BELCOTEX: 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.
BELCOTEX
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-85.3%), from €1.7m to €244,647
of which Trade receivables: -€1.4m
- Tangible fixed assets +€218,801
up €218,801 (+23.8%), from €918,626 to €1.1m
of which Furniture and vehicles: +€256,248
- Cash -€39,704
down €39,704 (-16.8%), from €236,573 to €196,870
mainly Trade debts (-€1.4m) and Investment in fixed assets (net) (-€625,074)
- Trade debts -€1.4m
down €1.4m (-78.4%), from €1.7m to €375,066
- Reserves +€191,771
up €191,771 (+29.8%), from €642,678 to €834,449
- Current portion of long-term debt -€48,295
down €48,295 (-82.2%), from €58,751 to €10,456
- Depreciation +€75,637
up €75,637 (+22.9%), from €330,635 to €406,272
- Staff costs +€50,218
up €50,218 (+71.7%), from €70,072 to €120,290
- Taxes -€49,114
down €49,114 (-55.5%), from €88,568 to €39,454
- Gross operating margin +€39,513
up €39,513 (+5.3%), from €749,438 to €788,952
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 | €2,842,552 | €1,613,587 | -€1.2m | -43.2% |
| Fixed assets | 21/28 | €922,476 | €1,141,277 | +€218,801 | +23.7% |
| Tangible fixed assets | 22/27 | €918,626 | €1,137,427 | +€218,801 | +23.8% |
| Plant, machinery and equipment | 23 | €307,826 | €340,067 | +€32,241 | +10.5% |
| Furniture and vehicles | 24 | €499,234 | €755,482 | +€256,248 | +51.3% |
| Leasing and similar rights | 25 | €111,566 | €41,878 | -€69,688 | -62.5% |
| Financial fixed assets | 28 | €3,850 | €3,850 | = | 0.0% |
| Current assets | 29/58 | €1,920,077 | €472,310 | -€1.4m | -75.4% |
| Stocks and contracts in progress | 3 | €16,705 | €24,369 | +€7,664 | +45.9% |
| Stocks | 30/36 | €16,705 | €24,369 | +€7,664 | +45.9% |
| Amounts receivable within one year | 40/41 | €1,662,793 | €244,647 | -€1.4m | -85.3% |
| Trade receivables | 40 | €1,642,161 | €212,669 | -€1.4m | -87.0% |
| Other amounts receivable | 41 | €20,631 | €31,978 | +€11,347 | +55.0% |
| Cash at bank and in hand | 54/58 | €236,573 | €196,870 | -€39,704 | -16.8% |
| Deferred charges and accrued income | 490/1 | €4,006 | €6,424 | +€2,418 | +60.4% |
| Total equity and liabilities | 10/49 | €2,842,552 | €1,613,587 | -€1.2m | -43.2% |
| Equity | 10/15 | €802,678 | €994,449 | +€191,771 | +23.9% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €642,678 | €834,449 | +€191,771 | +29.8% |
| Distributable reserves | 133 | €642,678 | €834,449 | +€191,771 | +29.8% |
| Amounts payable | 17/49 | €2,039,874 | €619,138 | -€1.4m | -69.6% |
| Amounts payable after more than one year | 17 | €210,456 | €200,000 | -€10,456 | -5.0% |
| Financial debts | 170/4 | €10,456 | €0 | -€10,456 | -100.0% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,819,790 | €413,138 | -€1.4m | -77.3% |
| Current portion of amounts payable after more than one year | 42 | €58,751 | €10,456 | -€48,295 | -82.2% |
| Trade debts | 44 | €1,734,160 | €375,066 | -€1.4m | -78.4% |
| Suppliers | 440/4 | €1,734,160 | €375,066 | -€1.4m | -78.4% |
| Taxes, remuneration and social security | 45 | €26,879 | €27,616 | +€737 | +2.7% |
| Taxes | 450/3 | €15,944 | €8,567 | -€7,377 | -46.3% |
| Remuneration and social security | 454/9 | €10,935 | €19,049 | +€8,114 | +74.2% |
| Accrued charges and deferred income | 492/3 | €9,629 | €6,000 | -€3,629 | -37.7% |
| Remuneration, social security and pensions | 62 | €70,072 | €120,290 | +€50,218 | +71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €330,635 | €406,272 | +€75,637 | +22.9% |
| Other operating charges | 640/8 | €13,270 | €18,492 | +€5,222 | +39.4% |
| Gross operating margin | 9900 | €749,438 | €788,952 | +€39,513 | +5.3% |
| Operating profit (loss) | 9901 | €335,461 | €243,897 | -€91,564 | -27.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €19,858 | €12,673 | -€7,185 | -36.2% |
| Recurring financial charges | 65 | €19,858 | €12,673 | -€7,185 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €315,603 | €231,225 | -€84,379 | -26.7% |
| Income taxes | 67/77 | €88,568 | €39,454 | -€49,114 | -55.5% |
| Profit (loss) for the period | 9904 | €227,035 | €191,771 | -€35,264 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €227,035 | €191,771 | -€35,264 | -15.5% |
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 11 October 2026 via checked.be.