BELGACO: 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.
BELGACO
Largest movements
- Receivables within one year +€132,945
up €132,945 (+142.3%), from €93,397 to €226,342
of which Trade receivables: +€113,967
- Cash -€67,686
down €67,686 (-58.6%), from €115,505 to €47,818
mainly Receivables within one year (-€132,945) and Tax, wage and social debts (-€63,059)
- Tangible fixed assets -€17,679
down €17,679 (-31.9%), from €55,376 to €37,697
of which Furniture and vehicles: -€16,801
- Deferred charges and accrued income +€4,439
up €4,439 (+216.0%), from €2,055 to €6,494
- Trade debts +€157,604
up €157,604 (+665.0%), from €23,698 to €181,302
- Tax, wage and social debts -€63,059
down €63,059 (-78.2%), from €80,612 to €17,553
of which Taxes: -€57,808
- Profit (loss) carried forward -€42,810
down €42,810 (-86.2%), from -€49,665 to -€92,475
- Current portion of long-term debt -€22,175
no longer reported in 2025 (was €22,175)
- Short-term financial debts +€22,146
new in 2025: €22,146
- Gross operating margin +€97,546
up €97,546 (+55.9%), from €174,613 to €272,159
- Financial income -€46,120
down €46,120 (-91.8%), from €50,240 to €4,120
- Staff costs +€34,935
up €34,935 (+14.2%), from €246,554 to €281,488
- Financial charges +€5,976
up €5,976 (+250.2%), from €2,388 to €8,364
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 | €341,334 | €393,352 | +€52,018 | +15.2% |
| Fixed assets | 21/28 | €55,377 | €37,698 | -€17,679 | -31.9% |
| Tangible fixed assets | 22/27 | €55,376 | €37,697 | -€17,679 | -31.9% |
| Plant, machinery and equipment | 23 | €21,249 | €20,371 | -€878 | -4.1% |
| Furniture and vehicles | 24 | €34,127 | €17,326 | -€16,801 | -49.2% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €285,957 | €355,654 | +€69,697 | +24.4% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Trade receivables | 290 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €93,397 | €226,342 | +€132,945 | +142.3% |
| Trade receivables | 40 | €71,721 | €185,688 | +€113,967 | +158.9% |
| Other amounts receivable | 41 | €21,676 | €40,654 | +€18,977 | +87.5% |
| Cash at bank and in hand | 54/58 | €115,505 | €47,818 | -€67,686 | -58.6% |
| Deferred charges and accrued income | 490/1 | €2,055 | €6,494 | +€4,439 | +216.0% |
| Total equity and liabilities | 10/49 | €341,334 | €393,352 | +€52,018 | +15.2% |
| Equity | 10/15 | €212,859 | €170,048 | -€42,810 | -20.1% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Reserves | 13 | €252,324 | €252,324 | = | 0.0% |
| Distributable reserves | 133 | €252,324 | €252,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,665 | -€92,475 | -€42,810 | -86.2% |
| Amounts payable | 17/49 | €128,475 | €223,303 | +€94,828 | +73.8% |
| Amounts payable within one year | 42/48 | €128,475 | €223,303 | +€94,828 | +73.8% |
| Current portion of amounts payable after more than one year | 42 | €22,175 | - | -€22,175 | |
| Financial debts | 43 | - | €22,146 | +€22,146 | |
| Credit institutions | 430/8 | - | €22,146 | +€22,146 | |
| Trade debts | 44 | €23,698 | €181,302 | +€157,604 | +665.0% |
| Suppliers | 440/4 | €23,698 | €181,302 | +€157,604 | +665.0% |
| Taxes, remuneration and social security | 45 | €80,612 | €17,553 | -€63,059 | -78.2% |
| Taxes | 450/3 | €57,808 | - | -€57,808 | |
| Remuneration and social security | 454/9 | €22,804 | €17,553 | -€5,251 | -23.0% |
| Other amounts payable | 47/48 | €1,990 | €2,302 | +€312 | +15.7% |
| Remuneration, social security and pensions | 62 | €246,554 | €281,488 | +€34,935 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,554 | €26,436 | +€1,882 | +7.7% |
| Other operating charges | 640/8 | €2,234 | €2,809 | +€575 | +25.8% |
| Gross operating margin | 9900 | €174,613 | €272,159 | +€97,546 | +55.9% |
| Operating profit (loss) | 9901 | -€98,729 | -€38,575 | +€60,153 | +60.9% |
| Financial income | 75/76B | €50,240 | €4,120 | -€46,120 | -91.8% |
| Recurring financial income | 75 | €50,240 | €4,120 | -€46,120 | -91.8% |
| Financial charges | 65/66B | €2,388 | €8,364 | +€5,976 | +250.2% |
| Recurring financial charges | 65 | €2,388 | €8,364 | +€5,976 | +250.2% |
| Profit (loss) for the period before taxes | 9903 | -€50,877 | -€42,820 | +€8,058 | +15.8% |
| Income taxes | 67/77 | €406 | -€9 | -€415 | |
| Profit (loss) for the period | 9904 | -€51,283 | -€42,810 | +€8,473 | +16.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,283 | -€42,810 | +€8,473 | +16.5% |
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 12 October 2026 via checked.be.