Belcopets: 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.
Belcopets
Largest movements
- Stocks and contracts -€21,130
down €21,130 (-87.8%), from €24,062 to €2,932
- Receivables within one year +€18,554
up €18,554 (+1,364%), from €1,360 to €19,914
of which Trade receivables: +€13,432
- Cash -€13,999
down €13,999 (-68.5%), from €20,438 to €6,439
mainly Short-term financial debts (-€158,570) and Net result for the year (-€99,964)
- Tangible fixed assets -€3,902
down €3,902 (-37.5%), from €10,392 to €6,490
of which Plant, machinery and equipment: -€2,775
- Deferred charges and accrued income +€2,914
up €2,914, from €0 to €2,914
- Contributions +€275,000
up €275,000 (+367%), from €75,000 to €350,000
- Short-term financial debts -€158,570
down €158,570 (-99.1%), from €160,000 to €1,430
of which Other loans: -€160,000
- Profit (loss) carried forward -€99,964
down €99,964 (-38.0%), from -€262,808 to -€362,772
- Debts after one year -€78,604
down €78,604 (-98.3%), from €80,000 to €1,396
of which Financial debts: -€43,604
- Trade debts +€31,237
up €31,237 (+576%), from €5,427 to €36,664
- Financial charges -€6,430
down €6,430 (-37.1%), from €17,318 to €10,889
- Other operating charges +€2,701
up €2,701 (+368%), from €735 to €3,436
- Taxes +€1,147
up €1,147 (+664%), from €173 to €1,320
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 | €61,542 | €41,855 | -€19,687 | -32.0% |
| Formation expenses | 20 | €1,788 | €1,048 | -€740 | -41.4% |
| Fixed assets | 21/28 | €13,893 | €8,608 | -€5,285 | -38.0% |
| Intangible fixed assets | 21 | €2,767 | €1,383 | -€1,383 | -50.0% |
| Tangible fixed assets | 22/27 | €10,392 | €6,490 | -€3,902 | -37.5% |
| Plant, machinery and equipment | 23 | €8,928 | €6,154 | -€2,775 | -31.1% |
| Furniture and vehicles | 24 | €1,463 | €336 | -€1,127 | -77.0% |
| Financial fixed assets | 28 | €735 | €735 | = | 0.0% |
| Current assets | 29/58 | €45,860 | €32,198 | -€13,662 | -29.8% |
| Stocks and contracts in progress | 3 | €24,062 | €2,932 | -€21,130 | -87.8% |
| Stocks | 30/36 | €24,062 | €2,932 | -€21,130 | -87.8% |
| Amounts receivable within one year | 40/41 | €1,360 | €19,914 | +€18,554 | +1,364% |
| Trade receivables | 40 | €298 | €13,729 | +€13,432 | +4,513% |
| Other amounts receivable | 41 | €1,063 | €6,185 | +€5,122 | +482% |
| Cash at bank and in hand | 54/58 | €20,438 | €6,439 | -€13,999 | -68.5% |
| Deferred charges and accrued income | 490/1 | €0 | €2,914 | +€2,914 | |
| Total equity and liabilities | 10/49 | €61,542 | €41,855 | -€19,687 | -32.0% |
| Equity | 10/15 | -€187,808 | -€12,772 | +€175,036 | +93.2% |
| Contributions | 10/11 | €75,000 | €350,000 | +€275,000 | +367% |
| Profit (loss) carried forward | 14 | -€262,808 | -€362,772 | -€99,964 | -38.0% |
| Amounts payable | 17/49 | €249,350 | €54,627 | -€194,723 | -78.1% |
| Amounts payable after more than one year | 17 | €80,000 | €1,396 | -€78,604 | -98.3% |
| Financial debts | 170/4 | €45,000 | €1,396 | -€43,604 | -96.9% |
| Other amounts payable | 178/9 | €35,000 | €0 | -€35,000 | -100% |
| Amounts payable within one year | 42/48 | €169,350 | €53,231 | -€116,119 | -68.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,271 | +€9,271 | |
| Financial debts | 43 | €160,000 | €1,430 | -€158,570 | -99.1% |
| Credit institutions | 430/8 | €0 | €1,430 | +€1,430 | |
| Other loans | 439 | €160,000 | €0 | -€160,000 | -100% |
| Trade debts | 44 | €5,427 | €36,664 | +€31,237 | +576% |
| Suppliers | 440/4 | €5,427 | €36,664 | +€31,237 | +576% |
| Taxes, remuneration and social security | 45 | €1,744 | €1,170 | -€574 | -32.9% |
| Taxes | 450/3 | €1,744 | €1,170 | -€574 | -32.9% |
| Other amounts payable | 47/48 | €2,178 | €4,696 | +€2,518 | +116% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,488 | €6,025 | -€463 | -7.1% |
| Other operating charges | 640/8 | €735 | €3,436 | +€2,701 | +368% |
| Non-recurring operating charges | 66A | - | €15,671 | +€15,671 | |
| Gross operating margin | 9900 | -€62,948 | -€63,041 | -€93 | -0.1% |
| Operating profit (loss) | 9901 | -€70,171 | -€88,173 | -€18,002 | -25.7% |
| Financial income | 75/76B | €0 | €418 | +€418 | |
| Recurring financial income | 75 | €0 | €418 | +€418 | |
| Financial charges | 65/66B | €17,318 | €10,889 | -€6,430 | -37.1% |
| Recurring financial charges | 65 | €17,318 | €10,889 | -€6,430 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | -€87,489 | -€98,644 | -€11,155 | -12.7% |
| Income taxes | 67/77 | €173 | €1,320 | +€1,147 | +664% |
| Profit (loss) for the period | 9904 | -€87,662 | -€99,964 | -€12,302 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,662 | -€99,964 | -€12,302 | -14.0% |
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 17 October 2026 via checked.be.