BELCOTEC: 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.
What changed
BELCOTEC
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.1m-€42,713
Equity
€7.2m
2024 · €6.2m+€1.0m
Cash
€3.3m
2024 · €2.3m+€1.0m
Balance sheet total
€26.2m
2024 · €25.4m+€841,911
Largest movements
Assets
- Cash +€1.0m
up €1.0m (+44.4%), from €2.3m to €3.3m
mainly Other debts (+€1.2m) and Net result for the year (+€1.0m)
Equity and liabilities
- Other debts +€1.2m
up €1.2m (+51097.5%), from €2,411 to €1.2m
- Trade debts -€1.1m
down €1.1m (-16.0%), from €6.7m to €5.6m
- Reserves +€1.0m
up €1.0m (+17.0%), from €6.1m to €7.1m
of which Distributable reserves: +€1.0m
- Debts after one year -€332,987
down €332,987 (-3.5%), from €9.4m to €9.1m
Income statement
- Goods and materials -€2.2m
down €2.2m (-7.9%), from €27.3m to €25.2m
of which Purchases: -€2.0m
- Staff costs +€738,537
up €738,537 (+9.7%), from €7.6m to €8.3m
- Turnover -€587,483
down €587,483 (-1.5%), from €39.4m to €38.8m
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.
Result 2024
€1.1m
Turnover
-€587,483
Other operating income
+€338,312
Goods and materials
+€2.2m
Services and other goods
-€243,606
Staff costs
-€738,537
Depreciation
-€66,645
Other operating charges
-€24,120
Other operating items
-€544,539
Financial income
-€18,693
Financial charges
-€347,045
Taxes
+€23,702
Result 2025
€1.0m
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.
From operations
+€2.3m
Investment
-€774,237
Financing
-€498,525
Cash 2024
€2.3m
From operations (derived)
+€2.3m
Net result for the year
+€1.0m
Depreciation
+€643,444
Stocks and contracts
+€73,716
Receivables within one year
+€214,540
Deferred charges and accrued income
+€14,842
Trade debts
-€1.1m
Tax, wage and social debts
+€239,873
Other debts
+€1.2m
Accrued charges and deferred income
-€94,523
Investment (derived)
-€774,237
Investment in fixed assets (net)
-€774,237
Financing
-€498,525
Debts after one year
-€332,987
Current portion of long-term debt
-€180,843
Short-term financial debts
+€15,305
Cash 2025
€3.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,395,009 | €26,236,920 | +€841,911 | +3.3% |
| Fixed assets | 21/28 | €12,235,471 | €12,366,264 | +€130,793 | +1.1% |
| Tangible fixed assets | 22/27 | €1,735,471 | €1,866,264 | +€130,793 | +7.5% |
| Plant, machinery and equipment | 23 | €247,187 | €186,248 | -€60,939 | -24.7% |
| Furniture and vehicles | 24 | €195,213 | €331,666 | +€136,452 | +69.9% |
| Leasing and similar rights | 25 | €1,293,071 | €1,348,351 | +€55,280 | +4.3% |
| Financial fixed assets | 28 | €10,500,000 | €10,500,000 | = | 0.0% |
| Affiliated companies | 280/1 | €10,500,000 | €10,500,000 | = | 0.0% |
| Participating interests | 280 | €10,500,000 | €10,500,000 | = | 0.0% |
| Current assets | 29/58 | €13,159,538 | €13,870,656 | +€711,118 | +5.4% |
| Stocks and contracts in progress | 3 | €1,266,081 | €1,192,365 | -€73,716 | -5.8% |
| Stocks | 30/36 | €434,632 | €598,742 | +€164,110 | +37.8% |
| Goods purchased for resale | 34 | €434,632 | €598,742 | +€164,110 | +37.8% |
| Contracts in progress | 37 | €831,450 | €593,624 | -€237,826 | -28.6% |
| Amounts receivable within one year | 40/41 | €9,381,169 | €9,166,629 | -€214,540 | -2.3% |
| Trade receivables | 40 | €8,030,740 | €7,962,796 | -€67,944 | -0.8% |
| Other amounts receivable | 41 | €1,350,429 | €1,203,832 | -€146,596 | -10.9% |
| Cash at bank and in hand | 54/58 | €2,284,594 | €3,298,811 | +€1.0m | +44.4% |
| Deferred charges and accrued income | 490/1 | €227,693 | €212,851 | -€14,842 | -6.5% |
| Total equity and liabilities | 10/49 | €25,395,009 | €26,236,920 | +€841,911 | +3.3% |
