BelCoPhar: 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.
BelCoPhar
Largest movements
- Cash +€44,447
up €44,447 (+62.2%), from €71,425 to €115,872
mainly Net result for the year (+€28,535) and Receivables within one year (+€22,560)
- Receivables within one year -€22,560
down €22,560 (-35.8%), from €62,940 to €40,380
of which Trade receivables: -€23,513
- Deferred charges and accrued income +€10,389
new in 2025: €10,389
- Tangible fixed assets -€4,245
down €4,245 (-6.8%), from €62,071 to €57,826
of which Furniture and vehicles: -€13,316
- Profit (loss) carried forward +€28,535
up €28,535 (+20.1%), from €141,892 to €170,428
- Tax, wage and social debts -€11,141
down €11,141 (-23.5%), from €47,371 to €36,230
- Trade debts +€8,167
up €8,167 (+697%), from €1,172 to €9,340
- Accrued charges and deferred income +€2,470
new in 2025: €2,470
- Gross operating margin -€25,465
down €25,465 (-30.9%), from €82,338 to €56,874
- Depreciation +€9,851
up €9,851 (+218%), from €4,510 to €14,362
- Taxes -€9,792
down €9,792 (-51.1%), from €19,148 to €9,356
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 | €196,436 | €224,468 | +€28,031 | +14.3% |
| Fixed assets | 21/28 | €62,071 | €57,826 | -€4,245 | -6.8% |
| Tangible fixed assets | 22/27 | €62,071 | €57,826 | -€4,245 | -6.8% |
| Plant, machinery and equipment | 23 | - | €9,072 | +€9,072 | |
| Furniture and vehicles | 24 | €62,071 | €48,755 | -€13,316 | -21.5% |
| Current assets | 29/58 | €134,365 | €166,641 | +€32,276 | +24.0% |
| Amounts receivable within one year | 40/41 | €62,940 | €40,380 | -€22,560 | -35.8% |
| Trade receivables | 40 | €60,921 | €37,408 | -€23,513 | -38.6% |
| Other amounts receivable | 41 | €2,019 | €2,972 | +€953 | +47.2% |
| Cash at bank and in hand | 54/58 | €71,425 | €115,872 | +€44,447 | +62.2% |
| Deferred charges and accrued income | 490/1 | - | €10,389 | +€10,389 | |
| Total equity and liabilities | 10/49 | €196,436 | €224,468 | +€28,031 | +14.3% |
| Equity | 10/15 | €147,892 | €176,428 | +€28,535 | +19.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €141,892 | €170,428 | +€28,535 | +20.1% |
| Amounts payable | 17/49 | €48,544 | €48,040 | -€504 | -1.0% |
| Amounts payable within one year | 42/48 | €48,544 | €45,570 | -€2,974 | -6.1% |
| Trade debts | 44 | €1,172 | €9,340 | +€8,167 | +697% |
| Suppliers | 440/4 | €1,172 | €9,340 | +€8,167 | +697% |
| Taxes, remuneration and social security | 45 | €47,371 | €36,230 | -€11,141 | -23.5% |
| Taxes | 450/3 | €47,371 | €36,230 | -€11,141 | -23.5% |
| Accrued charges and deferred income | 492/3 | - | €2,470 | +€2,470 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,510 | €14,362 | +€9,851 | +218% |
| Other operating charges | 640/8 | €687 | €624 | -€63 | -9.2% |
| Non-recurring operating charges | 66A | - | €3,540 | +€3,540 | |
| Gross operating margin | 9900 | €82,338 | €56,874 | -€25,465 | -30.9% |
| Operating profit (loss) | 9901 | €77,141 | €38,348 | -€38,793 | -50.3% |
| Financial income | 75/76B | €30 | €121 | +€91 | +304% |
| Recurring financial income | 75 | €30 | €121 | +€91 | +304% |
| Financial charges | 65/66B | €743 | €578 | -€164 | -22.1% |
| Recurring financial charges | 65 | €743 | €578 | -€164 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €76,428 | €37,891 | -€38,537 | -50.4% |
| Income taxes | 67/77 | €19,148 | €9,356 | -€9,792 | -51.1% |
| Profit (loss) for the period | 9904 | €57,280 | €28,535 | -€28,745 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,280 | €28,535 | -€28,745 | -50.2% |
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 14 October 2026 via checked.be.