BELGAS: 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.
BELGAS
Largest movements
- Cash -€6,260
down €6,260 (-35.8%), from €17,484 to €11,224
mainly Trade debts (-€7,947) and Investment in fixed assets (net) (-€5,106)
- Receivables within one year -€3,234
down €3,234 (-30.6%), from €10,582 to €7,348
- Tangible fixed assets +€3,147
up €3,147 (+277%), from €1,138 to €4,285
- Trade debts -€7,947
down €7,947 (-77.7%), from €10,225 to €2,277
- Profit (loss) carried forward +€1,577
up €1,577 (+8.5%), from -€18,635 to -€17,059
- Tax, wage and social debts -€443
down €443 (-43.5%), from €1,020 to €576
- Other debts +€400
up €400 (+5.3%), from €7,569 to €7,970
- Gross operating margin -€2,510
down €2,510 (-35.5%), from €7,061 to €4,552
- Depreciation +€1,543
up €1,543 (+372%), from €415 to €1,959
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 | €30,428 | €24,076 | -€6,352 | -20.9% |
| Fixed assets | 21/28 | €2,038 | €5,185 | +€3,147 | +154% |
| Tangible fixed assets | 22/27 | €1,138 | €4,285 | +€3,147 | +277% |
| Plant, machinery and equipment | 23 | €1,138 | €4,285 | +€3,147 | +277% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €28,390 | €18,892 | -€9,499 | -33.5% |
| Amounts receivable within one year | 40/41 | €10,582 | €7,348 | -€3,234 | -30.6% |
| Trade receivables | 40 | €10,582 | €7,348 | -€3,234 | -30.6% |
| Cash at bank and in hand | 54/58 | €17,484 | €11,224 | -€6,260 | -35.8% |
| Deferred charges and accrued income | 490/1 | €324 | €319 | -€5 | -1.5% |
| Total equity and liabilities | 10/49 | €30,428 | €24,076 | -€6,352 | -20.9% |
| Equity | 10/15 | €11,365 | €12,941 | +€1,577 | +13.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,635 | -€17,059 | +€1,577 | +8.5% |
| Amounts payable | 17/49 | €19,064 | €11,135 | -€7,929 | -41.6% |
| Amounts payable within one year | 42/48 | €18,814 | €10,823 | -€7,991 | -42.5% |
| Trade debts | 44 | €10,225 | €2,277 | -€7,947 | -77.7% |
| Suppliers | 440/4 | €10,225 | €2,277 | -€7,947 | -77.7% |
| Taxes, remuneration and social security | 45 | €1,020 | €576 | -€443 | -43.5% |
| Taxes | 450/3 | €1,020 | €576 | -€443 | -43.5% |
| Other amounts payable | 47/48 | €7,569 | €7,970 | +€400 | +5.3% |
| Accrued charges and deferred income | 492/3 | €250 | €312 | +€62 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €415 | €1,959 | +€1,543 | +372% |
| Other operating charges | 640/8 | €499 | €512 | +€12 | +2.5% |
| Gross operating margin | 9900 | €7,061 | €4,552 | -€2,510 | -35.5% |
| Operating profit (loss) | 9901 | €6,147 | €2,081 | -€4,065 | -66.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €557 | €504 | -€52 | -9.4% |
| Recurring financial charges | 65 | €557 | €504 | -€52 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €5,590 | €1,577 | -€4,013 | -71.8% |
| Profit (loss) for the period | 9904 | €5,590 | €1,577 | -€4,013 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,590 | €1,577 | -€4,013 | -71.8% |
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 14 October 2026 via checked.be.