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
- Receivables within one year -€646,849
down €646,849 (-50.6%), from €1.3m to €631,788
of which Trade receivables: -€799,892
- Tangible fixed assets -€330,309
down €330,309 (-81.9%), from €403,414 to €73,105
of which Land and buildings: -€330,304
- Other debts -€1.0m
down €1.0m (-51.8%), from €2.0m to €949,365
- Debts after one year -€696,875
down €696,875 (-45.1%), from €1.5m to €848,021
- Profit (loss) carried forward +€438,225
up €438,225 (+45.8%), from €957,235 to €1.4m
- Current portion of long-term debt +€206,574
up €206,574 (+77.9%), from €265,301 to €471,875
- Tax, wage and social debts +€82,601
up €82,601 (+90.3%), from €91,486 to €174,087
of which Taxes: +€89,422
- Financial income +€956,700
up €956,700 (+3498.8%), from €27,344 to €984,044
- Gross operating margin +€74,568
up €74,568 (+34.4%), from €216,587 to €291,155
- Taxes +€35,619
up €35,619 (+95.0%), from €37,479 to €73,098
- Financial charges -€12,642
down €12,642 (-20.1%), from €62,890 to €50,247
- Depreciation -€10,761
down €10,761 (-73.1%), from €14,711 to €3,950
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 | €6,322,319 | €5,327,734 | -€994,585 | -15.7% |
| Fixed assets | 21/28 | €5,018,811 | €4,686,336 | -€332,475 | -6.6% |
| Intangible fixed assets | 21 | €3,777 | €1,611 | -€2,167 | -57.4% |
| Tangible fixed assets | 22/27 | €403,414 | €73,105 | -€330,309 | -81.9% |
| Land and buildings | 22 | €403,410 | €73,105 | -€330,304 | -81.9% |
| Furniture and vehicles | 24 | €4 | €0 | -€4 | -100.0% |
| Financial fixed assets | 28 | €4,611,620 | €4,611,620 | = | 0.0% |
| Current assets | 29/58 | €1,303,508 | €641,398 | -€662,110 | -50.8% |
| Amounts receivable within one year | 40/41 | €1,278,637 | €631,788 | -€646,849 | -50.6% |
| Trade receivables | 40 | €800,000 | €108 | -€799,892 | -100.0% |
| Other amounts receivable | 41 | €478,637 | €631,680 | +€153,043 | +32.0% |
| Cash at bank and in hand | 54/58 | €24,763 | €8,735 | -€16,027 | -64.7% |
| Deferred charges and accrued income | 490/1 | €109 | €875 | +€766 | +704.0% |
| Total equity and liabilities | 10/49 | €6,322,319 | €5,327,734 | -€994,585 | -15.7% |
| Equity | 10/15 | €2,417,235 | €2,855,460 | +€438,225 | +18.1% |
| Contributions | 10/11 | €1,460,000 | €1,460,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €957,235 | €1,395,460 | +€438,225 | +45.8% |
| Amounts payable | 17/49 | €3,905,084 | €2,472,274 | -€1.4m | -36.7% |
| Amounts payable after more than one year | 17 | €1,544,896 | €848,021 | -€696,875 | -45.1% |
| Financial debts | 170/4 | €1,544,896 | €848,021 | -€696,875 | -45.1% |
| Amounts payable within one year | 42/48 | €2,333,419 | €1,609,753 | -€723,667 | -31.0% |
| Current portion of amounts payable after more than one year | 42 | €265,301 | €471,875 | +€206,574 | +77.9% |
| Trade debts | 44 | €5,750 | €14,426 | +€8,676 | +150.9% |
| Suppliers | 440/4 | €5,750 | €14,426 | +€8,676 | +150.9% |
| Taxes, remuneration and social security | 45 | €91,486 | €174,087 | +€82,601 | +90.3% |
| Taxes | 450/3 | €77,741 | €167,162 | +€89,422 | +115.0% |
| Remuneration and social security | 454/9 | €13,745 | €6,925 | -€6,820 | -49.6% |
| Other amounts payable | 47/48 | €1,970,883 | €949,365 | -€1.0m | -51.8% |
| Accrued charges and deferred income | 492/3 | €26,769 | €14,500 | -€12,269 | -45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,711 | €3,950 | -€10,761 | -73.1% |
| Other operating charges | 640/8 | €3,382 | €3,797 | +€415 | +12.3% |
| Gross operating margin | 9900 | €216,587 | €291,155 | +€74,568 | +34.4% |
| Operating profit (loss) | 9901 | €198,494 | €283,408 | +€84,914 | +42.8% |
| Financial income | 75/76B | €27,344 | €984,044 | +€956,700 | +3498.8% |
| Recurring financial income | 75 | €27,344 | €984,044 | +€956,700 | +3498.8% |
| Financial charges | 65/66B | €62,890 | €50,247 | -€12,642 | -20.1% |
| Recurring financial charges | 65 | €62,890 | €50,247 | -€12,642 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €162,949 | €1,217,205 | +€1.1m | +647.0% |
| Income taxes | 67/77 | €37,479 | €73,098 | +€35,619 | +95.0% |
| Profit (loss) for the period | 9904 | €125,470 | €1,144,107 | +€1.0m | +811.9% |
| Profit (loss) for the period to be appropriated | 9905 | €125,470 | €1,144,107 | +€1.0m | +811.9% |
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 1 October 2026 via checked.be.