BELGA BELGA: 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.
BELGA BELGA
Largest movements
- Receivables within one year +€39,357
up €39,357 (+65,595%), from €60 to €39,417
- Tangible fixed assets -€14,794
down €14,794 (-24.3%), from €60,829 to €46,035
of which Furniture and vehicles: -€12,701
- Stocks and contracts -€3,126
down €3,126 (-44.0%), from €7,106 to €3,980
- Trade debts +€48,855
up €48,855 (+354%), from €13,788 to €62,643
- Profit (loss) carried forward -€35,554
down €35,554 (-41.0%), from -€86,746 to -€122,300
- Tax, wage and social debts +€14,060
up €14,060 (+46.9%), from €29,986 to €44,046
of which Remuneration and social security: +€23,888
- Other debts -€6,715
down €6,715 (-9.1%), from €73,832 to €67,118
- Accrued charges and deferred income +€1,760
new in 2025: €1,760
- Gross operating margin -€29,359
down €29,359 (-23.5%), from €124,899 to €95,540
- Other operating charges +€3,566
up €3,566 (+50.0%), from €7,127 to €10,692
- Staff costs +€3,361
up €3,361 (+3.5%), from €94,958 to €98,319
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 | €73,961 | €95,780 | +€21,819 | +29.5% |
| Fixed assets | 21/28 | €62,017 | €47,185 | -€14,832 | -23.9% |
| Intangible fixed assets | 21 | €38 | - | -€38 | |
| Tangible fixed assets | 22/27 | €60,829 | €46,035 | -€14,794 | -24.3% |
| Plant, machinery and equipment | 23 | €610 | €1,384 | +€774 | +127% |
| Furniture and vehicles | 24 | €40,697 | €27,996 | -€12,701 | -31.2% |
| Other tangible fixed assets | 26 | €19,522 | €16,655 | -€2,867 | -14.7% |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €11,944 | €48,595 | +€36,651 | +307% |
| Stocks and contracts in progress | 3 | €7,106 | €3,980 | -€3,126 | -44.0% |
| Stocks | 30/36 | €7,106 | €3,980 | -€3,126 | -44.0% |
| Amounts receivable within one year | 40/41 | €60 | €39,417 | +€39,357 | +65,595% |
| Trade receivables | 40 | €60 | €39,417 | +€39,357 | +65,595% |
| Cash at bank and in hand | 54/58 | €3,806 | €3,937 | +€132 | +3.5% |
| Deferred charges and accrued income | 490/1 | €973 | €1,261 | +€289 | +29.7% |
| Total equity and liabilities | 10/49 | €73,961 | €95,780 | +€21,819 | +29.5% |
| Equity | 10/15 | -€67,932 | -€103,487 | -€35,554 | -52.3% |
| Contributions | 10/11 | €18,814 | €18,814 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,746 | -€122,300 | -€35,554 | -41.0% |
| Amounts payable | 17/49 | €141,893 | €199,267 | +€57,374 | +40.4% |
| Amounts payable after more than one year | 17 | €23,700 | €23,700 | = | 0.0% |
| Financial debts | 170/4 | €23,700 | €23,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €118,193 | €173,807 | +€55,614 | +47.1% |
| Financial debts | 43 | €587 | - | -€587 | |
| Credit institutions | 430/8 | €587 | - | -€587 | |
| Trade debts | 44 | €13,788 | €62,643 | +€48,855 | +354% |
| Suppliers | 440/4 | €13,788 | €62,643 | +€48,855 | +354% |
| Taxes, remuneration and social security | 45 | €29,986 | €44,046 | +€14,060 | +46.9% |
| Taxes | 450/3 | €12,221 | €2,393 | -€9,828 | -80.4% |
| Remuneration and social security | 454/9 | €17,766 | €41,653 | +€23,888 | +134% |
| Other amounts payable | 47/48 | €73,832 | €67,118 | -€6,715 | -9.1% |
| Accrued charges and deferred income | 492/3 | - | €1,760 | +€1,760 | |
| Remuneration, social security and pensions | 62 | €94,958 | €98,319 | +€3,361 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,918 | €16,185 | -€733 | -4.3% |
| Other operating charges | 640/8 | €7,127 | €10,692 | +€3,566 | +50.0% |
| Gross operating margin | 9900 | €124,899 | €95,540 | -€29,359 | -23.5% |
| Operating profit (loss) | 9901 | €5,895 | -€29,656 | -€35,552 | |
| Financial income | 75/76B | €96 | €1 | -€95 | -98.5% |
| Recurring financial income | 75 | €96 | €1 | -€95 | -98.5% |
| Financial charges | 65/66B | €5,642 | €5,659 | +€17 | +0.3% |
| Recurring financial charges | 65 | €5,642 | €5,659 | +€17 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €350 | -€35,314 | -€35,664 | |
| Income taxes | 67/77 | €0 | €240 | +€240 | +266,622% |
| Profit (loss) for the period | 9904 | €350 | -€35,554 | -€35,904 | |
| Profit (loss) for the period to be appropriated | 9905 | €350 | -€35,554 | -€35,904 |
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 20 October 2026 via checked.be.