BELGADRI: 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.
BELGADRI
Largest movements
- Receivables within one year +€47,099
up €47,099 (+21.9%), from €215,301 to €262,401
of which Trade receivables: +€30,147
- Cash +€37,285
up €37,285 (+37.8%), from €98,544 to €135,829
mainly Net result for the year (+€176,781) and Depreciation (+€150,952)
- Stocks and contracts -€34,150
down €34,150 (-40.6%), from €84,150 to €50,000
- Deferred charges and accrued income +€20,351
up €20,351 (+462%), from €4,406 to €24,757
- Tangible fixed assets -€19,856
down €19,856 (-1.6%), from €1.3m to €1.2m
of which Plant, machinery and equipment: -€90,707
- Reserves +€176,781
up €176,781 (+29.6%), from €596,849 to €773,629
of which Distributable reserves: +€176,781
- Debts after one year -€145,124
down €145,124 (-27.3%), from €531,025 to €385,901
- Trade debts +€91,332
up €91,332 (+250%), from €36,471 to €127,802
- Short-term financial debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Tax, wage and social debts -€35,106
down €35,106 (-66.7%), from €52,638 to €17,532
of which Taxes: -€35,106
- Gross operating margin -€113,408
down €113,408 (-19.6%), from €578,742 to €465,334
- Taxes -€25,474
down €25,474 (-26.0%), from €97,992 to €72,518
- Financial charges -€11,273
down €11,273 (-31.4%), from €35,896 to €24,623
- Depreciation -€10,579
down €10,579 (-6.5%), from €161,531 to €150,952
- Staff costs -€9,735
down €9,735 (-100%), from €9,735 to €0
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 | €1,671,587 | €1,733,727 | +€62,140 | +3.7% |
| Fixed assets | 21/28 | €1,263,480 | €1,243,624 | -€19,856 | -1.6% |
| Tangible fixed assets | 22/27 | €1,262,240 | €1,242,384 | -€19,856 | -1.6% |
| Land and buildings | 22 | €764,970 | €764,811 | -€159 | 0.0% |
| Plant, machinery and equipment | 23 | €459,586 | €368,878 | -€90,707 | -19.7% |
| Furniture and vehicles | 24 | €37,685 | €108,695 | +€71,010 | +188% |
| Financial fixed assets | 28 | €1,240 | €1,240 | = | 0.0% |
| Current assets | 29/58 | €408,107 | €490,103 | +€81,996 | +20.1% |
| Amounts receivable after more than one year | 29 | €5,705 | €17,116 | +€11,411 | +200% |
| Other amounts receivable | 291 | €5,705 | €17,116 | +€11,411 | +200% |
| Stocks and contracts in progress | 3 | €84,150 | €50,000 | -€34,150 | -40.6% |
| Stocks | 30/36 | €84,150 | €50,000 | -€34,150 | -40.6% |
| Amounts receivable within one year | 40/41 | €215,301 | €262,401 | +€47,099 | +21.9% |
| Trade receivables | 40 | €176,210 | €206,357 | +€30,147 | +17.1% |
| Other amounts receivable | 41 | €39,092 | €56,044 | +€16,952 | +43.4% |
| Cash at bank and in hand | 54/58 | €98,544 | €135,829 | +€37,285 | +37.8% |
| Deferred charges and accrued income | 490/1 | €4,406 | €24,757 | +€20,351 | +462% |
| Total equity and liabilities | 10/49 | €1,671,587 | €1,733,727 | +€62,140 | +3.7% |
| Equity | 10/15 | €762,849 | €939,629 | +€176,781 | +23.2% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Revaluation surpluses | 12 | €96,000 | €96,000 | = | 0.0% |
| Reserves | 13 | €596,849 | €773,629 | +€176,781 | +29.6% |
| Tax-exempt reserves | 132 | €22,867 | €22,867 | = | 0.0% |
| Distributable reserves | 133 | €573,982 | €750,763 | +€176,781 | +30.8% |
| Provisions and deferred taxes | 16 | €26,500 | €53,000 | +€26,500 | +100% |
| Provisions for liabilities and charges | 160/5 | €26,500 | €53,000 | +€26,500 | +100% |
| Major repairs and maintenance | 162 | €26,500 | €53,000 | +€26,500 | +100% |
| Amounts payable | 17/49 | €882,238 | €741,098 | -€141,141 | -16.0% |
| Amounts payable after more than one year | 17 | €531,025 | €385,901 | -€145,124 | -27.3% |
| Financial debts | 170/4 | €531,025 | €385,901 | -€145,124 | -27.3% |
| Amounts payable within one year | 42/48 | €304,233 | €290,458 | -€13,774 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €165,124 | €145,124 | -€20,000 | -12.1% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €36,471 | €127,802 | +€91,332 | +250% |
| Suppliers | 440/4 | €36,471 | €127,802 | +€91,332 | +250% |
| Taxes, remuneration and social security | 45 | €52,638 | €17,532 | -€35,106 | -66.7% |
| Taxes | 450/3 | €50,373 | €15,267 | -€35,106 | -69.7% |
| Remuneration and social security | 454/9 | €2,265 | €2,265 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €46,981 | €64,739 | +€17,758 | +37.8% |
| Remuneration, social security and pensions | 62 | €9,735 | €0 | -€9,735 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,531 | €150,952 | -€10,579 | -6.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €26,500 | €26,500 | = | 0.0% |
| Other operating charges | 640/8 | €17,547 | €15,540 | -€2,008 | -11.4% |
| Non-recurring operating charges | 66A | €25,892 | €0 | -€25,892 | -100% |
| Gross operating margin | 9900 | €578,742 | €465,334 | -€113,408 | -19.6% |
| Operating profit (loss) | 9901 | €337,537 | €272,342 | -€65,195 | -19.3% |
| Financial income | 75/76B | €7,864 | €1,580 | -€6,284 | -79.9% |
| Recurring financial income | 75 | €7,864 | €1,580 | -€6,284 | -79.9% |
| Financial charges | 65/66B | €35,896 | €24,623 | -€11,273 | -31.4% |
| Recurring financial charges | 65 | €35,896 | €24,623 | -€11,273 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €309,505 | €249,299 | -€60,206 | -19.5% |
| Income taxes | 67/77 | €97,992 | €72,518 | -€25,474 | -26.0% |
| Profit (loss) for the period | 9904 | €211,512 | €176,781 | -€34,732 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €211,512 | €176,781 | -€34,732 | -16.4% |
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 24 October 2026 via checked.be.