BELCASA: 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
BELCASA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,355
2024 · €5,367-€12
Equity
€618,645
2024 · €613,290+€5,355
Cash
€8,123
2024 · €11,894-€3,770
Balance sheet total
€1.9m
2024 · €1.9m-€722
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Other operating charges -€4,639
down €4,639 (-48.8%), from €9,505 to €4,867
- Taxes +€4,384
up €4,384 (+27.4%), from €16,000 to €20,384
- Depreciation -€2,392
down €2,392 (-12.8%), from €18,760 to €16,367
- Gross operating margin -€1,612
down €1,612 (-2.4%), from €65,978 to €64,366
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
€5,367
Gross operating margin
-€1,612
Staff costs
-€520
Depreciation
+€2,392
Other operating charges
+€4,639
Financial income
-€256
Financial charges
-€271
Taxes
-€4,384
Result 2025
€5,355
raises the resultlowers the result
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
+€16,740
Investment
-€20,510
Financing
€0
Cash 2024
€11,894
From operations (derived)
+€16,740
Net result for the year
+€5,355
Depreciation
+€16,367
Receivables within one year
+€1,540
Deferred charges and accrued income
-€446
Trade debts
+€9,885
Tax, wage and social debts
-€15,326
Other debts
-€636
Investment (derived)
-€20,510
Investment in fixed assets (net)
-€20,510
Cash 2025
€8,123
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,934,391 | €1,933,669 | -€722 | 0.0% |
| Fixed assets | 21/28 | €1,690,107 | €1,694,250 | +€4,143 | +0.2% |
| Tangible fixed assets | 22/27 | €290,107 | €294,250 | +€4,143 | +1.4% |
| Land and buildings | 22 | €288,229 | €273,391 | -€14,837 | -5.1% |
| Plant, machinery and equipment | 23 | €1,878 | €437 | -€1,441 | -76.7% |
| Other tangible fixed assets | 26 | - | €879 | +€879 | |
| Assets under construction and advance payments | 27 | - | €19,543 | +€19,543 | |
| Financial fixed assets | 28 | €1,400,000 | €1,400,000 | = | 0.0% |
| Current assets | 29/58 | €244,283 | €239,419 | -€4,865 | -2.0% |
| Amounts receivable within one year | 40/41 | €232,390 | €230,849 | -€1,540 | -0.7% |
| Other amounts receivable | 41 | €232,390 | €230,849 | -€1,540 | -0.7% |
| Cash at bank and in hand | 54/58 | €11,894 | €8,123 | -€3,770 | -31.7% |
| Deferred charges and accrued income | 490/1 | - | €446 | +€446 | |
| Total equity and liabilities | 10/49 | €1,934,391 | €1,933,669 | -€722 | 0.0% |
| Equity | 10/15 | €613,290 | €618,645 | +€5,355 | +0.9% |
| 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 | €551,290 | €556,645 | +€5,355 | +1.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €545,090 | €550,445 | +€5,355 | +1.0% |
| Amounts payable | 17/49 | €1,321,101 | €1,315,024 | -€6,077 | -0.5% |
| Amounts payable after more than one year | 17 | €1,250,000 | €1,250,000 | = | 0.0% |
| Financial debts | 170/4 | €1,250,000 | €1,250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €71,101 | €65,024 | -€6,077 | -8.5% |
| Trade debts | 44 | €5,514 | €15,400 | +€9,885 | +179% |
| Suppliers | 440/4 | €5,514 | €15,400 | +€9,885 | +179% |
| Taxes, remuneration and social security | 45 | €42,763 | €27,437 | -€15,326 | -35.8% |
| Taxes | 450/3 | €38,498 | €22,808 | -€15,690 | -40.8% |
| Remuneration and social security | 454/9 | €4,265 | €4,629 | +€364 | +8.5% |
| Other amounts payable | 47/48 | €22,823 | €22,187 | -€636 | -2.8% |
| Non-recurring operating income | 76A | €89 | - | -€89 | |
| Remuneration, social security and pensions | 62 | €29,547 | €30,067 | +€520 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,760 | €16,367 | -€2,392 | -12.8% |
| Other operating charges | 640/8 | €9,505 | €4,867 | -€4,639 | -48.8% |
| Gross operating margin | 9900 | €65,978 | €64,366 | -€1,612 | -2.4% |
| Operating profit (loss) | 9901 | €8,165 | €13,064 | +€4,899 | +60.0% |
| Financial income | 75/76B | €60,944 | €60,688 | -€256 | -0.4% |
| Recurring financial income | 75 | €60,944 | €60,688 | -€256 | -0.4% |
| Financial charges | 65/66B | €47,743 | €48,013 | +€271 | +0.6% |
| Recurring financial charges | 65 | €47,743 | €48,013 | +€271 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €21,367 | €25,739 | +€4,372 | +20.5% |
| Income taxes | 67/77 | €16,000 | €20,384 | +€4,384 | +27.4% |
| Profit (loss) for the period | 9904 | €5,367 | €5,355 | -€12 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,367 | €5,355 | -€12 | -0.2% |
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 14 October 2026 via checked.be.