | -€1,759 | -58.4% |
| Financial charges | 65/66B | €327 | €327 | = | 0.0% |
| Recurring financial charges | 65 | €327 | €327 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €0 | = |
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 29 October 2026 via checked.be.