BelCa: 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.
BelCa
Largest movements
- Tangible fixed assets -€25,967
down €25,967 (-22.1%), from €117,265 to €91,298
of which Other tangible fixed assets: -€13,178
- Receivables within one year +€2,311
up €2,311 (+361.6%), from €639 to €2,951
of which Trade receivables: +€1,945
- Provisions -€7,240
down €7,240 (-100.0%), from €7,240 to €0
- Current portion of long-term debt -€5,362
down €5,362 (-100.0%), from €5,362 to €0
- Other debts -€4,257
down €4,257 (-10.3%), from €41,288 to €37,031
- Reserves -€2,046
down €2,046 (-3.8%), from €54,201 to €52,155
of which Tax-exempt reserves: -€4,962
- Accrued charges and deferred income -€2,020
down €2,020 (-60.1%), from €3,360 to €1,340
- Gross operating margin -€19,186
down €19,186 (-47.8%), from €40,127 to €20,942
- Taxes -€5,480
down €5,480 (-76.8%), from €7,133 to €1,654
- Financial charges -€1,721
down €1,721 (-75.6%), from €2,276 to €555
- Depreciation -€544
down €544 (-2.0%), from €26,829 to €26,285
- Financial income -€434
down €434 (-72.3%), from €600 to €166
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 | €137,991 | €113,957 | -€24,034 | -17.4% |
| Fixed assets | 21/28 | €118,665 | €92,698 | -€25,967 | -21.9% |
| Tangible fixed assets | 22/27 | €117,265 | €91,298 | -€25,967 | -22.1% |
| Land and buildings | 22 | €13,093 | €11,824 | -€1,268 | -9.7% |
| Plant, machinery and equipment | 23 | €955 | €573 | -€382 | -40.0% |
| Furniture and vehicles | 24 | €45,652 | €34,514 | -€11,138 | -24.4% |
| Other tangible fixed assets | 26 | €57,566 | €44,387 | -€13,178 | -22.9% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €19,326 | €21,258 | +€1,932 | +10.0% |
| Stocks and contracts in progress | 3 | €6,346 | €6,001 | -€345 | -5.4% |
| Stocks | 30/36 | €6,346 | €6,001 | -€345 | -5.4% |
| Amounts receivable within one year | 40/41 | €639 | €2,951 | +€2,311 | +361.6% |
| Trade receivables | 40 | €618 | €2,564 | +€1,945 | +314.7% |
| Other amounts receivable | 41 | €21 | €387 | +€366 | +1730.2% |
| Cash at bank and in hand | 54/58 | €6,766 | €8,002 | +€1,235 | +18.3% |
| Deferred charges and accrued income | 490/1 | €5,574 | €4,305 | -€1,269 | -22.8% |
| Total equity and liabilities | 10/49 | €137,991 | €113,957 | -€24,034 | -17.4% |
| Equity | 10/15 | €60,398 | €58,352 | -€2,046 | -3.4% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €54,201 | €52,155 | -€2,046 | -3.8% |
| Tax-exempt reserves | 132 | €4,962 | €0 | -€4,962 | -100.0% |
| Distributable reserves | 133 | €49,239 | €52,155 | +€2,916 | +5.9% |
| Provisions and deferred taxes | 16 | €7,240 | €0 | -€7,240 | -100.0% |
| Deferred taxes | 168 | €7,240 | €0 | -€7,240 | -100.0% |
| Amounts payable | 17/49 | €70,353 | €55,604 | -€14,748 | -21.0% |
| Amounts payable within one year | 42/48 | €66,993 | €54,264 | -€12,728 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €5,362 | €0 | -€5,362 | -100.0% |
| Trade debts | 44 | €4,647 | €3,295 | -€1,352 | -29.1% |
| Suppliers | 440/4 | €4,647 | €3,295 | -€1,352 | -29.1% |
| Taxes, remuneration and social security | 45 | €15,696 | €13,938 | -€1,758 | -11.2% |
| Taxes | 450/3 | €15,696 | €13,840 | -€1,855 | -11.8% |
| Remuneration and social security | 454/9 | - | €98 | +€98 | |
| Other amounts payable | 47/48 | €41,288 | €37,031 | -€4,257 | -10.3% |
| Accrued charges and deferred income | 492/3 | €3,360 | €1,340 | -€2,020 | -60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,829 | €26,285 | -€544 | -2.0% |
| Other operating charges | 640/8 | €1,879 | €1,576 | -€304 | -16.2% |
| Non-recurring operating charges | 66A | - | €325 | +€325 | |
| Gross operating margin | 9900 | €40,127 | €20,942 | -€19,186 | -47.8% |
| Operating profit (loss) | 9901 | €11,419 | -€7,244 | -€18,663 | |
| Financial income | 75/76B | €600 | €166 | -€434 | -72.3% |
| Recurring financial income | 75 | €600 | €166 | -€434 | -72.3% |
| Financial charges | 65/66B | €2,276 | €555 | -€1,721 | -75.6% |
| Recurring financial charges | 65 | €2,276 | €555 | -€1,721 | -75.6% |
| Profit (loss) for the period before taxes | 9903 | €9,744 | -€7,632 | -€17,376 | |
| Transfer from deferred taxes | 780 | €2,742 | €7,240 | +€4,498 | +164.1% |
| Income taxes | 67/77 | €7,133 | €1,654 | -€5,480 | -76.8% |
| Profit (loss) for the period | 9904 | €5,352 | -€2,046 | -€7,398 | |
| Transfer from tax-exempt reserves | 789 | €10,967 | €4,962 | -€6,005 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,319 | €2,916 | -€13,403 | -82.1% |
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 6 October 2026 via checked.be.