BelChange: 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.
BelChange
Largest movements
- Receivables within one year -€123,548
down €123,548 (-62.9%), from €196,297 to €72,749
of which Trade receivables: -€128,522
- Formation expenses +€56,797
new in 2025: €56,797
- Intangible fixed assets +€47,411
new in 2025: €47,411
- Cash -€39,825
down €39,825 (-98.2%), from €40,555 to €730
mainly Investment in fixed assets (net) (-€178,211) and Deferred charges and accrued income (-€36,541)
- Deferred charges and accrued income +€36,541
up €36,541 (+383%), from €9,548 to €46,089
- Trade debts +€16,365
up €16,365 (+75.8%), from €21,578 to €37,942
- Other debts +€7,796
up €7,796 (+4.0%), from €195,294 to €203,090
- Tax, wage and social debts +€4,811
up €4,811 (+29.4%), from €16,388 to €21,199
of which Remuneration and social security: +€4,357
- Staff costs -€48,616
down €48,616 (-38.4%), from €126,706 to €78,090
- Gross operating margin -€48,310
down €48,310 (-31.6%), from €152,729 to €104,419
- Depreciation +€9,878
up €9,878 (+78.7%), from €12,550 to €22,428
- Other operating charges +€2,135
up €2,135 (+188%), from €1,133 to €3,268
- Taxes -€1,787
down €1,787 (-62.9%), from €2,843 to €1,056
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 | €271,714 | €300,665 | +€28,951 | +10.7% |
| Formation expenses | 20 | - | €56,797 | +€56,797 | |
| Fixed assets | 21/28 | €25,314 | €124,300 | +€98,986 | +391% |
| Intangible fixed assets | 21 | - | €47,411 | +€47,411 | |
| Tangible fixed assets | 22/27 | €25,093 | €40,668 | +€15,575 | +62.1% |
| Furniture and vehicles | 24 | €25,093 | €13,774 | -€11,318 | -45.1% |
| Other tangible fixed assets | 26 | - | €26,893 | +€26,893 | |
| Financial fixed assets | 28 | €221 | €36,221 | +€36,000 | +16,276% |
| Current assets | 29/58 | €246,401 | €119,568 | -€126,832 | -51.5% |
| Amounts receivable within one year | 40/41 | €196,297 | €72,749 | -€123,548 | -62.9% |
| Trade receivables | 40 | €173,292 | €44,770 | -€128,522 | -74.2% |
| Other amounts receivable | 41 | €23,005 | €27,979 | +€4,974 | +21.6% |
| Cash at bank and in hand | 54/58 | €40,555 | €730 | -€39,825 | -98.2% |
| Deferred charges and accrued income | 490/1 | €9,548 | €46,089 | +€36,541 | +383% |
| Total equity and liabilities | 10/49 | €271,714 | €300,665 | +€28,951 | +10.7% |
| Equity | 10/15 | €38,455 | €37,998 | -€457 | -1.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,455 | €15,998 | -€457 | -2.8% |
| Amounts payable | 17/49 | €233,260 | €262,668 | +€29,408 | +12.6% |
| Amounts payable within one year | 42/48 | €233,260 | €262,231 | +€28,972 | +12.4% |
| Trade debts | 44 | €21,578 | €37,942 | +€16,365 | +75.8% |
| Suppliers | 440/4 | €21,578 | €37,942 | +€16,365 | +75.8% |
| Taxes, remuneration and social security | 45 | €16,388 | €21,199 | +€4,811 | +29.4% |
| Taxes | 450/3 | €4,566 | €5,019 | +€454 | +9.9% |
| Remuneration and social security | 454/9 | €11,822 | €16,179 | +€4,357 | +36.9% |
| Other amounts payable | 47/48 | €195,294 | €203,090 | +€7,796 | +4.0% |
| Accrued charges and deferred income | 492/3 | - | €436 | +€436 | |
| Remuneration, social security and pensions | 62 | €126,706 | €78,090 | -€48,616 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,550 | €22,428 | +€9,878 | +78.7% |
| Other operating charges | 640/8 | €1,133 | €3,268 | +€2,135 | +188% |
| Gross operating margin | 9900 | €152,729 | €104,419 | -€48,310 | -31.6% |
| Operating profit (loss) | 9901 | €12,341 | €633 | -€11,708 | -94.9% |
| Financial income | 75/76B | - | €262 | +€262 | |
| Recurring financial income | 75 | - | €262 | +€262 | |
| Financial charges | 65/66B | €80 | €296 | +€217 | +271% |
| Recurring financial charges | 65 | €80 | €296 | +€217 | +271% |
| Profit (loss) for the period before taxes | 9903 | €12,261 | €599 | -€11,662 | -95.1% |
| Income taxes | 67/77 | €2,843 | €1,056 | -€1,787 | -62.9% |
| Profit (loss) for the period | 9904 | €9,418 | -€457 | -€9,875 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,418 | -€457 | -€9,875 |
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 25 October 2026 via checked.be.