BELCANTHUS: 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.
BELCANTHUS
Largest movements
- Tangible fixed assets -€88,982
down €88,982 (-20.8%), from €427,361 to €338,379
of which Plant, machinery and equipment: -€60,785
- Receivables within one year +€57,155
up €57,155 (+1,190%), from €4,804 to €61,959
of which Trade receivables: +€55,492
- Cash -€38,616
down €38,616 (-93.0%), from €41,524 to €2,908
mainly Debts after one year (-€60,677) and Receivables within one year (-€57,155)
- Debts after one year -€60,677
down €60,677 (-23.9%), from €254,159 to €193,482
- Reserves +€18,000
up €18,000 (+14.8%), from €121,900 to €139,900
- Current portion of long-term debt -€16,064
down €16,064 (-20.9%), from €76,741 to €60,677
- Trade debts -€8,289
down €8,289 (-39.2%), from €21,153 to €12,864
- Depreciation +€10,328
up €10,328 (+13.1%), from €78,654 to €88,982
- Taxes -€3,020
down €3,020 (-26.0%), from €11,593 to €8,574
- Gross operating margin +€2,886
up €2,886 (+2.3%), from €123,767 to €126,654
- Financial charges +€2,387
up €2,387 (+30.4%), from €7,863 to €10,250
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €517,482 | €450,029 | -€67,454 | -13.0% |
| Fixed assets | 21/28 | €427,361 | €338,379 | -€88,982 | -20.8% |
| Tangible fixed assets | 22/27 | €427,361 | €338,379 | -€88,982 | -20.8% |
| Plant, machinery and equipment | 23 | €358,866 | €298,081 | -€60,785 | -16.9% |
| Furniture and vehicles | 24 | €6,543 | €2,559 | -€3,985 | -60.9% |
| Leasing and similar rights | 25 | €57,587 | €34,232 | -€23,355 | -40.6% |
| Other tangible fixed assets | 26 | €4,365 | €3,507 | -€858 | -19.7% |
| Current assets | 29/58 | €90,121 | €111,650 | +€21,528 | +23.9% |
| Stocks and contracts in progress | 3 | €38,684 | €41,327 | +€2,642 | +6.8% |
| Stocks | 30/36 | €38,684 | €41,327 | +€2,642 | +6.8% |
| Amounts receivable within one year | 40/41 | €4,804 | €61,959 | +€57,155 | +1,190% |
| Trade receivables | 40 | €3,183 | €58,675 | +€55,492 | +1,743% |
| Other amounts receivable | 41 | €1,621 | €3,283 | +€1,663 | +103% |
| Cash at bank and in hand | 54/58 | €41,524 | €2,908 | -€38,616 | -93.0% |
| Deferred charges and accrued income | 490/1 | €5,110 | €5,457 | +€347 | +6.8% |
| Total equity and liabilities | 10/49 | €517,482 | €450,029 | -€67,454 | -13.0% |
| Equity | 10/15 | €143,275 | €161,555 | +€18,281 | +12.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €121,900 | €139,900 | +€18,000 | +14.8% |
| Distributable reserves | 133 | €121,900 | €139,900 | +€18,000 | +14.8% |
| Profit (loss) carried forward | 14 | €16,375 | €16,655 | +€281 | +1.7% |
| Amounts payable | 17/49 | €374,208 | €288,473 | -€85,734 | -22.9% |
| Amounts payable after more than one year | 17 | €254,159 | €193,482 | -€60,677 | -23.9% |
| Financial debts | 170/4 | €254,159 | €193,482 | -€60,677 | -23.9% |
| Amounts payable within one year | 42/48 | €120,049 | €94,991 | -€25,058 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €76,741 | €60,677 | -€16,064 | -20.9% |
| Trade debts | 44 | €21,153 | €12,864 | -€8,289 | -39.2% |
| Suppliers | 440/4 | €21,153 | €12,864 | -€8,289 | -39.2% |
| Taxes, remuneration and social security | 45 | €9,465 | €8,761 | -€704 | -7.4% |
| Taxes | 450/3 | €9,465 | €8,761 | -€704 | -7.4% |
| Other amounts payable | 47/48 | €12,690 | €12,690 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,654 | €88,982 | +€10,328 | +13.1% |
| Other operating charges | 640/8 | €615 | €638 | +€23 | +3.8% |
| Gross operating margin | 9900 | €123,767 | €126,654 | +€2,886 | +2.3% |
| Operating profit (loss) | 9901 | €44,499 | €37,034 | -€7,465 | -16.8% |
| Financial income | 75/76B | €150 | €70 | -€80 | -53.4% |
| Recurring financial income | 75 | €150 | €70 | -€80 | -53.4% |
| Financial charges | 65/66B | €7,863 | €10,250 | +€2,387 | +30.4% |
| Recurring financial charges | 65 | €7,863 | €10,250 | +€2,387 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €36,786 | €26,854 | -€9,932 | -27.0% |
| Income taxes | 67/77 | €11,593 | €8,574 | -€3,020 | -26.0% |
| Profit (loss) for the period | 9904 | €25,192 | €18,281 | -€6,912 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,192 | €18,281 | -€6,912 | -27.4% |
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 15 October 2026 via checked.be.