BELCOATINGS: 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.
BELCOATINGS
Largest movements
- Cash -€16,304
down €16,304 (-63.5%), from €25,668 to €9,365
mainly Investment in fixed assets (net) (-€28,123) and Other debts (-€21,438)
- Stocks and contracts +€4,403
up €4,403 (+6.6%), from €67,154 to €71,557
- Tangible fixed assets +€3,981
up €3,981 (+7.0%), from €56,594 to €60,575
of which Furniture and vehicles: +€18,601
- Other debts -€21,438
down €21,438 (-86.8%), from €24,696 to €3,258
- Current portion of long-term debt -€20,351
down €20,351 (-54.0%), from €37,703 to €17,352
- Trade debts +€11,948
up €11,948 (+58.2%), from €20,513 to €32,461
- Reserves +€10,000
up €10,000 (+97.9%), from €10,217 to €20,217
of which Distributable reserves: +€10,000
- Debts after one year +€8,838
up €8,838 (+49.1%), from €18,003 to €26,842
- Gross operating margin -€20,081
down €20,081 (-28.2%), from €71,249 to €51,168
- Taxes -€5,886
down €5,886 (-48.4%), from €12,165 to €6,278
- Write-downs +€5,825
up €5,825, from -€2,265 to €3,560
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €239,416 | €233,108 | -€6,307 | -2.6% |
| Fixed assets | 21/28 | €56,594 | €60,575 | +€3,981 | +7.0% |
| Tangible fixed assets | 22/27 | €56,594 | €60,575 | +€3,981 | +7.0% |
| Plant, machinery and equipment | 23 | €49,813 | €35,193 | -€14,620 | -29.3% |
| Furniture and vehicles | 24 | €6,781 | €25,382 | +€18,601 | +274% |
| Current assets | 29/58 | €182,822 | €172,533 | -€10,289 | -5.6% |
| Stocks and contracts in progress | 3 | €67,154 | €71,557 | +€4,403 | +6.6% |
| Stocks | 30/36 | €67,154 | €71,557 | +€4,403 | +6.6% |
| Amounts receivable within one year | 40/41 | €87,666 | €89,021 | +€1,354 | +1.5% |
| Trade receivables | 40 | €84,701 | €82,246 | -€2,455 | -2.9% |
| Other amounts receivable | 41 | €2,965 | €6,774 | +€3,809 | +128% |
| Cash at bank and in hand | 54/58 | €25,668 | €9,365 | -€16,304 | -63.5% |
| Deferred charges and accrued income | 490/1 | €2,333 | €2,590 | +€257 | +11.0% |
| Total equity and liabilities | 10/49 | €239,416 | €233,108 | -€6,307 | -2.6% |
| Equity | 10/15 | €132,524 | €149,397 | +€16,874 | +12.7% |
| Contributions | 10/11 | €13,569 | €13,569 | = | 0.0% |
| Reserves | 13 | €10,217 | €20,217 | +€10,000 | +97.9% |
| Non-distributable reserves | 130/1 | €217 | €217 | = | 0.0% |
| Other | 1319 | €217 | €217 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €20,000 | +€10,000 | +100% |
| Profit (loss) carried forward | 14 | €108,737 | €115,611 | +€6,874 | +6.3% |
| Amounts payable | 17/49 | €106,892 | €83,711 | -€23,181 | -21.7% |
| Amounts payable after more than one year | 17 | €18,003 | €26,842 | +€8,838 | +49.1% |
| Financial debts | 170/4 | €18,003 | €26,842 | +€8,838 | +49.1% |
| Amounts payable within one year | 42/48 | €88,749 | €56,773 | -€31,976 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €37,703 | €17,352 | -€20,351 | -54.0% |
| Trade debts | 44 | €20,513 | €32,461 | +€11,948 | +58.2% |
| Suppliers | 440/4 | €20,513 | €32,461 | +€11,948 | +58.2% |
| Taxes, remuneration and social security | 45 | €5,837 | €3,702 | -€2,135 | -36.6% |
| Taxes | 450/3 | €5,837 | €3,702 | -€2,135 | -36.6% |
| Other amounts payable | 47/48 | €24,696 | €3,258 | -€21,438 | -86.8% |
| Accrued charges and deferred income | 492/3 | €140 | €97 | -€43 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,562 | €24,142 | +€579 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,265 | €3,560 | +€5,825 | |
| Other operating charges | 640/8 | €1,229 | €1,347 | +€118 | +9.6% |
| Gross operating margin | 9900 | €71,249 | €51,168 | -€20,081 | -28.2% |
| Operating profit (loss) | 9901 | €48,722 | €22,119 | -€26,603 | -54.6% |
| Financial income | 75/76B | €4,799 | €4,228 | -€571 | -11.9% |
| Recurring financial income | 75 | €4,799 | €4,228 | -€571 | -11.9% |
| Financial charges | 65/66B | €3,271 | €3,196 | -€76 | -2.3% |
| Recurring financial charges | 65 | €3,271 | €3,196 | -€76 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €50,250 | €23,152 | -€27,098 | -53.9% |
| Income taxes | 67/77 | €12,165 | €6,278 | -€5,886 | -48.4% |
| Profit (loss) for the period | 9904 | €38,086 | €16,874 | -€21,212 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,086 | €16,874 | -€21,212 | -55.7% |
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 30 October 2026 via checked.be.