Belcotax: 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.
Belcotax
Largest movements
- Receivables within one year +€17,904
up €17,904 (+36.1%), from €49,609 to €67,514
of which Other amounts receivable: +€52,683
- Tangible fixed assets +€8,289
up €8,289 (+2.1%), from €402,503 to €410,792
of which Land and buildings: +€11,343
- Reserves +€90,370
up €90,370 (+82.4%), from €109,655 to €200,025
- Debts after one year -€32,936
down €32,936 (-49.6%), from €66,453 to €33,517
- Profit (loss) carried forward -€20,823
down €20,823 (-10.8%), from €192,193 to €171,370
- Trade debts -€13,145
down €13,145 (-52.1%), from €25,255 to €12,110
- Short-term financial debts +€7,466
up €7,466 (+67.8%), from €11,018 to €18,484
- Taxes +€16,161
up €16,161 (+43.9%), from €36,825 to €52,986
- Gross operating margin -€4,878
down €4,878 (-3.1%), from €158,783 to €153,904
- Financial income +€4,361
up €4,361 (+245.6%), from €1,776 to €6,136
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 | €486,912 | €509,102 | +€22,189 | +4.6% |
| Fixed assets | 21/28 | €403,003 | €410,792 | +€7,789 | +1.9% |
| Tangible fixed assets | 22/27 | €402,503 | €410,792 | +€8,289 | +2.1% |
| Land and buildings | 22 | €384,657 | €396,000 | +€11,343 | +2.9% |
| Plant, machinery and equipment | 23 | €1,808 | €1,374 | -€434 | -24.0% |
| Furniture and vehicles | 24 | €16,038 | €13,418 | -€2,620 | -16.3% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €83,909 | €98,309 | +€14,400 | +17.2% |
| Amounts receivable after more than one year | 29 | €20,713 | €20,710 | -€3 | 0.0% |
| Other amounts receivable | 291 | €20,713 | €20,710 | -€3 | 0.0% |
| Amounts receivable within one year | 40/41 | €49,609 | €67,514 | +€17,904 | +36.1% |
| Trade receivables | 40 | €49,609 | €14,830 | -€34,779 | -70.1% |
| Other amounts receivable | 41 | - | €52,683 | +€52,683 | |
| Cash at bank and in hand | 54/58 | €11,550 | €7,824 | -€3,725 | -32.3% |
| Deferred charges and accrued income | 490/1 | €2,037 | €2,261 | +€224 | +11.0% |
| Total equity and liabilities | 10/49 | €486,912 | €509,102 | +€22,189 | +4.6% |
| Equity | 10/15 | €320,398 | €389,945 | +€69,547 | +21.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €109,655 | €200,025 | +€90,370 | +82.4% |
| Distributable reserves | 133 | €109,655 | €200,025 | +€90,370 | +82.4% |
| Profit (loss) carried forward | 14 | €192,193 | €171,370 | -€20,823 | -10.8% |
| Provisions and deferred taxes | 16 | €7,945 | €7,945 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €7,945 | €7,945 | = | 0.0% |
| Major repairs and maintenance | 162 | €7,945 | €7,945 | = | 0.0% |
| Amounts payable | 17/49 | €158,570 | €111,211 | -€47,358 | -29.9% |
| Amounts payable after more than one year | 17 | €66,453 | €33,517 | -€32,936 | -49.6% |
| Financial debts | 170/4 | €66,453 | €33,517 | -€32,936 | -49.6% |
| Amounts payable within one year | 42/48 | €92,117 | €76,013 | -€16,103 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €37,113 | €36,121 | -€992 | -2.7% |
| Financial debts | 43 | €11,018 | €18,484 | +€7,466 | +67.8% |
| Credit institutions | 430/8 | €11,018 | €18,484 | +€7,466 | +67.8% |
| Trade debts | 44 | €25,255 | €12,110 | -€13,145 | -52.1% |
| Suppliers | 440/4 | €25,255 | €12,110 | -€13,145 | -52.1% |
| Taxes, remuneration and social security | 45 | €13,338 | €9,298 | -€4,040 | -30.3% |
| Taxes | 450/3 | €13,338 | €9,298 | -€4,040 | -30.3% |
| Other amounts payable | 47/48 | €5,392 | - | -€5,392 | |
| Accrued charges and deferred income | 492/3 | - | €1,682 | +€1,682 | |
| Non-recurring operating income | 76A | - | €17,388 | +€17,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,281 | €12,627 | +€1,346 | +11.9% |
| Other operating charges | 640/8 | €1,268 | €869 | -€399 | -31.4% |
| Non-recurring operating charges | 66A | €528 | - | -€528 | |
| Gross operating margin | 9900 | €158,783 | €153,904 | -€4,878 | -3.1% |
| Operating profit (loss) | 9901 | €145,705 | €140,408 | -€5,297 | -3.6% |
| Financial income | 75/76B | €1,776 | €6,136 | +€4,361 | +245.6% |
| Recurring financial income | 75 | €1,776 | €6,136 | +€4,361 | +245.6% |
| Financial charges | 65/66B | €2,771 | €3,178 | +€407 | +14.7% |
| Recurring financial charges | 65 | €2,771 | €3,178 | +€407 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €144,710 | €143,367 | -€1,344 | -0.9% |
| Income taxes | 67/77 | €36,825 | €52,986 | +€16,161 | +43.9% |
| Profit (loss) for the period | 9904 | €107,885 | €90,380 | -€17,505 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €107,885 | €90,380 | -€17,505 | -16.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.