BELGA CONSTRUCT: what changed
Two fiscal 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 CONSTRUCT
Largest movements
- Receivables within one year -€30,028
down €30,028 (-39.5%), from €76,086 to €46,058
of which Trade receivables: -€27,739
- Cash +€16,069
up €16,069 (+95.3%), from €16,868 to €32,936
mainly Receivables within one year (+€30,028) and Depreciation (+€25,663)
- Tangible fixed assets +€2,596
up €2,596 (+4.1%), from €62,733 to €65,329
of which Furniture and vehicles: +€2,140
- Advances received -€30,000
no longer reported in 2025 (was €30,000)
- Debts after one year -€19,047
down €19,047 (-31.2%), from €60,954 to €41,907
- Other debts +€14,698
up €14,698 (+36.4%), from €40,380 to €55,078
- Current portion of long-term debt +€9,924
new in 2025: €9,924
- Trade debts +€9,913
up €9,913 (+488.5%), from €2,029 to €11,943
- Gross operating margin +€24,531
up €24,531 (+190.6%), from €12,867 to €37,398
- Depreciation +€17,454
up €17,454 (+212.6%), from €8,209 to €25,663
- Financial charges +€2,521
up €2,521 (+326.7%), from €772 to €3,292
- Taxes +€2,511
up €2,511 (+120.4%), from €2,086 to €4,597
- Other operating charges +€2,094
up €2,094 (+400.5%), from €523 to €2,617
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 | €168,497 | €157,134 | -€11,363 | -6.7% |
| Fixed assets | 21/28 | €62,733 | €65,329 | +€2,596 | +4.1% |
| Tangible fixed assets | 22/27 | €62,733 | €65,329 | +€2,596 | +4.1% |
| Plant, machinery and equipment | 23 | €896 | €1,351 | +€455 | +50.8% |
| Furniture and vehicles | 24 | €61,837 | €63,978 | +€2,140 | +3.5% |
| Current assets | 29/58 | €105,764 | €91,805 | -€13,959 | -13.2% |
| Stocks and contracts in progress | 3 | €12,810 | €12,810 | = | 0.0% |
| Stocks | 30/36 | €12,810 | €12,810 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €76,086 | €46,058 | -€30,028 | -39.5% |
| Trade receivables | 40 | €67,021 | €39,282 | -€27,739 | -41.4% |
| Other amounts receivable | 41 | €9,064 | €6,776 | -€2,289 | -25.2% |
| Cash at bank and in hand | 54/58 | €16,868 | €32,936 | +€16,069 | +95.3% |
| Total equity and liabilities | 10/49 | €168,497 | €157,134 | -€11,363 | -6.7% |
| Equity | 10/15 | €26,898 | €27,746 | +€847 | +3.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,898 | €26,746 | +€847 | +3.3% |
| Amounts payable | 17/49 | €141,599 | €129,388 | -€12,211 | -8.6% |
| Amounts payable after more than one year | 17 | €60,954 | €41,907 | -€19,047 | -31.2% |
| Financial debts | 170/4 | €60,954 | €41,907 | -€19,047 | -31.2% |
| Amounts payable within one year | 42/48 | €80,645 | €87,482 | +€6,837 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | - | €9,924 | +€9,924 | |
| Trade debts | 44 | €2,029 | €11,943 | +€9,913 | +488.5% |
| Suppliers | 440/4 | €2,029 | €11,943 | +€9,913 | +488.5% |
| Advances received on contracts in progress | 46 | €30,000 | - | -€30,000 | |
| Taxes, remuneration and social security | 45 | €8,236 | €10,538 | +€2,302 | +27.9% |
| Taxes | 450/3 | €8,236 | €10,538 | +€2,302 | +27.9% |
| Other amounts payable | 47/48 | €40,380 | €55,078 | +€14,698 | +36.4% |
| Remuneration, social security and pensions | 62 | - | €381 | +€381 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,209 | €25,663 | +€17,454 | +212.6% |
| Other operating charges | 640/8 | €523 | €2,617 | +€2,094 | +400.5% |
| Gross operating margin | 9900 | €12,867 | €37,398 | +€24,531 | +190.6% |
| Operating profit (loss) | 9901 | €4,135 | €8,737 | +€4,601 | +111.3% |
| Financial charges | 65/66B | €772 | €3,292 | +€2,521 | +326.7% |
| Recurring financial charges | 65 | €772 | €3,292 | +€2,521 | +326.7% |
| Profit (loss) for the period before taxes | 9903 | €3,364 | €5,444 | +€2,081 | +61.9% |
| Income taxes | 67/77 | €2,086 | €4,597 | +€2,511 | +120.4% |
| Profit (loss) for the period | 9904 | €1,277 | €847 | -€430 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,277 | €847 | -€430 | -33.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.