BELCOLEX: 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.
BELCOLEX
Largest movements
- Cash +€23,888
up €23,888 (+17.3%), from €138,220 to €162,108
mainly Other debts (+€126,840) and Net result for the year (+€79,828)
- Other debts +€126,840
up €126,840 (+558%), from €22,725 to €149,565
- Reserves -€83,689
down €83,689 (-100%), from €83,689 to €0
- Tax, wage and social debts -€26,052
down €26,052 (-68.3%), from €38,125 to €12,073
- Advances received +€3,434
new in 2025: €3,434
- Gross operating margin +€25,070
up €25,070 (+31.6%), from €79,455 to €104,525
- Taxes +€5,359
up €5,359 (+33.2%), from €16,162 to €21,521
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 | €148,295 | €169,807 | +€21,512 | +14.5% |
| Fixed assets | 21/28 | €3,297 | €2,019 | -€1,278 | -38.8% |
| Tangible fixed assets | 22/27 | €3,297 | €2,019 | -€1,278 | -38.8% |
| Plant, machinery and equipment | 23 | €1,885 | €1,120 | -€765 | -40.6% |
| Furniture and vehicles | 24 | €1,412 | €899 | -€513 | -36.3% |
| Current assets | 29/58 | €144,998 | €167,788 | +€22,790 | +15.7% |
| Amounts receivable within one year | 40/41 | €4,786 | €3,213 | -€1,573 | -32.9% |
| Trade receivables | 40 | - | €2,089 | +€2,089 | |
| Other amounts receivable | 41 | €4,786 | €1,124 | -€3,662 | -76.5% |
| Cash at bank and in hand | 54/58 | €138,220 | €162,108 | +€23,888 | +17.3% |
| Deferred charges and accrued income | 490/1 | €1,992 | €2,467 | +€475 | +23.9% |
| Total equity and liabilities | 10/49 | €148,295 | €169,807 | +€21,512 | +14.5% |
| Equity | 10/15 | €85,189 | €1,500 | -€83,689 | -98.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €83,689 | €0 | -€83,689 | -100% |
| Distributable reserves | 133 | €83,689 | €0 | -€83,689 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €63,105 | €168,307 | +€105,202 | +167% |
| Amounts payable within one year | 42/48 | €63,105 | €168,307 | +€105,202 | +167% |
| Trade debts | 44 | €2,255 | €3,235 | +€979 | +43.4% |
| Suppliers | 440/4 | €2,255 | €3,235 | +€979 | +43.4% |
| Advances received on contracts in progress | 46 | - | €3,434 | +€3,434 | |
| Taxes, remuneration and social security | 45 | €38,125 | €12,073 | -€26,052 | -68.3% |
| Taxes | 450/3 | €38,125 | €12,073 | -€26,052 | -68.3% |
| Other amounts payable | 47/48 | €22,725 | €149,565 | +€126,840 | +558% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €538 | €1,278 | +€741 | +138% |
| Other operating charges | 640/8 | €905 | €679 | -€226 | -25.0% |
| Gross operating margin | 9900 | €79,455 | €104,525 | +€25,070 | +31.6% |
| Operating profit (loss) | 9901 | €78,013 | €102,568 | +€24,555 | +31.5% |
| Financial income | 75/76B | €0 | €14 | +€14 | |
| Recurring financial income | 75 | €0 | €14 | +€14 | |
| Financial charges | 65/66B | €1,579 | €1,232 | -€347 | -21.9% |
| Recurring financial charges | 65 | €1,579 | €1,232 | -€347 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €76,434 | €101,349 | +€24,915 | +32.6% |
| Income taxes | 67/77 | €16,162 | €21,521 | +€5,359 | +33.2% |
| Profit (loss) for the period | 9904 | €60,273 | €79,828 | +€19,556 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,273 | €79,828 | +€19,556 | +32.4% |
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 24 October 2026 via checked.be.