BELCAR: 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
BELCAR
NACE 77.110, Renting and leasing of cars and light motor vehicles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €2.7m-€893,834
Equity
€10.8m
2024 · €10.5m+€323,008
Cash
€4.3m
2024 · €5.4m-€1.1m
Balance sheet total
€25.8m
2024 · €22.0m+€3.8m
Largest movements
Assets
- Tangible fixed assets +€4.2m
up €4.2m (+112%), from €3.7m to €7.9m
of which Furniture and vehicles: +€2.2m
- Receivables within one year +€1.5m
up €1.5m (+21.7%), from €6.9m to €8.4m
of which Other amounts receivable: +€1.2m
- Cash -€1.1m
down €1.1m (-20.4%), from €5.4m to €4.3m
mainly Investment in fixed assets (net) (-€5.5m) and Receivables within one year (-€1.5m)
- Stocks and contracts -€774,573
down €774,573 (-18.1%), from €4.3m to €3.5m
Equity and liabilities
- Accrued charges and deferred income +€1.5m
up €1.5m (+110%), from €1.4m to €2.8m
- Debts after one year +€1.3m
up €1.3m (+42.5%), from €3.0m to €4.3m
of which Financial debts: +€1.0m
- Other debts +€500,000
up €500,000 (+50.0%), from €1.0m to €1.5m
- Current portion of long-term debt +€404,554
up €404,554 (+54.9%), from €736,355 to €1.1m
- Reserves +€323,008
up €323,008 (+3.4%), from €9.6m to €9.9m
of which Tax-exempt reserves: +€875,000
Income statement
- Turnover -€14.5m
down €14.5m (-21.1%), from €68.9m to €54.4m
- Goods and materials -€11.7m
down €11.7m (-24.7%), from €47.4m to €35.7m
of which Change in stocks: decrease (increase): -€12.6m
- Other operating income +€2.2m
up €2.2m (+75.5%), from €2.9m to €5.1m
- Staff costs +€1.2m
up €1.2m (+28.2%), from €4.1m to €5.3m
- Services and other goods -€929,595
down €929,595 (-6.2%), from €15.1m to €14.2m
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
€2.7m
Turnover
-€14.5m
Other operating income
+€2.2m
Goods and materials
+€11.7m
Services and other goods
+€929,595
Staff costs
-€1.2m
Depreciation
-€369,886
Write-downs
-€712,842
Provisions
-€32,008
Other operating charges
+€19,015
Other operating items
-€54,936
Financial income
+€89,424
Financial charges
+€370,998
Taxes
+€622,432
Result 2025
€1.8m
raises the resultlowers the resultnot broken down further in the accounts
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
+€4.2m
Investment
-€5.5m
Financing
+€189,406
Cash 2024
€5.4m
From operations (derived)
+€4.2m
Net result for the year
+€1.8m
Depreciation
+€1.5m
Stocks and contracts
+€774,573
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€243,952
Provisions
+€167,191
Trade debts
-€143,603
Tax, wage and social debts
-€225,133
Other debts
+€500,000
Accrued charges and deferred income
+€1.5m
Investment (derived)
-€5.5m
Investment in fixed assets (net)
-€5.5m
Financing
+€189,406
Debts after one year
+€1.3m
Current portion of long-term debt
+€404,554
Contributions, distributions and other
-€1.5m
Cash 2025
€4.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,978,123 | €25,779,427 | +€3.8m | +17.3% |
| Fixed assets | 21/28 | €4,225,995 | €8,157,008 | +€3.9m | +93.0% |
| Intangible fixed assets | 21 | €450,181 | €243,498 | -€206,684 | -45.9% |
| Tangible fixed assets | 22/27 | €3,716,809 | €7,891,466 | +€4.2m | +112% |
| Land and buildings | 22 | €446,878 | €403,211 | -€43,667 | -9.8% |
| Plant, machinery and equipment | 23 | €912,294 | €872,311 | -€39,983 | -4.4% |
| Furniture and vehicles | 24 | €682,876 | €2,910,752 | +€2.2m | +326% |
| Other tangible fixed assets | 26 | €1,611,561 | €2,741,933 | +€1.1m | +70.1% |
| Assets under construction and advance payments | 27 | €63,200 | €963,259 | +€900,059 | +1,424% |
| Financial fixed assets | 28 | €59,005 | €22,045 | -€36,960 | -62.6% |
| Other financial fixed assets | 284/8 | €59,005 | €22,045 | -€36,960 | -62.6% |
| Amounts receivable and cash guarantees | 285/8 | €59,005 | €22,045 | -€36,960 | -62.6% |
| Current assets | 29/58 | €17,752,127 | €17,622,419 | -€129,708 | -0.7% |
| Stocks and contracts in progress | 3 | €4,281,734 | €3,507,161 | -€774,573 | -18.1% |
| Stocks | 30/36 | €4,281,734 | €3,507,161 | -€774,573 | -18.1% |
| Goods purchased for resale | 34 | €4,281,734 | €3,507,161 | -€774,573 | -18.1% |
| Amounts receivable within one year | 40/41 | €6,928,509 | €8,430,913 | +€1.5m | +21.7% |
| Trade receivables | 40 | €6,923,391 | €7,189,869 | +€266,479 | +3.8% |
| Other amounts receivable | 41 | €5,118 | €1,241,044 | +€1.2m | +24,147% |
| Cash at bank and in hand | 54/58 | €5,396,392 | €4,294,900 | -€1.1m | -20.4% |
| Deferred charges and accrued income | 490/1 | €1,145,493 | €1,389,445 | +€243,952 | +21.3% |
| Total equity and liabilities | 10/49 | €21,978,123 | €25,779,427 | +€3.8m | +17.3% |
