BELGATONNERRE: what changed
Two fiscal 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.
BELGATONNERRE
Largest movements
- Cash +€14,071
up €14,071 (+15.2%), from €92,690 to €106,761
mainly Depreciation (+€10,796) and Stocks and contracts (+€10,670)
- Stocks and contracts -€10,670
down €10,670 (-40.0%), from €26,675 to €16,005
- Intangible fixed assets -€5,000
down €5,000 (-25.7%), from €19,454 to €14,454
- Tangible fixed assets -€4,346
down €4,346 (-17.0%), from €25,515 to €21,169
- Receivables within one year +€3,262
up €3,262 (+35.6%), from €9,160 to €12,422
of which Trade receivables: +€4,261
- Profit (loss) carried forward -€2,014
down €2,014 (-49.3%), from -€4,086 to -€6,100
- Gross operating margin -€27,931
down €27,931 (-25.2%), from €110,703 to €82,772
- Write-downs +€10,670
new in 2025: €10,670
- Taxes -€9,892
down €9,892 (-84.3%), from €11,728 to €1,836
- Financial income +€5,689
up €5,689 (+703.2%), from €809 to €6,498
of which Non-recurring financial income: +€5,958
- Depreciation +€3,677
up €3,677 (+51.7%), from €7,119 to €10,796
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.
Cash bridge derived
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 | €181,616 | €179,027 | -€2,589 | -1.4% |
| Fixed assets | 21/28 | €48,121 | €38,775 | -€9,346 | -19.4% |
| Intangible fixed assets | 21 | €19,454 | €14,454 | -€5,000 | -25.7% |
| Tangible fixed assets | 22/27 | €25,515 | €21,169 | -€4,346 | -17.0% |
| Furniture and vehicles | 24 | €25,515 | €21,169 | -€4,346 | -17.0% |
| Financial fixed assets | 28 | €3,152 | €3,152 | = | 0.0% |
| Current assets | 29/58 | €133,495 | €140,252 | +€6,757 | +5.1% |
| Stocks and contracts in progress | 3 | €26,675 | €16,005 | -€10,670 | -40.0% |
| Stocks | 30/36 | €26,675 | €16,005 | -€10,670 | -40.0% |
| Amounts receivable within one year | 40/41 | €9,160 | €12,422 | +€3,262 | +35.6% |
| Trade receivables | 40 | €8,161 | €12,422 | +€4,261 | +52.2% |
| Other amounts receivable | 41 | €999 | - | -€999 | |
| Cash at bank and in hand | 54/58 | €92,690 | €106,761 | +€14,071 | +15.2% |
| Deferred charges and accrued income | 490/1 | €4,970 | €5,064 | +€94 | +1.9% |
| Total equity and liabilities | 10/49 | €181,616 | €179,027 | -€2,589 | -1.4% |
| Equity | 10/15 | €14,506 | €12,492 | -€2,014 | -13.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,086 | -€6,100 | -€2,014 | -49.3% |
| Amounts payable | 17/49 | €167,110 | €166,535 | -€575 | -0.3% |
| Amounts payable within one year | 42/48 | €167,110 | €166,535 | -€575 | -0.3% |
| Trade debts | 44 | €45,283 | €44,303 | -€980 | -2.2% |
| Suppliers | 440/4 | €45,283 | €44,303 | -€980 | -2.2% |
| Taxes, remuneration and social security | 45 | €26,899 | €25,840 | -€1,059 | -3.9% |
| Taxes | 450/3 | €21,109 | €17,179 | -€3,930 | -18.6% |
| Remuneration and social security | 454/9 | €5,790 | €8,661 | +€2,871 | +49.6% |
| Other amounts payable | 47/48 | €94,928 | €96,392 | +€1,464 | +1.5% |
| Non-recurring operating income | 76A | €413 | - | -€413 | |
| Remuneration, social security and pensions | 62 | €63,647 | €62,210 | -€1,437 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,119 | €10,796 | +€3,677 | +51.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,670 | +€10,670 | |
| Other operating charges | 640/8 | €1,412 | €3,714 | +€2,302 | +163.0% |
| Non-recurring operating charges | 66A | €493 | - | -€493 | |
| Gross operating margin | 9900 | €110,703 | €82,772 | -€27,931 | -25.2% |
| Operating profit (loss) | 9901 | €38,032 | -€4,618 | -€42,650 | |
| Financial income | 75/76B | €809 | €6,498 | +€5,689 | +703.2% |
| Recurring financial income | 75 | €809 | €540 | -€269 | -33.3% |
| Non-recurring financial income | 76B | - | €5,958 | +€5,958 | |
| Financial charges | 65/66B | €1,756 | €2,058 | +€302 | +17.2% |
| Recurring financial charges | 65 | €1,756 | €2,058 | +€302 | +17.2% |
| Profit (loss) for the period before taxes | 9903 | €37,085 | -€178 | -€37,263 | |
| Income taxes | 67/77 | €11,728 | €1,836 | -€9,892 | -84.3% |
| Profit (loss) for the period | 9904 | €25,357 | -€2,014 | -€27,371 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,357 | -€2,014 | -€27,371 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.