BELCOTRANS: what changed
BELCOTRANS
Largest movements
- Receivables within one year +€263,341
up €263,341 (+208%), from €126,744 to €390,085
of which Trade receivables: +€243,701
- Cash -€87,698
down €87,698 (-77.3%), from €113,465 to €25,768
mainly Receivables within one year (-€263,341) and Deferred charges and accrued income (-€1,450)
- Reserves +€105,771
up €105,771 (+132%), from €80,397 to €186,168
- Trade debts +€39,951
up €39,951 (+140%), from €28,622 to €68,573
- Tax, wage and social debts +€31,776
up €31,776 (+32.3%), from €98,234 to €130,010
of which Remuneration and social security: +€31,597
- Gross operating margin +€304,440
up €304,440 (+42.4%), from €718,166 to €1.0m
- Staff costs +€224,787
up €224,787 (+34.7%), from €647,531 to €872,318
- Taxes +€14,192
up €14,192 (+78.5%), from €18,070 to €32,262
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €247,252 | €424,750 | +€177,499 | +71.8% |
| Fixed assets | 21/28 | €3,038 | €3,444 | +€406 | +13.4% |
| Tangible fixed assets | 22/27 | €3,038 | €3,444 | +€406 | +13.4% |
| Furniture and vehicles | 24 | €3,038 | €3,444 | +€406 | +13.4% |
| Current assets | 29/58 | €244,214 | €421,307 | +€177,092 | +72.5% |
| Amounts receivable within one year | 40/41 | €126,744 | €390,085 | +€263,341 | +208% |
| Trade receivables | 40 | €113,172 | €356,873 | +€243,701 | +215% |
| Other amounts receivable | 41 | €13,572 | €33,211 | +€19,640 | +145% |
| Cash at bank and in hand | 54/58 | €113,465 | €25,768 | -€87,698 | -77.3% |
| Deferred charges and accrued income | 490/1 | €4,005 | €5,454 | +€1,450 | +36.2% |
| Total equity and liabilities | 10/49 | €247,252 | €424,750 | +€177,499 | +71.8% |
| Equity | 10/15 | €120,397 | €226,168 | +€105,771 | +87.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €80,397 | €186,168 | +€105,771 | +132% |
| Distributable reserves | 133 | €80,397 | €186,168 | +€105,771 | +132% |
| Amounts payable | 17/49 | €126,855 | €198,582 | +€71,727 | +56.5% |
| Amounts payable within one year | 42/48 | €126,855 | €198,582 | +€71,727 | +56.5% |
| Trade debts | 44 | €28,622 | €68,573 | +€39,951 | +140% |
| Suppliers | 440/4 | €28,622 | €68,573 | +€39,951 | +140% |
| Taxes, remuneration and social security | 45 | €98,234 | €130,010 | +€31,776 | +32.3% |
| Taxes | 450/3 | €10,403 | €10,582 | +€179 | +1.7% |
| Remuneration and social security | 454/9 | €87,831 | €119,428 | +€31,597 | +36.0% |
| Remuneration, social security and pensions | 62 | €647,531 | €872,318 | +€224,787 | +34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280 | €667 | +€387 | +138% |
| Other operating charges | 640/8 | €7,499 | €8,558 | +€1,059 | +14.1% |
| Gross operating margin | 9900 | €718,166 | €1,022,606 | +€304,440 | +42.4% |
| Operating profit (loss) | 9901 | €62,855 | €141,062 | +€78,206 | +124% |
| Financial charges | 65/66B | €1,377 | €3,028 | +€1,651 | +120% |
| Recurring financial charges | 65 | €1,377 | €3,028 | +€1,651 | +120% |
| Profit (loss) for the period before taxes | 9903 | €61,479 | €138,034 | +€76,555 | +125% |
| Income taxes | 67/77 | €18,070 | €32,262 | +€14,192 | +78.5% |
| Profit (loss) for the period | 9904 | €43,408 | €105,771 | +€62,363 | +144% |
| Profit (loss) for the period to be appropriated | 9905 | €43,408 | €105,771 | +€62,363 | +144% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.