Belcotra: 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.
Belcotra
Largest movements
- Current investments -€211,887
down €211,887 (-56.9%), from €372,491 to €160,605
- Receivables within one year -€48,665
down €48,665 (-78.0%), from €62,423 to €13,758
of which Trade receivables: -€60,918
- Cash -€19,214
down €19,214 (-79.1%), from €24,303 to €5,089
mainly Contributions, distributions and other (-€294,945) and Debts after one year (-€7,379)
- Tangible fixed assets -€12,730
down €12,730 (-9.4%), from €134,942 to €122,212
of which Land and buildings: -€6,425
- Reserves -€249,970
down €249,970 (-47.9%), from €521,716 to €271,746
of which Distributable reserves: -€249,970
- Profit (loss) carried forward -€42,157
new in 2025: -€42,157
- Debts after one year -€7,379
no longer reported in 2025 (was €7,379)
- Financial income +€20,509
up €20,509 (+3060.9%), from €670 to €21,180
- Gross operating margin -€16,163
down €16,163, from €15,644 to -€519
- Depreciation -€5,527
down €5,527 (-25.5%), from €21,655 to €16,127
- Financial charges -€4,322
down €4,322 (-78.6%), from €5,496 to €1,174
- Other operating charges -€2,014
down €2,014 (-92.0%), from €2,190 to €176
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 | €596,618 | €301,663 | -€294,956 | -49.4% |
| Fixed assets | 21/28 | €134,942 | €122,212 | -€12,730 | -9.4% |
| Tangible fixed assets | 22/27 | €134,942 | €122,212 | -€12,730 | -9.4% |
| Land and buildings | 22 | €49,970 | €43,544 | -€6,425 | -12.9% |
| Furniture and vehicles | 24 | €84,972 | €78,668 | -€6,305 | -7.4% |
| Current assets | 29/58 | €461,677 | €179,451 | -€282,226 | -61.1% |
| Amounts receivable within one year | 40/41 | €62,423 | €13,758 | -€48,665 | -78.0% |
| Trade receivables | 40 | €60,918 | - | -€60,918 | |
| Other amounts receivable | 41 | €1,504 | €13,758 | +€12,254 | +814.6% |
| Current investments | 50/53 | €372,491 | €160,605 | -€211,887 | -56.9% |
| Cash at bank and in hand | 54/58 | €24,303 | €5,089 | -€19,214 | -79.1% |
| Deferred charges and accrued income | 490/1 | €2,460 | - | -€2,460 | |
| Total equity and liabilities | 10/49 | €596,618 | €301,663 | -€294,956 | -49.4% |
| Equity | 10/15 | €583,716 | €291,589 | -€292,127 | -50.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €521,716 | €271,746 | -€249,970 | -47.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €515,516 | €265,546 | -€249,970 | -48.5% |
| Profit (loss) carried forward | 14 | - | -€42,157 | -€42,157 | |
| Amounts payable | 17/49 | €12,903 | €10,074 | -€2,829 | -21.9% |
| Amounts payable after more than one year | 17 | €7,379 | - | -€7,379 | |
| Financial debts | 170/4 | €7,379 | - | -€7,379 | |
| Amounts payable within one year | 42/48 | €5,524 | €10,074 | +€4,550 | +82.4% |
| Current portion of amounts payable after more than one year | 42 | €3,836 | €3,836 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €357 | - | -€357 | |
| Taxes | 450/3 | €357 | - | -€357 | |
| Other amounts payable | 47/48 | €1,331 | €6,238 | +€4,907 | +368.7% |
| Remuneration, social security and pensions | 62 | €285 | - | -€285 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,655 | €16,127 | -€5,527 | -25.5% |
| Other operating charges | 640/8 | €2,190 | €176 | -€2,014 | -92.0% |
| Non-recurring operating charges | 66A | €31,636 | - | -€31,636 | |
| Gross operating margin | 9900 | €15,644 | -€519 | -€16,163 | |
| Operating profit (loss) | 9901 | -€40,123 | -€16,823 | +€23,300 | +58.1% |
| Financial income | 75/76B | €670 | €21,180 | +€20,509 | +3060.9% |
| Recurring financial income | 75 | €670 | €21,180 | +€20,509 | +3060.9% |
| Financial charges | 65/66B | €5,496 | €1,174 | -€4,322 | -78.6% |
| Recurring financial charges | 65 | €5,496 | €1,174 | -€4,322 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | -€44,949 | €3,183 | +€48,132 | |
| Income taxes | 67/77 | €27 | €365 | +€338 | +1270.4% |
| Profit (loss) for the period | 9904 | -€44,975 | €2,818 | +€47,794 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,975 | €2,818 | +€47,794 |
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 7 October 2026 via checked.be.