BELCADAX: 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.
What changed
BELCADAX
NACE 69.201, Certified accountants and tax accountants
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€22,238
2024 · -€587-€21,651
Equity
€168,166
2024 · €190,404-€22,238
Cash
€2,023
2024 · €5,228-€3,204
Balance sheet total
€413,491
2024 · €437,017-€23,526
Largest movements
Assets
- Receivables within one year -€25,759
down €25,759 (-17.2%), from €149,942 to €124,183
of which Trade receivables: -€25,257
- Deferred charges and accrued income +€5,621
up €5,621 (+7.2%), from €77,721 to €83,342
Equity and liabilities
- Profit (loss) carried forward -€22,238
down €22,238 (-15.7%), from €141,839 to €119,601
Income statement
- Write-downs +€12,288
up €12,288 (+146%), from €8,395 to €20,683
- Gross operating margin -€9,956
down €9,956, from €4,067 to -€5,889
- Taxes -€538
down €538 (-74.1%), from €726 to €188
- Financial charges -€103
down €103 (-31.9%), from €323 to €220
- Depreciation +€69
up €69 (+50.6%), from €137 to €206
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.
Result 2024
-€587
Gross operating margin
-€9,956
Depreciation
-€69
Write-downs
-€12,288
Other operating charges
+€25
Financial income
-€3
Financial charges
+€103
Taxes
+€538
Result 2025
-€22,238
raises the resultlowers the result
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.
From operations
-€3,182
Investment
-€23
Financing
€0
Cash 2024
€5,228
From operations (derived)
-€3,182
Net result for the year
-€22,238
Depreciation
+€206
Receivables within one year
+€25,759
Deferred charges and accrued income
-€5,621
Trade debts
-€798
Tax, wage and social debts
-€438
Other debts
-€842
Accrued charges and deferred income
+€790
Investment (derived)
-€23
Investment in fixed assets (net)
-€23
Cash 2025
€2,023
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,017 | €413,491 | -€23,526 | -5.4% |
| Fixed assets | 21/28 | €5,126 | €4,943 | -€184 | -3.6% |
| Tangible fixed assets | 22/27 | €895 | €689 | -€206 | -23.1% |
| Furniture and vehicles | 24 | €895 | €689 | -€206 | -23.1% |
| Financial fixed assets | 28 | €4,231 | €4,254 | +€23 | +0.5% |
| Current assets | 29/58 | €431,890 | €408,548 | -€23,342 | -5.4% |
| Amounts receivable after more than one year | 29 | €199,000 | €199,000 | = | 0.0% |
| Other amounts receivable | 291 | €199,000 | €199,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €149,942 | €124,183 | -€25,759 | -17.2% |
| Trade receivables | 40 | €147,921 | €122,664 | -€25,257 | -17.1% |
| Other amounts receivable | 41 | €2,020 | €1,519 | -€502 | -24.8% |
| Cash at bank and in hand | 54/58 | €5,228 | €2,023 | -€3,204 | -61.3% |
| Deferred charges and accrued income | 490/1 | €77,721 | €83,342 | +€5,621 | +7.2% |
| Total equity and liabilities | 10/49 | €437,017 | €413,491 | -€23,526 | -5.4% |
| Equity | 10/15 | €190,404 | €168,166 | -€22,238 | -11.7% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €28,733 | €28,733 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Distributable reserves | 133 | €26,750 | €26,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,839 | €119,601 | -€22,238 | -15.7% |
| Provisions and deferred taxes | 16 | €243,868 | €243,868 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €243,868 | €243,868 | = | 0.0% |
| Pensions and similar obligations | 160 | €243,868 | €243,868 | = | 0.0% |
| Amounts payable | 17/49 | €2,745 | €1,457 | -€1,288 | -46.9% |
| Amounts payable within one year | 42/48 | €2,745 | €666 | -€2,078 | -75.7% |
| Trade debts | 44 | €896 | €98 | -€798 | -89.1% |
| Suppliers | 440/4 | €896 | €98 | -€798 | -89.1% |
| Taxes, remuneration and social security | 45 | €600 | €162 | -€438 | -73.0% |
| Taxes | 450/3 | €600 | €162 | -€438 | -73.0% |
| Other amounts payable | 47/48 | €1,249 | €407 | -€842 | -67.4% |
| Accrued charges and deferred income | 492/3 | - | €790 | +€790 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137 | €206 | +€69 | +50.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,395 | €20,683 | +€12,288 | +146% |
| Other operating charges | 640/8 | €95 | €70 | -€25 | -26.3% |
| Gross operating margin | 9900 | €4,067 | -€5,889 | -€9,956 | |
| Operating profit (loss) | 9901 | -€4,560 | -€26,849 | -€22,289 | -489% |
| Financial income | 75/76B | €5,022 | €5,019 | -€3 | -0.1% |
| Recurring financial income | 75 | €5,022 | €5,019 | -€3 | -0.1% |
| Financial charges | 65/66B | €323 | €220 | -€103 | -31.9% |
| Recurring financial charges | 65 | €323 | €220 | -€103 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €139 | -€22,050 | -€22,189 | |
| Income taxes | 67/77 | €726 | €188 | -€538 | -74.1% |
| Profit (loss) for the period | 9904 | -€587 | -€22,238 | -€21,651 | -3,688% |
| Profit (loss) for the period to be appropriated | 9905 | -€587 | -€22,238 | -€21,651 | -3,688% |
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 23 October 2026 via checked.be.