Belco Construct: 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 Construct
Largest movements
- Stocks and contracts +€2.1m
up €2.1m (+377.9%), from €556,909 to €2.7m
- Receivables within one year -€382,958
down €382,958 (-72.2%), from €530,421 to €147,463
- Receivables after one year +€279,222
new in 2025: €279,222
- Advances received +€1.6m
up €1.6m (+188.9%), from €847,067 to €2.4m
- Short-term financial debts +€542,231
new in 2025: €542,231
- Debts after one year -€141,817
down €141,817 (-71.7%), from €197,843 to €56,025
- Tax, wage and social debts +€47,042
up €47,042 (+31.8%), from €147,969 to €195,011
- Financial income +€2,609
up €2,609 (+466.1%), from €560 to €3,169
- Financial charges -€2,344
down €2,344 (-30.2%), from €7,755 to €5,410
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 | €1,574,227 | €3,598,698 | +€2.0m | +128.6% |
| Fixed assets | 21/28 | €1,800 | €1,800 | = | 0.0% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €1,572,427 | €3,596,898 | +€2.0m | +128.7% |
| Amounts receivable after more than one year | 29 | - | €279,222 | +€279,222 | |
| Other amounts receivable | 291 | - | €279,222 | +€279,222 | |
| Stocks and contracts in progress | 3 | €556,909 | €2,661,462 | +€2.1m | +377.9% |
| Stocks | 30/36 | €556,909 | €2,661,462 | +€2.1m | +377.9% |
| Amounts receivable within one year | 40/41 | €530,421 | €147,463 | -€382,958 | -72.2% |
| Trade receivables | 40 | €530,421 | €147,463 | -€382,958 | -72.2% |
| Cash at bank and in hand | 54/58 | €485,096 | €508,751 | +€23,654 | +4.9% |
| Total equity and liabilities | 10/49 | €1,574,227 | €3,598,698 | +€2.0m | +128.6% |
| Equity | 10/15 | €170,114 | €171,852 | +€1,738 | +1.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €70,114 | €71,852 | +€1,738 | +2.5% |
| Non-distributable reserves | 130/1 | €2,454 | - | -€2,454 | |
| Reserves not available under the articles | 1311 | €2,454 | - | -€2,454 | |
| Distributable reserves | 133 | €67,659 | €71,852 | +€4,192 | +6.2% |
| Amounts payable | 17/49 | €1,404,113 | €3,426,846 | +€2.0m | +144.1% |
| Amounts payable after more than one year | 17 | €197,843 | €56,025 | -€141,817 | -71.7% |
| Other amounts payable | 178/9 | €197,843 | €56,025 | -€141,817 | -71.7% |
| Amounts payable within one year | 42/48 | €1,206,270 | €3,370,019 | +€2.2m | +179.4% |
| Financial debts | 43 | - | €542,231 | +€542,231 | |
| Credit institutions | 430/8 | - | €542,231 | +€542,231 | |
| Trade debts | 44 | €211,234 | €185,869 | -€25,365 | -12.0% |
| Suppliers | 440/4 | €211,234 | €185,869 | -€25,365 | -12.0% |
| Advances received on contracts in progress | 46 | €847,067 | €2,446,907 | +€1.6m | +188.9% |
| Taxes, remuneration and social security | 45 | €147,969 | €195,011 | +€47,042 | +31.8% |
| Taxes | 450/3 | €147,969 | €195,011 | +€47,042 | +31.8% |
| Accrued charges and deferred income | 492/3 | - | €802 | +€802 | |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €4,140 | €4,108 | -€32 | -0.8% |
| Operating profit (loss) | 9901 | €4,014 | €3,980 | -€34 | -0.9% |
| Financial income | 75/76B | €560 | €3,169 | +€2,609 | +466.1% |
| Recurring financial income | 75 | €560 | €3,169 | +€2,609 | +466.1% |
| Financial charges | 65/66B | €7,755 | €5,410 | -€2,344 | -30.2% |
| Recurring financial charges | 65 | €7,755 | €5,410 | -€2,344 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,181 | €1,738 | +€4,919 | |
| Profit (loss) for the period | 9904 | -€3,181 | €1,738 | +€4,919 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,181 | €1,738 | +€4,919 |
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 6 October 2026 via checked.be.