Belcy: 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.
Belcy
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward -€45,670
down €45,670 (-2.0%), from -€2.3m to -€2.3m
- Debts after one year +€30,392
up €30,392 (+3.3%), from €910,770 to €941,162
- Trade debts +€24,429
new in 2025: €24,429
- Staff costs +€20,725
up €20,725 (+55.9%), from €37,057 to €57,782
- Other operating charges +€2,658
up €2,658 (+17.9%), from €14,854 to €17,512
- Financial charges +€531
up €531 (+450%), from €118 to €649
- Taxes +€491
new in 2025: €491
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,131,061 | €1,129,072 | -€1,989 | -0.2% |
| Fixed assets | 21/28 | €1,128,709 | €1,128,709 | = | 0.0% |
| Tangible fixed assets | 22/27 | €632,922 | €632,922 | = | 0.0% |
| Land and buildings | 22 | €596,501 | €596,501 | = | 0.0% |
| Plant, machinery and equipment | 23 | €36,421 | €36,421 | = | 0.0% |
| Financial fixed assets | 28 | €495,787 | €495,787 | = | 0.0% |
| Current assets | 29/58 | €2,352 | €363 | -€1,989 | -84.6% |
| Cash at bank and in hand | 54/58 | €2,352 | €363 | -€1,989 | -84.6% |
| Total equity and liabilities | 10/49 | €1,131,061 | €1,129,072 | -€1,989 | -0.2% |
| Equity | 10/15 | €205,282 | €159,612 | -€45,670 | -22.2% |
| Contributions | 10/11 | €2,480,000 | €2,480,000 | = | 0.0% |
| Capital | 10 | €2,480,000 | €2,480,000 | = | 0.0% |
| Issued capital | 100 | €2,480,000 | €2,480,000 | = | 0.0% |
| Reserves | 13 | €1,948 | €1,948 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,948 | €1,948 | = | 0.0% |
| Legal reserve | 130 | €1,948 | €1,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,276,666 | -€2,322,336 | -€45,670 | -2.0% |
| Amounts payable | 17/49 | €925,779 | €969,460 | +€43,681 | +4.7% |
| Amounts payable after more than one year | 17 | €910,770 | €941,162 | +€30,392 | +3.3% |
| Other amounts payable | 178/9 | €910,770 | €941,162 | +€30,392 | +3.3% |
| Amounts payable within one year | 42/48 | €15,009 | €28,298 | +€13,289 | +88.5% |
| Trade debts | 44 | - | €24,429 | +€24,429 | |
| Suppliers | 440/4 | - | €24,429 | +€24,429 | |
| Taxes, remuneration and social security | 45 | €15,009 | €3,869 | -€11,140 | -74.2% |
| Taxes | 450/3 | €15,009 | - | -€15,009 | |
| Remuneration and social security | 454/9 | - | €3,869 | +€3,869 | |
| Remuneration, social security and pensions | 62 | €37,057 | €57,782 | +€20,725 | +55.9% |
| Other operating charges | 640/8 | €14,854 | €17,512 | +€2,658 | +17.9% |
| Gross operating margin | 9900 | €30,725 | €30,764 | +€39 | +0.1% |
| Operating profit (loss) | 9901 | -€21,186 | -€44,530 | -€23,344 | -110% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €118 | €649 | +€531 | +450% |
| Recurring financial charges | 65 | €118 | €649 | +€531 | +450% |
| Profit (loss) for the period before taxes | 9903 | -€21,302 | -€45,179 | -€23,877 | -112% |
| Income taxes | 67/77 | - | €491 | +€491 | |
| Profit (loss) for the period | 9904 | -€21,302 | -€45,670 | -€24,368 | -114% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,302 | -€45,670 | -€24,368 | -114% |
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 19 October 2026 via checked.be.