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.
BELCAR
Largest movements
- Cash -€6.8m
down €6.8m (-83.7%), from €8.2m to €1.3m
mainly Other debts (-€7.8m)
- Deferred charges and accrued income -€423,519
down €423,519 (-99.0%), from €427,922 to €4,403
- Other debts -€7.8m
down €7.8m (-97.5%), from €8.0m to €201,900
- Profit (loss) carried forward +€520,434
up €520,434 (+3.5%), from €14.8m to €15.3m
- Financial income -€5.4m
down €5.4m (-88.9%), from €6.0m to €672,357
- Taxes -€177,369
down €177,369 (-86.6%), from €204,921 to €27,552
- Financial charges +€33,827
up €33,827 (+5646.3%), from €599 to €34,426
- Other operating charges -€20,023
down €20,023 (-19.6%), from €102,370 to €82,346
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 | €28,459,938 | €21,188,573 | -€7.3m | -25.5% |
| Fixed assets | 21/28 | €19,846,689 | €19,846,689 | = | 0.0% |
| Financial fixed assets | 28 | €19,846,689 | €19,846,689 | = | 0.0% |
| Current assets | 29/58 | €8,613,249 | €1,341,884 | -€7.3m | -84.4% |
| Cash at bank and in hand | 54/58 | €8,185,327 | €1,337,481 | -€6.8m | -83.7% |
| Deferred charges and accrued income | 490/1 | €427,922 | €4,403 | -€423,519 | -99.0% |
| Total equity and liabilities | 10/49 | €28,459,938 | €21,188,573 | -€7.3m | -25.5% |
| Equity | 10/15 | €20,338,639 | €20,859,073 | +€520,434 | +2.6% |
| Contributions | 10/11 | €5,019,000 | €5,019,000 | = | 0.0% |
| Capital | 10 | €5,019,000 | €5,019,000 | = | 0.0% |
| Issued capital | 100 | €5,019,000 | €5,019,000 | = | 0.0% |
| Reserves | 13 | €501,900 | €501,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €501,900 | €501,900 | = | 0.0% |
| Legal reserve | 130 | €501,900 | €501,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,817,739 | €15,338,173 | +€520,434 | +3.5% |
| Amounts payable | 17/49 | €8,121,300 | €329,500 | -€7.8m | -95.9% |
| Amounts payable within one year | 42/48 | €8,121,259 | €329,459 | -€7.8m | -95.9% |
| Trade debts | 44 | €209 | €1,210 | +€1,001 | +478.9% |
| Suppliers | 440/4 | €209 | €1,210 | +€1,001 | +478.9% |
| Taxes, remuneration and social security | 45 | €102,308 | €126,349 | +€24,042 | +23.5% |
| Taxes | 450/3 | €102,308 | €126,349 | +€24,042 | +23.5% |
| Other amounts payable | 47/48 | €8,018,742 | €201,900 | -€7.8m | -97.5% |
| Accrued charges and deferred income | 492/3 | €41 | €41 | +€0 | +0.2% |
| Other operating charges | 640/8 | €102,370 | €82,346 | -€20,023 | -19.6% |
| Gross operating margin | 9900 | -€7,595 | -€7,598 | -€3 | 0.0% |
| Operating profit (loss) | 9901 | -€109,965 | -€89,944 | +€20,021 | +18.2% |
| Financial income | 75/76B | €6,048,467 | €672,357 | -€5.4m | -88.9% |
| Recurring financial income | 75 | €6,048,467 | €672,357 | -€5.4m | -88.9% |
| Financial charges | 65/66B | €599 | €34,426 | +€33,827 | +5646.3% |
| Recurring financial charges | 65 | €599 | €34,426 | +€33,827 | +5646.3% |
| Profit (loss) for the period before taxes | 9903 | €5,937,904 | €547,986 | -€5.4m | -90.8% |
| Income taxes | 67/77 | €204,921 | €27,552 | -€177,369 | -86.6% |
| Profit (loss) for the period | 9904 | €5,732,983 | €520,434 | -€5.2m | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,732,983 | €520,434 | -€5.2m | -90.9% |
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 9 October 2026 via checked.be.