BELCHIN: 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.
BELCHIN
Largest movements
- Stocks and contracts +€14,824
up €14,824 (+152%), from €9,776 to €24,600
- Cash -€10,211
down €10,211 (-51.1%), from €20,000 to €9,788
mainly Stocks and contracts (-€14,824) and Tax, wage and social debts (-€10,030)
- Deferred charges and accrued income -€3,870
no longer reported in 2025 (was €3,870)
- Receivables within one year +€2,465
up €2,465 (+13.8%), from €17,906 to €20,371
of which Other amounts receivable: +€6,607
- Tangible fixed assets +€1,043
up €1,043 (+12.7%), from €8,188 to €9,231
of which Plant, machinery and equipment: +€1,043
- Trade debts +€18,986
up €18,986 (+382%), from €4,970 to €23,956
- Tax, wage and social debts -€10,030
down €10,030 (-93.3%), from €10,756 to €726
- Other debts -€3,482
no longer reported in 2025 (was €3,482)
- Profit (loss) carried forward -€1,725
down €1,725 (-0.3%), from -€647,195 to -€648,920
- Other operating charges -€24,779
down €24,779 (-84.7%), from €29,268 to €4,488
- Gross operating margin -€2,993
down €2,993 (-40.8%), from €7,329 to €4,336
- Taxes -€712
down €712 (-82.3%), from €864 to €153
- Depreciation +€343
up €343 (+41.2%), from €832 to €1,175
- Financial charges +€242
up €242 (+76.2%), from €318 to €560
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 | €63,126 | €66,874 | +€3,748 | +5.9% |
| Fixed assets | 21/28 | €11,575 | €12,115 | +€540 | +4.7% |
| Intangible fixed assets | 21 | €2,012 | €1,509 | -€503 | -25.0% |
| Tangible fixed assets | 22/27 | €8,188 | €9,231 | +€1,043 | +12.7% |
| Land and buildings | 22 | €7,530 | €7,530 | = | 0.0% |
| Plant, machinery and equipment | 23 | €658 | €1,701 | +€1,043 | +159% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Financial fixed assets | 28 | €1,375 | €1,375 | = | 0.0% |
| Current assets | 29/58 | €51,551 | €54,759 | +€3,208 | +6.2% |
| Stocks and contracts in progress | 3 | €9,776 | €24,600 | +€14,824 | +152% |
| Stocks | 30/36 | €9,776 | €24,600 | +€14,824 | +152% |
| Amounts receivable within one year | 40/41 | €17,906 | €20,371 | +€2,465 | +13.8% |
| Trade receivables | 40 | €12,388 | €8,246 | -€4,142 | -33.4% |
| Other amounts receivable | 41 | €5,518 | €12,124 | +€6,607 | +120% |
| Cash at bank and in hand | 54/58 | €20,000 | €9,788 | -€10,211 | -51.1% |
| Deferred charges and accrued income | 490/1 | €3,870 | - | -€3,870 | |
| Total equity and liabilities | 10/49 | €63,126 | €66,874 | +€3,748 | +5.9% |
| Equity | 10/15 | €40,918 | €39,192 | -€1,725 | -4.2% |
| Contributions | 10/11 | €612,000 | €612,000 | = | 0.0% |
| Reserves | 13 | €76,113 | €76,113 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,926 | €11,926 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,926 | €11,926 | = | 0.0% |
| Distributable reserves | 133 | €64,187 | €64,187 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€647,195 | -€648,920 | -€1,725 | -0.3% |
| Amounts payable | 17/49 | €22,208 | €27,682 | +€5,473 | +24.6% |
| Amounts payable after more than one year | 17 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,208 | €24,682 | +€5,473 | +28.5% |
| Trade debts | 44 | €4,970 | €23,956 | +€18,986 | +382% |
| Suppliers | 440/4 | €4,970 | €23,956 | +€18,986 | +382% |
| Taxes, remuneration and social security | 45 | €10,756 | €726 | -€10,030 | -93.3% |
| Taxes | 450/3 | €10,756 | €726 | -€10,030 | -93.3% |
| Other amounts payable | 47/48 | €3,482 | - | -€3,482 | |
| Non-recurring operating income | 76A | - | €5,162 | +€5,162 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €832 | €1,175 | +€343 | +41.2% |
| Other operating charges | 640/8 | €29,268 | €4,488 | -€24,779 | -84.7% |
| Gross operating margin | 9900 | €7,329 | €4,336 | -€2,993 | -40.8% |
| Operating profit (loss) | 9901 | -€22,770 | -€1,328 | +€21,443 | +94.2% |
| Financial income | 75/76B | €300 | €315 | +€15 | +5.1% |
| Recurring financial income | 75 | €300 | €315 | +€15 | +5.1% |
| Financial charges | 65/66B | €318 | €560 | +€242 | +76.2% |
| Recurring financial charges | 65 | €318 | €560 | +€242 | +76.2% |
| Profit (loss) for the period before taxes | 9903 | -€22,789 | -€1,573 | +€21,216 | +93.1% |
| Income taxes | 67/77 | €864 | €153 | -€712 | -82.3% |
| Profit (loss) for the period | 9904 | -€23,653 | -€1,725 | +€21,928 | +92.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,653 | -€1,725 | +€21,928 | +92.7% |
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 28 October 2026 via checked.be.