BELARPA: 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.
BELARPA
Largest movements
- Stocks and contracts +€111,149
up €111,149 (+14.1%), from €788,157 to €899,306
- Cash +€12,467
up €12,467 (+943.1%), from €1,322 to €13,789
mainly Other debts (+€131,500)
- Other debts +€131,500
up €131,500 (+17.0%), from €772,000 to €903,500
- Gross operating margin -€31
new in 2025: -€31
- Purchases and services +€31
new in 2025: €31
- Financial charges +€30
up €30 (+20.0%), from €150 to €180
- Other operating charges +€12
up €12 (+2.7%), from €467 to €480
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 | €789,479 | €914,775 | +€125,296 | +15.9% |
| Current assets | 29/58 | €789,479 | €914,775 | +€125,296 | +15.9% |
| Stocks and contracts in progress | 3 | €788,157 | €899,306 | +€111,149 | +14.1% |
| Stocks | 30/36 | €788,157 | €899,306 | +€111,149 | +14.1% |
| Amounts receivable within one year | 40/41 | - | €1,680 | +€1,680 | |
| Other amounts receivable | 41 | - | €1,680 | +€1,680 | |
| Cash at bank and in hand | 54/58 | €1,322 | €13,789 | +€12,467 | +943.1% |
| Total equity and liabilities | 10/49 | €789,479 | €914,775 | +€125,296 | +15.9% |
| Equity | 10/15 | €7,772 | €7,081 | -€691 | -8.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,228 | -€2,919 | -€691 | -31.0% |
| Amounts payable | 17/49 | €781,708 | €907,695 | +€125,987 | +16.1% |
| Amounts payable within one year | 42/48 | €781,708 | €907,695 | +€125,987 | +16.1% |
| Trade debts | 44 | €9,708 | €4,195 | -€5,513 | -56.8% |
| Suppliers | 440/4 | €9,708 | €4,195 | -€5,513 | -56.8% |
| Other amounts payable | 47/48 | €772,000 | €903,500 | +€131,500 | +17.0% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €31 | +€31 | |
| Other operating charges | 640/8 | €467 | €480 | +€12 | +2.7% |
| Gross operating margin | 9900 | - | -€31 | -€31 | |
| Operating profit (loss) | 9901 | -€467 | -€511 | -€44 | -9.4% |
| Financial charges | 65/66B | €150 | €180 | +€30 | +20.0% |
| Recurring financial charges | 65 | €150 | €180 | +€30 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€617 | -€691 | -€74 | -12.0% |
| Profit (loss) for the period | 9904 | -€617 | -€691 | -€74 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€617 | -€691 | -€74 | -12.0% |
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 28 September 2026 via checked.be.