Belex-Cargo S.A.: what changed
What changed
Belex-Cargo S.A.
NACE 46.190, Agents in non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€11,025
2024 · -€8,391+€19,415
Equity
€697,737
2024 · €686,713+€11,025
Cash
€468,607
2024 · €370,885+€97,722
Balance sheet total
€1.4m
2024 · €1.3m+€33,203
Largest movements
Assets
- Cash +€97,722
up €97,722 (+26.3%), from €370,885 to €468,607
mainly Stocks and contracts (+€29,275) and Trade debts (+€27,803)
- Stocks and contracts -€29,275
down €29,275 (-15.1%), from €194,392 to €165,118
- Receivables within one year -€26,845
down €26,845 (-3.6%), from €753,438 to €726,593
of which Trade receivables: -€25,633
Equity and liabilities
- Trade debts +€27,803
up €27,803 (+4.7%), from €596,755 to €624,558
Income statement
- Gross operating margin +€27,840
up €27,840 (+7.4%), from €374,425 to €402,265
- Write-downs -€18,543
down €18,543 (-50.0%), from €37,084 to €18,541
- Taxes +€17,284
up €17,284 (+26,518%), from €65 to €17,349
- Staff costs +€8,686
up €8,686 (+2.6%), from €327,811 to €336,497
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€8,391
Gross operating margin
+€27,840
Staff costs
-€8,686
Depreciation
-€842
Write-downs
+€18,543
Other operating charges
+€445
Financial income
-€134
Financial charges
-€467
Taxes
-€17,284
Result 2025
€11,025
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€103,852
Investment
€0
Financing
-€6,131
Cash 2024
€370,885
From operations (derived)
+€103,852
Net result for the year
+€11,025
Depreciation
+€8,399
Stocks and contracts
+€29,275
Receivables within one year
+€26,845
Trade debts
+€27,803
Tax, wage and social debts
+€507
Financing
-€6,131
Debts after one year
-€6,365
Current portion of long-term debt
+€235
Cash 2025
€468,607
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,337,650 | €1,370,853 | +€33,203 | +2.5% |
| Fixed assets | 21/28 | €18,934 | €10,535 | -€8,399 | -44.4% |
| Tangible fixed assets | 22/27 | €18,756 | €10,357 | -€8,399 | -44.8% |
| Plant, machinery and equipment | 23 | €694 | €409 | -€284 | -41.0% |
| Furniture and vehicles | 24 | €18,062 | €9,948 | -€8,115 | -44.9% |
| Financial fixed assets | 28 | €178 | €178 | = | 0.0% |
| Current assets | 29/58 | €1,318,716 | €1,360,318 | +€41,602 | +3.2% |
| Stocks and contracts in progress | 3 | €194,392 | €165,118 | -€29,275 | -15.1% |
| Stocks | 30/36 | €194,392 | €165,118 | -€29,275 | -15.1% |
| Amounts receivable within one year | 40/41 | €753,438 | €726,593 | -€26,845 | -3.6% |
| Trade receivables | 40 | €711,801 | €686,168 | -€25,633 | -3.6% |
| Other amounts receivable | 41 | €41,637 | €40,425 | -€1,212 | -2.9% |
| Cash at bank and in hand | 54/58 | €370,885 | €468,607 | +€97,722 | +26.3% |
| Total equity and liabilities | 10/49 | €1,337,650 | €1,370,853 | +€33,203 | +2.5% |
| Equity | 10/15 | €686,713 | €697,737 | +€11,025 | +1.6% |
| Contributions | 10/11 | €558,000 | €558,000 | = | 0.0% |
| Capital | 10 | €558,000 | €558,000 | = | 0.0% |
| Issued capital | 100 | €558,000 | €558,000 | = | 0.0% |
| Reserves | 13 | €57,317 | €57,317 | = | 0.0% |
| Non-distributable reserves | 130/1 | €55,800 | €55,800 | = | 0.0% |
| Legal reserve | 130 | €55,800 | €55,800 | = | 0.0% |
| Distributable reserves | 133 | €1,517 | €1,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,396 | €82,420 | +€11,025 | +15.4% |
| Amounts payable | 17/49 | €650,937 | €673,116 | +€22,179 | +3.4% |
| Amounts payable after more than one year | 17 | €12,974 | €6,609 | -€6,365 | -49.1% |
| Financial debts | 170/4 | €12,974 | €6,609 | -€6,365 | -49.1% |
| Amounts payable within one year | 42/48 | €637,963 | €666,507 | +€28,544 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €18,631 | €18,865 | +€235 | +1.3% |
| Trade debts | 44 | €596,755 | €624,558 | +€27,803 | +4.7% |
| Suppliers | 440/4 | €596,755 | €624,558 | +€27,803 | +4.7% |
| Taxes, remuneration and social security | 45 | €22,577 | €23,084 | +€507 | +2.2% |
| Remuneration and social security | 454/9 | €22,577 | €23,084 | +€507 | +2.2% |
| Non-recurring operating income | 76A | €26,392 | €1,800 | -€24,592 | -93.2% |
| Remuneration, social security and pensions | 62 | €327,811 | €336,497 | +€8,686 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,557 | €8,399 | +€842 | +11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €37,084 | €18,541 | -€18,543 | -50.0% |
| Other operating charges | 640/8 | €445 | - | -€445 | |
| Gross operating margin | 9900 | €374,425 | €402,265 | +€27,840 | +7.4% |
| Operating profit (loss) | 9901 | €1,528 | €38,828 | +€37,300 | +2,441% |
| Financial income | 75/76B | €1,520 | €1,386 | -€134 | -8.8% |
| Recurring financial income | 75 | €1,520 | €1,386 | -€134 | -8.8% |
| Financial charges | 65/66B | €11,374 | €11,840 | +€467 | +4.1% |
| Recurring financial charges | 65 | €11,374 | €11,840 | +€467 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,325 | €28,374 | +€36,699 | |
| Income taxes | 67/77 | €65 | €17,349 | +€17,284 | +26,518% |
| Profit (loss) for the period | 9904 | -€8,391 | €11,025 | +€19,415 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,391 | €11,025 | +€19,415 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.