BELCASINOS: 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
BELCASINOS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€167,747
2024 · €2.1m-€2.3m
Equity
€41.1m
2024 · €41.3m-€167,747
Cash
€33,647
2024 · €293,019-€259,372
Balance sheet total
€48.5m
2024 · €44.9m+€3.6m
Largest movements
Assets
- Financial fixed assets +€6.0m
up €6.0m (+14.3%), from €42.0m to €48.0m
of which Affiliated companies: +€6.0m
- Receivables within one year -€2.2m
down €2.2m (-83.4%), from €2.6m to €429,442
of which Other amounts receivable: -€2.2m
Equity and liabilities
- Other debts +€3.8m
up €3.8m (+109%), from €3.5m to €7.3m
Income statement
- Financial income -€2.2m
down €2.2m (-98.6%), from €2.3m to €31,420
- Services and other goods +€177,798
up €177,798 (+50.0%), from €355,485 to €533,283
- Other operating income +€114,067
up €114,067 (+22.9%), from €497,117 to €611,185
- Taxes -€85,467
down €85,467 (-98.5%), from €86,794 to €1,327
- Financial charges +€76,597
up €76,597 (+105%), from €73,179 to €149,776
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
€2.1m
Turnover
+€20,837
Other operating income
+€114,067
Goods and materials
+€2,018
Services and other goods
-€177,798
Staff costs
+€58,252
Depreciation
+€8,353
Provisions
-€63,185
Other operating charges
-€4,629
Other operating items
-€304
Financial income
-€2.2m
Financial charges
-€76,597
Taxes
+€85,467
Result 2025
-€167,747
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
+€5.7m
Investment
-€6.0m
Financing
€0
Cash 2024
€293,019
From operations (derived)
+€5.7m
Net result for the year
-€167,747
Depreciation
+€7,367
Receivables within one year
+€2.2m
Deferred charges and accrued income
-€40,352
Provisions
+€63,185
Trade debts
+€26,007
Tax, wage and social debts
-€119,269
Other debts
+€3.8m
Accrued charges and deferred income
+€8,576
Investment (derived)
-€6.0m
Investment in fixed assets (net)
-€6.0m
Cash 2025
€33,647
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,893,027 | €48,503,007 | +€3.6m | +8.0% |
| Fixed assets | 21/28 | €41,976,114 | €47,968,762 | +€6.0m | +14.3% |
| Tangible fixed assets | 22/27 | €14,024 | €6,657 | -€7,367 | -52.5% |
| Plant, machinery and equipment | 23 | €253 | - | -€253 | |
| Furniture and vehicles | 24 | €3,911 | €1,676 | -€2,235 | -57.1% |
| Other tangible fixed assets | 26 | €9,860 | €4,981 | -€4,879 | -49.5% |
| Financial fixed assets | 28 | €41,962,090 | €47,962,105 | +€6.0m | +14.3% |
| Affiliated companies | 280/1 | €40,704,590 | €46,704,605 | +€6.0m | +14.7% |
| Participating interests | 280 | €40,704,590 | €46,704,605 | +€6.0m | +14.7% |
| Other financial fixed assets | 284/8 | €1,257,500 | €1,257,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,257,500 | €1,257,500 | = | 0.0% |
| Current assets | 29/58 | €2,916,912 | €534,245 | -€2.4m | -81.7% |
| Amounts receivable within one year | 40/41 | €2,593,089 | €429,442 | -€2.2m | -83.4% |
| Trade receivables | 40 | €39,178 | €42,915 | +€3,737 | +9.5% |
| Other amounts receivable | 41 | €2,553,911 | €386,527 | -€2.2m | -84.9% |
| Cash at bank and in hand | 54/58 | €293,019 | €33,647 | -€259,372 | -88.5% |
| Deferred charges and accrued income | 490/1 | €30,804 | €71,157 | +€40,352 | +131% |
| Total equity and liabilities | 10/49 | €44,893,027 | €48,503,007 | +€3.6m | +8.0% |
| Equity | 10/15 | €41,263,465 | €41,095,719 | -€167,747 | -0.4% |
| Contributions | 10/11 | €22,345,000 | €22,345,000 | = | 0.0% |
