BELCHIM-VVA: 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-VVA
Largest movements
- Tangible fixed assets +€150,779
up €150,779 (+6.4%), from €2.4m to €2.5m
of which Assets under construction and advance payments: +€150,779
- Debts after one year +€352,053
up €352,053 (+17.4%), from €2.0m to €2.4m
of which Other amounts payable: +€561,811
- Reserves -€320,087
down €320,087 (-98.1%), from €326,337 to €6,250
of which Tax-exempt reserves: -€320,087
- Profit (loss) carried forward +€184,939
up €184,939 (+49.7%), from -€372,382 to -€187,443
- Provisions -€106,696
down €106,696 (-100%), from €106,696 to €0
- Trade debts +€34,784
up €34,784 (+554%), from €6,275 to €41,059
- Financial charges +€27,748
up €27,748 (+30.7%), from €90,475 to €118,223
of which Financial charges: +€27,747
- Gross operating margin -€25,027
down €25,027 (-207%), from -€12,080 to -€37,107
- Other operating charges +€19,955
up €19,955 (+136%), from €14,676 to €34,631
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 | €2,360,503 | €2,508,098 | +€147,596 | +6.3% |
| Fixed assets | 21/28 | €2,350,846 | €2,501,624 | +€150,778 | +6.4% |
| Tangible fixed assets | 22/27 | €2,350,830 | €2,501,609 | +€150,779 | +6.4% |
| Land and buildings | 22 | €717,378 | €717,378 | = | 0.0% |
| Assets under construction and advance payments | 27 | €1,633,452 | €1,784,231 | +€150,779 | +9.2% |
| Financial fixed assets | 28 | €16 | €15 | -€1 | -6.3% |
| Current assets | 29/58 | €9,656 | €6,474 | -€3,182 | -33.0% |
| Amounts receivable within one year | 40/41 | €4,896 | €0 | -€4,896 | -100% |
| Other amounts receivable | 41 | €4,896 | €0 | -€4,896 | -100% |
| Cash at bank and in hand | 54/58 | €3,251 | €4,897 | +€1,646 | +50.6% |
| Deferred charges and accrued income | 490/1 | €1,510 | €1,577 | +€68 | +4.5% |
| Total equity and liabilities | 10/49 | €2,360,503 | €2,508,098 | +€147,596 | +6.3% |
| Equity | 10/15 | €16,454 | -€118,693 | -€135,148 | |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €326,337 | €6,250 | -€320,087 | -98.1% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €320,087 | €0 | -€320,087 | -100% |
| Profit (loss) carried forward | 14 | -€372,382 | -€187,443 | +€184,939 | +49.7% |
| Provisions and deferred taxes | 16 | €106,696 | €0 | -€106,696 | -100% |
| Deferred taxes | 168 | €106,696 | €0 | -€106,696 | -100% |
| Amounts payable | 17/49 | €2,237,353 | €2,626,792 | +€389,439 | +17.4% |
| Amounts payable after more than one year | 17 | €2,023,600 | €2,375,653 | +€352,053 | +17.4% |
| Financial debts | 170/4 | €315,589 | €105,831 | -€209,758 | -66.5% |
| Other amounts payable | 178/9 | €1,708,011 | €2,269,822 | +€561,811 | +32.9% |
| Amounts payable within one year | 42/48 | €213,519 | €250,817 | +€37,299 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €207,244 | €209,758 | +€2,514 | +1.2% |
| Trade debts | 44 | €6,275 | €41,059 | +€34,784 | +554% |
| Suppliers | 440/4 | €6,275 | €41,059 | +€34,784 | +554% |
| Accrued charges and deferred income | 492/3 | €234 | €321 | +€87 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,759 | €27,759 | = | 0.0% |
| Other operating charges | 640/8 | €14,676 | €34,631 | +€19,955 | +136% |
| Non-recurring operating charges | 66A | - | €24,124 | +€24,124 | |
| Gross operating margin | 9900 | -€12,080 | -€37,107 | -€25,027 | -207% |
| Operating profit (loss) | 9901 | -€54,514 | -€123,621 | -€69,106 | -127% |
| Financial charges | 65/66B | €90,475 | €118,223 | +€27,748 | +30.7% |
| Recurring financial charges | 65 | €90,475 | €118,222 | +€27,747 | +30.7% |
| Non-recurring financial charges | 66B | €0 | €1 | +€1 | +151% |
| Profit (loss) for the period before taxes | 9903 | -€144,990 | -€241,843 | -€96,854 | -66.8% |
| Transfer from deferred taxes | 780 | - | €106,696 | +€106,696 | |
| Profit (loss) for the period | 9904 | -€144,990 | -€135,148 | +€9,842 | +6.8% |
| Transfer from tax-exempt reserves | 789 | - | €320,087 | +€320,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€144,990 | €184,939 | +€329,928 |
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.