BELCHIM MANAGEMENT: 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.
BELCHIM MANAGEMENT
Largest movements
- Receivables within one year +€4.6m
up €4.6m (+113%), from €4.1m to €8.6m
of which Other amounts receivable: +€4.5m
- Receivables after one year -€4.5m
down €4.5m (-64.2%), from €7.1m to €2.5m
- Current investments -€1.8m
down €1.8m (-36.9%), from €4.7m to €3.0m
- Provisions -€1.7m
down €1.7m (-61.1%), from €2.8m to €1.1m
- Reserves +€1.2m
up €1.2m (+6.4%), from €18.4m to €19.6m
of which Distributable reserves: +€1.2m
- Other debts -€402,864
down €402,864 (-9.6%), from €4.2m to €3.8m
- Financial income -€1.6m
down €1.6m (-83.9%), from €1.9m to €300,658
of which Financial income: -€1.6m
- Financial charges -€642,282
down €642,282 (-45.5%), from €1.4m to €767,944
of which Financial charges: -€566,708
- Gross operating margin +€278,703
up €278,703 (+90.8%), from -€306,866 to -€28,163
- Taxes -€237,928
down €237,928 (-94.2%), from €252,479 to €14,551
- Provisions +€203,517
up €203,517 (+10.8%), from -€1.9m to -€1.7m
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 | €26,685,995 | €25,518,523 | -€1.2m | -4.4% |
| Fixed assets | 21/28 | €10,615,402 | €10,838,867 | +€223,465 | +2.1% |
| Tangible fixed assets | 22/27 | €93,250 | €93,250 | = | 0.0% |
| Land and buildings | 22 | €90,050 | €90,050 | = | 0.0% |
| Other tangible fixed assets | 26 | €3,200 | €3,200 | = | 0.0% |
| Financial fixed assets | 28 | €10,522,152 | €10,745,617 | +€223,465 | +2.1% |
| Current assets | 29/58 | €16,070,593 | €14,679,656 | -€1.4m | -8.7% |
| Amounts receivable after more than one year | 29 | €7,050,299 | €2,525,820 | -€4.5m | -64.2% |
| Other amounts receivable | 291 | €7,050,299 | €2,525,820 | -€4.5m | -64.2% |
| Amounts receivable within one year | 40/41 | €4,058,158 | €8,647,844 | +€4.6m | +113% |
| Trade receivables | 40 | €8,334 | €93,610 | +€85,276 | +1,023% |
| Other amounts receivable | 41 | €4,049,824 | €8,554,234 | +€4.5m | +111% |
| Current investments | 50/53 | €4,746,940 | €2,993,695 | -€1.8m | -36.9% |
| Cash at bank and in hand | 54/58 | €174,690 | €365,208 | +€190,517 | +109% |
| Deferred charges and accrued income | 490/1 | €40,505 | €147,089 | +€106,584 | +263% |
| Total equity and liabilities | 10/49 | €26,685,995 | €25,518,523 | -€1.2m | -4.4% |
| Equity | 10/15 | €19,435,487 | €20,609,990 | +€1.2m | +6.0% |
| Contributions | 10/11 | €977,134 | €977,134 | = | 0.0% |
| Capital | 10 | €977,134 | €977,134 | = | 0.0% |
| Issued capital | 100 | €977,134 | €977,134 | = | 0.0% |
| Revaluation surpluses | 12 | €17,351 | €17,351 | = | 0.0% |
| Reserves | 13 | €18,441,002 | €19,615,505 | +€1.2m | +6.4% |
| Non-distributable reserves | 130/1 | €97,713 | €97,713 | = | 0.0% |
| Legal reserve | 130 | €97,713 | €97,713 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €18,324,539 | €19,499,041 | +€1.2m | +6.4% |
| Provisions and deferred taxes | 16 | €2,762,017 | €1,075,733 | -€1.7m | -61.1% |
| Provisions for liabilities and charges | 160/5 | €2,762,017 | €1,075,733 | -€1.7m | -61.1% |
| Other liabilities and charges | 164/5 | €2,762,017 | €1,075,733 | -€1.7m | -61.1% |
| Amounts payable | 17/49 | €4,488,491 | €3,832,800 | -€655,691 | -14.6% |
| Amounts payable within one year | 42/48 | €4,465,729 | €3,810,790 | -€654,938 | -14.7% |
| Trade debts | 44 | €28,884 | €25,287 | -€3,597 | -12.5% |
| Suppliers | 440/4 | €28,884 | €25,287 | -€3,597 | -12.5% |
| Taxes, remuneration and social security | 45 | €250,739 | €2,261 | -€248,478 | -99.1% |
| Taxes | 450/3 | €250,739 | €2,261 | -€248,478 | -99.1% |
| Other amounts payable | 47/48 | €4,186,106 | €3,783,242 | -€402,864 | -9.6% |
| Accrued charges and deferred income | 492/3 | €22,762 | €22,010 | -€752 | -3.3% |
| Non-recurring operating income | 76A | €0 | €41,493 | +€41,493 | |
| Remuneration, social security and pensions | 62 | €599 | €457 | -€142 | -23.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,889,801 | -€1,686,284 | +€203,517 | +10.8% |
| Other operating charges | 640/8 | €1,449 | €1,324 | -€125 | -8.6% |
| Non-recurring operating charges | 66A | €6,896 | €0 | -€6,896 | -100% |
| Gross operating margin | 9900 | -€306,866 | -€28,163 | +€278,703 | +90.8% |
| Operating profit (loss) | 9901 | €1,573,991 | €1,656,340 | +€82,349 | +5.2% |
| Financial income | 75/76B | €1,865,761 | €300,658 | -€1.6m | -83.9% |
| Recurring financial income | 75 | €1,826,680 | €271,458 | -€1.6m | -85.1% |
| Non-recurring financial income | 76B | €39,081 | €29,200 | -€9,881 | -25.3% |
| Financial charges | 65/66B | €1,410,226 | €767,944 | -€642,282 | -45.5% |
| Recurring financial charges | 65 | €1,334,652 | €767,944 | -€566,708 | -42.5% |
| Non-recurring financial charges | 66B | €75,574 | €0 | -€75,574 | -100% |
| Profit (loss) for the period before taxes | 9903 | €2,029,526 | €1,189,054 | -€840,472 | -41.4% |
| Income taxes | 67/77 | €252,479 | €14,551 | -€237,928 | -94.2% |
| Profit (loss) for the period | 9904 | €1,777,047 | €1,174,503 | -€602,545 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,777,047 | €1,174,503 | -€602,545 | -33.9% |
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 16 October 2026 via checked.be.