BELGARDE: 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.
BELGARDE
Largest movements
- Financial fixed assets +€33.6m
up €33.6m (+13,341%), from €251,499 to €33.8m
- Cash -€4.1m
down €4.1m (-91.9%), from €4.5m to €360,558
mainly Investment in fixed assets (net) (-€34.7m) and Current investments (-€3.6m)
- Current investments +€3.6m
new in 2025: €3.6m
- Intangible fixed assets +€1.1m
new in 2025: €1.1m
- Revaluation surpluses +€34.3m
new in 2025: €34.3m
- Reserves -€467,473
down €467,473 (-33.1%), from €1.4m to €943,610
of which Tax-exempt reserves: -€467,473
- Gross operating margin -€60,122
down €60,122 (-7.8%), from €768,959 to €708,837
- Staff costs +€42,088
up €42,088 (+9.9%), from €426,337 to €468,425
- Financial income +€35,120
up €35,120 (+51.9%), from €67,639 to €102,759
- Taxes -€13,240
down €13,240 (-12.4%), from €107,185 to €93,945
- Depreciation +€9,090
up €9,090 (+19.9%), from €45,574 to €54,663
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 | €5,509,678 | €39,201,309 | +€33.7m | +611% |
| Fixed assets | 21/28 | €410,848 | €35,006,732 | +€34.6m | +8,421% |
| Intangible fixed assets | 21 | - | €1,050,000 | +€1.1m | |
| Tangible fixed assets | 22/27 | €159,349 | €151,886 | -€7,463 | -4.7% |
| Plant, machinery and equipment | 23 | €1,305 | €1,719 | +€414 | +31.7% |
| Furniture and vehicles | 24 | €158,044 | €150,167 | -€7,877 | -5.0% |
| Financial fixed assets | 28 | €251,499 | €33,804,846 | +€33.6m | +13,341% |
| Current assets | 29/58 | €5,098,830 | €4,194,577 | -€904,253 | -17.7% |
| Amounts receivable after more than one year | 29 | €324,221 | - | -€324,221 | |
| Other amounts receivable | 291 | €324,221 | - | -€324,221 | |
| Amounts receivable within one year | 40/41 | €244,959 | €256,481 | +€11,522 | +4.7% |
| Trade receivables | 40 | €149,970 | €174,720 | +€24,751 | +16.5% |
| Other amounts receivable | 41 | €94,989 | €81,761 | -€13,229 | -13.9% |
| Current investments | 50/53 | - | €3,552,532 | +€3.6m | |
| Cash at bank and in hand | 54/58 | €4,450,055 | €360,558 | -€4.1m | -91.9% |
| Deferred charges and accrued income | 490/1 | €79,595 | €25,006 | -€54,590 | -68.6% |
| Total equity and liabilities | 10/49 | €5,509,678 | €39,201,309 | +€33.7m | +611% |
| Equity | 10/15 | €4,906,871 | €38,450,178 | +€33.5m | +684% |
| Contributions | 10/11 | €18,700 | €18,700 | = | 0.0% |
| Revaluation surpluses | 12 | - | €34,300,420 | +€34.3m | |
| Reserves | 13 | €1,411,083 | €943,610 | -€467,473 | -33.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,192,972 | €725,499 | -€467,473 | -39.2% |
| Distributable reserves | 133 | €216,252 | €216,252 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,477,089 | €3,187,448 | -€289,641 | -8.3% |
| Amounts payable | 17/49 | €602,807 | €751,131 | +€148,324 | +24.6% |
| Amounts payable within one year | 42/48 | €579,809 | €723,062 | +€143,254 | +24.7% |
| Trade debts | 44 | €5,489 | €179,724 | +€174,235 | +3,175% |
| Suppliers | 440/4 | €5,489 | €179,724 | +€174,235 | +3,175% |
| Taxes, remuneration and social security | 45 | €74,320 | €99,239 | +€24,919 | +33.5% |
| Taxes | 450/3 | €26,184 | €50,972 | +€24,787 | +94.7% |
| Remuneration and social security | 454/9 | €48,136 | €48,268 | +€132 | +0.3% |
| Other amounts payable | 47/48 | €500,000 | €444,099 | -€55,901 | -11.2% |
| Accrued charges and deferred income | 492/3 | €22,998 | €28,069 | +€5,071 | +22.0% |
| Non-recurring operating income | 76A | €13,326 | - | -€13,326 | |
| Remuneration, social security and pensions | 62 | €426,337 | €468,425 | +€42,088 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,574 | €54,663 | +€9,090 | +19.9% |
| Other operating charges | 640/8 | €7,096 | €7,834 | +€738 | +10.4% |
| Gross operating margin | 9900 | €768,959 | €708,837 | -€60,122 | -7.8% |
| Operating profit (loss) | 9901 | €289,952 | €177,914 | -€112,038 | -38.6% |
| Financial income | 75/76B | €67,639 | €102,759 | +€35,120 | +51.9% |
| Recurring financial income | 75 | €67,639 | €102,759 | +€35,120 | +51.9% |
| Financial charges | 65/66B | €2,172 | €8,895 | +€6,724 | +310% |
| Recurring financial charges | 65 | €2,172 | €8,895 | +€6,724 | +310% |
| Profit (loss) for the period before taxes | 9903 | €355,419 | €271,778 | -€83,641 | -23.5% |
| Income taxes | 67/77 | €107,185 | €93,945 | -€13,240 | -12.4% |
| Profit (loss) for the period | 9904 | €248,234 | €177,833 | -€70,402 | -28.4% |
| Profit (loss) for the period to be appropriated | 9905 | €248,234 | €177,833 | -€70,402 | -28.4% |
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 17 October 2026 via checked.be.