BELCARDIO: 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.
BELCARDIO
Largest movements
- Current investments +€40,085
new in 2025: €40,085
- Deferred charges and accrued income -€26,596
down €26,596 (-56.3%), from €47,268 to €20,672
- Intangible fixed assets -€18,000
down €18,000 (-28.6%), from €63,000 to €45,000
- Receivables within one year +€11,127
up €11,127 (+36.7%), from €30,305 to €41,432
of which Trade receivables: +€10,198
- Cash +€11,120
up €11,120 (+16.8%), from €66,354 to €77,474
mainly Net result for the year (+€81,560) and Depreciation (+€44,385)
- Profit (loss) carried forward +€81,560
up €81,560 (+51.7%), from €157,750 to €239,311
- Current portion of long-term debt -€27,536
down €27,536 (-100.0%), from €27,536 to €0
- Other debts -€26,528
down €26,528 (-58.2%), from €45,562 to €19,034
- Tax, wage and social debts -€21,645
down €21,645 (-73.2%), from €29,551 to €7,906
of which Taxes: -€11,982
- Trade debts +€5,908
up €5,908 (+27.3%), from €21,624 to €27,533
- Gross operating margin +€40,340
up €40,340 (+21.3%), from €188,953 to €229,293
- Taxes +€9,969
up €9,969 (+66.4%), from €15,014 to €24,983
- Staff costs -€8,343
down €8,343 (-12.2%), from €68,328 to €59,985
- Financial charges +€3,475
up €3,475 (+29.9%), from €11,616 to €15,091
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 | €413,023 | €422,541 | +€9,518 | +2.3% |
| Fixed assets | 21/28 | €269,096 | €242,877 | -€26,219 | -9.7% |
| Intangible fixed assets | 21 | €63,000 | €45,000 | -€18,000 | -28.6% |
| Tangible fixed assets | 22/27 | €206,096 | €197,877 | -€8,219 | -4.0% |
| Land and buildings | 22 | €165,545 | €161,032 | -€4,513 | -2.7% |
| Plant, machinery and equipment | 23 | €20,215 | €14,279 | -€5,936 | -29.4% |
| Furniture and vehicles | 24 | €16,406 | €12,190 | -€4,216 | -25.7% |
| Other tangible fixed assets | 26 | €3,930 | €10,377 | +€6,446 | +164.0% |
| Current assets | 29/58 | €143,927 | €179,664 | +€35,736 | +24.8% |
| Amounts receivable within one year | 40/41 | €30,305 | €41,432 | +€11,127 | +36.7% |
| Trade receivables | 40 | €5,451 | €15,649 | +€10,198 | +187.1% |
| Other amounts receivable | 41 | €24,854 | €25,783 | +€929 | +3.7% |
| Current investments | 50/53 | - | €40,085 | +€40,085 | |
| Cash at bank and in hand | 54/58 | €66,354 | €77,474 | +€11,120 | +16.8% |
| Deferred charges and accrued income | 490/1 | €47,268 | €20,672 | -€26,596 | -56.3% |
| Total equity and liabilities | 10/49 | €413,023 | €422,541 | +€9,518 | +2.3% |
| Equity | 10/15 | €162,750 | €244,311 | +€81,560 | +50.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €157,750 | €239,311 | +€81,560 | +51.7% |
| Amounts payable | 17/49 | €250,273 | €178,230 | -€72,043 | -28.8% |
| Amounts payable after more than one year | 17 | €126,000 | €122,639 | -€3,361 | -2.7% |
| Financial debts | 170/4 | €126,000 | €122,639 | -€3,361 | -2.7% |
| Amounts payable within one year | 42/48 | €124,273 | €54,472 | -€69,801 | -56.2% |
| Current portion of amounts payable after more than one year | 42 | €27,536 | €0 | -€27,536 | -100.0% |
| Trade debts | 44 | €21,624 | €27,533 | +€5,908 | +27.3% |
| Suppliers | 440/4 | €21,624 | €27,533 | +€5,908 | +27.3% |
| Taxes, remuneration and social security | 45 | €29,551 | €7,906 | -€21,645 | -73.2% |
| Taxes | 450/3 | €11,982 | €0 | -€11,982 | -100.0% |
| Remuneration and social security | 454/9 | €17,569 | €7,906 | -€9,664 | -55.0% |
| Other amounts payable | 47/48 | €45,562 | €19,034 | -€26,528 | -58.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,118 | +€1,118 | |
| Remuneration, social security and pensions | 62 | €68,328 | €59,985 | -€8,343 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,718 | €44,385 | +€1,666 | +3.9% |
| Other operating charges | 640/8 | €3,782 | €3,414 | -€368 | -9.7% |
| Gross operating margin | 9900 | €188,953 | €229,293 | +€40,340 | +21.3% |
| Operating profit (loss) | 9901 | €74,125 | €121,510 | +€47,385 | +63.9% |
| Financial income | 75/76B | €179 | €125 | -€54 | -30.1% |
| Recurring financial income | 75 | €179 | €125 | -€54 | -30.1% |
| Financial charges | 65/66B | €11,616 | €15,091 | +€3,475 | +29.9% |
| Recurring financial charges | 65 | €11,616 | €15,091 | +€3,475 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €62,688 | €106,544 | +€43,856 | +70.0% |
| Income taxes | 67/77 | €15,014 | €24,983 | +€9,969 | +66.4% |
| Profit (loss) for the period | 9904 | €47,674 | €81,560 | +€33,887 | +71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,674 | €81,560 | +€33,887 | +71.1% |
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 10 October 2026 via checked.be.