BELGA-GROUP: 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-GROUP
Largest movements
- Cash -€829
down €829 (-94.2%), from €880 to €51
mainly Net result for the year (-€1,364) and Receivables within one year (-€167)
- Tangible fixed assets -€694
no longer reported in 2025 (was €694)
- Profit (loss) carried forward -€1,364
down €1,364 (-2.3%), from -€58,533 to -€59,897
- Financial charges -€71,817
down €71,817 (-99.9%), from €71,891 to €74
of which Non-recurring financial charges: -€71,672
- Staff costs -€8,146
no longer reported in 2025 (was €8,146)
- Gross operating margin +€7,421
up €7,421 (+90.8%), from -€8,171 to -€750
- Taxes -€3,703
down €3,703 (-96.0%), from €3,856 to €153
- Depreciation -€1,667
no longer reported in 2025 (was €1,667)
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 | €22,672 | €21,316 | -€1,357 | -6.0% |
| Fixed assets | 21/28 | €2,220 | €1,526 | -€694 | -31.3% |
| Tangible fixed assets | 22/27 | €694 | - | -€694 | |
| Furniture and vehicles | 24 | €694 | - | -€694 | |
| Financial fixed assets | 28 | €1,526 | €1,526 | = | 0.0% |
| Current assets | 29/58 | €20,452 | €19,790 | -€662 | -3.2% |
| Amounts receivable within one year | 40/41 | €19,572 | €19,739 | +€167 | +0.9% |
| Other amounts receivable | 41 | €19,572 | €19,739 | +€167 | +0.9% |
| Cash at bank and in hand | 54/58 | €880 | €51 | -€829 | -94.2% |
| Total equity and liabilities | 10/49 | €22,672 | €21,316 | -€1,357 | -6.0% |
| Equity | 10/15 | -€38,223 | -€39,587 | -€1,364 | -3.6% |
| Contributions | 10/11 | €18,450 | €18,450 | = | 0.0% |
| Capital | 10 | €18,450 | €18,450 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €150 | €150 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,533 | -€59,897 | -€1,364 | -2.3% |
| Amounts payable | 17/49 | €60,896 | €60,903 | +€7 | 0.0% |
| Amounts payable within one year | 42/48 | €60,896 | €60,903 | +€7 | 0.0% |
| Financial debts | 43 | - | €7 | +€7 | |
| Credit institutions | 430/8 | - | €7 | +€7 | |
| Trade debts | 44 | €3,125 | €3,125 | = | 0.0% |
| Suppliers | 440/4 | €3,125 | €3,125 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €57,770 | €57,770 | = | 0.0% |
| Taxes | 450/3 | - | €1,081 | +€1,081 | |
| Remuneration and social security | 454/9 | €57,770 | €56,689 | -€1,081 | -1.9% |
| Non-recurring operating income | 76A | €2,479 | - | -€2,479 | |
| Remuneration, social security and pensions | 62 | €8,146 | - | -€8,146 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,667 | - | -€1,667 | |
| Non-recurring operating charges | 66A | - | €394 | +€394 | |
| Gross operating margin | 9900 | -€8,171 | -€750 | +€7,421 | +90.8% |
| Operating profit (loss) | 9901 | -€17,984 | -€1,144 | +€16,839 | +93.6% |
| Financial income | 75/76B | €8 | €7 | -€1 | -14.2% |
| Recurring financial income | 75 | €8 | €7 | -€1 | -14.2% |
| Financial charges | 65/66B | €71,891 | €74 | -€71,817 | -99.9% |
| Recurring financial charges | 65 | €219 | €74 | -€145 | -66.2% |
| Non-recurring financial charges | 66B | €71,672 | - | -€71,672 | |
| Profit (loss) for the period before taxes | 9903 | -€89,867 | -€1,211 | +€88,655 | +98.7% |
| Income taxes | 67/77 | €3,856 | €153 | -€3,703 | -96.0% |
| Profit (loss) for the period | 9904 | -€93,722 | -€1,364 | +€92,358 | +98.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,722 | -€1,364 | +€92,358 | +98.5% |
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 9 October 2026 via checked.be.