BELGATRAD: 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.
BELGATRAD
Largest movements
- Receivables within one year -€1,108
down €1,108 (-42.8%), from €2,588 to €1,480
of which Other amounts receivable: -€1,108
- Cash +€226
up €226 (+127%), from €178 to €404
mainly Receivables within one year (+€1,108)
- Other debts -€659
down €659 (-7.4%), from €8,853 to €8,195
- Profit (loss) carried forward -€223
down €223 (-2.4%), from -€9,152 to -€9,374
- Gross operating margin +€502
up €502, from -€202 to €300
- Other operating charges +€92
up €92 (+23.9%), from €387 to €480
- Depreciation -€88
no longer reported in 2025 (was €88)
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 | €2,765 | €1,884 | -€881 | -31.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Current assets | 29/58 | €2,765 | €1,884 | -€881 | -31.9% |
| Amounts receivable within one year | 40/41 | €2,588 | €1,480 | -€1,108 | -42.8% |
| Trade receivables | 40 | €1,195 | €1,195 | = | 0.0% |
| Other amounts receivable | 41 | €1,393 | €285 | -€1,108 | -79.5% |
| Cash at bank and in hand | 54/58 | €178 | €404 | +€226 | +127% |
| Total equity and liabilities | 10/49 | €2,765 | €1,884 | -€881 | -31.9% |
| Equity | 10/15 | -€6,152 | -€6,374 | -€223 | -3.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,152 | -€9,374 | -€223 | -2.4% |
| Amounts payable | 17/49 | €8,917 | €8,259 | -€659 | -7.4% |
| Amounts payable within one year | 42/48 | €8,917 | €8,259 | -€659 | -7.4% |
| Trade debts | 44 | €64 | €64 | = | 0.0% |
| Suppliers | 440/4 | €64 | €64 | = | 0.0% |
| Other amounts payable | 47/48 | €8,853 | €8,195 | -€659 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88 | - | -€88 | |
| Other operating charges | 640/8 | €387 | €480 | +€92 | +23.9% |
| Gross operating margin | 9900 | -€202 | €300 | +€502 | |
| Operating profit (loss) | 9901 | -€676 | -€180 | +€497 | +73.4% |
| Financial charges | 65/66B | €44 | €43 | -€1 | -2.8% |
| Recurring financial charges | 65 | €44 | €43 | -€1 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€721 | -€223 | +€498 | +69.1% |
| Profit (loss) for the period | 9904 | -€721 | -€223 | +€498 | +69.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€721 | -€223 | +€498 | +69.1% |
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 21 October 2026 via checked.be.