Belgarbre: 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.
Belgarbre
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€116,094
down €116,094 (-62.2%), from €186,525 to €70,431
mainly Current investments (-€200,000) and Trade debts (-€40,081)
- Receivables within one year -€44,368
down €44,368 (-35.3%), from €125,739 to €81,371
of which Trade receivables: -€46,140
- Tangible fixed assets -€14,411
down €14,411 (-61.0%), from €23,631 to €9,221
of which Furniture and vehicles: -€11,855
- Stocks and contracts -€10,730
down €10,730 (-31.8%), from €33,715 to €22,985
- Reserves +€69,570
up €69,570 (+39.6%), from €175,770 to €245,340
- Trade debts -€40,081
down €40,081 (-54.2%), from €73,987 to €33,906
- Tax, wage and social debts -€19,426
down €19,426 (-28.9%), from €67,140 to €47,714
- Other debts +€4,331
up €4,331 (+9.1%), from €47,704 to €52,035
- Gross operating margin +€16,262
up €16,262 (+16.6%), from €98,065 to €114,326
- Depreciation -€11,404
down €11,404 (-42.1%), from €27,090 to €15,686
- Taxes +€10,525
up €10,525 (+58.9%), from €17,881 to €28,406
- Financial income +€1,516
up €1,516 (+492%), from €308 to €1,825
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 | €369,611 | €384,008 | +€14,397 | +3.9% |
| Fixed assets | 21/28 | €23,631 | €9,221 | -€14,411 | -61.0% |
| Tangible fixed assets | 22/27 | €23,631 | €9,221 | -€14,411 | -61.0% |
| Land and buildings | 22 | €3,070 | €1,840 | -€1,230 | -40.1% |
| Plant, machinery and equipment | 23 | €7,007 | €5,681 | -€1,326 | -18.9% |
| Furniture and vehicles | 24 | €13,554 | €1,699 | -€11,855 | -87.5% |
| Current assets | 29/58 | €345,979 | €374,787 | +€28,808 | +8.3% |
| Stocks and contracts in progress | 3 | €33,715 | €22,985 | -€10,730 | -31.8% |
| Stocks | 30/36 | €33,715 | €22,985 | -€10,730 | -31.8% |
| Amounts receivable within one year | 40/41 | €125,739 | €81,371 | -€44,368 | -35.3% |
| Trade receivables | 40 | €125,739 | €79,598 | -€46,140 | -36.7% |
| Other amounts receivable | 41 | - | €1,773 | +€1,773 | |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €186,525 | €70,431 | -€116,094 | -62.2% |
| Total equity and liabilities | 10/49 | €369,611 | €384,008 | +€14,397 | +3.9% |
| Equity | 10/15 | €180,779 | €250,353 | +€69,573 | +38.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €175,770 | €245,340 | +€69,570 | +39.6% |
| Distributable reserves | 133 | €175,770 | €245,340 | +€69,570 | +39.6% |
| Profit (loss) carried forward | 14 | €9 | €13 | +€3 | +37.3% |
| Amounts payable | 17/49 | €188,832 | €133,655 | -€55,176 | -29.2% |
| Amounts payable within one year | 42/48 | €188,832 | €133,655 | -€55,176 | -29.2% |
| Trade debts | 44 | €73,987 | €33,906 | -€40,081 | -54.2% |
| Suppliers | 440/4 | €73,987 | €33,906 | -€40,081 | -54.2% |
| Taxes, remuneration and social security | 45 | €67,140 | €47,714 | -€19,426 | -28.9% |
| Taxes | 450/3 | €67,140 | €47,714 | -€19,426 | -28.9% |
| Other amounts payable | 47/48 | €47,704 | €52,035 | +€4,331 | +9.1% |
| Remuneration, social security and pensions | 62 | €1,396 | €1,419 | +€22 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,090 | €15,686 | -€11,404 | -42.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €98,065 | €114,326 | +€16,262 | +16.6% |
| Operating profit (loss) | 9901 | €69,191 | €96,822 | +€27,631 | +39.9% |
| Financial income | 75/76B | €308 | €1,825 | +€1,516 | +492% |
| Recurring financial income | 75 | €308 | €1,825 | +€1,516 | +492% |
| Financial charges | 65/66B | €1,092 | €667 | -€424 | -38.9% |
| Recurring financial charges | 65 | €1,092 | €667 | -€424 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €68,408 | €97,980 | +€29,572 | +43.2% |
| Income taxes | 67/77 | €17,881 | €28,406 | +€10,525 | +58.9% |
| Profit (loss) for the period | 9904 | €50,527 | €69,573 | +€19,047 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €50,527 | €69,573 | +€19,047 | +37.7% |
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.