Belgard: 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.
Belgard
Largest movements
- Cash +€55,436
up €55,436 (+5652.3%), from €981 to €56,417
mainly Net result for the year (+€101,343) and Trade debts (+€7,254)
- Receivables within one year +€16,697
up €16,697 (+13.2%), from €126,667 to €143,365
of which Other amounts receivable: +€51,874
- Profit (loss) carried forward +€101,343
up €101,343 (+396.9%), from €25,532 to €126,875
- Tax, wage and social debts -€20,763
down €20,763 (-82.6%), from €25,127 to €4,364
- Other debts -€17,170
down €17,170 (-4.4%), from €386,318 to €369,147
- Trade debts +€7,254
up €7,254 (+556.6%), from €1,303 to €8,557
- Gross operating margin +€73,865
up €73,865 (+113.5%), from €65,094 to €138,959
- Financial charges -€26,252
down €26,252 (-89.3%), from €29,384 to €3,132
- Taxes +€25,271
up €25,271 (+294.5%), from €8,581 to €33,852
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 | €463,280 | €534,782 | +€71,502 | +15.4% |
| Fixed assets | 21/28 | €632 | - | -€632 | |
| Tangible fixed assets | 22/27 | €632 | - | -€632 | |
| Plant, machinery and equipment | 23 | €632 | - | -€632 | |
| Current assets | 29/58 | €462,648 | €534,782 | +€72,133 | +15.6% |
| Amounts receivable within one year | 40/41 | €126,667 | €143,365 | +€16,697 | +13.2% |
| Trade receivables | 40 | €39,248 | €4,071 | -€35,177 | -89.6% |
| Other amounts receivable | 41 | €87,419 | €139,294 | +€51,874 | +59.3% |
| Current investments | 50/53 | €335,000 | €335,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €981 | €56,417 | +€55,436 | +5652.3% |
| Total equity and liabilities | 10/49 | €463,280 | €534,782 | +€71,502 | +15.4% |
| Equity | 10/15 | €50,532 | €151,875 | +€101,343 | +200.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,532 | €126,875 | +€101,343 | +396.9% |
| Amounts payable | 17/49 | €412,748 | €382,907 | -€29,841 | -7.2% |
| Amounts payable within one year | 42/48 | €412,748 | €382,907 | -€29,841 | -7.2% |
| Trade debts | 44 | €1,303 | €8,557 | +€7,254 | +556.6% |
| Suppliers | 440/4 | €1,303 | €8,557 | +€7,254 | +556.6% |
| Advances received on contracts in progress | 46 | - | €838 | +€838 | |
| Taxes, remuneration and social security | 45 | €25,127 | €4,364 | -€20,763 | -82.6% |
| Taxes | 450/3 | €25,127 | €4,364 | -€20,763 | -82.6% |
| Other amounts payable | 47/48 | €386,318 | €369,147 | -€17,170 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €632 | €632 | +€0 | 0.0% |
| Gross operating margin | 9900 | €65,094 | €138,959 | +€73,865 | +113.5% |
| Operating profit (loss) | 9901 | €64,462 | €138,327 | +€73,865 | +114.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €29,384 | €3,132 | -€26,252 | -89.3% |
| Recurring financial charges | 65 | €29,384 | €3,132 | -€26,252 | -89.3% |
| Profit (loss) for the period before taxes | 9903 | €35,078 | €135,195 | +€100,117 | +285.4% |
| Income taxes | 67/77 | €8,581 | €33,852 | +€25,271 | +294.5% |
| Profit (loss) for the period | 9904 | €26,497 | €101,343 | +€74,846 | +282.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,497 | €101,343 | +€74,846 | +282.5% |
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 11 October 2026 via checked.be.