BELGATTITUDE: 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.
BELGATTITUDE
Largest movements
- Cash -€86,837
down €86,837 (-68.8%), from €126,253 to €39,417
mainly Investment in fixed assets (net) (-€175,771) and Net result for the year (-€137,293)
- Tangible fixed assets +€82,926
up €82,926 (+22.0%), from €376,418 to €459,344
of which Other tangible fixed assets: +€83,542
- Deferred charges and accrued income +€12,072
new in 2025: €12,072
- Stocks and contracts +€8,816
up €8,816 (+58.4%), from €15,089 to €23,905
- Receivables within one year -€8,358
down €8,358 (-11.4%), from €73,217 to €64,858
of which Other amounts receivable: -€11,444
- Profit (loss) carried forward -€137,293
down €137,293 (-339%), from -€40,499 to -€177,792
- Tax, wage and social debts +€121,292
up €121,292 (+94.8%), from €127,956 to €249,248
of which Taxes: +€74,041
- Debts after one year +€60,235
up €60,235 (+29.0%), from €207,979 to €268,214
- Current portion of long-term debt -€45,065
down €45,065 (-39.9%), from €112,977 to €67,911
- Other debts +€11,000
new in 2025: €11,000
- Gross operating margin -€178,630
down €178,630 (-15.7%), from €1.1m to €961,775
- Staff costs -€71,658
down €71,658 (-7.0%), from €1.0m to €954,205
- Depreciation +€34,999
up €34,999 (+60.5%), from €57,847 to €92,845
- Financial charges +€27,498
up €27,498 (+153%), from €17,954 to €45,452
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 | €590,977 | €599,596 | +€8,619 | +1.5% |
| Fixed assets | 21/28 | €376,418 | €459,344 | +€82,926 | +22.0% |
| Tangible fixed assets | 22/27 | €376,418 | €459,344 | +€82,926 | +22.0% |
| Plant, machinery and equipment | 23 | €7,578 | €7,546 | -€33 | -0.4% |
| Furniture and vehicles | 24 | €2,740 | €2,157 | -€583 | -21.3% |
| Other tangible fixed assets | 26 | €366,100 | €449,642 | +€83,542 | +22.8% |
| Current assets | 29/58 | €214,559 | €140,252 | -€74,307 | -34.6% |
| Stocks and contracts in progress | 3 | €15,089 | €23,905 | +€8,816 | +58.4% |
| Stocks | 30/36 | €15,089 | €23,905 | +€8,816 | +58.4% |
| Amounts receivable within one year | 40/41 | €73,217 | €64,858 | -€8,358 | -11.4% |
| Trade receivables | 40 | €5,328 | €8,414 | +€3,086 | +57.9% |
| Other amounts receivable | 41 | €67,888 | €56,444 | -€11,444 | -16.9% |
| Cash at bank and in hand | 54/58 | €126,253 | €39,417 | -€86,837 | -68.8% |
| Deferred charges and accrued income | 490/1 | - | €12,072 | +€12,072 | |
| Total equity and liabilities | 10/49 | €590,977 | €599,596 | +€8,619 | +1.5% |
| Equity | 10/15 | -€32,439 | -€169,732 | -€137,293 | -423% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,499 | -€177,792 | -€137,293 | -339% |
| Amounts payable | 17/49 | €623,416 | €769,328 | +€145,912 | +23.4% |
| Amounts payable after more than one year | 17 | €207,979 | €268,214 | +€60,235 | +29.0% |
| Financial debts | 170/4 | €207,979 | €268,214 | +€60,235 | +29.0% |
| Amounts payable within one year | 42/48 | €413,228 | €493,068 | +€79,840 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €112,977 | €67,911 | -€45,065 | -39.9% |
| Trade debts | 44 | €172,295 | €163,408 | -€8,887 | -5.2% |
| Suppliers | 440/4 | €172,295 | €163,408 | -€8,887 | -5.2% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Taxes, remuneration and social security | 45 | €127,956 | €249,248 | +€121,292 | +94.8% |
| Taxes | 450/3 | €4,398 | €78,439 | +€74,041 | +1,684% |
| Remuneration and social security | 454/9 | €123,558 | €170,809 | +€47,251 | +38.2% |
| Other amounts payable | 47/48 | - | €11,000 | +€11,000 | |
| Accrued charges and deferred income | 492/3 | €2,209 | €8,046 | +€5,837 | +264% |
| Remuneration, social security and pensions | 62 | €1,025,863 | €954,205 | -€71,658 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,847 | €92,845 | +€34,999 | +60.5% |
| Other operating charges | 640/8 | €6,365 | €7,704 | +€1,340 | +21.1% |
| Gross operating margin | 9900 | €1,140,405 | €961,775 | -€178,630 | -15.7% |
| Operating profit (loss) | 9901 | €50,331 | -€92,980 | -€143,311 | |
| Financial income | 75/76B | €1,218 | €1,138 | -€79 | -6.5% |
| Recurring financial income | 75 | €1,218 | €1,138 | -€79 | -6.5% |
| Financial charges | 65/66B | €17,954 | €45,452 | +€27,498 | +153% |
| Recurring financial charges | 65 | €17,954 | €45,452 | +€27,498 | +153% |
| Profit (loss) for the period before taxes | 9903 | €33,595 | -€137,293 | -€170,889 | |
| Profit (loss) for the period | 9904 | €33,595 | -€137,293 | -€170,889 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,595 | -€137,293 | -€170,889 |
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 27 October 2026 via checked.be.