BELGAMGA: 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.
BELGAMGA
Largest movements
- Intangible fixed assets -€24,700
down €24,700 (-25.5%), from €96,742 to €72,042
- Receivables within one year -€17,500
no longer reported in 2025 (was €17,500)
- Cash +€6,566
up €6,566 (+81.9%), from €8,014 to €14,580
mainly Debts after one year (+€56,500) and Depreciation (+€24,700)
- Profit (loss) carried forward -€69,928
down €69,928 (-13.7%), from -€510,603 to -€580,531
- Debts after one year +€56,500
new in 2025: €56,500
- Trade debts -€22,206
down €22,206 (-76.0%), from €29,212 to €7,006
- Gross operating margin +€129,042
up €129,042 (+78.9%), from -€163,531 to -€34,489
- Other operating charges +€4,627
up €4,627 (+78.9%), from €5,865 to €10,493
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 | €122,256 | €86,622 | -€35,634 | -29.1% |
| Fixed assets | 21/28 | €96,742 | €72,042 | -€24,700 | -25.5% |
| Intangible fixed assets | 21 | €96,742 | €72,042 | -€24,700 | -25.5% |
| Current assets | 29/58 | €25,514 | €14,580 | -€10,934 | -42.9% |
| Amounts receivable within one year | 40/41 | €17,500 | - | -€17,500 | |
| Other amounts receivable | 41 | €17,500 | - | -€17,500 | |
| Cash at bank and in hand | 54/58 | €8,014 | €14,580 | +€6,566 | +81.9% |
| Total equity and liabilities | 10/49 | €122,256 | €86,622 | -€35,634 | -29.1% |
| Equity | 10/15 | €92,897 | €22,969 | -€69,928 | -75.3% |
| Contributions | 10/11 | €603,500 | €603,500 | = | 0.0% |
| Capital | 10 | €603,500 | €603,500 | = | 0.0% |
| Issued capital | 100 | €603,500 | €603,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€510,603 | -€580,531 | -€69,928 | -13.7% |
| Amounts payable | 17/49 | €29,359 | €63,653 | +€34,294 | +117% |
| Amounts payable after more than one year | 17 | - | €56,500 | +€56,500 | |
| Financial debts | 170/4 | - | €56,500 | +€56,500 | |
| Amounts payable within one year | 42/48 | €29,212 | €7,006 | -€22,206 | -76.0% |
| Trade debts | 44 | €29,212 | €7,006 | -€22,206 | -76.0% |
| Suppliers | 440/4 | €29,212 | €7,006 | -€22,206 | -76.0% |
| Accrued charges and deferred income | 492/3 | €147 | €147 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,700 | €24,700 | = | 0.0% |
| Other operating charges | 640/8 | €5,865 | €10,493 | +€4,627 | +78.9% |
| Gross operating margin | 9900 | -€163,531 | -€34,489 | +€129,042 | +78.9% |
| Operating profit (loss) | 9901 | -€194,097 | -€69,682 | +€124,415 | +64.1% |
| Financial charges | 65/66B | €0 | €246 | +€246 | +68,211% |
| Recurring financial charges | 65 | €0 | €246 | +€246 | +68,211% |
| Profit (loss) for the period before taxes | 9903 | -€194,097 | -€69,928 | +€124,169 | +64.0% |
| Profit (loss) for the period | 9904 | -€194,097 | -€69,928 | +€124,169 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€194,097 | -€69,928 | +€124,169 | +64.0% |
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.