BELCONEX: 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.
BELCONEX
Largest movements
- Tangible fixed assets -€13,483
down €13,483 (-9.3%), from €145,193 to €131,709
of which Land and buildings: -€10,717
- Receivables within one year -€2,884
down €2,884 (-29.9%), from €9,653 to €6,770
of which Trade receivables: -€1,684
- Cash +€1,967
up €1,967 (+32.3%), from €6,091 to €8,059
mainly Depreciation (+€13,483) and Receivables within one year (+€2,884)
- Tax, wage and social debts -€7,879
down €7,879 (-84.8%), from €9,290 to €1,411
of which Remuneration and social security: -€7,750
- Trade debts -€3,491
down €3,491 (-85.0%), from €4,106 to €615
- Profit (loss) carried forward -€2,122
down €2,122, from €124 to -€1,998
- Gross operating margin +€9,729
up €9,729 (+241.9%), from €4,023 to €13,752
- Depreciation +€437
up €437 (+3.4%), from €13,046 to €13,483
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 | €162,384 | €148,899 | -€13,485 | -8.3% |
| Fixed assets | 21/28 | €145,193 | €131,709 | -€13,483 | -9.3% |
| Tangible fixed assets | 22/27 | €145,193 | €131,709 | -€13,483 | -9.3% |
| Land and buildings | 22 | €122,645 | €111,928 | -€10,717 | -8.7% |
| Plant, machinery and equipment | 23 | €7,053 | €5,504 | -€1,549 | -22.0% |
| Furniture and vehicles | 24 | €818 | €518 | -€300 | -36.6% |
| Other tangible fixed assets | 26 | €14,676 | €13,759 | -€917 | -6.2% |
| Current assets | 29/58 | €17,191 | €17,189 | -€2 | 0.0% |
| Stocks and contracts in progress | 3 | €1,447 | €1,525 | +€78 | +5.4% |
| Stocks | 30/36 | €1,447 | €1,525 | +€78 | +5.4% |
| Amounts receivable within one year | 40/41 | €9,653 | €6,770 | -€2,884 | -29.9% |
| Trade receivables | 40 | €5,022 | €3,338 | -€1,684 | -33.5% |
| Other amounts receivable | 41 | €4,631 | €3,431 | -€1,200 | -25.9% |
| Cash at bank and in hand | 54/58 | €6,091 | €8,059 | +€1,967 | +32.3% |
| Deferred charges and accrued income | 490/1 | - | €836 | +€836 | |
| Total equity and liabilities | 10/49 | €162,384 | €148,899 | -€13,485 | -8.3% |
| Equity | 10/15 | €128,715 | €126,593 | -€2,122 | -1.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €109,999 | €109,999 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €108,140 | €108,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124 | -€1,998 | -€2,122 | |
| Amounts payable | 17/49 | €33,669 | €22,306 | -€11,363 | -33.7% |
| Amounts payable within one year | 42/48 | €33,669 | €22,306 | -€11,363 | -33.7% |
| Trade debts | 44 | €4,106 | €615 | -€3,491 | -85.0% |
| Suppliers | 440/4 | €4,106 | €615 | -€3,491 | -85.0% |
| Taxes, remuneration and social security | 45 | €9,290 | €1,411 | -€7,879 | -84.8% |
| Taxes | 450/3 | €1,540 | €1,411 | -€129 | -8.4% |
| Remuneration and social security | 454/9 | €7,750 | - | -€7,750 | |
| Other amounts payable | 47/48 | €20,273 | €20,280 | +€7 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,046 | €13,483 | +€437 | +3.4% |
| Other operating charges | 640/8 | €2,131 | €2,199 | +€68 | +3.2% |
| Gross operating margin | 9900 | €4,023 | €13,752 | +€9,729 | +241.9% |
| Operating profit (loss) | 9901 | -€11,154 | -€1,930 | +€9,225 | +82.7% |
| Financial income | 75/76B | €42 | €32 | -€10 | -24.6% |
| Recurring financial income | 75 | €42 | €32 | -€10 | -24.6% |
| Financial charges | 65/66B | €65 | €78 | +€13 | +20.0% |
| Recurring financial charges | 65 | €65 | €78 | +€13 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,177 | -€1,976 | +€9,201 | +82.3% |
| Income taxes | 67/77 | €156 | €146 | -€10 | -6.6% |
| Profit (loss) for the period | 9904 | -€11,333 | -€2,122 | +€9,211 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,333 | -€2,122 | +€9,211 | +81.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.