BELECO: 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.
BELECO
Largest movements
- Receivables within one year -€104,171
down €104,171 (-85.2%), from €122,310 to €18,139
of which Trade receivables: -€106,828
- Tangible fixed assets -€18,783
down €18,783 (-94.6%), from €19,856 to €1,072
of which Furniture and vehicles: -€17,295
- Deferred charges and accrued income -€8,064
down €8,064 (-98.7%), from €8,172 to €108
- Cash +€4,628
up €4,628 (+69.9%), from €6,624 to €11,252
mainly Receivables within one year (+€104,171) and Investment in fixed assets (net) (+€16,595)
- Stocks and contracts -€1,927
down €1,927 (-44.0%), from €4,377 to €2,450
- Trade debts -€57,343
down €57,343 (-97.5%), from €58,813 to €1,470
- Profit (loss) carried forward -€53,580
down €53,580, from €34,322 to -€19,258
- Tax, wage and social debts -€12,880
down €12,880 (-60.1%), from €21,437 to €8,558
of which Taxes: -€9,295
- Debts after one year -€4,940
down €4,940 (-22.0%), from €22,458 to €17,518
- Gross operating margin -€82,055
down €82,055, from €34,349 to -€47,707
- Depreciation -€12,082
down €12,082 (-81.2%), from €14,883 to €2,802
- Staff costs -€7,870
down €7,870 (-100%), from €7,870 to €0
- Financial charges -€4,523
down €4,523 (-84.0%), from €5,384 to €860
- Other operating charges +€1,309
up €1,309 (+81.3%), from €1,610 to €2,918
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €162,158 | €33,228 | -€128,930 | -79.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €20,675 | €1,279 | -€19,396 | -93.8% |
| Intangible fixed assets | 21 | €585 | €0 | -€585 | -100% |
| Tangible fixed assets | 22/27 | €19,856 | €1,072 | -€18,783 | -94.6% |
| Plant, machinery and equipment | 23 | €2,425 | €937 | -€1,488 | -61.4% |
| Furniture and vehicles | 24 | €17,431 | €136 | -€17,295 | -99.2% |
| Financial fixed assets | 28 | €235 | €207 | -€28 | -11.9% |
| Current assets | 29/58 | €141,483 | €31,949 | -€109,534 | -77.4% |
| Stocks and contracts in progress | 3 | €4,377 | €2,450 | -€1,927 | -44.0% |
| Stocks | 30/36 | €4,377 | €2,450 | -€1,927 | -44.0% |
| Amounts receivable within one year | 40/41 | €122,310 | €18,139 | -€104,171 | -85.2% |
| Trade receivables | 40 | €115,276 | €8,448 | -€106,828 | -92.7% |
| Other amounts receivable | 41 | €7,034 | €9,691 | +€2,657 | +37.8% |
| Cash at bank and in hand | 54/58 | €6,624 | €11,252 | +€4,628 | +69.9% |
| Deferred charges and accrued income | 490/1 | €8,172 | €108 | -€8,064 | -98.7% |
| Total equity and liabilities | 10/49 | €162,158 | €33,228 | -€128,930 | -79.5% |
| Equity | 10/15 | €54,322 | €742 | -€53,580 | -98.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,322 | -€19,258 | -€53,580 | |
| Amounts payable | 17/49 | €107,836 | €32,486 | -€75,350 | -69.9% |
| Amounts payable after more than one year | 17 | €22,458 | €17,518 | -€4,940 | -22.0% |
| Financial debts | 170/4 | €22,458 | €17,518 | -€4,940 | -22.0% |
| Amounts payable within one year | 42/48 | €85,377 | €14,968 | -€70,410 | -82.5% |
| Current portion of amounts payable after more than one year | 42 | €4,858 | €4,940 | +€82 | +1.7% |
| Trade debts | 44 | €58,813 | €1,470 | -€57,343 | -97.5% |
| Suppliers | 440/4 | €58,813 | €1,470 | -€57,343 | -97.5% |
| Taxes, remuneration and social security | 45 | €21,437 | €8,558 | -€12,880 | -60.1% |
| Taxes | 450/3 | €17,749 | €8,454 | -€9,295 | -52.4% |
| Remuneration and social security | 454/9 | €3,689 | €104 | -€3,585 | -97.2% |
| Other amounts payable | 47/48 | €269 | €0 | -€269 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €7,870 | €0 | -€7,870 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,883 | €2,802 | -€12,082 | -81.2% |
| Other operating charges | 640/8 | €1,610 | €2,918 | +€1,309 | +81.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €34,349 | -€47,707 | -€82,055 | |
| Operating profit (loss) | 9901 | €9,986 | -€53,426 | -€63,412 | |
| Financial income | 75/76B | €75 | €753 | +€678 | +900% |
| Recurring financial income | 75 | €75 | €753 | +€678 | +900% |
| Financial charges | 65/66B | €5,384 | €860 | -€4,523 | -84.0% |
| Recurring financial charges | 65 | €5,384 | €860 | -€4,523 | -84.0% |
| Profit (loss) for the period before taxes | 9903 | €4,677 | -€53,534 | -€58,211 | |
| Income taxes | 67/77 | €1,163 | €47 | -€1,117 | -96.0% |
| Profit (loss) for the period | 9904 | €3,514 | -€53,580 | -€57,094 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,514 | -€53,580 | -€57,094 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.