Belcro: 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.
Belcro
Largest movements
- Tangible fixed assets +€29,992
up €29,992 (+102.5%), from €29,270 to €59,262
of which Leasing and similar rights: +€30,502
- Cash +€13,630
up €13,630 (+332.8%), from €4,095 to €17,725
mainly Debts after one year (+€35,598) and Trade debts (+€22,333)
- Receivables within one year +€4,459
up €4,459 (+173.3%), from €2,572 to €7,032
of which Other amounts receivable: +€6,306
- Stocks and contracts +€3,325
up €3,325 (+28.4%), from €11,708 to €15,033
- Debts after one year +€35,598
up €35,598 (+3942.7%), from €903 to €36,501
- Trade debts +€22,333
up €22,333 (+172.8%), from €12,927 to €35,260
- Tax, wage and social debts -€5,882
down €5,882 (-51.5%), from €11,419 to €5,537
- Other debts -€3,290
no longer reported in 2025 (was €3,290)
- Current portion of long-term debt +€2,437
up €2,437 (+70.0%), from €3,481 to €5,918
- Depreciation +€3,061
up €3,061 (+25.2%), from €12,156 to €15,216
- Gross operating margin +€2,397
up €2,397 (+12.8%), from €18,798 to €21,194
- Financial charges +€1,498
up €1,498 (+87.3%), from €1,717 to €3,215
- Other operating charges -€657
down €657 (-21.0%), from €3,126 to €2,469
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 | €47,667 | €99,062 | +€51,395 | +107.8% |
| Fixed assets | 21/28 | €29,292 | €59,272 | +€29,981 | +102.4% |
| Intangible fixed assets | 21 | €22 | €10 | -€12 | -53.9% |
| Tangible fixed assets | 22/27 | €29,270 | €59,262 | +€29,992 | +102.5% |
| Plant, machinery and equipment | 23 | €21,092 | €21,979 | +€887 | +4.2% |
| Furniture and vehicles | 24 | €4,551 | €4,239 | -€311 | -6.8% |
| Leasing and similar rights | 25 | - | €30,502 | +€30,502 | |
| Other tangible fixed assets | 26 | €3,627 | €2,542 | -€1,085 | -29.9% |
| Current assets | 29/58 | €18,376 | €39,790 | +€21,414 | +116.5% |
| Stocks and contracts in progress | 3 | €11,708 | €15,033 | +€3,325 | +28.4% |
| Stocks | 30/36 | €11,708 | €15,033 | +€3,325 | +28.4% |
| Amounts receivable within one year | 40/41 | €2,572 | €7,032 | +€4,459 | +173.3% |
| Trade receivables | 40 | €2,572 | €726 | -€1,846 | -71.8% |
| Other amounts receivable | 41 | - | €6,306 | +€6,306 | |
| Cash at bank and in hand | 54/58 | €4,095 | €17,725 | +€13,630 | +332.8% |
| Total equity and liabilities | 10/49 | €47,667 | €99,062 | +€51,395 | +107.8% |
| Equity | 10/15 | €13,982 | €14,129 | +€147 | +1.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €8,982 | €9,129 | +€147 | +1.6% |
| Distributable reserves | 133 | €8,982 | €9,129 | +€147 | +1.6% |
| Amounts payable | 17/49 | €33,685 | €84,933 | +€51,248 | +152.1% |
| Amounts payable after more than one year | 17 | €903 | €36,501 | +€35,598 | +3942.7% |
| Financial debts | 170/4 | €903 | €36,501 | +€35,598 | +3942.7% |
| Amounts payable within one year | 42/48 | €31,117 | €46,715 | +€15,598 | +50.1% |
| Current portion of amounts payable after more than one year | 42 | €3,481 | €5,918 | +€2,437 | +70.0% |
| Trade debts | 44 | €12,927 | €35,260 | +€22,333 | +172.8% |
| Suppliers | 440/4 | €12,927 | €35,260 | +€22,333 | +172.8% |
| Taxes, remuneration and social security | 45 | €11,419 | €5,537 | -€5,882 | -51.5% |
| Taxes | 450/3 | €11,419 | €5,537 | -€5,882 | -51.5% |
| Other amounts payable | 47/48 | €3,290 | - | -€3,290 | |
| Accrued charges and deferred income | 492/3 | €1,666 | €1,717 | +€51 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,156 | €15,216 | +€3,061 | +25.2% |
| Other operating charges | 640/8 | €3,126 | €2,469 | -€657 | -21.0% |
| Gross operating margin | 9900 | €18,798 | €21,194 | +€2,397 | +12.8% |
| Operating profit (loss) | 9901 | €3,516 | €3,509 | -€7 | -0.2% |
| Financial income | 75/76B | €0 | €32 | +€32 | +40312.5% |
| Recurring financial income | 75 | €0 | €32 | +€32 | +40312.5% |
| Financial charges | 65/66B | €1,717 | €3,215 | +€1,498 | +87.3% |
| Recurring financial charges | 65 | €1,717 | €3,215 | +€1,498 | +87.3% |
| Profit (loss) for the period before taxes | 9903 | €1,799 | €326 | -€1,473 | -81.9% |
| Income taxes | 67/77 | €153 | €179 | +€26 | +17.1% |
| Profit (loss) for the period | 9904 | €1,646 | €147 | -€1,499 | -91.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,646 | €147 | -€1,499 | -91.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.