BELGA SERVICES: 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 SERVICES
Largest movements
- Receivables within one year -€175,028
down €175,028 (-83.9%), from €208,735 to €33,707
of which Other amounts receivable: -€172,326
- Tangible fixed assets +€84,583
up €84,583 (+6.4%), from €1.3m to €1.4m
of which Assets under construction and advance payments: +€165,894
- Other debts +€119,556
up €119,556 (+317%), from €37,705 to €157,261
- Short-term financial debts -€100,342
no longer reported in 2025 (was €100,342)
- Reserves -€74,443
down €74,443 (-10.2%), from €731,434 to €656,991
of which Tax-exempt reserves: -€74,443
- Debts after one year -€25,442
down €25,442 (-42.3%), from €60,120 to €34,678
- Provisions -€24,814
down €24,814 (-10.3%), from €241,478 to €216,664
- Financial charges +€1,590
up €1,590 (+19.5%), from €8,167 to €9,757
- Other operating charges +€1,557
up €1,557 (+7.6%), from €20,421 to €21,979
- Taxes -€1,492
down €1,492 (-85.8%), from €1,740 to €248
- Gross operating margin +€1,309
up €1,309 (+2.1%), from €61,792 to €63,101
- Depreciation +€1,288
up €1,288 (+1.1%), from €114,129 to €115,417
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 | €1,537,319 | €1,444,381 | -€92,938 | -6.0% |
| Fixed assets | 21/28 | €1,312,317 | €1,396,900 | +€84,583 | +6.4% |
| Tangible fixed assets | 22/27 | €1,312,317 | €1,396,900 | +€84,583 | +6.4% |
| Land and buildings | 22 | €671,193 | €625,955 | -€45,238 | -6.7% |
| Plant, machinery and equipment | 23 | €36,073 | - | -€36,073 | |
| Assets under construction and advance payments | 27 | €605,051 | €770,945 | +€165,894 | +27.4% |
| Current assets | 29/58 | €225,002 | €47,481 | -€177,521 | -78.9% |
| Amounts receivable within one year | 40/41 | €208,735 | €33,707 | -€175,028 | -83.9% |
| Trade receivables | 40 | €8,731 | €6,030 | -€2,702 | -30.9% |
| Other amounts receivable | 41 | €200,004 | €27,677 | -€172,326 | -86.2% |
| Cash at bank and in hand | 54/58 | €15,471 | €12,954 | -€2,517 | -16.3% |
| Deferred charges and accrued income | 490/1 | €797 | €820 | +€23 | +2.9% |
| Total equity and liabilities | 10/49 | €1,537,319 | €1,444,381 | -€92,938 | -6.0% |
| Equity | 10/15 | €1,039,099 | €979,722 | -€59,377 | -5.7% |
| Contributions | 10/11 | €62,563 | €62,563 | = | 0.0% |
| Revaluation surpluses | 12 | €112,500 | €112,500 | = | 0.0% |
| Reserves | 13 | €731,434 | €656,991 | -€74,443 | -10.2% |
| Tax-exempt reserves | 132 | €724,434 | €649,991 | -€74,443 | -10.3% |
| Distributable reserves | 133 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €132,603 | €147,668 | +€15,066 | +11.4% |
| Provisions and deferred taxes | 16 | €241,478 | €216,664 | -€24,814 | -10.3% |
| Deferred taxes | 168 | €241,478 | €216,664 | -€24,814 | -10.3% |
| Amounts payable | 17/49 | €256,742 | €247,995 | -€8,747 | -3.4% |
| Amounts payable after more than one year | 17 | €60,120 | €34,678 | -€25,442 | -42.3% |
| Financial debts | 170/4 | €60,120 | €34,678 | -€25,442 | -42.3% |
| Amounts payable within one year | 42/48 | €196,485 | €213,317 | +€16,832 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €27,025 | €25,442 | -€1,583 | -5.9% |
| Financial debts | 43 | €100,342 | - | -€100,342 | |
| Credit institutions | 430/8 | €100,342 | - | -€100,342 | |
| Trade debts | 44 | €28,470 | €27,338 | -€1,131 | -4.0% |
| Suppliers | 440/4 | €28,470 | €27,338 | -€1,131 | -4.0% |
| Taxes, remuneration and social security | 45 | €2,942 | €3,275 | +€333 | +11.3% |
| Taxes | 450/3 | €2,942 | €3,275 | +€333 | +11.3% |
| Other amounts payable | 47/48 | €37,705 | €157,261 | +€119,556 | +317% |
| Accrued charges and deferred income | 492/3 | €137 | - | -€137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,129 | €115,417 | +€1,288 | +1.1% |
| Other operating charges | 640/8 | €20,421 | €21,979 | +€1,557 | +7.6% |
| Gross operating margin | 9900 | €61,792 | €63,101 | +€1,309 | +2.1% |
| Operating profit (loss) | 9901 | -€72,758 | -€74,294 | -€1,536 | -2.1% |
| Financial income | 75/76B | €324 | €108 | -€216 | -66.7% |
| Recurring financial income | 75 | €324 | €108 | -€216 | -66.7% |
| Financial charges | 65/66B | €8,167 | €9,757 | +€1,590 | +19.5% |
| Recurring financial charges | 65 | €8,167 | €9,757 | +€1,590 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | -€80,601 | -€83,943 | -€3,343 | -4.1% |
| Transfer from deferred taxes | 780 | €24,501 | €24,814 | +€313 | +1.3% |
| Income taxes | 67/77 | €1,740 | €248 | -€1,492 | -85.8% |
| Profit (loss) for the period | 9904 | -€57,840 | -€59,377 | -€1,537 | -2.7% |
| Transfer from tax-exempt reserves | 789 | €73,503 | €74,443 | +€939 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,663 | €15,066 | -€598 | -3.8% |
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 17 October 2026 via checked.be.