BELGASEL: 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.
BELGASEL
Largest movements
- Tangible fixed assets -€23,768
down €23,768 (-27.4%), from €86,704 to €62,936
- Cash +€15,799
up €15,799 (+231%), from €6,842 to €22,641
mainly Net result for the year (+€27,329) and Depreciation (+€21,555)
- Receivables within one year +€10,689
up €10,689 (+22.1%), from €48,392 to €59,081
of which Trade receivables: +€17,512
- Deferred charges and accrued income +€4,278
up €4,278 (+165%), from €2,599 to €6,877
- Profit (loss) carried forward +€27,329
up €27,329 (+26.0%), from €104,944 to €132,273
- Tax, wage and social debts -€21,740
down €21,740 (-75.6%), from €28,748 to €7,008
of which Taxes: -€17,740
- Gross operating margin -€68,120
down €68,120 (-51.6%), from €132,059 to €63,939
- Taxes -€17,636
down €17,636 (-71.3%), from €24,748 to €7,112
- Depreciation +€9,801
up €9,801 (+83.4%), from €11,754 to €21,555
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 | €144,672 | €151,669 | +€6,997 | +4.8% |
| Fixed assets | 21/28 | €86,839 | €63,071 | -€23,768 | -27.4% |
| Tangible fixed assets | 22/27 | €86,704 | €62,936 | -€23,768 | -27.4% |
| Furniture and vehicles | 24 | €86,704 | €62,936 | -€23,768 | -27.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €57,833 | €88,598 | +€30,765 | +53.2% |
| Amounts receivable within one year | 40/41 | €48,392 | €59,081 | +€10,689 | +22.1% |
| Trade receivables | 40 | €35,385 | €52,897 | +€17,512 | +49.5% |
| Other amounts receivable | 41 | €13,007 | €6,183 | -€6,824 | -52.5% |
| Cash at bank and in hand | 54/58 | €6,842 | €22,641 | +€15,799 | +231% |
| Deferred charges and accrued income | 490/1 | €2,599 | €6,877 | +€4,278 | +165% |
| Total equity and liabilities | 10/49 | €144,672 | €151,669 | +€6,997 | +4.8% |
| Equity | 10/15 | €114,944 | €142,273 | +€27,329 | +23.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Other | 1109/19 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,944 | €132,273 | +€27,329 | +26.0% |
| Amounts payable | 17/49 | €29,728 | €9,396 | -€20,332 | -68.4% |
| Amounts payable within one year | 42/48 | €29,728 | €9,396 | -€20,332 | -68.4% |
| Trade debts | 44 | €980 | €2,388 | +€1,408 | +144% |
| Suppliers | 440/4 | €980 | €2,388 | +€1,408 | +144% |
| Taxes, remuneration and social security | 45 | €28,748 | €7,008 | -€21,740 | -75.6% |
| Taxes | 450/3 | €24,748 | €7,008 | -€17,740 | -71.7% |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,754 | €21,555 | +€9,801 | +83.4% |
| Other operating charges | 640/8 | €1,192 | €1,762 | +€570 | +47.8% |
| Non-recurring operating charges | 66A | - | €6,000 | +€6,000 | |
| Gross operating margin | 9900 | €132,059 | €63,939 | -€68,120 | -51.6% |
| Operating profit (loss) | 9901 | €119,113 | €34,622 | -€84,491 | -70.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €122 | €181 | +€59 | +48.0% |
| Recurring financial charges | 65 | €122 | €181 | +€59 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | €118,991 | €34,441 | -€84,550 | -71.1% |
| Income taxes | 67/77 | €24,748 | €7,112 | -€17,636 | -71.3% |
| Profit (loss) for the period | 9904 | €94,243 | €27,329 | -€66,914 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,243 | €27,329 | -€66,914 | -71.0% |
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 15 October 2026 via checked.be.