BELCO: 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.
BELCO
Largest movements
- Current investments -€120,000
no longer reported in 2025 (was €120,000)
- Receivables within one year -€37,171
down €37,171 (-85.5%), from €43,489 to €6,319
of which Other amounts receivable: -€25,009
- Cash -€32,827
down €32,827 (-45.8%), from €71,734 to €38,906
mainly Contributions, distributions and other (-€710,850) and Other debts (-€9,682)
- Reserves -€239,738
down €239,738 (-12.4%), from €1.9m to €1.7m
- Tax, wage and social debts +€45,447
up €45,447 (+2731.0%), from €1,664 to €47,111
- Financial income +€497,277
up €497,277 (+1037.2%), from €47,944 to €545,221
- Taxes +€45,044
up €45,044 (+2272.5%), from €1,982 to €47,026
- Gross operating margin -€1,074
down €1,074 (-73.3%), from -€1,465 to -€2,539
- Depreciation +€140
up €140 (+0.7%), from €20,449 to €20,589
- Other operating charges +€138
up €138 (+4.0%), from €3,414 to €3,552
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 | €1,976,589 | €1,765,845 | -€210,744 | -10.7% |
| Fixed assets | 21/28 | €817,089 | €798,742 | -€18,347 | -2.2% |
| Tangible fixed assets | 22/27 | €262,089 | €243,742 | -€18,347 | -7.0% |
| Land and buildings | 22 | €260,933 | €241,214 | -€19,719 | -7.6% |
| Plant, machinery and equipment | 23 | €1,156 | €2,528 | +€1,372 | +118.7% |
| Financial fixed assets | 28 | €555,000 | €555,000 | = | 0.0% |
| Current assets | 29/58 | €1,159,500 | €967,103 | -€192,397 | -16.6% |
| Amounts receivable after more than one year | 29 | €923,000 | €921,878 | -€1,122 | -0.1% |
| Trade receivables | 290 | €923,000 | €921,878 | -€1,122 | -0.1% |
| Amounts receivable within one year | 40/41 | €43,489 | €6,319 | -€37,171 | -85.5% |
| Trade receivables | 40 | €18,454 | €6,292 | -€12,162 | -65.9% |
| Other amounts receivable | 41 | €25,036 | €27 | -€25,009 | -99.9% |
| Current investments | 50/53 | €120,000 | - | -€120,000 | |
| Cash at bank and in hand | 54/58 | €71,734 | €38,906 | -€32,827 | -45.8% |
| Deferred charges and accrued income | 490/1 | €1,276 | - | -€1,276 | |
| Total equity and liabilities | 10/49 | €1,976,589 | €1,765,845 | -€210,744 | -10.7% |
| Equity | 10/15 | €1,956,309 | €1,716,572 | -€239,738 | -12.3% |
| Contributions | 10/11 | €19,500 | €19,500 | = | 0.0% |
| Reserves | 13 | €1,936,809 | €1,697,072 | -€239,738 | -12.4% |
| Distributable reserves | 133 | €1,936,809 | €1,697,072 | -€239,738 | -12.4% |
| Amounts payable | 17/49 | €20,279 | €49,273 | +€28,994 | +143.0% |
| Amounts payable within one year | 42/48 | €20,279 | €49,273 | +€28,994 | +143.0% |
| Trade debts | 44 | €8,083 | €1,313 | -€6,770 | -83.8% |
| Suppliers | 440/4 | €8,083 | €1,313 | -€6,770 | -83.8% |
| Taxes, remuneration and social security | 45 | €1,664 | €47,111 | +€45,447 | +2731.0% |
| Taxes | 450/3 | €1,664 | €47,111 | +€45,447 | +2731.0% |
| Other amounts payable | 47/48 | €10,532 | €850 | -€9,682 | -91.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,449 | €20,589 | +€140 | +0.7% |
| Other operating charges | 640/8 | €3,414 | €3,552 | +€138 | +4.0% |
| Non-recurring operating charges | 66A | - | €154 | +€154 | |
| Gross operating margin | 9900 | -€1,465 | -€2,539 | -€1,074 | -73.3% |
| Operating profit (loss) | 9901 | -€25,327 | -€26,833 | -€1,506 | -5.9% |
| Financial income | 75/76B | €47,944 | €545,221 | +€497,277 | +1037.2% |
| Recurring financial income | 75 | €47,944 | €545,221 | +€497,277 | +1037.2% |
| Financial charges | 65/66B | €219 | €250 | +€31 | +14.0% |
| Recurring financial charges | 65 | €219 | €250 | +€31 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €22,398 | €518,138 | +€495,741 | +2213.4% |
| Income taxes | 67/77 | €1,982 | €47,026 | +€45,044 | +2272.5% |
| Profit (loss) for the period | 9904 | €20,415 | €471,112 | +€450,697 | +2207.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,415 | €471,112 | +€450,697 | +2207.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.