Belcin: what changed
Two fiscal 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.
Belcin
Largest movements
- Cash +€191,824
up €191,824 (+216.0%), from €88,823 to €280,647
mainly Depreciation (+€122,593) and Net result for the year (+€100,586)
- Tangible fixed assets -€122,593
down €122,593 (-7.3%), from €1.7m to €1.6m
- Reserves +€100,586
up €100,586 (+13.1%), from €766,471 to €867,058
- Current portion of long-term debt -€30,000
no longer reported in 2025 (was €30,000)
- Gross operating margin +€20,769
up €20,769 (+7.6%), from €274,041 to €294,810
- Taxes +€6,486
up €6,486 (+23.4%), from €27,730 to €34,216
- Depreciation +€3,634
up €3,634 (+3.1%), from €118,960 to €122,593
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.
Cash bridge derived
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 | €1,781,637 | €1,850,991 | +€69,355 | +3.9% |
| Fixed assets | 21/28 | €1,690,892 | €1,568,299 | -€122,593 | -7.3% |
| Tangible fixed assets | 22/27 | €1,690,892 | €1,568,299 | -€122,593 | -7.3% |
| Land and buildings | 22 | €1,690,892 | €1,568,299 | -€122,593 | -7.3% |
| Current assets | 29/58 | €90,744 | €282,692 | +€191,948 | +211.5% |
| Amounts receivable within one year | 40/41 | €630 | €691 | +€61 | +9.7% |
| Trade receivables | 40 | €360 | €392 | +€32 | +8.8% |
| Other amounts receivable | 41 | €270 | €299 | +€29 | +10.9% |
| Cash at bank and in hand | 54/58 | €88,823 | €280,647 | +€191,824 | +216.0% |
| Deferred charges and accrued income | 490/1 | €1,291 | €1,354 | +€62 | +4.8% |
| Total equity and liabilities | 10/49 | €1,781,637 | €1,850,991 | +€69,355 | +3.9% |
| Equity | 10/15 | €836,544 | €933,834 | +€97,290 | +11.6% |
| Contributions | 10/11 | €30,082 | €30,082 | = | 0.0% |
| Reserves | 13 | €766,471 | €867,058 | +€100,586 | +13.1% |
| Distributable reserves | 133 | €766,471 | €867,058 | +€100,586 | +13.1% |
| Investment grants | 15 | €39,991 | €36,694 | -€3,297 | -8.2% |
| Provisions and deferred taxes | 16 | €13,330 | €12,231 | -€1,099 | -8.2% |
| Deferred taxes | 168 | €13,330 | €12,231 | -€1,099 | -8.2% |
| Amounts payable | 17/49 | €931,762 | €904,926 | -€26,836 | -2.9% |
| Amounts payable after more than one year | 17 | €880,000 | €880,000 | = | 0.0% |
| Financial debts | 170/4 | €880,000 | €880,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,762 | €24,926 | -€26,836 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | - | -€30,000 | |
| Trade debts | 44 | €10,373 | €10,900 | +€527 | +5.1% |
| Suppliers | 440/4 | €10,373 | €10,900 | +€527 | +5.1% |
| Taxes, remuneration and social security | 45 | €2,589 | €3,008 | +€418 | +16.2% |
| Taxes | 450/3 | €2,589 | €3,008 | +€418 | +16.2% |
| Other amounts payable | 47/48 | €8,800 | €11,018 | +€2,218 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,960 | €122,593 | +€3,634 | +3.1% |
| Other operating charges | 640/8 | €31,854 | €32,840 | +€986 | +3.1% |
| Gross operating margin | 9900 | €274,041 | €294,810 | +€20,769 | +7.6% |
| Operating profit (loss) | 9901 | €123,227 | €139,377 | +€16,150 | +13.1% |
| Financial income | 75/76B | €3,297 | €3,297 | = | 0.0% |
| Recurring financial income | 75 | €3,297 | €3,297 | = | 0.0% |
| Financial charges | 65/66B | €9,516 | €8,969 | -€547 | -5.7% |
| Recurring financial charges | 65 | €9,516 | €8,969 | -€547 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €117,007 | €133,704 | +€16,696 | +14.3% |
| Transfer from deferred taxes | 780 | €1,099 | €1,099 | = | 0.0% |
| Income taxes | 67/77 | €27,730 | €34,216 | +€6,486 | +23.4% |
| Profit (loss) for the period | 9904 | €90,376 | €100,586 | +€10,210 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,376 | €100,586 | +€10,210 | +11.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.