Belcourt: what changed
What changed
Belcourt
filed annual accounts (NBB)
Net result for the year
€21,665
2024 · €35,813-€14,149
Equity
€421,190
2024 · €559,525-€138,335
Cash
€1,378
2024 · €2,175-€797
Balance sheet total
€533,485
2024 · €730,403-€196,918
Largest movements
Assets
- Receivables after one year -€153,000
down €153,000 (-65.7%), from €233,000 to €80,000
- Tangible fixed assets -€28,363
down €28,363 (-6.3%), from €450,294 to €421,931
- Receivables within one year -€8,021
down €8,021 (-22.6%), from €35,531 to €27,511
of which Trade receivables: -€7,687
Equity and liabilities
- Reserves -€138,335
down €138,335 (-25.6%), from €540,933 to €402,598
of which Distributable reserves: -€138,335
- Trade debts -€49,118
down €49,118 (-49.2%), from €99,928 to €50,810
- Current portion of long-term debt -€17,758
down €17,758 (-71.1%), from €24,985 to €7,227
- Short-term financial debts +€14,616
up €14,616 (+63.8%), from €22,899 to €37,515
Income statement
- Gross operating margin -€14,574
down €14,574 (-17.3%), from €84,045 to €69,471
- Taxes -€5,103
down €5,103 (-30.0%), from €16,996 to €11,892
- Financial income -€4,566
down €4,566 (-67.1%), from €6,809 to €2,243
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.
Result 2024
€35,813
Gross operating margin
-€14,574
Depreciation
+€378
Other operating charges
-€290
Financial income
-€4,566
Financial charges
-€199
Taxes
+€5,103
Result 2025
€21,665
raises the resultlowers the result
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.
From operations
+€163,572
Investment
+€6,000
Financing
-€170,369
Cash 2024
€2,175
From operations (derived)
+€163,572
Net result for the year
+€21,665
Depreciation
+€28,741
Receivables after one year
+€153,000
Receivables within one year
+€8,021
Smaller working-capital items
+€367
Trade debts
-€49,118
Tax, wage and social debts
-€4,996
Other debts
+€5,892
Investment (derived)
+€6,000
Investment in fixed assets (net)
+€6,000
Financing
-€170,369
Debts after one year
-€7,227
Current portion of long-term debt
-€17,758
Short-term financial debts
+€14,616
Contributions, distributions and other
-€160,000
Cash 2025
€1,378
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €730,403 | €533,485 | -€196,918 | -27.0% |
| Fixed assets | 21/28 | €457,265 | €422,524 | -€34,741 | -7.6% |
| Intangible fixed assets | 21 | €913 | €535 | -€378 | -41.4% |
| Tangible fixed assets | 22/27 | €450,294 | €421,931 | -€28,363 | -6.3% |
| Land and buildings | 22 | €423,891 | €409,830 | -€14,061 | -3.3% |
| Plant, machinery and equipment | 23 | €4,490 | €2,428 | -€2,061 | -45.9% |
| Furniture and vehicles | 24 | €21,914 | €9,673 | -€12,241 | -55.9% |
| Financial fixed assets | 28 | €6,058 | €58 | -€6,000 | -99.0% |
| Current assets | 29/58 | €273,137 | €110,960 | -€162,177 | -59.4% |
| Amounts receivable after more than one year | 29 | €233,000 | €80,000 | -€153,000 | -65.7% |
| Other amounts receivable | 291 | €233,000 | €80,000 | -€153,000 | -65.7% |
| Amounts receivable within one year | 40/41 | €35,531 | €27,511 | -€8,021 | -22.6% |
| Trade receivables | 40 | €20,770 | €13,083 | -€7,687 | -37.0% |
| Other amounts receivable | 41 | €14,762 | €14,428 | -€334 | -2.3% |
| Cash at bank and in hand | 54/58 | €2,175 | €1,378 | -€797 | -36.7% |
| Deferred charges and accrued income | 490/1 | €2,431 | €2,072 | -€359 | -14.8% |
| Total equity and liabilities | 10/49 | €730,403 | €533,485 | -€196,918 | -27.0% |
| Equity | 10/15 | €559,525 | €421,190 | -€138,335 | -24.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €540,933 | €402,598 | -€138,335 | -25.6% |
| Tax-exempt reserves | 132 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | €509,933 | €371,598 | -€138,335 | -27.1% |
| Amounts payable | 17/49 | €170,877 | €112,295 | -€58,583 | -34.3% |
| Amounts payable after more than one year | 17 | €12,870 | €5,643 | -€7,227 | -56.2% |
| Financial debts | 170/4 | €12,870 | €5,643 | -€7,227 | -56.2% |
| Amounts payable within one year | 42/48 | €158,007 | €106,644 | -€51,364 | -32.5% |
| Current portion of amounts payable after more than one year | 42 | €24,985 | €7,227 | -€17,758 | -71.1% |
| Financial debts | 43 | €22,899 | €37,515 | +€14,616 | +63.8% |
| Credit institutions | 430/8 | €22,899 | €37,515 | +€14,616 | +63.8% |
| Trade debts | 44 | €99,928 | €50,810 | -€49,118 | -49.2% |
| Suppliers | 440/4 | €99,928 | €50,810 | -€49,118 | -49.2% |
| Taxes, remuneration and social security | 45 | €8,296 | €3,300 | -€4,996 | -60.2% |
| Taxes | 450/3 | €4,996 | - | -€4,996 | |
| Remuneration and social security | 454/9 | €3,300 | €3,300 | = | 0.0% |
| Other amounts payable | 47/48 | €1,900 | €7,792 | +€5,892 | +310% |
| Accrued charges and deferred income | 492/3 | - | €8 | +€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,118 | €28,741 | -€378 | -1.3% |
| Other operating charges | 640/8 | €4,983 | €5,274 | +€290 | +5.8% |
| Gross operating margin | 9900 | €84,045 | €69,471 | -€14,574 | -17.3% |
| Operating profit (loss) | 9901 | €49,943 | €35,457 | -€14,487 | -29.0% |
| Financial income | 75/76B | €6,809 | €2,243 | -€4,566 | -67.1% |
| Recurring financial income | 75 | €6,809 | €2,243 | -€4,566 | -67.1% |
| Financial charges | 65/66B | €3,943 | €4,142 | +€199 | +5.0% |
| Recurring financial charges | 65 | €3,943 | €4,142 | +€199 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €52,809 | €33,557 | -€19,252 | -36.5% |
| Income taxes | 67/77 | €16,996 | €11,892 | -€5,103 | -30.0% |
| Profit (loss) for the period | 9904 | €35,813 | €21,665 | -€14,149 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,813 | €21,665 | -€14,149 | -39.5% |
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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 3 November 2026 via checked.be.