BELCORPS: 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.
BELCORPS
Largest movements
- Cash -€5,786
down €5,786 (-96.9%), from €5,973 to €187
mainly Other debts (-€9,385) and Receivables within one year (-€4,169)
- Receivables within one year +€4,169
up €4,169 (+272.4%), from €1,531 to €5,700
of which Trade receivables: +€4,151
- Tangible fixed assets +€118
up €118 (+9.1%), from €1,291 to €1,409
- Other debts -€9,385
no longer reported in 2025 (was €9,385)
- Profit (loss) carried forward +€4,726
up €4,726, from -€4,141 to €585
- Trade debts +€2,662
up €2,662 (+373.1%), from €713 to €3,375
- Tax, wage and social debts +€570
up €570 (+68.1%), from €837 to €1,407
- Depreciation -€667
down €667 (-49.8%), from €1,339 to €672
- Gross operating margin +€608
up €608 (+11.7%), from €5,184 to €5,792
- Other operating charges +€200
new in 2025: €200
- Financial charges -€98
down €98 (-33.5%), from €292 to €194
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 | €8,795 | €7,367 | -€1,427 | -16.2% |
| Fixed assets | 21/28 | €1,291 | €1,409 | +€118 | +9.1% |
| Tangible fixed assets | 22/27 | €1,291 | €1,409 | +€118 | +9.1% |
| Furniture and vehicles | 24 | €1,291 | €1,409 | +€118 | +9.1% |
| Current assets | 29/58 | €7,503 | €5,958 | -€1,545 | -20.6% |
| Amounts receivable within one year | 40/41 | €1,531 | €5,700 | +€4,169 | +272.4% |
| Trade receivables | 40 | €1,531 | €5,681 | +€4,151 | +271.2% |
| Other amounts receivable | 41 | - | €19 | +€19 | |
| Cash at bank and in hand | 54/58 | €5,973 | €187 | -€5,786 | -96.9% |
| Deferred charges and accrued income | 490/1 | - | €71 | +€71 | |
| Total equity and liabilities | 10/49 | €8,795 | €7,367 | -€1,427 | -16.2% |
| Equity | 10/15 | -€2,141 | €2,585 | +€4,726 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,141 | €585 | +€4,726 | |
| Amounts payable | 17/49 | €10,935 | €4,782 | -€6,153 | -56.3% |
| Amounts payable within one year | 42/48 | €10,935 | €4,782 | -€6,153 | -56.3% |
| Trade debts | 44 | €713 | €3,375 | +€2,662 | +373.1% |
| Suppliers | 440/4 | €713 | €3,375 | +€2,662 | +373.1% |
| Taxes, remuneration and social security | 45 | €837 | €1,407 | +€570 | +68.1% |
| Taxes | 450/3 | €837 | €1,407 | +€570 | +68.1% |
| Other amounts payable | 47/48 | €9,385 | - | -€9,385 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,339 | €672 | -€667 | -49.8% |
| Other operating charges | 640/8 | - | €200 | +€200 | |
| Gross operating margin | 9900 | €5,184 | €5,792 | +€608 | +11.7% |
| Operating profit (loss) | 9901 | €3,845 | €4,920 | +€1,075 | +28.0% |
| Financial charges | 65/66B | €292 | €194 | -€98 | -33.5% |
| Recurring financial charges | 65 | €292 | €194 | -€98 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €3,553 | €4,726 | +€1,173 | +33.0% |
| Profit (loss) for the period | 9904 | €3,553 | €4,726 | +€1,173 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,553 | €4,726 | +€1,173 | +33.0% |
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 4 October 2026 via checked.be.