BELCOBREW: 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.
BELCOBREW
Largest movements
- Cash -€54,666
down €54,666 (-90.4%), from €60,459 to €5,792
mainly Debts after one year (-€36,075) and Receivables within one year (-€34,991)
- Receivables within one year +€34,991
up €34,991 (+90.9%), from €38,485 to €73,477
of which Other amounts receivable: +€50,643
- Tangible fixed assets -€10,682
down €10,682 (-1.4%), from €785,198 to €774,516
of which Land and buildings: -€10,841
- Debts after one year -€36,075
down €36,075 (-17.7%), from €203,906 to €167,831
- Reserves +€34,347
up €34,347 (+5.8%), from €592,638 to €626,985
- Other debts -€25,998
down €25,998 (-83.2%), from €31,248 to €5,250
- Gross operating margin +€37,162
up €37,162 (+56.0%), from €66,393 to €103,555
- Taxes +€12,959
up €12,959 (+180%), from €7,209 to €20,168
- Financial charges -€1,306
down €1,306 (-36.1%), from €3,615 to €2,309
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 | €885,606 | €855,940 | -€29,666 | -3.3% |
| Fixed assets | 21/28 | €785,198 | €774,516 | -€10,682 | -1.4% |
| Tangible fixed assets | 22/27 | €785,198 | €774,516 | -€10,682 | -1.4% |
| Land and buildings | 22 | €776,937 | €766,095 | -€10,841 | -1.4% |
| Plant, machinery and equipment | 23 | - | €3,604 | +€3,604 | |
| Furniture and vehicles | 24 | €8,261 | €4,817 | -€3,445 | -41.7% |
| Current assets | 29/58 | €100,408 | €81,424 | -€18,985 | -18.9% |
| Amounts receivable within one year | 40/41 | €38,485 | €73,477 | +€34,991 | +90.9% |
| Trade receivables | 40 | €37,822 | €22,170 | -€15,651 | -41.4% |
| Other amounts receivable | 41 | €664 | €51,306 | +€50,643 | +7,628% |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €60,459 | €5,792 | -€54,666 | -90.4% |
| Deferred charges and accrued income | 490/1 | €1,464 | €1,154 | -€310 | -21.1% |
| Total equity and liabilities | 10/49 | €885,606 | €855,940 | -€29,666 | -3.3% |
| Equity | 10/15 | €598,838 | €633,185 | +€34,347 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €592,638 | €626,985 | +€34,347 | +5.8% |
| Distributable reserves | 133 | €592,638 | €626,985 | +€34,347 | +5.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €286,768 | €222,755 | -€64,013 | -22.3% |
| Amounts payable after more than one year | 17 | €203,906 | €167,831 | -€36,075 | -17.7% |
| Financial debts | 170/4 | €203,906 | €167,831 | -€36,075 | -17.7% |
| Amounts payable within one year | 42/48 | €80,892 | €54,158 | -€26,734 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €35,883 | €36,075 | +€192 | +0.5% |
| Trade debts | 44 | €3,340 | €4,756 | +€1,416 | +42.4% |
| Suppliers | 440/4 | €3,340 | €4,756 | +€1,416 | +42.4% |
| Taxes, remuneration and social security | 45 | €10,422 | €8,077 | -€2,344 | -22.5% |
| Taxes | 450/3 | €10,422 | €8,077 | -€2,344 | -22.5% |
| Other amounts payable | 47/48 | €31,248 | €5,250 | -€25,998 | -83.2% |
| Accrued charges and deferred income | 492/3 | €1,969 | €765 | -€1,204 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,296 | €37,011 | -€285 | -0.8% |
| Other operating charges | 640/8 | €4,510 | €5,046 | +€537 | +11.9% |
| Gross operating margin | 9900 | €66,393 | €103,555 | +€37,162 | +56.0% |
| Operating profit (loss) | 9901 | €24,588 | €61,498 | +€36,910 | +150% |
| Financial income | 75/76B | - | €576 | +€576 | |
| Recurring financial income | 75 | - | €576 | +€576 | |
| Financial charges | 65/66B | €3,615 | €2,309 | -€1,306 | -36.1% |
| Recurring financial charges | 65 | €3,615 | €2,309 | -€1,306 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €20,973 | €59,765 | +€38,792 | +185% |
| Income taxes | 67/77 | €7,209 | €20,168 | +€12,959 | +180% |
| Profit (loss) for the period | 9904 | €13,764 | €39,597 | +€25,833 | +188% |
| Profit (loss) for the period to be appropriated | 9905 | €13,764 | €39,597 | +€25,833 | +188% |
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 17 October 2026 via checked.be.