| Equity | 10/15 | €6,154,742 | €7,191,363 | +€1.0m | +16.8% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €6,089,742 | €7,126,363 | +€1.0m | +17.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €6,083,242 | €7,119,863 | +€1.0m | +17.0% |
| Amounts payable | 17/49 | €19,240,267 | €19,045,557 | -€194,710 | -1.0% |
| Amounts payable after more than one year | 17 | €9,445,856 | €9,112,869 | -€332,987 | -3.5% |
| Financial debts | 170/4 | €9,445,856 | €9,112,869 | -€332,987 | -3.5% |
| Leasing and similar obligations | 172 | €945,856 | €1,012,869 | +€67,013 | +7.1% |
| Other loans | 174 | €8,500,000 | €8,100,000 | -€400,000 | -4.7% |
| Amounts payable within one year | 42/48 | €9,698,138 | €9,930,938 | +€232,800 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €2,383,638 | €2,202,795 | -€180,843 | -7.6% |
| Financial debts | 43 | €168,923 | €184,228 | +€15,305 | +9.1% |
| Credit institutions | 430/8 | €168,923 | €184,228 | +€15,305 | +9.1% |
| Trade debts | 44 | €6,713,349 | €5,640,002 | -€1.1m | -16.0% |
| Suppliers | 440/4 | €6,713,349 | €5,640,002 | -€1.1m | -16.0% |
| Taxes, remuneration and social security | 45 | €429,816 | €669,689 | +€239,873 | +55.8% |
| Taxes | 450/3 | €0 | €695 | +€695 | |
| Remuneration and social security | 454/9 | €429,816 | €668,995 | +€239,178 | +55.6% |
| Other amounts payable | 47/48 | €2,411 | €1,234,224 | +€1.2m | +51097.5% |
| Accrued charges and deferred income | 492/3 | €96,273 | €1,750 | -€94,523 | -98.2% |
| Operating income | 70/76A | €40,965,467 | €40,171,758 | -€793,710 | -1.9% |
| Turnover | 70 | €39,387,325 | €38,799,842 | -€587,483 | -1.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €275,236 | -€237,826 | -€513,062 | |
| Own construction capitalised | 72 | €92,913 | €58,828 | -€34,085 | -36.7% |
| Other operating income | 74 | €1,209,993 | €1,548,305 | +€338,312 | +28.0% |
| Non-recurring operating income | 76A | - | €2,608 | +€2,608 | |
| Operating charges | 60/66A | €39,215,805 | €38,122,773 | -€1.1m | -2.8% |
| Goods for resale, raw materials and consumables | 60 | €27,332,002 | €25,166,062 | -€2.2m | -7.9% |
| Purchases | 600/8 | €27,368,134 | €25,330,172 | -€2.0m | -7.4% |
| Change in stocks: decrease (increase) | 609 | -€36,132 | -€164,110 | -€127,978 | -354.2% |
| Services and other goods | 61 | €3,648,013 | €3,891,618 | +€243,606 | +6.7% |
| Remuneration, social security and pensions | 62 | €7,591,733 | €8,330,271 | +€738,537 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576,799 | €643,444 | +€66,645 | +11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €67,257 | €91,378 | +€24,120 | +35.9% |
| Operating profit (loss) | 9901 | €1,749,662 | €2,048,985 | +€299,322 | +17.1% |
| Financial income | 75/76B | €24,600 | €5,907 | -€18,693 | -76.0% |
| Recurring financial income | 75 | €24,600 | €5,907 | -€18,693 | -76.0% |
| Other financial income | 752/9 | €24,600 | €5,907 | -€18,693 | -76.0% |
| Financial charges | 65/66B | €228,519 | €575,564 | +€347,045 | +151.9% |
| Recurring financial charges | 65 | €228,519 | €575,564 | +€347,045 | +151.9% |
| Debt charges | 650 | €92,362 | €488,075 | +€395,713 | +428.4% |
| Other financial charges | 652/9 | €136,157 | €87,488 | -€48,668 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €1,545,743 | €1,479,328 | -€66,415 | -4.3% |
| Income taxes | 67/77 | €466,408 | €442,706 | -€23,702 | -5.1% |
| Taxes | 670/3 | €466,408 | €450,000 | -€16,408 | -3.5% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €7,294 | +€7,294 | |
| Profit (loss) for the period | 9904 | €1,079,335 | €1,036,621 | -€42,713 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,079,335 | €1,036,621 | -€42,713 | -4.0% |
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 3 October 2026 via checked.be.