BELDECORO: 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.
BELDECORO
Largest movements
- Receivables within one year +€24,965
up €24,965 (+119.6%), from €20,875 to €45,840
of which Other amounts receivable: +€18,669
- Cash +€17,995
up €17,995 (+382.9%), from €4,700 to €22,695
mainly Net result for the year (+€22,767) and Tax, wage and social debts (+€14,270)
- Deferred charges and accrued income -€2,226
down €2,226 (-17.5%), from €12,685 to €10,459
- Tangible fixed assets -€1,436
down €1,436 (-6.4%), from €22,392 to €20,957
of which Furniture and vehicles: -€2,923
- Profit (loss) carried forward +€22,767
up €22,767 (+109.6%), from €20,776 to €43,544
- Tax, wage and social debts +€14,270
up €14,270 (+167.7%), from €8,512 to €22,782
of which Taxes: +€8,656
- Trade debts +€7,998
up €7,998 (+168.0%), from €4,760 to €12,757
- Debts after one year -€3,796
down €3,796 (-23.9%), from €15,868 to €12,072
- Advances received -€2,040
down €2,040 (-100.0%), from €2,040 to €0
- Gross operating margin +€60,763
up €60,763 (+74.4%), from €81,623 to €142,386
- Staff costs +€53,462
up €53,462 (+112.2%), from €47,635 to €101,097
- Depreciation +€3,256
up €3,256 (+142.3%), from €2,288 to €5,545
- Taxes +€1,792
up €1,792 (+25.9%), from €6,933 to €8,725
- Financial charges +€1,443
up €1,443 (+44.2%), from €3,265 to €4,708
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 | €60,652 | €99,951 | +€39,299 | +64.8% |
| Fixed assets | 21/28 | €22,392 | €20,957 | -€1,436 | -6.4% |
| Tangible fixed assets | 22/27 | €22,392 | €20,957 | -€1,436 | -6.4% |
| Plant, machinery and equipment | 23 | €1,513 | €3,001 | +€1,488 | +98.3% |
| Furniture and vehicles | 24 | €20,879 | €17,956 | -€2,923 | -14.0% |
| Current assets | 29/58 | €38,260 | €78,994 | +€40,734 | +106.5% |
| Amounts receivable within one year | 40/41 | €20,875 | €45,840 | +€24,965 | +119.6% |
| Trade receivables | 40 | €3,180 | €9,476 | +€6,296 | +198.0% |
| Other amounts receivable | 41 | €17,696 | €36,365 | +€18,669 | +105.5% |
| Cash at bank and in hand | 54/58 | €4,700 | €22,695 | +€17,995 | +382.9% |
| Deferred charges and accrued income | 490/1 | €12,685 | €10,459 | -€2,226 | -17.5% |
| Total equity and liabilities | 10/49 | €60,652 | €99,951 | +€39,299 | +64.8% |
| Equity | 10/15 | €25,776 | €48,544 | +€22,767 | +88.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,776 | €43,544 | +€22,767 | +109.6% |
| Amounts payable | 17/49 | €34,876 | €51,407 | +€16,531 | +47.4% |
| Amounts payable after more than one year | 17 | €15,868 | €12,072 | -€3,796 | -23.9% |
| Financial debts | 170/4 | €15,868 | €12,072 | -€3,796 | -23.9% |
| Amounts payable within one year | 42/48 | €18,764 | €39,335 | +€20,572 | +109.6% |
| Current portion of amounts payable after more than one year | 42 | €3,452 | €3,796 | +€344 | +10.0% |
| Trade debts | 44 | €4,760 | €12,757 | +€7,998 | +168.0% |
| Suppliers | 440/4 | €4,760 | €12,757 | +€7,998 | +168.0% |
| Advances received on contracts in progress | 46 | €2,040 | €0 | -€2,040 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,512 | €22,782 | +€14,270 | +167.7% |
| Taxes | 450/3 | €7,002 | €15,658 | +€8,656 | +123.6% |
| Remuneration and social security | 454/9 | €1,510 | €7,124 | +€5,614 | +371.7% |
| Accrued charges and deferred income | 492/3 | €245 | €0 | -€245 | -100.0% |
| Remuneration, social security and pensions | 62 | €47,635 | €101,097 | +€53,462 | +112.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,288 | €5,545 | +€3,256 | +142.3% |
| Other operating charges | 640/8 | €843 | €535 | -€307 | -36.5% |
| Gross operating margin | 9900 | €81,623 | €142,386 | +€60,763 | +74.4% |
| Operating profit (loss) | 9901 | €30,857 | €35,209 | +€4,353 | +14.1% |
| Financial income | 75/76B | €117 | €991 | +€874 | +747.6% |
| Recurring financial income | 75 | €117 | €991 | +€874 | +747.6% |
| Financial charges | 65/66B | €3,265 | €4,708 | +€1,443 | +44.2% |
| Recurring financial charges | 65 | €3,265 | €4,708 | +€1,443 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €27,709 | €31,492 | +€3,783 | +13.7% |
| Income taxes | 67/77 | €6,933 | €8,725 | +€1,792 | +25.9% |
| Profit (loss) for the period | 9904 | €20,776 | €22,767 | +€1,991 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,776 | €22,767 | +€1,991 | +9.6% |
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 12 October 2026 via checked.be.