BELCOLOR & CONSTRUCT: 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.
BELCOLOR & CONSTRUCT
Largest movements
- Tangible fixed assets +€22,779
up €22,779 (+73.2%), from €31,138 to €53,917
of which Leasing and similar rights: +€26,919
- Cash -€7,711
down €7,711 (-95.8%), from €8,048 to €337
mainly Investment in fixed assets (net) (-€36,273) and Tax, wage and social debts (-€8,349)
- Receivables within one year +€6,247
up €6,247 (+14.5%), from €42,940 to €49,187
of which Trade receivables: +€8,685
- Debts after one year +€20,615
up €20,615 (+139.8%), from €14,750 to €35,365
- Trade debts +€10,263
up €10,263 (+90.8%), from €11,301 to €21,564
- Tax, wage and social debts -€8,349
down €8,349 (-65.5%), from €12,751 to €4,402
of which Remuneration and social security: -€5,900
- Current portion of long-term debt +€5,580
up €5,580 (+85.2%), from €6,546 to €12,126
- Profit (loss) carried forward -€4,436
down €4,436 (-14.9%), from €29,745 to €25,309
- Gross operating margin +€3,073
up €3,073 (+27.9%), from €11,014 to €14,087
- Depreciation -€2,081
down €2,081 (-13.4%), from €15,575 to €13,494
- Financial charges +€300
up €300 (+16.4%), from €1,828 to €2,128
- Taxes -€144
down €144 (-49.5%), from €291 to €147
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 | €86,780 | €109,052 | +€22,272 | +25.7% |
| Fixed assets | 21/28 | €31,228 | €54,007 | +€22,779 | +72.9% |
| Tangible fixed assets | 22/27 | €31,138 | €53,917 | +€22,779 | +73.2% |
| Plant, machinery and equipment | 23 | €6,941 | €4,028 | -€2,913 | -42.0% |
| Furniture and vehicles | 24 | €2,966 | €1,739 | -€1,227 | -41.4% |
| Leasing and similar rights | 25 | €21,231 | €48,150 | +€26,919 | +126.8% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €55,552 | €55,045 | -€507 | -0.9% |
| Amounts receivable within one year | 40/41 | €42,940 | €49,187 | +€6,247 | +14.5% |
| Trade receivables | 40 | €39,856 | €48,541 | +€8,685 | +21.8% |
| Other amounts receivable | 41 | €3,084 | €646 | -€2,438 | -79.1% |
| Cash at bank and in hand | 54/58 | €8,048 | €337 | -€7,711 | -95.8% |
| Deferred charges and accrued income | 490/1 | €4,564 | €5,521 | +€957 | +21.0% |
| Total equity and liabilities | 10/49 | €86,780 | €109,052 | +€22,272 | +25.7% |
| Equity | 10/15 | €37,805 | €33,369 | -€4,436 | -11.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,745 | €25,309 | -€4,436 | -14.9% |
| Amounts payable | 17/49 | €48,975 | €75,683 | +€26,708 | +54.5% |
| Amounts payable after more than one year | 17 | €14,750 | €35,365 | +€20,615 | +139.8% |
| Financial debts | 170/4 | €14,750 | €35,365 | +€20,615 | +139.8% |
| Amounts payable within one year | 42/48 | €33,078 | €40,318 | +€7,240 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €6,546 | €12,126 | +€5,580 | +85.2% |
| Financial debts | 43 | €2,459 | €2,226 | -€233 | -9.5% |
| Credit institutions | 430/8 | €2,459 | €2,226 | -€233 | -9.5% |
| Trade debts | 44 | €11,301 | €21,564 | +€10,263 | +90.8% |
| Suppliers | 440/4 | €11,301 | €21,564 | +€10,263 | +90.8% |
| Taxes, remuneration and social security | 45 | €12,751 | €4,402 | -€8,349 | -65.5% |
| Taxes | 450/3 | €2,851 | €402 | -€2,449 | -85.9% |
| Remuneration and social security | 454/9 | €9,900 | €4,000 | -€5,900 | -59.6% |
| Other amounts payable | 47/48 | €21 | - | -€21 | |
| Accrued charges and deferred income | 492/3 | €1,147 | - | -€1,147 | |
| Non-recurring operating income | 76A | - | €12,151 | +€12,151 | |
| Remuneration, social security and pensions | 62 | €267 | €290 | +€23 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,575 | €13,494 | -€2,081 | -13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€95 | - | +€95 | |
| Other operating charges | 640/8 | €2,387 | €2,482 | +€95 | +4.0% |
| Gross operating margin | 9900 | €11,014 | €14,087 | +€3,073 | +27.9% |
| Operating profit (loss) | 9901 | -€7,120 | -€2,179 | +€4,941 | +69.4% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €1,828 | €2,128 | +€300 | +16.4% |
| Recurring financial charges | 65 | €1,828 | €2,128 | +€300 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,948 | -€4,289 | +€4,659 | +52.1% |
| Income taxes | 67/77 | €291 | €147 | -€144 | -49.5% |
| Profit (loss) for the period | 9904 | -€9,239 | -€4,436 | +€4,803 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,239 | -€4,436 | +€4,803 | +52.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.