BELCOFIM: 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.
BELCOFIM
Largest movements
- Stocks and contracts -€315,566
down €315,566 (-2.2%), from €14.0m to €13.7m
- Short-term financial debts -€1.4m
down €1.4m (-29.4%), from €4.7m to €3.3m
- Debts after one year +€674,080
up €674,080 (+17.9%), from €3.8m to €4.4m
of which Other amounts payable: +€674,080
- Other debts +€354,188
new in 2025: €354,188
- Reserves +€189,099
up €189,099 (+3.5%), from €5.5m to €5.6m
of which Distributable reserves: +€189,099
- Gross operating margin -€2.1m
down €2.1m (-82.1%), from €2.5m to €453,425
- Taxes -€538,978
down €538,978 (-89.0%), from €605,647 to €66,669
- Financial charges +€29,115
up €29,115 (+16.9%), from €172,631 to €201,745
of which Financial charges: +€29,121
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 | €14,245,755 | €14,012,048 | -€233,707 | -1.6% |
| Fixed assets | 21/28 | €59,374 | €59,374 | = | 0.0% |
| Financial fixed assets | 28 | €59,374 | €59,374 | = | 0.0% |
| Current assets | 29/58 | €14,186,381 | €13,952,674 | -€233,707 | -1.6% |
| Amounts receivable after more than one year | 29 | €132,734 | €181,653 | +€48,919 | +36.9% |
| Other amounts receivable | 291 | €132,734 | €181,653 | +€48,919 | +36.9% |
| Stocks and contracts in progress | 3 | €14,033,820 | €13,718,254 | -€315,566 | -2.2% |
| Stocks | 30/36 | €14,033,820 | €13,718,254 | -€315,566 | -2.2% |
| Amounts receivable within one year | 40/41 | €395 | - | -€395 | |
| Trade receivables | 40 | €395 | - | -€395 | |
| Cash at bank and in hand | 54/58 | €17,738 | €43,769 | +€26,031 | +147% |
| Deferred charges and accrued income | 490/1 | €1,694 | €8,998 | +€7,304 | +431% |
| Total equity and liabilities | 10/49 | €14,245,755 | €14,012,048 | -€233,707 | -1.6% |
| Equity | 10/15 | €5,523,266 | €5,712,365 | +€189,099 | +3.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | - | €62,500 | +€62,500 | |
| Issued capital | 100 | - | €62,500 | +€62,500 | |
| Contributions outside capital | 11 | €62,500 | - | -€62,500 | |
| Other | 1109/19 | €62,500 | - | -€62,500 | |
| Reserves | 13 | €5,460,766 | €5,649,865 | +€189,099 | +3.5% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | - | €6,250 | +€6,250 | |
| Reserves not available under the articles | 1311 | €6,250 | - | -€6,250 | |
| Distributable reserves | 133 | €5,454,516 | €5,643,615 | +€189,099 | +3.5% |
| Amounts payable | 17/49 | €8,722,489 | €8,299,683 | -€422,806 | -4.8% |
| Amounts payable after more than one year | 17 | €3,774,550 | €4,448,630 | +€674,080 | +17.9% |
| Financial debts | 170/4 | €1,504,500 | €1,504,500 | = | 0.0% |
| Other amounts payable | 178/9 | €2,270,050 | €2,944,130 | +€674,080 | +29.7% |
| Amounts payable within one year | 42/48 | €4,900,118 | €3,847,730 | -€1.1m | -21.5% |
| Financial debts | 43 | €4,741,605 | €3,348,355 | -€1.4m | -29.4% |
| Credit institutions | 430/8 | €4,741,605 | €3,348,355 | -€1.4m | -29.4% |
| Trade debts | 44 | €16,670 | €68,063 | +€51,392 | +308% |
| Suppliers | 440/4 | €16,670 | €68,063 | +€51,392 | +308% |
| Taxes, remuneration and social security | 45 | €141,843 | €77,125 | -€64,718 | -45.6% |
| Taxes | 450/3 | €141,843 | €77,125 | -€64,718 | -45.6% |
| Other amounts payable | 47/48 | - | €354,188 | +€354,188 | |
| Accrued charges and deferred income | 492/3 | €47,821 | €3,323 | -€44,498 | -93.1% |
| Other operating charges | 640/8 | €1,636 | €1,534 | -€102 | -6.2% |
| Gross operating margin | 9900 | €2,539,764 | €453,425 | -€2.1m | -82.1% |
| Operating profit (loss) | 9901 | €2,538,128 | €451,891 | -€2.1m | -82.2% |
| Financial income | 75/76B | €3,835 | €5,623 | +€1,788 | +46.6% |
| Recurring financial income | 75 | €3,835 | €5,623 | +€1,788 | +46.6% |
| Financial charges | 65/66B | €172,631 | €201,745 | +€29,115 | +16.9% |
| Recurring financial charges | 65 | €172,624 | €201,745 | +€29,121 | +16.9% |
| Non-recurring financial charges | 66B | €6 | - | -€6 | |
| Profit (loss) for the period before taxes | 9903 | €2,369,332 | €255,769 | -€2.1m | -89.2% |
| Income taxes | 67/77 | €605,647 | €66,669 | -€538,978 | -89.0% |
| Profit (loss) for the period | 9904 | €1,763,685 | €189,099 | -€1.6m | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,763,685 | €189,099 | -€1.6m | -89.3% |
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 13 October 2026 via checked.be.