BELCODEX: 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.
BELCODEX
Largest movements
- Cash -€19,231
down €19,231 (-28.6%), from €67,206 to €47,975
mainly Accrued charges and deferred income (-€55,833) and Receivables within one year (-€17,728)
- Receivables within one year +€17,728
up €17,728 (+41.5%), from €42,724 to €60,452
of which Trade receivables: +€14,447
- Accrued charges and deferred income -€55,833
no longer reported in 2025 (was €55,833)
- Trade debts +€35,291
up €35,291 (+202.8%), from €17,401 to €52,692
- Reserves +€19,083
up €19,083 (+64.5%), from €29,609 to €48,693
- Gross operating margin +€19,896
up €19,896 (+214.1%), from €9,293 to €29,188
- Taxes +€3,860
up €3,860 (+245.3%), from €1,573 to €5,433
- Financial charges +€2,234
up €2,234 (+1139.3%), from €196 to €2,430
- Depreciation -€655
down €655 (-23.5%), from €2,792 to €2,136
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 | €114,509 | €113,454 | -€1,055 | -0.9% |
| Fixed assets | 21/28 | €3,799 | €3,813 | +€14 | +0.4% |
| Tangible fixed assets | 22/27 | €3,799 | €3,573 | -€226 | -5.9% |
| Plant, machinery and equipment | 23 | €1,667 | €1,192 | -€476 | -28.5% |
| Furniture and vehicles | 24 | €2,132 | €2,382 | +€250 | +11.7% |
| Financial fixed assets | 28 | - | €240 | +€240 | |
| Current assets | 29/58 | €110,710 | €109,641 | -€1,069 | -1.0% |
| Amounts receivable within one year | 40/41 | €42,724 | €60,452 | +€17,728 | +41.5% |
| Trade receivables | 40 | €34,121 | €48,567 | +€14,447 | +42.3% |
| Other amounts receivable | 41 | €8,604 | €11,885 | +€3,281 | +38.1% |
| Cash at bank and in hand | 54/58 | €67,206 | €47,975 | -€19,231 | -28.6% |
| Deferred charges and accrued income | 490/1 | €780 | €1,214 | +€434 | +55.7% |
| Total equity and liabilities | 10/49 | €114,509 | €113,454 | -€1,055 | -0.9% |
| Equity | 10/15 | €35,809 | €54,893 | +€19,083 | +53.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €29,609 | €48,693 | +€19,083 | +64.5% |
| Distributable reserves | 133 | €29,609 | €48,693 | +€19,083 | +64.5% |
| Amounts payable | 17/49 | €78,699 | €58,562 | -€20,138 | -25.6% |
| Amounts payable within one year | 42/48 | €22,866 | €58,562 | +€35,695 | +156.1% |
| Trade debts | 44 | €17,401 | €52,692 | +€35,291 | +202.8% |
| Suppliers | 440/4 | €17,401 | €52,692 | +€35,291 | +202.8% |
| Taxes, remuneration and social security | 45 | €5,011 | €5,433 | +€422 | +8.4% |
| Taxes | 450/3 | €1,511 | €5,433 | +€3,922 | +259.5% |
| Remuneration and social security | 454/9 | €3,500 | - | -€3,500 | |
| Other amounts payable | 47/48 | €454 | €437 | -€17 | -3.7% |
| Accrued charges and deferred income | 492/3 | €55,833 | - | -€55,833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,792 | €2,136 | -€655 | -23.5% |
| Other operating charges | 640/8 | €268 | €106 | -€162 | -60.4% |
| Gross operating margin | 9900 | €9,293 | €29,188 | +€19,896 | +214.1% |
| Operating profit (loss) | 9901 | €6,232 | €26,946 | +€20,713 | +332.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €196 | €2,430 | +€2,234 | +1139.3% |
| Recurring financial charges | 65 | €196 | €2,430 | +€2,234 | +1139.3% |
| Profit (loss) for the period before taxes | 9903 | €6,036 | €24,516 | +€18,480 | +306.1% |
| Income taxes | 67/77 | €1,573 | €5,433 | +€3,860 | +245.3% |
| Profit (loss) for the period | 9904 | €4,463 | €19,083 | +€14,620 | +327.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,463 | €19,083 | +€14,620 | +327.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.