Belcool: 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.
Belcool
Largest movements
- Receivables within one year -€719,989
down €719,989 (-49.8%), from €1.4m to €726,919
of which Trade receivables: -€719,989
- Cash -€18,015
down €18,015 (-63.1%), from €28,557 to €10,542
mainly Trade debts (-€727,422) and Debts after one year (-€67,254)
- Trade debts -€727,422
down €727,422 (-96.5%), from €753,980 to €26,558
- Debts after one year -€67,254
no longer reported in 2025 (was €67,254)
- Reserves +€38,593
up €38,593 (+10.8%), from €356,433 to €395,026
of which Distributable reserves: +€38,593
- Other operating charges -€15,429
down €15,429 (-90.0%), from €17,136 to €1,707
- Taxes +€6,343
up €6,343 (+70.6%), from €8,990 to €15,333
- Depreciation -€5,902
down €5,902 (-29.9%), from €19,767 to €13,866
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 | €1,601,263 | €851,366 | -€749,897 | -46.8% |
| Fixed assets | 21/28 | €123,721 | €111,976 | -€11,745 | -9.5% |
| Tangible fixed assets | 22/27 | €121,221 | €109,476 | -€11,745 | -9.7% |
| Plant, machinery and equipment | 23 | €42,891 | €34,148 | -€8,743 | -20.4% |
| Furniture and vehicles | 24 | €894 | €82 | -€812 | -90.8% |
| Other tangible fixed assets | 26 | €77,435 | €75,245 | -€2,190 | -2.8% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €1,477,542 | €739,390 | -€738,152 | -50.0% |
| Amounts receivable within one year | 40/41 | €1,446,908 | €726,919 | -€719,989 | -49.8% |
| Trade receivables | 40 | €901,395 | €181,406 | -€719,989 | -79.9% |
| Other amounts receivable | 41 | €545,513 | €545,513 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,557 | €10,542 | -€18,015 | -63.1% |
| Deferred charges and accrued income | 490/1 | €2,077 | €1,929 | -€148 | -7.1% |
| Total equity and liabilities | 10/49 | €1,601,263 | €851,366 | -€749,897 | -46.8% |
| Equity | 10/15 | €756,433 | €795,026 | +€38,593 | +5.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €356,433 | €395,026 | +€38,593 | +10.8% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €316,433 | €355,026 | +€38,593 | +12.2% |
| Amounts payable | 17/49 | €844,829 | €56,339 | -€788,490 | -93.3% |
| Amounts payable after more than one year | 17 | €67,254 | - | -€67,254 | |
| Other amounts payable | 178/9 | €67,254 | - | -€67,254 | |
| Amounts payable within one year | 42/48 | €777,576 | €56,339 | -€721,236 | -92.8% |
| Trade debts | 44 | €753,980 | €26,558 | -€727,422 | -96.5% |
| Suppliers | 440/4 | €753,980 | €26,558 | -€727,422 | -96.5% |
| Taxes, remuneration and social security | 45 | €23,595 | €29,781 | +€6,186 | +26.2% |
| Taxes | 450/3 | €17,284 | €23,470 | +€6,186 | +35.8% |
| Remuneration and social security | 454/9 | €6,312 | €6,312 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €228 | €232 | +€4 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,767 | €13,866 | -€5,902 | -29.9% |
| Other operating charges | 640/8 | €17,136 | €1,707 | -€15,429 | -90.0% |
| Gross operating margin | 9900 | €69,478 | €70,051 | +€573 | +0.8% |
| Operating profit (loss) | 9901 | €32,347 | €54,247 | +€21,900 | +67.7% |
| Financial income | 75/76B | €74 | - | -€74 | |
| Recurring financial income | 75 | €74 | - | -€74 | |
| Financial charges | 65/66B | €300 | €321 | +€22 | +7.2% |
| Recurring financial charges | 65 | €300 | €321 | +€22 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €32,122 | €53,926 | +€21,804 | +67.9% |
| Income taxes | 67/77 | €8,990 | €15,333 | +€6,343 | +70.6% |
| Profit (loss) for the period | 9904 | €23,132 | €38,593 | +€15,461 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,132 | €38,593 | +€15,461 | +66.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.