BELGAMO: 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.
BELGAMO
Largest movements
- Receivables within one year +€26,988
up €26,988 (+1,635%), from €1,651 to €28,640
of which Trade receivables: +€27,971
- Tangible fixed assets +€13,589
up €13,589 (+180%), from €7,553 to €21,142
of which Furniture and vehicles: +€14,789
- Cash -€8,852
down €8,852 (-20.1%), from €44,071 to €35,218
mainly Receivables within one year (-€26,988) and Investment in fixed assets (net) (-€18,500)
- Trade debts +€15,850
up €15,850 (+311%), from €5,096 to €20,946
- Profit (loss) carried forward +€9,547
up €9,547 (+32.8%), from €29,075 to €38,621
- Tax, wage and social debts +€4,876
new in 2025: €4,876
- Other debts +€2,163
up €2,163 (+13.4%), from €16,169 to €18,331
- Turnover -€100,680
no longer reported in 2025 (was €100,680)
- Purchases and services -€86,503
no longer reported in 2025 (was €86,503)
- Gross operating margin +€10,704
up €10,704 (+75.5%), from €14,177 to €24,881
- Taxes +€9,803
new in 2025: €9,803
- Depreciation +€1,071
up €1,071 (+27.9%), from €3,840 to €4,911
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 | €53,340 | €85,775 | +€32,435 | +60.8% |
| Fixed assets | 21/28 | €7,553 | €21,142 | +€13,589 | +180% |
| Tangible fixed assets | 22/27 | €7,553 | €21,142 | +€13,589 | +180% |
| Plant, machinery and equipment | 23 | €4,635 | €3,435 | -€1,200 | -25.9% |
| Furniture and vehicles | 24 | €2,918 | €17,707 | +€14,789 | +507% |
| Current assets | 29/58 | €45,787 | €64,632 | +€18,846 | +41.2% |
| Amounts receivable within one year | 40/41 | €1,651 | €28,640 | +€26,988 | +1,635% |
| Trade receivables | 40 | €393 | €28,364 | +€27,971 | +7,120% |
| Other amounts receivable | 41 | €1,258 | €276 | -€983 | -78.1% |
| Cash at bank and in hand | 54/58 | €44,071 | €35,218 | -€8,852 | -20.1% |
| Deferred charges and accrued income | 490/1 | €65 | €775 | +€710 | +1,092% |
| Total equity and liabilities | 10/49 | €53,340 | €85,775 | +€32,435 | +60.8% |
| Equity | 10/15 | €32,075 | €41,621 | +€9,547 | +29.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,075 | €38,621 | +€9,547 | +32.8% |
| Amounts payable | 17/49 | €21,265 | €44,153 | +€22,888 | +108% |
| Amounts payable within one year | 42/48 | €21,265 | €44,153 | +€22,888 | +108% |
| Trade debts | 44 | €5,096 | €20,946 | +€15,850 | +311% |
| Suppliers | 440/4 | €5,096 | €20,946 | +€15,850 | +311% |
| Taxes, remuneration and social security | 45 | - | €4,876 | +€4,876 | |
| Taxes | 450/3 | - | €4,876 | +€4,876 | |
| Other amounts payable | 47/48 | €16,169 | €18,331 | +€2,163 | +13.4% |
| Turnover | 70 | €100,680 | - | -€100,680 | |
| Goods, raw materials, services and sundry goods | 60/61 | €86,503 | - | -€86,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,840 | €4,911 | +€1,071 | +27.9% |
| Other operating charges | 640/8 | €152 | €598 | +€446 | +292% |
| Gross operating margin | 9900 | €14,177 | €24,881 | +€10,704 | +75.5% |
| Operating profit (loss) | 9901 | €10,185 | €19,373 | +€9,188 | +90.2% |
| Financial income | 75/76B | - | €73 | +€73 | |
| Recurring financial income | 75 | - | €73 | +€73 | |
| Financial charges | 65/66B | €161 | €97 | -€64 | -39.8% |
| Recurring financial charges | 65 | €161 | €97 | -€64 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €10,024 | €19,349 | +€9,325 | +93.0% |
| Income taxes | 67/77 | - | €9,803 | +€9,803 | |
| Profit (loss) for the period | 9904 | €10,024 | €9,547 | -€478 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,024 | €9,547 | -€478 | -4.8% |
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 27 October 2026 via checked.be.