BELCAPIN: 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.
BELCAPIN
Largest movements
- Receivables within one year +€574,666
up €574,666 (+3,611%), from €15,914 to €590,580
of which Other amounts receivable: +€577,770
- Current investments -€510,468
down €510,468 (-79.1%), from €645,053 to €134,585
- Cash -€121,931
down €121,931 (-85.1%), from €143,219 to €21,287
mainly Receivables within one year (-€574,666) and Net result for the year (-€127,673)
- Tangible fixed assets -€87,637
down €87,637 (-65.0%), from €134,887 to €47,250
of which Other tangible fixed assets: -€50,137
- Reserves -€127,673
down €127,673 (-14.9%), from €856,931 to €729,259
of which Distributable reserves: -€127,673
- Tax, wage and social debts -€10,710
no longer reported in 2025 (was €10,710)
- Gross operating margin -€155,545
down €155,545, from €129,881 to -€25,664
- Financial charges +€97,628
up €97,628 (+1,029%), from €9,490 to €107,118
of which Financial charges: +€88,061
- Taxes -€55,169
down €55,169 (-96.0%), from €57,482 to €2,313
- Depreciation -€3,313
no longer reported in 2025 (was €3,313)
- Financial income +€2,558
up €2,558 (+42.8%), from €5,976 to €8,534
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 | €939,073 | €793,703 | -€145,370 | -15.5% |
| Fixed assets | 21/28 | €134,887 | €47,250 | -€87,637 | -65.0% |
| Tangible fixed assets | 22/27 | €134,887 | €47,250 | -€87,637 | -65.0% |
| Other tangible fixed assets | 26 | €50,137 | - | -€50,137 | |
| Assets under construction and advance payments | 27 | €84,750 | €47,250 | -€37,500 | -44.2% |
| Current assets | 29/58 | €804,186 | €746,453 | -€57,733 | -7.2% |
| Amounts receivable within one year | 40/41 | €15,914 | €590,580 | +€574,666 | +3,611% |
| Trade receivables | 40 | €7,339 | €4,235 | -€3,104 | -42.3% |
| Other amounts receivable | 41 | €8,575 | €586,345 | +€577,770 | +6,738% |
| Current investments | 50/53 | €645,053 | €134,585 | -€510,468 | -79.1% |
| Cash at bank and in hand | 54/58 | €143,219 | €21,287 | -€121,931 | -85.1% |
| Total equity and liabilities | 10/49 | €939,073 | €793,703 | -€145,370 | -15.5% |
| Equity | 10/15 | €918,931 | €791,259 | -€127,673 | -13.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €856,931 | €729,259 | -€127,673 | -14.9% |
| Non-distributable reserves | 130/1 | €12,800 | €12,800 | = | 0.0% |
| Legal reserve | 130 | €12,800 | €12,800 | = | 0.0% |
| Distributable reserves | 133 | €844,131 | €716,459 | -€127,673 | -15.1% |
| Amounts payable | 17/49 | €20,141 | €2,444 | -€17,697 | -87.9% |
| Amounts payable within one year | 42/48 | €13,026 | €2,444 | -€10,582 | -81.2% |
| Trade debts | 44 | €517 | €2,444 | +€1,928 | +373% |
| Suppliers | 440/4 | €517 | €2,444 | +€1,928 | +373% |
| Taxes, remuneration and social security | 45 | €10,710 | - | -€10,710 | |
| Taxes | 450/3 | €10,710 | - | -€10,710 | |
| Other amounts payable | 47/48 | €1,800 | - | -€1,800 | |
| Accrued charges and deferred income | 492/3 | €7,115 | - | -€7,115 | |
| Non-recurring operating income | 76A | - | €3,313 | +€3,313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,313 | - | -€3,313 | |
| Other operating charges | 640/8 | €525 | €1,112 | +€587 | +112% |
| Gross operating margin | 9900 | €129,881 | -€25,664 | -€155,545 | |
| Operating profit (loss) | 9901 | €126,043 | -€26,776 | -€152,819 | |
| Financial income | 75/76B | €5,976 | €8,534 | +€2,558 | +42.8% |
| Recurring financial income | 75 | €5,976 | €8,534 | +€2,558 | +42.8% |
| Financial charges | 65/66B | €9,490 | €107,118 | +€97,628 | +1,029% |
| Recurring financial charges | 65 | €9,490 | €97,551 | +€88,061 | +928% |
| Non-recurring financial charges | 66B | - | €9,567 | +€9,567 | |
| Profit (loss) for the period before taxes | 9903 | €122,529 | -€125,360 | -€247,889 | |
| Income taxes | 67/77 | €57,482 | €2,313 | -€55,169 | -96.0% |
| Profit (loss) for the period | 9904 | €65,047 | -€127,673 | -€192,720 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,047 | -€127,673 | -€192,720 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.