Belgarena: 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.
Belgarena
Largest movements
- Cash -€560,509
down €560,509 (-64.4%), from €870,367 to €309,858
mainly Investment in fixed assets (net) (-€1.0m) and Net result for the year (-€337,413)
- Tangible fixed assets +€302,043
up €302,043 (+4.7%), from €6.4m to €6.7m
of which Land and buildings: +€469,888
- Receivables within one year +€233,666
up €233,666 (+13.0%), from €1.8m to €2.0m
of which Other amounts receivable: +€603,177
- Intangible fixed assets +€103,276
up €103,276 (+81.0%), from €127,567 to €230,843
- Profit (loss) carried forward -€333,726
down €333,726 (-31.3%), from €1.1m to €731,022
- Trade debts +€276,428
up €276,428 (+81.1%), from €340,778 to €617,205
- Debts after one year +€270,314
up €270,314 (+9.0%), from €3.0m to €3.3m
- Tax, wage and social debts -€138,485
down €138,485 (-59.7%), from €231,855 to €93,369
of which Taxes: -€104,269
- Gross operating margin -€2.0m
down €2.0m (-63.1%), from €3.1m to €1.2m
- Depreciation -€582,194
down €582,194 (-49.4%), from €1.2m to €597,044
- Staff costs -€554,500
down €554,500 (-43.5%), from €1.3m to €719,319
- Financial charges +€86,734
up €86,734 (+80.5%), from €107,691 to €194,424
- Financial income +€67,377
new in 2025: €67,377
From the 30-06-2025 result to the 31-12-2025 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 30-06-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-06-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,316,138 | €9,467,272 | +€151,134 | +1.6% |
| Fixed assets | 21/28 | €6,555,214 | €6,960,534 | +€405,319 | +6.2% |
| Intangible fixed assets | 21 | €127,567 | €230,843 | +€103,276 | +81.0% |
| Tangible fixed assets | 22/27 | €6,427,648 | €6,729,691 | +€302,043 | +4.7% |
| Land and buildings | 22 | €4,320,404 | €4,790,292 | +€469,888 | +10.9% |
| Plant, machinery and equipment | 23 | €1,204,856 | €1,171,316 | -€33,540 | -2.8% |
| Furniture and vehicles | 24 | €66,864 | €34,428 | -€32,437 | -48.5% |
| Leasing and similar rights | 25 | €835,523 | €733,656 | -€101,867 | -12.2% |
| Current assets | 29/58 | €2,760,924 | €2,506,738 | -€254,185 | -9.2% |
| Stocks and contracts in progress | 3 | €44,364 | €101,792 | +€57,428 | +129% |
| Stocks | 30/36 | €44,364 | €101,792 | +€57,428 | +129% |
| Amounts receivable within one year | 40/41 | €1,794,849 | €2,028,516 | +€233,666 | +13.0% |
| Trade receivables | 40 | €1,524,447 | €1,154,936 | -€369,511 | -24.2% |
| Other amounts receivable | 41 | €270,403 | €873,580 | +€603,177 | +223% |
| Cash at bank and in hand | 54/58 | €870,367 | €309,858 | -€560,509 | -64.4% |
| Deferred charges and accrued income | 490/1 | €51,344 | €66,573 | +€15,229 | +29.7% |
| Total equity and liabilities | 10/49 | €9,316,138 | €9,467,272 | +€151,134 | +1.6% |
| Equity | 10/15 | €4,489,828 | €4,152,415 | -€337,413 | -7.5% |
| Contributions | 10/11 | €1,900,000 | €1,900,000 | = | 0.0% |
| Capital | 10 | €1,900,000 | €1,900,000 | = | 0.0% |
| Issued capital | 100 | €1,900,000 | €1,900,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,480,854 | €1,480,854 | = | 0.0% |
| Reserves | 13 | €44,226 | €40,539 | -€3,687 | -8.3% |
| Tax-exempt reserves | 132 | €44,226 | €40,539 | -€3,687 | -8.3% |
| Profit (loss) carried forward | 14 | €1,064,748 | €731,022 | -€333,726 | -31.3% |
| Amounts payable | 17/49 | €4,826,310 | €5,314,857 | +€488,547 | +10.1% |
| Amounts payable after more than one year | 17 | €3,010,225 | €3,280,539 | +€270,314 | +9.0% |
| Financial debts | 170/4 | €3,010,225 | €3,280,539 | +€270,314 | +9.0% |
| Amounts payable within one year | 42/48 | €1,276,621 | €1,557,429 | +€280,808 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €475,589 | €527,861 | +€52,272 | +11.0% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €340,778 | €617,205 | +€276,428 | +81.1% |
| Suppliers | 440/4 | €340,778 | €617,205 | +€276,428 | +81.1% |
| Advances received on contracts in progress | 46 | €24,975 | €24,975 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €231,855 | €93,369 | -€138,485 | -59.7% |
| Taxes | 450/3 | €122,592 | €18,323 | -€104,269 | -85.1% |
| Remuneration and social security | 454/9 | €109,263 | €75,047 | -€34,216 | -31.3% |
| Other amounts payable | 47/48 | €53,425 | €144,019 | +€90,594 | +170% |
| Accrued charges and deferred income | 492/3 | €539,464 | €476,889 | -€62,576 | -11.6% |
| Remuneration, social security and pensions | 62 | €1,273,819 | €719,319 | -€554,500 | -43.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,179,239 | €597,044 | -€582,194 | -49.4% |
| Other operating charges | 640/8 | €117,951 | €55,771 | -€62,181 | -52.7% |
| Gross operating margin | 9900 | €3,149,256 | €1,161,768 | -€2.0m | -63.1% |
| Operating profit (loss) | 9901 | €578,247 | -€210,366 | -€788,613 | |
| Financial income | 75/76B | - | €67,377 | +€67,377 | |
| Recurring financial income | 75 | - | €67,377 | +€67,377 | |
| Financial charges | 65/66B | €107,691 | €194,424 | +€86,734 | +80.5% |
| Recurring financial charges | 65 | €107,691 | €194,424 | +€86,734 | +80.5% |
| Profit (loss) for the period before taxes | 9903 | €470,556 | -€337,413 | -€807,969 | |
| Income taxes | 67/77 | €33,669 | - | -€33,669 | |
| Profit (loss) for the period | 9904 | €436,887 | -€337,413 | -€774,300 | |
| Transfer from tax-exempt reserves | 789 | €7,371 | €3,687 | -€3,684 | -50.0% |
| Transfer to tax-exempt reserves | 689 | €51,597 | - | -€51,597 | |
| Profit (loss) for the period to be appropriated | 9905 | €392,661 | -€333,726 | -€726,387 |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 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.