BELMO: what changed
BELMO
Largest movements
- Receivables within one year +€90,135
up €90,135 (+464%), from €19,417 to €109,553
- Cash -€85,494
down €85,494 (-89.0%), from €96,029 to €10,536
mainly Receivables within one year (-€90,135) and Investment in fixed assets (net) (-€27,300)
- Tangible fixed assets +€7,978
up €7,978 (+3.4%), from €233,018 to €240,996
of which Plant, machinery and equipment: +€17,707
- Debts after one year +€37,259
new in 2025: €37,259
- Other debts -€10,000
down €10,000 (-14.7%), from €67,980 to €57,980
- Trade debts -€5,244
down €5,244 (-83.2%), from €6,302 to €1,059
- Reserves -€4,097
down €4,097 (-1.6%), from €257,152 to €253,054
of which Tax-exempt reserves: -€4,097
- Gross operating margin -€24,693
down €24,693 (-43.0%), from €57,397 to €32,704
- Staff costs -€3,733
down €3,733 (-18.7%), from €19,911 to €16,178
- Depreciation +€2,593
up €2,593 (+15.5%), from €16,729 to €19,322
- Financial charges -€1,583
down €1,583 (-35.9%), from €4,407 to €2,824
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 | €348,465 | €361,084 | +€12,619 | +3.6% |
| Fixed assets | 21/28 | €233,018 | €240,996 | +€7,978 | +3.4% |
| Tangible fixed assets | 22/27 | €233,018 | €240,996 | +€7,978 | +3.4% |
| Land and buildings | 22 | €192,899 | €183,169 | -€9,730 | -5.0% |
| Plant, machinery and equipment | 23 | €40,119 | €57,827 | +€17,707 | +44.1% |
| Current assets | 29/58 | €115,447 | €120,089 | +€4,642 | +4.0% |
| Amounts receivable within one year | 40/41 | €19,417 | €109,553 | +€90,135 | +464% |
| Other amounts receivable | 41 | €19,417 | €109,553 | +€90,135 | +464% |
| Cash at bank and in hand | 54/58 | €96,029 | €10,536 | -€85,494 | -89.0% |
| Total equity and liabilities | 10/49 | €348,465 | €361,084 | +€12,619 | +3.6% |
| Equity | 10/15 | €263,352 | €256,066 | -€7,286 | -2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €257,152 | €253,054 | -€4,097 | -1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,033 | €16,936 | -€4,097 | -19.5% |
| Distributable reserves | 133 | €234,258 | €234,258 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,189 | -€3,189 | |
| Provisions and deferred taxes | 16 | €10,831 | €8,721 | -€2,110 | -19.5% |
| Deferred taxes | 168 | €10,831 | €8,721 | -€2,110 | -19.5% |
| Amounts payable | 17/49 | €74,282 | €96,298 | +€22,015 | +29.6% |
| Amounts payable after more than one year | 17 | - | €37,259 | +€37,259 | |
| Financial debts | 170/4 | - | €37,259 | +€37,259 | |
| Amounts payable within one year | 42/48 | €74,282 | €59,039 | -€15,244 | -20.5% |
| Trade debts | 44 | €6,302 | €1,059 | -€5,244 | -83.2% |
| Suppliers | 440/4 | €6,302 | €1,059 | -€5,244 | -83.2% |
| Other amounts payable | 47/48 | €67,980 | €57,980 | -€10,000 | -14.7% |
| Non-recurring operating income | 76A | €1,892 | €1,938 | +€46 | +2.4% |
| Remuneration, social security and pensions | 62 | €19,911 | €16,178 | -€3,733 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,729 | €19,322 | +€2,593 | +15.5% |
| Gross operating margin | 9900 | €57,397 | €32,704 | -€24,693 | -43.0% |
| Operating profit (loss) | 9901 | €20,757 | -€2,796 | -€23,553 | |
| Financial charges | 65/66B | €4,407 | €2,824 | -€1,583 | -35.9% |
| Recurring financial charges | 65 | €4,407 | €2,824 | -€1,583 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €16,349 | -€5,621 | -€21,970 | |
| Transfer from deferred taxes | 780 | €2,110 | €2,110 | = | 0.0% |
| Income taxes | 67/77 | €4,026 | €3,775 | -€250 | -6.2% |
| Profit (loss) for the period | 9904 | €14,434 | -€7,286 | -€21,720 | |
| Transfer from tax-exempt reserves | 789 | €4,097 | €4,097 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,531 | -€3,189 | -€21,720 |
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 4 November 2026 via checked.be.