BELGARDEN: 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.
BELGARDEN
Largest movements
- Cash -€10,998
down €10,998 (-17.2%), from €64,016 to €53,017
mainly Receivables within one year (-€10,024) and Other debts (-€7,836)
- Receivables within one year +€10,024
up €10,024 (+186%), from €5,392 to €15,416
of which Trade receivables: +€9,854
- Tangible fixed assets -€6,706
down €6,706 (-16.8%), from €39,900 to €33,195
- Deferred charges and accrued income -€3,474
down €3,474 (-42.3%), from €8,215 to €4,741
- Reserves +€9,000
up €9,000 (+55.0%), from €16,360 to €25,360
- Other debts -€7,836
down €7,836 (-33.2%), from €23,597 to €15,760
- Current portion of long-term debt -€6,869
down €6,869 (-58.3%), from €11,787 to €4,918
- Tax, wage and social debts -€6,612
down €6,612 (-27.2%), from €24,318 to €17,706
of which Remuneration and social security: -€7,334
- Accrued charges and deferred income +€3,945
new in 2025: €3,945
- Staff costs -€25,491
down €25,491 (-18.6%), from €136,959 to €111,468
- Gross operating margin -€15,871
down €15,871 (-9.8%), from €162,246 to €146,375
- Taxes +€4,928
up €4,928 (+657%), from €750 to €5,678
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 | €117,523 | €106,369 | -€11,154 | -9.5% |
| Fixed assets | 21/28 | €39,900 | €33,195 | -€6,706 | -16.8% |
| Tangible fixed assets | 22/27 | €39,900 | €33,195 | -€6,706 | -16.8% |
| Plant, machinery and equipment | 23 | €39,900 | €33,195 | -€6,706 | -16.8% |
| Current assets | 29/58 | €77,622 | €73,175 | -€4,448 | -5.7% |
| Amounts receivable within one year | 40/41 | €5,392 | €15,416 | +€10,024 | +186% |
| Trade receivables | 40 | €2,142 | €11,996 | +€9,854 | +460% |
| Other amounts receivable | 41 | €3,250 | €3,420 | +€170 | +5.2% |
| Cash at bank and in hand | 54/58 | €64,016 | €53,017 | -€10,998 | -17.2% |
| Deferred charges and accrued income | 490/1 | €8,215 | €4,741 | -€3,474 | -42.3% |
| Total equity and liabilities | 10/49 | €117,523 | €106,369 | -€11,154 | -9.5% |
| Equity | 10/15 | €42,287 | €53,519 | +€11,232 | +26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,360 | €25,360 | +€9,000 | +55.0% |
| Distributable reserves | 133 | €16,360 | €25,360 | +€9,000 | +55.0% |
| Profit (loss) carried forward | 14 | €7,327 | €9,559 | +€2,232 | +30.5% |
| Amounts payable | 17/49 | €75,235 | €52,850 | -€22,385 | -29.8% |
| Amounts payable after more than one year | 17 | €1,401 | - | -€1,401 | |
| Financial debts | 170/4 | €1,401 | - | -€1,401 | |
| Amounts payable within one year | 42/48 | €73,834 | €48,905 | -€24,929 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €11,787 | €4,918 | -€6,869 | -58.3% |
| Trade debts | 44 | €12,633 | €10,022 | -€2,611 | -20.7% |
| Suppliers | 440/4 | €12,633 | €10,022 | -€2,611 | -20.7% |
| Advances received on contracts in progress | 46 | €1,500 | €500 | -€1,000 | -66.7% |
| Taxes, remuneration and social security | 45 | €24,318 | €17,706 | -€6,612 | -27.2% |
| Taxes | 450/3 | €9,274 | €9,996 | +€722 | +7.8% |
| Remuneration and social security | 454/9 | €15,044 | €7,710 | -€7,334 | -48.7% |
| Other amounts payable | 47/48 | €23,597 | €15,760 | -€7,836 | -33.2% |
| Accrued charges and deferred income | 492/3 | - | €3,945 | +€3,945 | |
| Remuneration, social security and pensions | 62 | €136,959 | €111,468 | -€25,491 | -18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,687 | €9,506 | -€181 | -1.9% |
| Other operating charges | 640/8 | €1,035 | €840 | -€195 | -18.9% |
| Gross operating margin | 9900 | €162,246 | €146,375 | -€15,871 | -9.8% |
| Operating profit (loss) | 9901 | €14,565 | €24,561 | +€9,996 | +68.6% |
| Financial income | 75/76B | €961 | €15 | -€946 | -98.5% |
| Recurring financial income | 75 | €961 | €15 | -€946 | -98.5% |
| Financial charges | 65/66B | €2,091 | €665 | -€1,426 | -68.2% |
| Recurring financial charges | 65 | €2,091 | €665 | -€1,426 | -68.2% |
| Profit (loss) for the period before taxes | 9903 | €13,434 | €23,910 | +€10,476 | +78.0% |
| Income taxes | 67/77 | €750 | €5,678 | +€4,928 | +657% |
| Profit (loss) for the period | 9904 | €12,684 | €18,232 | +€5,548 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,684 | €18,232 | +€5,548 | +43.7% |
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 23 October 2026 via checked.be.