BELCAF: 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.
BELCAF
Largest movements
- Receivables within one year +€126,206
up €126,206 (+984.1%), from €12,824 to €139,031
of which Trade receivables: +€128,896
- Cash -€6,045
down €6,045 (-81.2%), from €7,447 to €1,402
mainly Receivables within one year (-€126,206)
- Tangible fixed assets -€1,703
down €1,703 (-55.3%), from €3,080 to €1,377
- Trade debts +€114,221
up €114,221 (+939.5%), from €12,157 to €126,378
- Profit (loss) carried forward +€2,220
up €2,220 (+50.1%), from €4,434 to €6,655
- Other debts +€1,836
new in 2025: €1,836
- Gross operating margin +€735
up €735 (+17.9%), from €4,110 to €4,845
- Other operating charges -€423
down €423 (-66.5%), from €637 to €213
- Taxes +€412
up €412 (+288.7%), from €143 to €555
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 | €25,517 | €143,663 | +€118,146 | +463.0% |
| Fixed assets | 21/28 | €3,080 | €1,377 | -€1,703 | -55.3% |
| Tangible fixed assets | 22/27 | €3,080 | €1,377 | -€1,703 | -55.3% |
| Furniture and vehicles | 24 | €3,080 | €1,377 | -€1,703 | -55.3% |
| Current assets | 29/58 | €22,437 | €142,286 | +€119,849 | +534.2% |
| Stocks and contracts in progress | 3 | €1,920 | €1,853 | -€67 | -3.5% |
| Stocks | 30/36 | €1,920 | €1,853 | -€67 | -3.5% |
| Amounts receivable within one year | 40/41 | €12,824 | €139,031 | +€126,206 | +984.1% |
| Trade receivables | 40 | €10,135 | €139,031 | +€128,896 | +1271.8% |
| Other amounts receivable | 41 | €2,689 | - | -€2,689 | |
| Cash at bank and in hand | 54/58 | €7,447 | €1,402 | -€6,045 | -81.2% |
| Deferred charges and accrued income | 490/1 | €246 | - | -€246 | |
| Total equity and liabilities | 10/49 | €25,517 | €143,663 | +€118,146 | +463.0% |
| Equity | 10/15 | €7,434 | €9,655 | +€2,220 | +29.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,434 | €6,655 | +€2,220 | +50.1% |
| Amounts payable | 17/49 | €18,083 | €134,008 | +€115,926 | +641.1% |
| Amounts payable within one year | 42/48 | €18,083 | €134,008 | +€115,926 | +641.1% |
| Trade debts | 44 | €12,157 | €126,378 | +€114,221 | +939.5% |
| Suppliers | 440/4 | €12,157 | €126,378 | +€114,221 | +939.5% |
| Taxes, remuneration and social security | 45 | €5,926 | €5,794 | -€132 | -2.2% |
| Taxes | 450/3 | €5,926 | €4,404 | -€1,522 | -25.7% |
| Remuneration and social security | 454/9 | - | €1,390 | +€1,390 | |
| Other amounts payable | 47/48 | - | €1,836 | +€1,836 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,703 | €1,703 | = | 0.0% |
| Other operating charges | 640/8 | €637 | €213 | -€423 | -66.5% |
| Gross operating margin | 9900 | €4,110 | €4,845 | +€735 | +17.9% |
| Operating profit (loss) | 9901 | €1,770 | €2,928 | +€1,158 | +65.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €148 | €153 | +€6 | +3.7% |
| Recurring financial charges | 65 | €148 | €153 | +€6 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €1,623 | €2,775 | +€1,152 | +71.0% |
| Income taxes | 67/77 | €143 | €555 | +€412 | +288.7% |
| Profit (loss) for the period | 9904 | €1,480 | €2,220 | +€740 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,480 | €2,220 | +€740 | +50.0% |
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 7 October 2026 via checked.be.