BELCO ENGINEERING: 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 ENGINEERING
Largest movements
- Cash +€20,366
up €20,366 (+711.4%), from €2,863 to €23,229
mainly Depreciation (+€30,609) and Net result for the year (+€22,704)
- Tangible fixed assets -€10,006
down €10,006 (-3.8%), from €262,174 to €252,168
of which Land and buildings: -€15,934
- Receivables within one year -€8,177
down €8,177 (-60.5%), from €13,511 to €5,334
of which Other amounts receivable: -€12,111
- Debts after one year -€41,513
down €41,513 (-18.1%), from €229,408 to €187,895
of which Other amounts payable: -€29,500
- Reserves +€20,000
up €20,000 (+400.0%), from €5,000 to €25,000
- Tax, wage and social debts +€10,762
up €10,762 (+232.9%), from €4,621 to €15,384
of which Taxes: +€10,430
- Current portion of long-term debt +€6,229
up €6,229 (+37.0%), from €16,849 to €23,079
- Other debts +€3,564
up €3,564 (+180.0%), from €1,980 to €5,544
- Gross operating margin +€21,677
up €21,677 (+36.5%), from €59,402 to €81,078
- Depreciation +€6,621
up €6,621 (+27.6%), from €23,988 to €30,609
- Taxes +€4,728
up €4,728 (+119.0%), from €3,973 to €8,700
- Staff costs +€4,620
up €4,620 (+382.1%), from €1,209 to €5,829
- Other operating charges +€3,212
up €3,212 (+57.1%), from €5,623 to €8,835
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 | €279,631 | €281,166 | +€1,535 | +0.5% |
| Fixed assets | 21/28 | €262,174 | €252,168 | -€10,006 | -3.8% |
| Tangible fixed assets | 22/27 | €262,174 | €252,168 | -€10,006 | -3.8% |
| Land and buildings | 22 | €250,434 | €234,500 | -€15,934 | -6.4% |
| Furniture and vehicles | 24 | €11,740 | €17,667 | +€5,927 | +50.5% |
| Current assets | 29/58 | €17,457 | €28,998 | +€11,542 | +66.1% |
| Amounts receivable within one year | 40/41 | €13,511 | €5,334 | -€8,177 | -60.5% |
| Trade receivables | 40 | €496 | €4,429 | +€3,933 | +793.0% |
| Other amounts receivable | 41 | €13,015 | €905 | -€12,111 | -93.0% |
| Cash at bank and in hand | 54/58 | €2,863 | €23,229 | +€20,366 | +711.4% |
| Deferred charges and accrued income | 490/1 | €1,083 | €436 | -€647 | -59.8% |
| Total equity and liabilities | 10/49 | €279,631 | €281,166 | +€1,535 | +0.5% |
| Equity | 10/15 | €24,935 | €46,840 | +€21,904 | +87.8% |
| Contributions | 10/11 | €18,849 | €18,849 | = | 0.0% |
| Reserves | 13 | €5,000 | €25,000 | +€20,000 | +400.0% |
| Distributable reserves | 133 | €5,000 | €25,000 | +€20,000 | +400.0% |
| Profit (loss) carried forward | 14 | €1,086 | €2,991 | +€1,904 | +175.3% |
| Amounts payable | 17/49 | €254,695 | €234,326 | -€20,369 | -8.0% |
| Amounts payable after more than one year | 17 | €229,408 | €187,895 | -€41,513 | -18.1% |
| Financial debts | 170/4 | €121,587 | €109,573 | -€12,013 | -9.9% |
| Other amounts payable | 178/9 | €107,822 | €78,322 | -€29,500 | -27.4% |
| Amounts payable within one year | 42/48 | €25,072 | €46,431 | +€21,360 | +85.2% |
| Current portion of amounts payable after more than one year | 42 | €16,849 | €23,079 | +€6,229 | +37.0% |
| Trade debts | 44 | €1,621 | €2,425 | +€804 | +49.6% |
| Suppliers | 440/4 | €1,621 | €2,425 | +€804 | +49.6% |
| Taxes, remuneration and social security | 45 | €4,621 | €15,384 | +€10,762 | +232.9% |
| Taxes | 450/3 | €4,436 | €14,866 | +€10,430 | +235.2% |
| Remuneration and social security | 454/9 | €186 | €518 | +€332 | +178.7% |
| Other amounts payable | 47/48 | €1,980 | €5,544 | +€3,564 | +180.0% |
| Accrued charges and deferred income | 492/3 | €215 | €0 | -€215 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,209 | €5,829 | +€4,620 | +382.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,988 | €30,609 | +€6,621 | +27.6% |
| Other operating charges | 640/8 | €5,623 | €8,835 | +€3,212 | +57.1% |
| Gross operating margin | 9900 | €59,402 | €81,078 | +€21,677 | +36.5% |
| Operating profit (loss) | 9901 | €28,581 | €35,805 | +€7,224 | +25.3% |
| Financial income | 75/76B | €0 | €10 | +€10 | +12162.5% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +12162.5% |
| Financial charges | 65/66B | €4,098 | €4,410 | +€312 | +7.6% |
| Recurring financial charges | 65 | €4,098 | €4,410 | +€312 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €24,483 | €31,405 | +€6,921 | +28.3% |
| Income taxes | 67/77 | €3,973 | €8,700 | +€4,728 | +119.0% |
| Profit (loss) for the period | 9904 | €20,511 | €22,704 | +€2,194 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,511 | €22,704 | +€2,194 | +10.7% |
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 8 October 2026 via checked.be.