BELCHARGE: 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.
BELCHARGE
Largest movements
- Receivables within one year +€62,498
up €62,498 (+137%), from €45,688 to €108,186
of which Trade receivables: +€57,628
- Tangible fixed assets -€8,459
down €8,459 (-86.7%), from €9,759 to €1,301
- Cash +€1,438
up €1,438 (+10.2%), from €14,113 to €15,550
mainly Net result for the year (+€30,754) and Other debts (+€20,025)
- Reserves +€30,754
up €30,754 (+136%), from €22,627 to €53,381
- Other debts +€20,025
up €20,025 (+590%), from €3,394 to €23,419
- Trade debts +€5,663
up €5,663 (+43.8%), from €12,938 to €18,601
- Other operating charges +€7,255
up €7,255 (+901%), from €806 to €8,060
- Gross operating margin -€6,562
down €6,562 (-10.8%), from €60,858 to €54,297
- Depreciation -€3,888
down €3,888 (-80.2%), from €4,850 to €962
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 | €69,678 | €125,194 | +€55,516 | +79.7% |
| Fixed assets | 21/28 | €9,759 | €1,301 | -€8,459 | -86.7% |
| Tangible fixed assets | 22/27 | €9,759 | €1,301 | -€8,459 | -86.7% |
| Plant, machinery and equipment | 23 | €9,759 | €1,301 | -€8,459 | -86.7% |
| Current assets | 29/58 | €59,918 | €123,893 | +€63,975 | +107% |
| Amounts receivable within one year | 40/41 | €45,688 | €108,186 | +€62,498 | +137% |
| Trade receivables | 40 | €45,688 | €103,317 | +€57,628 | +126% |
| Other amounts receivable | 41 | - | €4,870 | +€4,870 | |
| Cash at bank and in hand | 54/58 | €14,113 | €15,550 | +€1,438 | +10.2% |
| Deferred charges and accrued income | 490/1 | €117 | €156 | +€39 | +33.5% |
| Total equity and liabilities | 10/49 | €69,678 | €125,194 | +€55,516 | +79.7% |
| Equity | 10/15 | €41,227 | €71,981 | +€30,754 | +74.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,627 | €53,381 | +€30,754 | +136% |
| Distributable reserves | 133 | €22,627 | €53,381 | +€30,754 | +136% |
| Amounts payable | 17/49 | €28,451 | €53,213 | +€24,762 | +87.0% |
| Amounts payable within one year | 42/48 | €28,451 | €53,213 | +€24,762 | +87.0% |
| Trade debts | 44 | €12,938 | €18,601 | +€5,663 | +43.8% |
| Suppliers | 440/4 | €12,938 | €18,601 | +€5,663 | +43.8% |
| Taxes, remuneration and social security | 45 | €12,119 | €11,193 | -€925 | -7.6% |
| Taxes | 450/3 | €12,119 | €11,193 | -€925 | -7.6% |
| Other amounts payable | 47/48 | €3,394 | €23,419 | +€20,025 | +590% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,850 | €962 | -€3,888 | -80.2% |
| Other operating charges | 640/8 | €806 | €8,060 | +€7,255 | +901% |
| Non-recurring operating charges | 66A | - | €3,169 | +€3,169 | |
| Gross operating margin | 9900 | €60,858 | €54,297 | -€6,562 | -10.8% |
| Operating profit (loss) | 9901 | €55,203 | €42,105 | -€13,098 | -23.7% |
| Financial charges | 65/66B | €651 | €158 | -€493 | -75.7% |
| Recurring financial charges | 65 | €651 | €158 | -€493 | -75.7% |
| Profit (loss) for the period before taxes | 9903 | €54,552 | €41,947 | -€12,605 | -23.1% |
| Income taxes | 67/77 | €10,986 | €11,193 | +€207 | +1.9% |
| Profit (loss) for the period | 9904 | €43,566 | €30,754 | -€12,812 | -29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,566 | €30,754 | -€12,812 | -29.4% |
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 19 October 2026 via checked.be.