BELCOGROUP: 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.
BELCOGROUP
Largest movements
- Receivables within one year +€105,636
up €105,636 (+144%), from €73,122 to €178,758
of which Trade receivables: +€82,208
- Cash +€8,119
up €8,119 (+249%), from €3,260 to €11,379
mainly Trade debts (+€121,240) and Net result for the year (+€31,510)
- Trade debts +€121,240
up €121,240 (+224%), from €54,024 to €175,264
of which Bills of exchange payable: +€107,256
- Other debts -€47,944
no longer reported in 2025 (was €47,944)
- Profit (loss) carried forward +€31,510
up €31,510, from -€29,325 to €2,185
- Tax, wage and social debts +€9,450
up €9,450 (+226%), from €4,183 to €13,633
- Turnover +€187,142
new in 2025: €187,142
- Purchases and services +€85,751
up €85,751 (+170%), from €50,477 to €136,228
- Gross operating margin +€64,090
up €64,090, from -€13,176 to €50,914
- Other operating charges +€12,512
up €12,512 (+3,233%), from €387 to €12,899
- Taxes +€5,000
new in 2025: €5,000
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 | €83,026 | €197,282 | +€114,256 | +138% |
| Fixed assets | 21/28 | €5,554 | €4,675 | -€879 | -15.8% |
| Tangible fixed assets | 22/27 | €5,554 | €4,675 | -€879 | -15.8% |
| Furniture and vehicles | 24 | €5,554 | €4,675 | -€879 | -15.8% |
| Current assets | 29/58 | €77,472 | €192,607 | +€115,135 | +149% |
| Amounts receivable within one year | 40/41 | €73,122 | €178,758 | +€105,636 | +144% |
| Trade receivables | 40 | €45,891 | €128,099 | +€82,208 | +179% |
| Other amounts receivable | 41 | €27,231 | €50,659 | +€23,428 | +86.0% |
| Cash at bank and in hand | 54/58 | €3,260 | €11,379 | +€8,119 | +249% |
| Deferred charges and accrued income | 490/1 | €1,090 | €2,470 | +€1,380 | +127% |
| Total equity and liabilities | 10/49 | €83,026 | €197,282 | +€114,256 | +138% |
| Equity | 10/15 | -€23,125 | €8,385 | +€31,510 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,325 | €2,185 | +€31,510 | |
| Amounts payable | 17/49 | €106,151 | €188,897 | +€82,746 | +78.0% |
| Amounts payable within one year | 42/48 | €106,151 | €188,897 | +€82,746 | +78.0% |
| Trade debts | 44 | €54,024 | €175,264 | +€121,240 | +224% |
| Suppliers | 440/4 | €54,024 | €68,008 | +€13,984 | +25.9% |
| Bills of exchange payable | 441 | - | €107,256 | +€107,256 | |
| Taxes, remuneration and social security | 45 | €4,183 | €13,633 | +€9,450 | +226% |
| Taxes | 450/3 | €4,183 | €13,633 | +€9,450 | +226% |
| Other amounts payable | 47/48 | €47,944 | - | -€47,944 | |
| Turnover | 70 | - | €187,142 | +€187,142 | |
| Goods, raw materials, services and sundry goods | 60/61 | €50,477 | €136,228 | +€85,751 | +170% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,388 | €1,403 | +€15 | +1.1% |
| Other operating charges | 640/8 | €387 | €12,899 | +€12,512 | +3,233% |
| Gross operating margin | 9900 | -€13,176 | €50,914 | +€64,090 | |
| Operating profit (loss) | 9901 | -€14,951 | €36,612 | +€51,563 | |
| Financial charges | 65/66B | €174 | €102 | -€72 | -41.4% |
| Recurring financial charges | 65 | €174 | €102 | -€72 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,125 | €36,510 | +€51,635 | |
| Income taxes | 67/77 | - | €5,000 | +€5,000 | |
| Profit (loss) for the period | 9904 | -€15,125 | €31,510 | +€46,635 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,125 | €31,510 | +€46,635 |
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 29 October 2026 via checked.be.