BELCREAS: 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.
What changed
BELCREAS
NACE 66.220, Insurance agents and brokers
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€470,779
2024 · €257,458+€213,321
Equity
€1.3m
2024 · €1.1m+€120,779
Cash
€1.3m
2024 · €1.0m+€210,266
Balance sheet total
€2.3m
2024 · €2.2m+€109,134
Largest movements
Assets
- Cash +€210,266
up €210,266 (+20.2%), from €1.0m to €1.3m
mainly Net result for the year (+€470,779) and Other debts (+€147,445)
- Intangible fixed assets -€109,230
down €109,230 (-96.2%), from €113,493 to €4,263
Equity and liabilities
- Other debts +€147,445
up €147,445 (+55.1%), from €267,630 to €415,075
- Debts after one year -€142,329
down €142,329 (-22.2%), from €639,915 to €497,586
- Profit (loss) carried forward +€120,779
up €120,779 (+24.3%), from €496,680 to €617,459
Income statement
- Gross operating margin +€195,955
up €195,955 (+34.7%), from €564,786 to €760,741
- Financial income +€56,698
up €56,698 (+638%), from €8,882 to €65,580
- Staff costs +€36,864
up €36,864 (+25.7%), from €143,647 to €180,512
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
€257,458
Gross operating margin
+€195,955
Staff costs
-€36,864
Depreciation
-€2,160
Other operating charges
+€1,526
Other operating items
-€1,587
Financial income
+€56,698
Financial charges
+€1,619
Taxes
-€1,865
Result 2025
€470,779
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€723,081
Investment
-€7,756
Financing
-€505,060
Cash 2024
€1.0m
From operations (derived)
+€723,081
Net result for the year
+€470,779
Depreciation
+€117,107
Receivables within one year
-€8,219
Trade debts
-€2,614
Tax, wage and social debts
-€1,416
Other debts
+€147,445
Investment (derived)
-€7,756
Investment in fixed assets (net)
-€7,756
Financing
-€505,060
Debts after one year
-€142,329
Current portion of long-term debt
-€12,731
Contributions, distributions and other
-€350,000
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,207,385 | €2,316,519 | +€109,134 | +4.9% |
| Fixed assets | 21/28 | €1,147,187 | €1,037,836 | -€109,351 | -9.5% |
| Intangible fixed assets | 21 | €113,493 | €4,263 | -€109,230 | -96.2% |
| Tangible fixed assets | 22/27 | €21,194 | €21,073 | -€121 | -0.6% |
| Land and buildings | 22 | €14,746 | €10,423 | -€4,323 | -29.3% |
| Plant, machinery and equipment | 23 | €1,050 | €206 | -€844 | -80.4% |
| Furniture and vehicles | 24 | €5,398 | €10,444 | +€5,046 | +93.5% |
| Financial fixed assets | 28 | €1,012,500 | €1,012,500 | = | 0.0% |
| Current assets | 29/58 | €1,060,198 | €1,278,683 | +€218,485 | +20.6% |
| Amounts receivable within one year | 40/41 | €20,153 | €28,372 | +€8,219 | +40.8% |
| Other amounts receivable | 41 | €20,153 | €28,372 | +€8,219 | +40.8% |
| Cash at bank and in hand | 54/58 | €1,040,045 | €1,250,311 | +€210,266 | +20.2% |
| Total equity and liabilities | 10/49 | €2,207,385 | €2,316,519 | +€109,134 | +4.9% |
| Equity | 10/15 | €1,134,766 | €1,255,545 | +€120,779 | +10.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €608,086 | €608,086 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €605,086 | €605,086 | = | 0.0% |
| Profit (loss) carried forward | 14 | €496,680 | €617,459 | +€120,779 | +24.3% |
| Amounts payable | 17/49 | €1,072,620 | €1,060,975 | -€11,645 | -1.1% |
| Amounts payable after more than one year | 17 | €639,915 | €497,586 | -€142,329 | -22.2% |
| Financial debts | 170/4 | €639,915 | €497,586 | -€142,329 | -22.2% |
| Amounts payable within one year | 42/48 | €432,705 | €563,389 | +€130,684 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €155,060 | €142,329 | -€12,731 | -8.2% |
| Trade debts | 44 | €6,229 | €3,615 | -€2,614 | -42.0% |
| Suppliers | 440/4 | €6,229 | €3,615 | -€2,614 | -42.0% |
| Taxes, remuneration and social security | 45 | €3,786 | €2,370 | -€1,416 | -37.4% |
| Taxes | 450/3 | €3,786 | €2,370 | -€1,416 | -37.4% |
| Other amounts payable | 47/48 | €267,630 | €415,075 | +€147,445 | +55.1% |
| Remuneration, social security and pensions | 62 | €143,647 | €180,512 | +€36,864 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,946 | €117,107 | +€2,160 | +1.9% |
| Other operating charges | 640/8 | €2,820 | €1,294 | -€1,526 | -54.1% |
| Non-recurring operating charges | 66A | - | €1,587 | +€1,587 | |
| Gross operating margin | 9900 | €564,786 | €760,741 | +€195,955 | +34.7% |
| Operating profit (loss) | 9901 | €303,372 | €460,242 | +€156,869 | +51.7% |
| Financial income | 75/76B | €8,882 | €65,580 | +€56,698 | +638% |
| Recurring financial income | 75 | €8,882 | €65,580 | +€56,698 | +638% |
| Financial charges | 65/66B | €26,710 | €25,091 | -€1,619 | -6.1% |
| Recurring financial charges | 65 | €25,328 | €25,091 | -€236 | -0.9% |
| Non-recurring financial charges | 66B | €1,382 | - | -€1,382 | |
| Profit (loss) for the period before taxes | 9903 | €285,545 | €500,730 | +€215,186 | +75.4% |
| Income taxes | 67/77 | €28,087 | €29,951 | +€1,865 | +6.6% |
| Profit (loss) for the period | 9904 | €257,458 | €470,779 | +€213,321 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | €257,458 | €470,779 | +€213,321 | +82.9% |
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 28 October 2026 via checked.be.