| Capital | 10 | €22,345,000 | €22,345,000 | = | 0.0% |
| Issued capital | 100 | €22,345,000 | €22,345,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,134,825 | €1,134,825 | = | 0.0% |
| Reserves | 13 | €2,234,500 | €2,234,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,234,500 | €2,234,500 | = | 0.0% |
| Legal reserve | 130 | €2,234,500 | €2,234,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,549,141 | €15,381,394 | -€167,747 | -1.1% |
| Provisions and deferred taxes | 16 | - | €63,185 | +€63,185 | |
| Provisions for liabilities and charges | 160/5 | - | €63,185 | +€63,185 | |
| Other liabilities and charges | 164/5 | - | €63,185 | +€63,185 | |
| Amounts payable | 17/49 | €3,629,561 | €7,344,104 | +€3.7m | +102% |
| Amounts payable within one year | 42/48 | €3,629,561 | €7,335,528 | +€3.7m | +102% |
| Trade debts | 44 | €23,607 | €49,614 | +€26,007 | +110% |
| Suppliers | 440/4 | €23,607 | €49,614 | +€26,007 | +110% |
| Taxes, remuneration and social security | 45 | €121,054 | €1,785 | -€119,269 | -98.5% |
| Taxes | 450/3 | €86,794 | €1,327 | -€85,467 | -98.5% |
| Remuneration and social security | 454/9 | €34,260 | €458 | -€33,802 | -98.7% |
| Other amounts payable | 47/48 | €3,484,900 | €7,284,129 | +€3.8m | +109% |
| Accrued charges and deferred income | 492/3 | - | €8,576 | +€8,576 | |
| Operating income | 70/76A | €540,484 | €675,084 | +€134,600 | +24.9% |
| Turnover | 70 | €43,011 | €63,848 | +€20,837 | +48.4% |
| Other operating income | 74 | €497,117 | €611,185 | +€114,067 | +22.9% |
| Non-recurring operating income | 76A | €355 | €51 | -€304 | -85.6% |
| Operating charges | 60/66A | €546,159 | €723,148 | +€176,988 | +32.4% |
| Goods for resale, raw materials and consumables | 60 | €5,501 | €3,483 | -€2,018 | -36.7% |
| Purchases | 600/8 | €5,501 | €3,483 | -€2,018 | -36.7% |
| Services and other goods | 61 | €355,485 | €533,283 | +€177,798 | +50.0% |
| Remuneration, social security and pensions | 62 | €161,668 | €103,416 | -€58,252 | -36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,721 | €7,367 | -€8,353 | -53.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €63,185 | +€63,185 | |
| Other operating charges | 640/8 | €7,785 | €12,414 | +€4,629 | +59.5% |
| Operating profit (loss) | 9901 | -€5,675 | -€48,064 | -€42,389 | -747% |
| Financial income | 75/76B | €2,252,613 | €31,420 | -€2.2m | -98.6% |
| Recurring financial income | 75 | €2,252,613 | €31,420 | -€2.2m | -98.6% |
| Income from financial fixed assets | 750 | €1,871,000 | - | -€1.9m | |
| Income from current assets | 751 | €381,577 | €31,235 | -€350,343 | -91.8% |
| Other financial income | 752/9 | €36 | €186 | +€150 | +416% |
| Financial charges | 65/66B | €73,179 | €149,776 | +€76,597 | +105% |
| Recurring financial charges | 65 | €73,179 | €149,776 | +€76,597 | +105% |
| Debt charges | 650 | €70,378 | €145,834 | +€75,456 | +107% |
| Other financial charges | 652/9 | €2,801 | €3,942 | +€1,141 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €2,173,759 | -€166,420 | -€2.3m | |
| Income taxes | 67/77 | €86,794 | €1,327 | -€85,467 | -98.5% |
| Taxes | 670/3 | €86,794 | €1,327 | -€85,467 | -98.5% |
| Profit (loss) for the period | 9904 | €2,086,964 | -€167,747 | -€2.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,086,964 | -€167,747 | -€2.3m |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.