BELCENTER: what changed
Two fiscal 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.
BELCENTER
Largest movements
- Cash +€464,331
up €464,331 (+213.2%), from €217,795 to €682,126
mainly Net result for the year (+€472,910) and Current investments (+€82,763)
- Current investments -€82,763
down €82,763 (-11.4%), from €725,661 to €642,898
- Receivables within one year +€66,103
up €66,103 (+32.8%), from €201,821 to €267,924
of which Trade receivables: +€38,670
- Tangible fixed assets -€64,824
down €64,824 (-57.5%), from €112,787 to €47,963
of which Furniture and vehicles: -€72,494
- Reserves +€350,910
up €350,910 (+42.5%), from €824,849 to €1.2m
of which Distributable reserves: +€350,910
- Tax, wage and social debts +€47,552
up €47,552 (+58.8%), from €80,868 to €128,420
of which Taxes: +€70,833
- Trade debts -€33,780
down €33,780 (-17.2%), from €196,671 to €162,891
- Other debts +€19,162
up €19,162 (+30.5%), from €62,838 to €82,000
- Debts after one year -€18,748
down €18,748 (-79.6%), from €23,554 to €4,806
- Staff costs -€199,686
down €199,686 (-45.3%), from €440,601 to €240,915
- Gross operating margin +€171,136
up €171,136 (+23.8%), from €718,019 to €889,155
- Financial income -€135,285
down €135,285 (-57.9%), from €233,831 to €98,546
- Taxes +€64,852
up €64,852 (+56.3%), from €115,148 to €180,000
- Depreciation -€31,242
down €31,242 (-35.0%), from €89,182 to €57,940
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 | €1,294,251 | €1,660,827 | +€366,576 | +28.3% |
| Fixed assets | 21/28 | €128,863 | €54,900 | -€73,963 | -57.4% |
| Intangible fixed assets | 21 | €14,776 | €5,637 | -€9,139 | -61.9% |
| Tangible fixed assets | 22/27 | €112,787 | €47,963 | -€64,824 | -57.5% |
| Plant, machinery and equipment | 23 | €2,318 | - | -€2,318 | |
| Furniture and vehicles | 24 | €110,469 | €37,975 | -€72,494 | -65.6% |
| Other tangible fixed assets | 26 | - | €9,988 | +€9,988 | |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €1,165,388 | €1,605,926 | +€440,539 | +37.8% |
| Amounts receivable within one year | 40/41 | €201,821 | €267,924 | +€66,103 | +32.8% |
| Trade receivables | 40 | €159,174 | €197,844 | +€38,670 | +24.3% |
| Other amounts receivable | 41 | €42,647 | €70,079 | +€27,433 | +64.3% |
| Current investments | 50/53 | €725,661 | €642,898 | -€82,763 | -11.4% |
| Cash at bank and in hand | 54/58 | €217,795 | €682,126 | +€464,331 | +213.2% |
| Deferred charges and accrued income | 490/1 | €20,111 | €12,979 | -€7,132 | -35.5% |
| Total equity and liabilities | 10/49 | €1,294,251 | €1,660,827 | +€366,576 | +28.3% |
| Equity | 10/15 | €904,849 | €1,255,760 | +€350,910 | +38.8% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €824,849 | €1,175,760 | +€350,910 | +42.5% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,000 | €8,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €27,000 | €27,000 | = | 0.0% |
| Distributable reserves | 133 | €789,849 | €1,140,760 | +€350,910 | +44.4% |
| Amounts payable | 17/49 | €389,402 | €405,067 | +€15,665 | +4.0% |
| Amounts payable after more than one year | 17 | €23,554 | €4,806 | -€18,748 | -79.6% |
| Financial debts | 170/4 | €23,554 | €4,806 | -€18,748 | -79.6% |
| Amounts payable within one year | 42/48 | €365,848 | €392,059 | +€26,211 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €25,471 | €18,748 | -€6,723 | -26.4% |
| Trade debts | 44 | €196,671 | €162,891 | -€33,780 | -17.2% |
| Suppliers | 440/4 | €196,671 | €162,891 | -€33,780 | -17.2% |
| Taxes, remuneration and social security | 45 | €80,868 | €128,420 | +€47,552 | +58.8% |
| Taxes | 450/3 | €42,680 | €113,513 | +€70,833 | +166.0% |
| Remuneration and social security | 454/9 | €38,188 | €14,907 | -€23,281 | -61.0% |
| Other amounts payable | 47/48 | €62,838 | €82,000 | +€19,162 | +30.5% |
| Accrued charges and deferred income | 492/3 | - | €8,203 | +€8,203 | |
| Non-recurring operating income | 76A | €3,445 | €17,096 | +€13,652 | +396.3% |
| Remuneration, social security and pensions | 62 | €440,601 | €240,915 | -€199,686 | -45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,182 | €57,940 | -€31,242 | -35.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,419 | €17,110 | -€309 | -1.8% |
| Other operating charges | 640/8 | €1,116 | €1,032 | -€84 | -7.5% |
| Non-recurring operating charges | 66A | €1,673 | €7,098 | +€5,424 | +324.2% |
| Gross operating margin | 9900 | €718,019 | €889,155 | +€171,136 | +23.8% |
| Operating profit (loss) | 9901 | €168,027 | €565,060 | +€397,032 | +236.3% |
| Financial income | 75/76B | €233,831 | €98,546 | -€135,285 | -57.9% |
| Recurring financial income | 75 | €233,831 | €98,546 | -€135,285 | -57.9% |
| Financial charges | 65/66B | €16,517 | €10,695 | -€5,822 | -35.2% |
| Recurring financial charges | 65 | €16,517 | €10,695 | -€5,822 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | €385,342 | €652,910 | +€267,569 | +69.4% |
| Income taxes | 67/77 | €115,148 | €180,000 | +€64,852 | +56.3% |
| Profit (loss) for the period | 9904 | €270,194 | €472,910 | +€202,716 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €270,194 | €472,910 | +€202,716 | +75.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.