BELCO-IT: 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-IT
Largest movements
- Receivables within one year +€7,310
up €7,310 (+348.1%), from €2,100 to €9,410
of which Trade receivables: +€6,838
- Cash -€2,900
down €2,900 (-35.4%), from €8,184 to €5,284
mainly Receivables within one year (-€7,310) and Debts after one year (-€6,220)
- Tangible fixed assets -€2,644
down €2,644 (-12.3%), from €21,485 to €18,841
of which Furniture and vehicles: -€2,098
- Stocks and contracts +€736
up €736 (+22.8%), from €3,230 to €3,966
- Deferred charges and accrued income +€397
up €397 (+81.9%), from €484 to €881
- Debts after one year -€6,220
down €6,220 (-35.3%), from €17,605 to €11,385
- Other debts +€3,897
up €3,897 (+330.4%), from €1,179 to €5,077
- Reserves +€3,558
up €3,558 (+423.2%), from €841 to €4,399
- Trade debts +€719
up €719 (+14.8%), from €4,860 to €5,579
- Tax, wage and social debts +€524
up €524 (+263.0%), from €199 to €723
- Financial charges -€1,464
down €1,464 (-35.9%), from €4,073 to €2,609
- Depreciation -€921
down €921 (-25.8%), from €3,565 to €2,644
- Gross operating margin +€827
up €827 (+9.4%), from €8,825 to €9,651
- Taxes +€603
new in 2025: €603
- Other operating charges -€116
down €116 (-33.5%), from €346 to €230
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 | €35,484 | €38,382 | +€2,898 | +8.2% |
| Fixed assets | 21/28 | €21,485 | €18,841 | -€2,644 | -12.3% |
| Tangible fixed assets | 22/27 | €21,485 | €18,841 | -€2,644 | -12.3% |
| Furniture and vehicles | 24 | €16,730 | €14,633 | -€2,098 | -12.5% |
| Other tangible fixed assets | 26 | €4,755 | €4,208 | -€546 | -11.5% |
| Current assets | 29/58 | €13,999 | €19,541 | +€5,542 | +39.6% |
| Stocks and contracts in progress | 3 | €3,230 | €3,966 | +€736 | +22.8% |
| Stocks | 30/36 | €3,230 | €3,966 | +€736 | +22.8% |
| Amounts receivable within one year | 40/41 | €2,100 | €9,410 | +€7,310 | +348.1% |
| Trade receivables | 40 | €2,100 | €8,938 | +€6,838 | +325.6% |
| Other amounts receivable | 41 | - | €472 | +€472 | |
| Cash at bank and in hand | 54/58 | €8,184 | €5,284 | -€2,900 | -35.4% |
| Deferred charges and accrued income | 490/1 | €484 | €881 | +€397 | +81.9% |
| Total equity and liabilities | 10/49 | €35,484 | €38,382 | +€2,898 | +8.2% |
| Equity | 10/15 | €5,841 | €9,399 | +€3,558 | +60.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €841 | €4,399 | +€3,558 | +423.2% |
| Distributable reserves | 133 | €841 | €4,399 | +€3,558 | +423.2% |
| Amounts payable | 17/49 | €29,643 | €28,983 | -€660 | -2.2% |
| Amounts payable after more than one year | 17 | €17,605 | €11,385 | -€6,220 | -35.3% |
| Financial debts | 170/4 | €17,605 | €11,385 | -€6,220 | -35.3% |
| Amounts payable within one year | 42/48 | €12,038 | €17,599 | +€5,560 | +46.2% |
| Current portion of amounts payable after more than one year | 42 | €5,799 | €6,220 | +€420 | +7.3% |
| Trade debts | 44 | €4,860 | €5,579 | +€719 | +14.8% |
| Suppliers | 440/4 | €4,860 | €5,579 | +€719 | +14.8% |
| Taxes, remuneration and social security | 45 | €199 | €723 | +€524 | +263.0% |
| Taxes | 450/3 | €199 | €723 | +€524 | +263.0% |
| Other amounts payable | 47/48 | €1,179 | €5,077 | +€3,897 | +330.4% |
| Non-recurring operating income | 76A | €43 | €3 | -€40 | -92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,565 | €2,644 | -€921 | -25.8% |
| Other operating charges | 640/8 | €346 | €230 | -€116 | -33.5% |
| Non-recurring operating charges | 66A | - | €7 | +€7 | |
| Gross operating margin | 9900 | €8,825 | €9,651 | +€827 | +9.4% |
| Operating profit (loss) | 9901 | €4,914 | €6,770 | +€1,857 | +37.8% |
| Financial charges | 65/66B | €4,073 | €2,609 | -€1,464 | -35.9% |
| Recurring financial charges | 65 | €4,073 | €2,609 | -€1,464 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €841 | €4,161 | +€3,321 | +394.9% |
| Income taxes | 67/77 | - | €603 | +€603 | |
| Profit (loss) for the period | 9904 | €841 | €3,558 | +€2,717 | +323.2% |
| Profit (loss) for the period to be appropriated | 9905 | €841 | €3,558 | +€2,717 | +323.2% |
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.