Belcorp: 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.
Belcorp
Largest movements
- Tangible fixed assets -€48,810
down €48,810 (-5.4%), from €905,352 to €856,543
of which Furniture and vehicles: -€26,987
- Other debts -€62,269
down €62,269 (-9.3%), from €672,009 to €609,740
- Profit (loss) carried forward +€14,219
up €14,219 (+13.2%), from -€107,442 to -€93,223
- Gross operating margin +€54,917
up €54,917, from -€1,238 to €53,679
- Depreciation -€7,632
down €7,632 (-22.0%), from €34,690 to €27,058
- Other operating charges +€1,447
up €1,447 (+86.5%), from €1,673 to €3,120
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 | €911,070 | €860,767 | -€50,302 | -5.5% |
| Fixed assets | 21/28 | €905,352 | €856,543 | -€48,810 | -5.4% |
| Tangible fixed assets | 22/27 | €905,352 | €856,543 | -€48,810 | -5.4% |
| Land and buildings | 22 | €665,665 | €648,887 | -€16,779 | -2.5% |
| Plant, machinery and equipment | 23 | €93,837 | €90,441 | -€3,396 | -3.6% |
| Furniture and vehicles | 24 | €26,987 | €0 | -€26,987 | -100.0% |
| Other tangible fixed assets | 26 | €118,863 | €117,215 | -€1,648 | -1.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €5,717 | €4,225 | -€1,493 | -26.1% |
| Amounts receivable within one year | 40/41 | €159 | €312 | +€152 | +95.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €159 | €312 | +€152 | +95.4% |
| Cash at bank and in hand | 54/58 | €4,307 | €2,835 | -€1,471 | -34.2% |
| Deferred charges and accrued income | 490/1 | €1,251 | €1,078 | -€173 | -13.9% |
| Total equity and liabilities | 10/49 | €911,070 | €860,767 | -€50,302 | -5.5% |
| Equity | 10/15 | €236,808 | €251,027 | +€14,219 | +6.0% |
| Contributions | 10/11 | €344,250 | €344,250 | = | 0.0% |
| Capital | 10 | €344,250 | €344,250 | = | 0.0% |
| Issued capital | 100 | €344,250 | €344,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€107,442 | -€93,223 | +€14,219 | +13.2% |
| Amounts payable | 17/49 | €674,261 | €609,740 | -€64,521 | -9.6% |
| Amounts payable within one year | 42/48 | €674,261 | €609,740 | -€64,521 | -9.6% |
| Trade debts | 44 | €696 | €0 | -€696 | -100.0% |
| Suppliers | 440/4 | €696 | €0 | -€696 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,556 | €0 | -€1,556 | -100.0% |
| Taxes | 450/3 | €1,556 | €0 | -€1,556 | -100.0% |
| Other amounts payable | 47/48 | €672,009 | €609,740 | -€62,269 | -9.3% |
| Non-recurring operating income | 76A | - | €31,013 | +€31,013 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,690 | €27,058 | -€7,632 | -22.0% |
| Other operating charges | 640/8 | €1,673 | €3,120 | +€1,447 | +86.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€1,238 | €53,679 | +€54,917 | |
| Operating profit (loss) | 9901 | -€37,601 | €23,502 | +€61,103 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €9,804 | €9,283 | -€520 | -5.3% |
| Recurring financial charges | 65 | €9,804 | €9,283 | -€520 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€47,403 | €14,219 | +€61,622 | |
| Profit (loss) for the period | 9904 | -€47,403 | €14,219 | +€61,622 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,403 | €14,219 | +€61,622 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.