BELCOFILL: 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.
BELCOFILL
Largest movements
- Cash -€288,367
down €288,367 (-44.6%), from €646,062 to €357,695
mainly Contributions, distributions and other (-€535,000) and Trade debts (-€281,451)
- Receivables within one year -€120,527
down €120,527 (-10.0%), from €1.2m to €1.1m
of which Trade receivables: -€108,058
- Stocks and contracts +€64,296
up €64,296 (+13.0%), from €495,907 to €560,203
- Trade debts -€281,451
down €281,451 (-50.3%), from €559,889 to €278,438
- Short-term financial debts -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Other debts +€126,225
up €126,225 (+11.0%), from €1.1m to €1.3m
- Tax, wage and social debts +€37,943
up €37,943 (+29.9%), from €126,985 to €164,928
of which Remuneration and social security: +€20,639
- Current portion of long-term debt +€32,189
up €32,189 (+216.5%), from €14,871 to €47,060
- Gross operating margin +€376,858
up €376,858 (+41.9%), from €900,045 to €1.3m
- Staff costs +€105,086
up €105,086 (+28.9%), from €363,202 to €468,288
- Taxes +€66,317
up €66,317 (+53.9%), from €123,126 to €189,442
- Other operating charges +€49,949
up €49,949 (+5780.6%), from €864 to €50,813
- Depreciation -€22,086
down €22,086 (-44.7%), from €49,455 to €27,368
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 | €2,431,604 | €2,104,556 | -€327,048 | -13.4% |
| Fixed assets | 21/28 | €82,217 | €96,848 | +€14,632 | +17.8% |
| Tangible fixed assets | 22/27 | €81,217 | €95,848 | +€14,632 | +18.0% |
| Plant, machinery and equipment | 23 | €6,097 | €40,865 | +€34,768 | +570.3% |
| Furniture and vehicles | 24 | €9,718 | €0 | -€9,718 | -100.0% |
| Leasing and similar rights | 25 | €48,600 | €40,500 | -€8,100 | -16.7% |
| Other tangible fixed assets | 26 | €16,802 | €14,483 | -€2,319 | -13.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €2,349,387 | €2,007,707 | -€341,680 | -14.5% |
| Stocks and contracts in progress | 3 | €495,907 | €560,203 | +€64,296 | +13.0% |
| Stocks | 30/36 | €495,907 | €560,203 | +€64,296 | +13.0% |
| Amounts receivable within one year | 40/41 | €1,202,467 | €1,081,941 | -€120,527 | -10.0% |
| Trade receivables | 40 | €1,076,073 | €968,014 | -€108,058 | -10.0% |
| Other amounts receivable | 41 | €126,395 | €113,927 | -€12,468 | -9.9% |
| Current investments | 50/53 | €336 | €431 | +€94 | +28.1% |
| Cash at bank and in hand | 54/58 | €646,062 | €357,695 | -€288,367 | -44.6% |
| Deferred charges and accrued income | 490/1 | €4,614 | €7,437 | +€2,823 | +61.2% |
| Total equity and liabilities | 10/49 | €2,431,604 | €2,104,556 | -€327,048 | -13.4% |
| Equity | 10/15 | €332,107 | €334,765 | +€2,658 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €313,507 | €316,165 | +€2,658 | +0.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €294,757 | €297,415 | +€2,658 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,099,497 | €1,769,791 | -€329,706 | -15.7% |
| Amounts payable after more than one year | 17 | €0 | €8,140 | +€8,140 | |
| Financial debts | 170/4 | €0 | €8,140 | +€8,140 | |
| Amounts payable within one year | 42/48 | €2,096,745 | €1,761,651 | -€335,094 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €14,871 | €47,060 | +€32,189 | +216.5% |
| Financial debts | 43 | €250,000 | €0 | -€250,000 | -100.0% |
| Credit institutions | 430/8 | €250,000 | €0 | -€250,000 | -100.0% |
| Trade debts | 44 | €559,889 | €278,438 | -€281,451 | -50.3% |
| Suppliers | 440/4 | €559,889 | €278,438 | -€281,451 | -50.3% |
| Taxes, remuneration and social security | 45 | €126,985 | €164,928 | +€37,943 | +29.9% |
| Taxes | 450/3 | €50,293 | €67,598 | +€17,304 | +34.4% |
| Remuneration and social security | 454/9 | €76,692 | €97,331 | +€20,639 | +26.9% |
| Other amounts payable | 47/48 | €1,145,000 | €1,271,225 | +€126,225 | +11.0% |
| Accrued charges and deferred income | 492/3 | €2,752 | €0 | -€2,752 | -100.0% |
| Remuneration, social security and pensions | 62 | €363,202 | €468,288 | +€105,086 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,455 | €27,368 | -€22,086 | -44.7% |
| Other operating charges | 640/8 | €864 | €50,813 | +€49,949 | +5780.6% |
| Gross operating margin | 9900 | €900,045 | €1,276,903 | +€376,858 | +41.9% |
| Operating profit (loss) | 9901 | €486,524 | €730,433 | +€243,909 | +50.1% |
| Financial income | 75/76B | €367 | €1,840 | +€1,473 | +401.9% |
| Recurring financial income | 75 | €367 | €1,840 | +€1,473 | +401.9% |
| Financial charges | 65/66B | €4,958 | €5,174 | +€216 | +4.4% |
| Recurring financial charges | 65 | €4,958 | €5,174 | +€216 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €481,933 | €727,100 | +€245,167 | +50.9% |
| Income taxes | 67/77 | €123,126 | €189,442 | +€66,317 | +53.9% |
| Profit (loss) for the period | 9904 | €358,807 | €537,658 | +€178,850 | +49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €358,807 | €537,658 | +€178,850 | +49.8% |
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 7 October 2026 via checked.be.