BELCO FLANDERS: what changed
Two financial 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.
What changed
BELCO FLANDERS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€120,312
2024 · €107,759+€12,553
Equity
€2.4m
2024 · €2.3m+€120,312
Cash
€284,643
2024 · €294,368-€9,726
Balance sheet total
€10.8m
2024 · €11.2m-€379,064
Largest movements
Assets
- Tangible fixed assets -€447,198
down €447,198 (-4.8%), from €9.3m to €8.8m
of which Land and buildings: -€412,170
Equity and liabilities
- Debts after one year -€300,000
down €300,000 (-4.6%), from €6.5m to €6.2m
of which Financial debts: -€300,000
- Tax, wage and social debts -€196,855
down €196,855 (-72.1%), from €272,995 to €76,140
of which Taxes: -€197,913
- Accrued charges and deferred income +€182,841
up €182,841 (+284%), from €64,289 to €247,130
- Profit (loss) carried forward +€120,312
up €120,312 (+5.4%), from €2.2m to €2.3m
Income statement
- Gross operating margin +€514,499
up €514,499 (+29.4%), from €1.8m to €2.3m
- Financial charges +€318,486
up €318,486 (+49.6%), from €641,957 to €960,444
- Other operating charges +€86,296
up €86,296 (+50.4%), from €171,243 to €257,540
- Taxes +€48,120
up €48,120, from -€20,505 to €27,615
- Depreciation +€45,509
up €45,509 (+5.7%), from €796,100 to €841,609
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.
Result 2024
€107,759
Gross operating margin
+€514,499
Staff costs
-€5,411
Depreciation
-€45,509
Other operating charges
-€86,296
Financial income
+€1,877
Financial charges
-€318,486
Taxes
-€48,120
Result 2025
€120,312
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€684,685
Investment
-€394,411
Financing
-€300,000
Cash 2024
€294,368
From operations (derived)
+€684,685
Net result for the year
+€120,312
Depreciation
+€841,609
Receivables within one year
-€77,736
Deferred charges and accrued income
-€124
Trade debts
-€67,718
Tax, wage and social debts
-€196,855
Advances received
-€10,622
Other debts
-€107,023
Accrued charges and deferred income
+€182,841
Investment (derived)
-€394,411
Investment in fixed assets (net)
-€394,411
Financing
-€300,000
Debts after one year
-€300,000
Cash 2025
€284,643
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,200,255 | €10,821,191 | -€379,064 | -3.4% |
| Fixed assets | 21/28 | €9,311,152 | €8,863,954 | -€447,198 | -4.8% |
| Tangible fixed assets | 22/27 | €9,290,327 | €8,843,129 | -€447,198 | -4.8% |
| Land and buildings | 22 | €9,132,417 | €8,720,247 | -€412,170 | -4.5% |
| Plant, machinery and equipment | 23 | €150,258 | €116,676 | -€33,582 | -22.3% |
| Furniture and vehicles | 24 | €7,652 | €6,206 | -€1,446 | -18.9% |
| Financial fixed assets | 28 | €20,825 | €20,825 | = | 0.0% |
| Current assets | 29/58 | €1,889,103 | €1,957,236 | +€68,134 | +3.6% |
| Amounts receivable within one year | 40/41 | €1,591,381 | €1,669,117 | +€77,736 | +4.9% |
| Trade receivables | 40 | €448,468 | €490,592 | +€42,124 | +9.4% |
| Other amounts receivable | 41 | €1,142,913 | €1,178,525 | +€35,612 | +3.1% |
| Cash at bank and in hand | 54/58 | €294,368 | €284,643 | -€9,726 | -3.3% |
| Deferred charges and accrued income | 490/1 | €3,353 | €3,477 | +€124 | +3.7% |
| Total equity and liabilities | 10/49 | €11,200,255 | €10,821,191 | -€379,064 | -3.4% |
| Equity | 10/15 | €2,276,386 | €2,396,698 | +€120,312 | +5.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,208,186 | €2,328,498 | +€120,312 | +5.4% |
| Amounts payable | 17/49 | €8,923,869 | €8,424,493 | -€499,376 | -5.6% |
| Amounts payable after more than one year | 17 | €6,505,386 | €6,205,386 | -€300,000 | -4.6% |
| Financial debts | 170/4 | €6,481,386 | €6,181,386 | -€300,000 | -4.6% |
| Other amounts payable | 178/9 | €24,000 | €24,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,354,194 | €1,971,976 | -€382,218 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €229,969 | €162,252 | -€67,718 | -29.4% |
| Suppliers | 440/4 | €229,969 | €162,252 | -€67,718 | -29.4% |
| Advances received on contracts in progress | 46 | €344,872 | €334,250 | -€10,622 | -3.1% |
| Taxes, remuneration and social security | 45 | €272,995 | €76,140 | -€196,855 | -72.1% |
| Taxes | 450/3 | €264,663 | €66,750 | -€197,913 | -74.8% |
| Remuneration and social security | 454/9 | €8,333 | €9,391 | +€1,058 | +12.7% |
| Other amounts payable | 47/48 | €1,206,357 | €1,099,334 | -€107,023 | -8.9% |
| Accrued charges and deferred income | 492/3 | €64,289 | €247,130 | +€182,841 | +284% |
| Remuneration, social security and pensions | 62 | €74,601 | €80,011 | +€5,411 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €796,100 | €841,609 | +€45,509 | +5.7% |
| Other operating charges | 640/8 | €171,243 | €257,540 | +€86,296 | +50.4% |
| Gross operating margin | 9900 | €1,750,831 | €2,265,331 | +€514,499 | +29.4% |
| Operating profit (loss) | 9901 | €708,888 | €1,086,171 | +€377,283 | +53.2% |
| Financial income | 75/76B | €20,324 | €22,200 | +€1,877 | +9.2% |
| Recurring financial income | 75 | €20,324 | €22,200 | +€1,877 | +9.2% |
| Financial charges | 65/66B | €641,957 | €960,444 | +€318,486 | +49.6% |
| Recurring financial charges | 65 | €641,957 | €960,444 | +€318,486 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €87,255 | €147,928 | +€60,673 | +69.5% |
| Income taxes | 67/77 | -€20,505 | €27,615 | +€48,120 | |
| Profit (loss) for the period | 9904 | €107,759 | €120,312 | +€12,553 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,759 | €120,312 | +€12,553 | +11.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.