BELGASMART: 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.
BELGASMART
Largest movements
- Receivables within one year +€62,789
up €62,789 (+21.5%), from €291,537 to €354,326
of which Trade receivables: +€40,363
- Cash +€19,920
up €19,920 (+85.9%), from €23,191 to €43,112
mainly Net result for the year (+€91,254) and Short-term financial debts (+€23,746)
- Tangible fixed assets -€4,302
down €4,302 (-30.1%), from €14,303 to €10,001
of which Leasing and similar rights: -€7,326
- Reserves +€91,254
up €91,254 (+42.2%), from €216,184 to €307,438
of which Distributable reserves: +€91,254
- Tax, wage and social debts -€29,569
down €29,569 (-30.2%), from €98,064 to €68,495
of which Taxes: -€32,569
- Short-term financial debts +€23,746
new in 2025: €23,746
- Debts after one year -€4,689
no longer reported in 2025 (was €4,689)
- Gross operating margin -€6,373
down €6,373 (-4.3%), from €147,743 to €141,370
- Taxes -€4,539
down €4,539 (-10.2%), from €44,481 to €39,942
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 | €332,679 | €411,171 | +€78,492 | +23.6% |
| Fixed assets | 21/28 | €14,303 | €10,001 | -€4,302 | -30.1% |
| Tangible fixed assets | 22/27 | €14,303 | €10,001 | -€4,302 | -30.1% |
| Plant, machinery and equipment | 23 | €1,393 | €1,618 | +€225 | +16.2% |
| Furniture and vehicles | 24 | €3,044 | €6,192 | +€3,148 | +103% |
| Leasing and similar rights | 25 | €7,688 | €361 | -€7,326 | -95.3% |
| Other tangible fixed assets | 26 | €2,178 | €1,829 | -€349 | -16.0% |
| Current assets | 29/58 | €318,376 | €401,170 | +€82,794 | +26.0% |
| Amounts receivable within one year | 40/41 | €291,537 | €354,326 | +€62,789 | +21.5% |
| Trade receivables | 40 | €246,606 | €286,969 | +€40,363 | +16.4% |
| Other amounts receivable | 41 | €44,931 | €67,357 | +€22,426 | +49.9% |
| Cash at bank and in hand | 54/58 | €23,191 | €43,112 | +€19,920 | +85.9% |
| Deferred charges and accrued income | 490/1 | €3,648 | €3,733 | +€85 | +2.3% |
| Total equity and liabilities | 10/49 | €332,679 | €411,171 | +€78,492 | +23.6% |
| Equity | 10/15 | €222,384 | €313,638 | +€91,254 | +41.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €216,184 | €307,438 | +€91,254 | +42.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €214,324 | €305,578 | +€91,254 | +42.6% |
| Amounts payable | 17/49 | €110,294 | €97,533 | -€12,762 | -11.6% |
| Amounts payable after more than one year | 17 | €4,689 | - | -€4,689 | |
| Financial debts | 170/4 | €4,689 | - | -€4,689 | |
| Amounts payable within one year | 42/48 | €105,606 | €97,533 | -€8,073 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €6,523 | €4,689 | -€1,834 | -28.1% |
| Financial debts | 43 | - | €23,746 | +€23,746 | |
| Credit institutions | 430/8 | - | €23,746 | +€23,746 | |
| Trade debts | 44 | €1,019 | €603 | -€416 | -40.8% |
| Suppliers | 440/4 | €1,019 | €603 | -€416 | -40.8% |
| Taxes, remuneration and social security | 45 | €98,064 | €68,495 | -€29,569 | -30.2% |
| Taxes | 450/3 | €98,064 | €65,495 | -€32,569 | -33.2% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,256 | €10,915 | -€1,341 | -10.9% |
| Other operating charges | 640/8 | €677 | €685 | +€8 | +1.1% |
| Gross operating margin | 9900 | €147,743 | €141,370 | -€6,373 | -4.3% |
| Operating profit (loss) | 9901 | €134,809 | €129,770 | -€5,039 | -3.7% |
| Financial income | 75/76B | €1,954 | €3,060 | +€1,106 | +56.6% |
| Recurring financial income | 75 | €1,954 | €3,060 | +€1,106 | +56.6% |
| Financial charges | 65/66B | €1,558 | €1,635 | +€77 | +4.9% |
| Recurring financial charges | 65 | €1,558 | €1,635 | +€77 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €135,205 | €131,195 | -€4,010 | -3.0% |
| Income taxes | 67/77 | €44,481 | €39,942 | -€4,539 | -10.2% |
| Profit (loss) for the period | 9904 | €90,724 | €91,254 | +€529 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €90,724 | €91,254 | +€529 | +0.6% |
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 25 October 2026 via checked.be.