| Equity | 10/15 | €10,490,151 | €10,813,159 | +€323,008 | +3.1% |
| Contributions | 10/11 | €890,250 | €890,250 | = | 0.0% |
| Capital | 10 | €890,250 | €890,250 | = | 0.0% |
| Issued capital | 100 | €890,250 | €890,250 | = | 0.0% |
| Reserves | 13 | €9,599,901 | €9,922,909 | +€323,008 | +3.4% |
| Non-distributable reserves | 130/1 | €89,025 | €89,025 | = | 0.0% |
| Legal reserve | 130 | €89,025 | €89,025 | = | 0.0% |
| Tax-exempt reserves | 132 | €919,222 | €1,794,222 | +€875,000 | +95.2% |
| Distributable reserves | 133 | €8,591,654 | €8,039,662 | -€551,992 | -6.4% |
| Provisions and deferred taxes | 16 | €985,107 | €1,152,299 | +€167,191 | +17.0% |
| Provisions for liabilities and charges | 160/5 | €985,107 | €1,152,299 | +€167,191 | +17.0% |
| Other liabilities and charges | 164/5 | €985,107 | €1,152,299 | +€167,191 | +17.0% |
| Amounts payable | 17/49 | €10,502,864 | €13,813,970 | +€3.3m | +31.5% |
| Amounts payable after more than one year | 17 | €3,024,618 | €4,309,469 | +€1.3m | +42.5% |
| Financial debts | 170/4 | €1,967,752 | €3,011,334 | +€1.0m | +53.0% |
| Credit institutions | 173 | €1,967,752 | €3,011,334 | +€1.0m | +53.0% |
| Other amounts payable | 178/9 | €1,056,865 | €1,298,135 | +€241,270 | +22.8% |
| Amounts payable within one year | 42/48 | €6,126,227 | €6,662,046 | +€535,819 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €736,355 | €1,140,910 | +€404,554 | +54.9% |
| Trade debts | 44 | €3,473,864 | €3,330,261 | -€143,603 | -4.1% |
| Suppliers | 440/4 | €3,473,864 | €3,330,261 | -€143,603 | -4.1% |
| Taxes, remuneration and social security | 45 | €916,008 | €690,875 | -€225,133 | -24.6% |
| Taxes | 450/3 | €376,368 | €44,587 | -€331,781 | -88.2% |
| Remuneration and social security | 454/9 | €539,640 | €646,288 | +€106,648 | +19.8% |
| Other amounts payable | 47/48 | €1,000,000 | €1,500,000 | +€500,000 | +50.0% |
| Accrued charges and deferred income | 492/3 | €1,352,020 | €2,842,455 | +€1.5m | +110% |
| Operating income | 70/76A | €71,815,437 | €59,496,386 | -€12.3m | -17.2% |
| Turnover | 70 | €68,888,492 | €54,364,316 | -€14.5m | -21.1% |
| Other operating income | 74 | €2,923,645 | €5,132,070 | +€2.2m | +75.5% |
| Non-recurring operating income | 76A | €3,300 | - | -€3,300 | |
| Operating charges | 60/66A | €67,598,083 | €57,255,720 | -€10.3m | -15.3% |
| Goods for resale, raw materials and consumables | 60 | €47,415,519 | €35,692,122 | -€11.7m | -24.7% |
| Purchases | 600/8 | €33,719,072 | €34,631,531 | +€912,459 | +2.7% |
| Change in stocks: decrease (increase) | 609 | €13,696,447 | €1,060,591 | -€12.6m | -92.3% |
| Services and other goods | 61 | €15,080,828 | €14,151,233 | -€929,595 | -6.2% |
| Remuneration, social security and pensions | 62 | €4,125,827 | €5,289,099 | +€1.2m | +28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,174,567 | €1,544,453 | +€369,886 | +31.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€780,462 | -€67,620 | +€712,842 | +91.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €135,183 | €167,191 | +€32,008 | +23.7% |
| Other operating charges | 640/8 | €445,452 | €426,438 | -€19,015 | -4.3% |
| Non-recurring operating charges | 66A | €1,168 | €52,804 | +€51,636 | +4,419% |
| Operating profit (loss) | 9901 | €4,217,354 | €2,240,667 | -€2.0m | -46.9% |
| Financial income | 75/76B | €46,848 | €136,272 | +€89,424 | +191% |
| Recurring financial income | 75 | €46,848 | €136,272 | +€89,424 | +191% |
| Income from current assets | 751 | €30,973 | €131,175 | +€100,202 | +324% |
| Other financial income | 752/9 | €15,875 | €5,096 | -€10,779 | -67.9% |
| Financial charges | 65/66B | €555,853 | €184,855 | -€370,998 | -66.7% |
| Recurring financial charges | 65 | €555,853 | €184,855 | -€370,998 | -66.7% |
| Debt charges | 650 | €529,168 | €146,568 | -€382,600 | -72.3% |
| Other financial charges | 652/9 | €26,685 | €38,287 | +€11,602 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | €3,708,349 | €2,192,083 | -€1.5m | -40.9% |
| Income taxes | 67/77 | €991,507 | €369,075 | -€622,432 | -62.8% |
| Taxes | 670/3 | €994,822 | €370,276 | -€624,546 | -62.8% |
| Tax adjustments and reversals of tax provisions | 77 | €3,315 | €1,201 | -€2,114 | -63.8% |
| Profit (loss) for the period | 9904 | €2,716,842 | €1,823,008 | -€893,834 | -32.9% |
| Transfer to tax-exempt reserves | 689 | - | €875,000 | +€875,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,716,842 | €948,008 | -€1.8m | -65.1% |
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 19 October 2026 via checked.be.