BELCOIN: 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.
BELCOIN
Largest movements
- Cash +€88,881
up €88,881 (+73.4%), from €121,136 to €210,016
mainly Net result for the year (+€62,026) and Stocks and contracts (+€50,000)
- Tangible fixed assets +€62,526
up €62,526 (+162.2%), from €38,542 to €101,068
of which Land and buildings: +€73,434
- Stocks and contracts -€50,000
down €50,000 (-76.9%), from €65,000 to €15,000
- Receivables within one year +€17,982
up €17,982 (+14.3%), from €125,509 to €143,491
of which Other amounts receivable: +€66,079
- Reserves +€62,026
up €62,026 (+29.6%), from €209,268 to €271,294
of which Distributable reserves: +€62,026
- Debts after one year +€37,763
up €37,763 (+158.8%), from €23,788 to €61,551
- Trade debts +€6,071
up €6,071 (+137.7%), from €4,410 to €10,481
- Other debts +€5,551
up €5,551 (+533.0%), from €1,041 to €6,592
- Current portion of long-term debt +€5,047
up €5,047 (+58.0%), from €8,707 to €13,753
- Gross operating margin -€16,502
down €16,502 (-17.3%), from €95,359 to €78,857
- Depreciation +€4,825
up €4,825 (+53.6%), from €9,001 to €13,826
- Financial income +€2,500
up €2,500 (+833436.7%), from €0 to €2,501
- Financial charges +€1,880
up €1,880 (+155.7%), from €1,208 to €3,088
- Other operating charges +€987
up €987 (+68.9%), from €1,431 to €2,418
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 | €353,239 | €472,728 | +€119,488 | +33.8% |
| Fixed assets | 21/28 | €39,442 | €101,968 | +€62,526 | +158.5% |
| Tangible fixed assets | 22/27 | €38,542 | €101,068 | +€62,526 | +162.2% |
| Land and buildings | 22 | - | €73,434 | +€73,434 | |
| Furniture and vehicles | 24 | €38,542 | €27,634 | -€10,908 | -28.3% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €313,798 | €370,760 | +€56,962 | +18.2% |
| Stocks and contracts in progress | 3 | €65,000 | €15,000 | -€50,000 | -76.9% |
| Stocks | 30/36 | €65,000 | €15,000 | -€50,000 | -76.9% |
| Amounts receivable within one year | 40/41 | €125,509 | €143,491 | +€17,982 | +14.3% |
| Trade receivables | 40 | €60,362 | €12,265 | -€48,097 | -79.7% |
| Other amounts receivable | 41 | €65,147 | €131,226 | +€66,079 | +101.4% |
| Cash at bank and in hand | 54/58 | €121,136 | €210,016 | +€88,881 | +73.4% |
| Deferred charges and accrued income | 490/1 | €2,153 | €2,252 | +€99 | +4.6% |
| Total equity and liabilities | 10/49 | €353,239 | €472,728 | +€119,488 | +33.8% |
| Equity | 10/15 | €312,294 | €374,319 | +€62,026 | +19.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €209,268 | €271,294 | +€62,026 | +29.6% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €201,768 | €263,794 | +€62,026 | +30.7% |
| Profit (loss) carried forward | 14 | €28,026 | €28,026 | = | 0.0% |
| Amounts payable | 17/49 | €40,946 | €98,408 | +€57,463 | +140.3% |
| Amounts payable after more than one year | 17 | €23,788 | €61,551 | +€37,763 | +158.8% |
| Financial debts | 170/4 | €23,788 | €61,551 | +€37,763 | +158.8% |
| Amounts payable within one year | 42/48 | €17,158 | €36,857 | +€19,699 | +114.8% |
| Current portion of amounts payable after more than one year | 42 | €8,707 | €13,753 | +€5,047 | +58.0% |
| Trade debts | 44 | €4,410 | €10,481 | +€6,071 | +137.7% |
| Suppliers | 440/4 | €4,410 | €10,481 | +€6,071 | +137.7% |
| Taxes, remuneration and social security | 45 | €3,000 | €6,031 | +€3,031 | +101.0% |
| Taxes | 450/3 | €3,000 | €6,031 | +€3,031 | +101.0% |
| Other amounts payable | 47/48 | €1,041 | €6,592 | +€5,551 | +533.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,001 | €13,826 | +€4,825 | +53.6% |
| Other operating charges | 640/8 | €1,431 | €2,418 | +€987 | +68.9% |
| Gross operating margin | 9900 | €95,359 | €78,857 | -€16,502 | -17.3% |
| Operating profit (loss) | 9901 | €84,926 | €62,613 | -€22,313 | -26.3% |
| Financial income | 75/76B | €0 | €2,501 | +€2,500 | +833436.7% |
| Recurring financial income | 75 | €0 | €2,501 | +€2,500 | +833436.7% |
| Financial charges | 65/66B | €1,208 | €3,088 | +€1,880 | +155.7% |
| Recurring financial charges | 65 | €1,208 | €3,088 | +€1,880 | +155.7% |
| Profit (loss) for the period before taxes | 9903 | €83,719 | €62,026 | -€21,693 | -25.9% |
| Profit (loss) for the period | 9904 | €83,719 | €62,026 | -€21,693 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,719 | €62,026 | -€21,693 | -25.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.