BELCEDIE: 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.
BELCEDIE
Largest movements
- Stocks and contracts +€126,782
up €126,782 (+10.7%), from €1.2m to €1.3m
- Receivables within one year -€61,556
down €61,556 (-79.0%), from €77,944 to €16,387
of which Trade receivables: -€59,949
- Cash +€60,514
up €60,514 (+440%), from €13,767 to €74,281
mainly Debts after one year (+€626,377) and Receivables within one year (+€61,556)
- Debts after one year +€626,377
up €626,377 (+15.6%), from €4.0m to €4.6m
- Profit (loss) carried forward -€389,411
down €389,411 (-145%), from -€268,320 to -€657,731
- Trade debts -€56,632
down €56,632 (-71.3%), from €79,386 to €22,755
- Other debts -€53,641
down €53,641 (-44.9%), from €119,423 to €65,783
- Financial charges +€288,368
up €288,368 (+367%), from €78,598 to €366,965
- Depreciation -€4,127
down €4,127 (-70.2%), from €5,883 to €1,756
- Gross operating margin +€2,338
up €2,338 (+11.5%), from -€20,374 to -€18,037
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,008,348 | €4,133,160 | +€124,812 | +3.1% |
| Fixed assets | 21/28 | €2,732,039 | €2,730,283 | -€1,756 | -0.1% |
| Tangible fixed assets | 22/27 | €3,112 | €1,356 | -€1,756 | -56.4% |
| Plant, machinery and equipment | 23 | €500 | €308 | -€192 | -38.5% |
| Furniture and vehicles | 24 | €2,612 | €1,049 | -€1,563 | -59.9% |
| Financial fixed assets | 28 | €2,728,927 | €2,728,927 | = | 0.0% |
| Current assets | 29/58 | €1,276,309 | €1,402,877 | +€126,568 | +9.9% |
| Stocks and contracts in progress | 3 | €1,184,035 | €1,310,817 | +€126,782 | +10.7% |
| Stocks | 30/36 | €1,184,035 | €1,310,817 | +€126,782 | +10.7% |
| Amounts receivable within one year | 40/41 | €77,944 | €16,387 | -€61,556 | -79.0% |
| Trade receivables | 40 | €76,143 | €16,195 | -€59,949 | -78.7% |
| Other amounts receivable | 41 | €1,800 | €193 | -€1,608 | -89.3% |
| Cash at bank and in hand | 54/58 | €13,767 | €74,281 | +€60,514 | +440% |
| Deferred charges and accrued income | 490/1 | €564 | €1,391 | +€827 | +147% |
| Total equity and liabilities | 10/49 | €4,008,348 | €4,133,160 | +€124,812 | +3.1% |
| Equity | 10/15 | -€198,320 | -€587,731 | -€389,411 | -196% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€268,320 | -€657,731 | -€389,411 | -145% |
| Amounts payable | 17/49 | €4,206,668 | €4,720,891 | +€514,223 | +12.2% |
| Amounts payable after more than one year | 17 | €4,005,977 | €4,632,354 | +€626,377 | +15.6% |
| Financial debts | 170/4 | €4,005,977 | €4,632,354 | +€626,377 | +15.6% |
| Amounts payable within one year | 42/48 | €198,810 | €88,537 | -€110,272 | -55.5% |
| Trade debts | 44 | €79,386 | €22,755 | -€56,632 | -71.3% |
| Suppliers | 440/4 | €79,386 | €22,755 | -€56,632 | -71.3% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €119,423 | €65,783 | -€53,641 | -44.9% |
| Accrued charges and deferred income | 492/3 | €1,882 | - | -€1,882 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,883 | €1,756 | -€4,127 | -70.2% |
| Other operating charges | 640/8 | €2,853 | €2,659 | -€194 | -6.8% |
| Gross operating margin | 9900 | -€20,374 | -€18,037 | +€2,338 | +11.5% |
| Operating profit (loss) | 9901 | -€29,110 | -€22,451 | +€6,658 | +22.9% |
| Financial income | 75/76B | €5 | €5 | +€1 | +10.7% |
| Recurring financial income | 75 | €5 | €5 | +€1 | +10.7% |
| Financial charges | 65/66B | €78,598 | €366,965 | +€288,368 | +367% |
| Recurring financial charges | 65 | €78,598 | €366,965 | +€288,368 | +367% |
| Profit (loss) for the period before taxes | 9903 | -€107,703 | -€389,411 | -€281,709 | -262% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€107,703 | -€389,411 | -€281,709 | -262% |
| Profit (loss) for the period to be appropriated | 9905 | -€107,703 | -€389,411 | -€281,709 | -262% |
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 26 October 2026 via checked.be.