BELCOFIN: 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.
BELCOFIN
Largest movements
- Cash +€110,286
up €110,286 (+35.7%), from €308,732 to €419,017
mainly Net result for the year (+€103,978) and Tax, wage and social debts (+€34,354)
- Receivables within one year +€23,800
up €23,800 (+103%), from €22,999 to €46,799
of which Trade receivables: +€22,961
- Reserves +€103,145
up €103,145 (+38.8%), from €266,180 to €369,325
of which Distributable reserves: +€103,145
- Tax, wage and social debts +€34,354
up €34,354 (+292%), from €11,759 to €46,113
- Gross operating margin +€99,164
up €99,164 (+177%), from €56,027 to €155,192
- Taxes +€28,605
up €28,605 (+125%), from €22,821 to €51,426
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 | €345,226 | €481,674 | +€136,448 | +39.5% |
| Fixed assets | 21/28 | €10,104 | €14,446 | +€4,342 | +43.0% |
| Tangible fixed assets | 22/27 | €10,104 | €14,446 | +€4,342 | +43.0% |
| Plant, machinery and equipment | 23 | €10,104 | €6,534 | -€3,570 | -35.3% |
| Furniture and vehicles | 24 | - | €7,912 | +€7,912 | |
| Current assets | 29/58 | €335,122 | €467,228 | +€132,106 | +39.4% |
| Amounts receivable within one year | 40/41 | €22,999 | €46,799 | +€23,800 | +103% |
| Trade receivables | 40 | €21,630 | €44,591 | +€22,961 | +106% |
| Other amounts receivable | 41 | €1,369 | €2,208 | +€839 | +61.3% |
| Cash at bank and in hand | 54/58 | €308,732 | €419,017 | +€110,286 | +35.7% |
| Deferred charges and accrued income | 490/1 | €3,392 | €1,412 | -€1,980 | -58.4% |
| Total equity and liabilities | 10/49 | €345,226 | €481,674 | +€136,448 | +39.5% |
| Equity | 10/15 | €284,780 | €387,925 | +€103,145 | +36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €266,180 | €369,325 | +€103,145 | +38.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €264,320 | €367,465 | +€103,145 | +39.0% |
| Amounts payable | 17/49 | €60,446 | €93,749 | +€33,303 | +55.1% |
| Amounts payable within one year | 42/48 | €55,771 | €90,828 | +€35,057 | +62.9% |
| Trade debts | 44 | €387 | €3,075 | +€2,688 | +694% |
| Suppliers | 440/4 | €387 | €3,075 | +€2,688 | +694% |
| Taxes, remuneration and social security | 45 | €11,759 | €46,113 | +€34,354 | +292% |
| Taxes | 450/3 | €11,759 | €46,113 | +€34,354 | +292% |
| Other amounts payable | 47/48 | €43,624 | €41,639 | -€1,985 | -4.6% |
| Accrued charges and deferred income | 492/3 | €4,676 | €2,921 | -€1,754 | -37.5% |
| Non-recurring operating income | 76A | €649 | - | -€649 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,034 | €3,833 | -€201 | -5.0% |
| Other operating charges | 640/8 | €952 | €544 | -€408 | -42.9% |
| Gross operating margin | 9900 | €56,027 | €155,192 | +€99,164 | +177% |
| Operating profit (loss) | 9901 | €51,041 | €150,815 | +€99,774 | +195% |
| Financial income | 75/76B | €7,707 | €9,228 | +€1,522 | +19.7% |
| Recurring financial income | 75 | €7,707 | €9,228 | +€1,522 | +19.7% |
| Financial charges | 65/66B | €4,984 | €4,640 | -€344 | -6.9% |
| Recurring financial charges | 65 | €4,984 | €4,640 | -€344 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €53,764 | €155,404 | +€101,640 | +189% |
| Income taxes | 67/77 | €22,821 | €51,426 | +€28,605 | +125% |
| Profit (loss) for the period | 9904 | €30,943 | €103,978 | +€73,035 | +236% |
| Profit (loss) for the period to be appropriated | 9905 | €30,943 | €103,978 | +€73,035 | +236% |
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 18 October 2026 via checked.be.