BELCIS: 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.
BELCIS
Largest movements
- Receivables within one year -€29,518
down €29,518 (-60.4%), from €48,897 to €19,379
of which Trade receivables: -€39,814
- Cash -€19,327
down €19,327 (-81.4%), from €23,742 to €4,415
mainly Other debts (-€24,520) and Contributions, distributions and other (-€18,319)
- Other debts -€24,520
down €24,520 (-72.8%), from €33,662 to €9,142
- Reserves -€17,617
down €17,617 (-17.2%), from €102,490 to €84,873
of which Distributable reserves: -€17,617
- Trade debts -€10,648
down €10,648 (-71.5%), from €14,890 to €4,242
- Short-term financial debts +€4,000
new in 2025: €4,000
- Tax, wage and social debts -€3,710
down €3,710 (-25.2%), from €14,704 to €10,994
- Gross operating margin -€55,194
down €55,194 (-76.4%), from €72,288 to €17,094
- Taxes -€19,021
down €19,021 (-91.8%), from €20,726 to €1,704
- Financial charges +€3,863
up €3,863 (+67.4%), from €5,734 to €9,597
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 | €184,346 | €134,351 | -€49,995 | -27.1% |
| Fixed assets | 21/28 | €109,365 | €107,567 | -€1,798 | -1.6% |
| Tangible fixed assets | 22/27 | €7,175 | €5,377 | -€1,798 | -25.1% |
| Furniture and vehicles | 24 | €6,434 | €5,081 | -€1,353 | -21.0% |
| Other tangible fixed assets | 26 | €741 | €296 | -€445 | -60.0% |
| Financial fixed assets | 28 | €102,190 | €102,190 | = | 0.0% |
| Current assets | 29/58 | €74,981 | €26,784 | -€48,197 | -64.3% |
| Amounts receivable within one year | 40/41 | €48,897 | €19,379 | -€29,518 | -60.4% |
| Trade receivables | 40 | €42,176 | €2,362 | -€39,814 | -94.4% |
| Other amounts receivable | 41 | €6,721 | €17,017 | +€10,296 | +153.2% |
| Cash at bank and in hand | 54/58 | €23,742 | €4,415 | -€19,327 | -81.4% |
| Deferred charges and accrued income | 490/1 | €2,342 | €2,990 | +€648 | +27.6% |
| Total equity and liabilities | 10/49 | €184,346 | €134,351 | -€49,995 | -27.1% |
| Equity | 10/15 | €121,090 | €103,473 | -€17,617 | -14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,490 | €84,873 | -€17,617 | -17.2% |
| Tax-exempt reserves | 132 | €9,516 | €9,516 | = | 0.0% |
| Distributable reserves | 133 | €92,974 | €75,357 | -€17,617 | -18.9% |
| Amounts payable | 17/49 | €63,257 | €30,878 | -€32,378 | -51.2% |
| Amounts payable within one year | 42/48 | €63,257 | €28,378 | -€34,878 | -55.1% |
| Financial debts | 43 | - | €4,000 | +€4,000 | |
| Other loans | 439 | - | €4,000 | +€4,000 | |
| Trade debts | 44 | €14,890 | €4,242 | -€10,648 | -71.5% |
| Suppliers | 440/4 | €14,890 | €4,242 | -€10,648 | -71.5% |
| Taxes, remuneration and social security | 45 | €14,704 | €10,994 | -€3,710 | -25.2% |
| Taxes | 450/3 | €14,704 | €10,994 | -€3,710 | -25.2% |
| Other amounts payable | 47/48 | €33,662 | €9,142 | -€24,520 | -72.8% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,007 | €4,659 | -€348 | -6.9% |
| Other operating charges | 640/8 | €529 | €431 | -€98 | -18.5% |
| Gross operating margin | 9900 | €72,288 | €17,094 | -€55,194 | -76.4% |
| Operating profit (loss) | 9901 | €66,753 | €12,004 | -€54,749 | -82.0% |
| Financial charges | 65/66B | €5,734 | €9,597 | +€3,863 | +67.4% |
| Recurring financial charges | 65 | €5,734 | €9,597 | +€3,863 | +67.4% |
| Profit (loss) for the period before taxes | 9903 | €61,019 | €2,407 | -€58,612 | -96.1% |
| Income taxes | 67/77 | €20,726 | €1,704 | -€19,021 | -91.8% |
| Profit (loss) for the period | 9904 | €40,294 | €703 | -€39,591 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,294 | €703 | -€39,591 | -98.3% |
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 5 October 2026 via checked.be.