BELCOM: 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.
BELCOM
Largest movements
- Tangible fixed assets -€58,975
down €58,975 (-4.6%), from €1.3m to €1.2m
of which Land and buildings: -€32,650
- Receivables within one year +€52,829
up €52,829 (+15.8%), from €334,279 to €387,109
- Other debts +€82,971
up €82,971 (+14.8%), from €561,355 to €644,326
- Advances received -€75,873
no longer reported in 2025 (was €75,873)
- Debts after one year -€57,000
down €57,000 (-7.0%), from €808,708 to €751,708
- Tax, wage and social debts +€20,534
up €20,534 (+136.4%), from €15,049 to €35,583
of which Remuneration and social security: +€12,130
- Profit (loss) carried forward +€18,557
up €18,557 (+8.3%), from €224,011 to €242,568
- Gross operating margin +€42,179
up €42,179 (+46.8%), from €90,040 to €132,219
- Taxes +€20,225
up €20,225 (+1519.2%), from €1,331 to €21,556
- Other operating charges +€4,341
up €4,341 (+1006.6%), from €431 to €4,772
- Financial charges +€3,614
up €3,614 (+14.6%), from €24,745 to €28,359
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 | €1,816,852 | €1,810,866 | -€5,986 | -0.3% |
| Fixed assets | 21/28 | €1,329,240 | €1,271,065 | -€58,175 | -4.4% |
| Tangible fixed assets | 22/27 | €1,294,117 | €1,235,143 | -€58,975 | -4.6% |
| Land and buildings | 22 | €1,090,706 | €1,058,055 | -€32,650 | -3.0% |
| Plant, machinery and equipment | 23 | €203,412 | €177,087 | -€26,324 | -12.9% |
| Financial fixed assets | 28 | €35,123 | €35,923 | +€800 | +2.3% |
| Current assets | 29/58 | €487,612 | €539,801 | +€52,188 | +10.7% |
| Stocks and contracts in progress | 3 | €151,444 | €151,444 | = | 0.0% |
| Stocks | 30/36 | €151,444 | €151,444 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €334,279 | €387,109 | +€52,829 | +15.8% |
| Trade receivables | 40 | €334,279 | €387,109 | +€52,829 | +15.8% |
| Cash at bank and in hand | 54/58 | €1,889 | €1,248 | -€641 | -33.9% |
| Total equity and liabilities | 10/49 | €1,816,852 | €1,810,866 | -€5,986 | -0.3% |
| Equity | 10/15 | €238,371 | €256,928 | +€18,557 | +7.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €224,011 | €242,568 | +€18,557 | +8.3% |
| Amounts payable | 17/49 | €1,578,481 | €1,553,938 | -€24,543 | -1.6% |
| Amounts payable after more than one year | 17 | €808,708 | €751,708 | -€57,000 | -7.0% |
| Financial debts | 170/4 | €808,708 | €751,708 | -€57,000 | -7.0% |
| Amounts payable within one year | 42/48 | €769,773 | €802,230 | +€32,457 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €60,707 | €72,590 | +€11,883 | +19.6% |
| Trade debts | 44 | €56,789 | €49,731 | -€7,058 | -12.4% |
| Suppliers | 440/4 | €56,789 | €49,731 | -€7,058 | -12.4% |
| Advances received on contracts in progress | 46 | €75,873 | - | -€75,873 | |
| Taxes, remuneration and social security | 45 | €15,049 | €35,583 | +€20,534 | +136.4% |
| Taxes | 450/3 | €15,049 | €23,453 | +€8,404 | +55.8% |
| Remuneration and social security | 454/9 | - | €12,130 | +€12,130 | |
| Other amounts payable | 47/48 | €561,355 | €644,326 | +€82,971 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,975 | €58,975 | = | 0.0% |
| Other operating charges | 640/8 | €431 | €4,772 | +€4,341 | +1006.6% |
| Gross operating margin | 9900 | €90,040 | €132,219 | +€42,179 | +46.8% |
| Operating profit (loss) | 9901 | €30,634 | €68,472 | +€37,838 | +123.5% |
| Financial charges | 65/66B | €24,745 | €28,359 | +€3,614 | +14.6% |
| Recurring financial charges | 65 | €24,745 | €28,359 | +€3,614 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €5,889 | €40,113 | +€34,225 | +581.2% |
| Income taxes | 67/77 | €1,331 | €21,556 | +€20,225 | +1519.2% |
| Profit (loss) for the period | 9904 | €4,557 | €18,557 | +€14,000 | +307.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,557 | €18,557 | +€14,000 | +307.2% |
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 6 October 2026 via checked.be.