BELCOMAT: 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.
BELCOMAT
Largest movements
- Receivables within one year +€78,796
up €78,796 (+18.7%), from €420,451 to €499,246
of which Other amounts receivable: +€72,709
- Cash +€25,328
up €25,328 (+65.0%), from €38,955 to €64,283
mainly Net result for the year (+€76,036) and Trade debts (+€30,681)
- Profit (loss) carried forward +€76,036
up €76,036 (+26.1%), from €291,446 to €367,482
- Trade debts +€30,681
up €30,681 (+23.8%), from €128,881 to €159,562
- Tax, wage and social debts +€12,240
up €12,240 (+32.8%), from €37,349 to €49,589
of which Taxes: +€17,343
- Other debts -€10,000
down €10,000 (-35.7%), from €28,030 to €18,030
- Current portion of long-term debt -€6,887
down €6,887 (-100%), from €6,887 to €0
- Depreciation -€5,081
down €5,081 (-92.2%), from €5,513 to €433
- Staff costs -€2,541
down €2,541 (-2.0%), from €129,746 to €127,204
- Financial income +€2,330
up €2,330 (+12.8%), from €18,234 to €20,563
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 | €514,593 | €616,663 | +€102,070 | +19.8% |
| Fixed assets | 21/28 | €11,343 | €11,949 | +€605 | +5.3% |
| Tangible fixed assets | 22/27 | €11,343 | €11,949 | +€605 | +5.3% |
| Furniture and vehicles | 24 | €1,077 | €11,949 | +€10,872 | +1,010% |
| Leasing and similar rights | 25 | €10,266 | €0 | -€10,266 | -100% |
| Current assets | 29/58 | €503,250 | €604,715 | +€101,465 | +20.2% |
| Stocks and contracts in progress | 3 | €24,637 | €19,586 | -€5,050 | -20.5% |
| Stocks | 30/36 | €24,637 | €19,586 | -€5,050 | -20.5% |
| Amounts receivable within one year | 40/41 | €420,451 | €499,246 | +€78,796 | +18.7% |
| Trade receivables | 40 | €59,368 | €65,454 | +€6,087 | +10.3% |
| Other amounts receivable | 41 | €361,083 | €433,792 | +€72,709 | +20.1% |
| Cash at bank and in hand | 54/58 | €38,955 | €64,283 | +€25,328 | +65.0% |
| Deferred charges and accrued income | 490/1 | €19,207 | €21,599 | +€2,391 | +12.5% |
| Total equity and liabilities | 10/49 | €514,593 | €616,663 | +€102,070 | +19.8% |
| Equity | 10/15 | €313,446 | €389,482 | +€76,036 | +24.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €291,446 | €367,482 | +€76,036 | +26.1% |
| Amounts payable | 17/49 | €201,147 | €227,181 | +€26,034 | +12.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €201,147 | €227,181 | +€26,034 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €6,887 | €0 | -€6,887 | -100% |
| Trade debts | 44 | €128,881 | €159,562 | +€30,681 | +23.8% |
| Suppliers | 440/4 | €128,881 | €159,562 | +€30,681 | +23.8% |
| Taxes, remuneration and social security | 45 | €37,349 | €49,589 | +€12,240 | +32.8% |
| Taxes | 450/3 | €18,629 | €35,973 | +€17,343 | +93.1% |
| Remuneration and social security | 454/9 | €18,720 | €13,616 | -€5,103 | -27.3% |
| Other amounts payable | 47/48 | €28,030 | €18,030 | -€10,000 | -35.7% |
| Remuneration, social security and pensions | 62 | €129,746 | €127,204 | -€2,541 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,513 | €433 | -€5,081 | -92.2% |
| Other operating charges | 640/8 | €3,966 | €4,153 | +€187 | +4.7% |
| Gross operating margin | 9900 | €218,034 | €217,124 | -€910 | -0.4% |
| Operating profit (loss) | 9901 | €78,809 | €85,334 | +€6,525 | +8.3% |
| Financial income | 75/76B | €18,234 | €20,563 | +€2,330 | +12.8% |
| Recurring financial income | 75 | €18,234 | €20,563 | +€2,330 | +12.8% |
| Financial charges | 65/66B | €1,219 | €3,026 | +€1,807 | +148% |
| Recurring financial charges | 65 | €1,219 | €3,026 | +€1,807 | +148% |
| Profit (loss) for the period before taxes | 9903 | €95,823 | €102,871 | +€7,048 | +7.4% |
| Income taxes | 67/77 | €25,791 | €26,834 | +€1,044 | +4.0% |
| Profit (loss) for the period | 9904 | €70,032 | €76,036 | +€6,004 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,032 | €76,036 | +€6,004 | +8.6% |
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 25 October 2026 via checked.be.