BELGAVOTTES: 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.
BELGAVOTTES
Largest movements
- Current investments +€111,785
up €111,785 (+138%), from €80,857 to €192,642
- Tangible fixed assets -€83,946
down €83,946 (-18.8%), from €445,751 to €361,805
of which Land and buildings: -€109,452
- Receivables within one year +€14,918
up €14,918 (+294%), from €5,082 to €20,000
- Profit (loss) carried forward +€67,098
up €67,098 (+30.3%), from -€221,757 to -€154,658
- Reserves +€50,000
up €50,000 (+34.9%), from €143,262 to €193,262
of which Distributable reserves: +€50,000
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Debts after one year -€13,787
down €13,787 (-15.1%), from €91,194 to €77,407
- Gross operating margin +€150,554
up €150,554 (+585%), from €25,715 to €176,269
- Financial charges -€77,495
down €77,495 (-93.1%), from €83,227 to €5,731
- Taxes +€23,767
new in 2025: €23,767
- Depreciation -€6,281
down €6,281 (-18.5%), from €33,971 to €27,689
- Financial income -€2,130
down €2,130 (-44.8%), from €4,760 to €2,630
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 | €551,609 | €602,325 | +€50,716 | +9.2% |
| Fixed assets | 21/28 | €445,838 | €361,892 | -€83,946 | -18.8% |
| Tangible fixed assets | 22/27 | €445,751 | €361,805 | -€83,946 | -18.8% |
| Land and buildings | 22 | €443,717 | €334,265 | -€109,452 | -24.7% |
| Plant, machinery and equipment | 23 | €0 | - | -€0 | |
| Furniture and vehicles | 24 | €2,034 | €27,540 | +€25,506 | +1,254% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €105,772 | €240,433 | +€134,662 | +127% |
| Amounts receivable within one year | 40/41 | €5,082 | €20,000 | +€14,918 | +294% |
| Other amounts receivable | 41 | €5,082 | €20,000 | +€14,918 | +294% |
| Current investments | 50/53 | €80,857 | €192,642 | +€111,785 | +138% |
| Cash at bank and in hand | 54/58 | €9,124 | €15,021 | +€5,896 | +64.6% |
| Deferred charges and accrued income | 490/1 | €10,708 | €12,771 | +€2,063 | +19.3% |
| Total equity and liabilities | 10/49 | €551,609 | €602,325 | +€50,716 | +9.2% |
| Equity | 10/15 | €196,506 | €313,604 | +€117,098 | +59.6% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €143,262 | €193,262 | +€50,000 | +34.9% |
| Non-distributable reserves | 130/1 | €42,053 | €42,053 | = | 0.0% |
| Legal reserve | 130 | €42,053 | €42,053 | = | 0.0% |
| Distributable reserves | 133 | €101,210 | €151,210 | +€50,000 | +49.4% |
| Profit (loss) carried forward | 14 | -€221,757 | -€154,658 | +€67,098 | +30.3% |
| Amounts payable | 17/49 | €355,104 | €288,721 | -€66,383 | -18.7% |
| Amounts payable after more than one year | 17 | €91,194 | €77,407 | -€13,787 | -15.1% |
| Financial debts | 170/4 | €91,194 | €77,407 | -€13,787 | -15.1% |
| Amounts payable within one year | 42/48 | €244,450 | €196,674 | -€47,775 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €13,491 | €13,787 | +€296 | +2.2% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €1,431 | €4,402 | +€2,972 | +208% |
| Suppliers | 440/4 | €1,431 | €4,402 | +€2,972 | +208% |
| Taxes, remuneration and social security | 45 | €225 | €125 | -€100 | -44.4% |
| Taxes | 450/3 | €225 | €125 | -€100 | -44.4% |
| Other amounts payable | 47/48 | €179,303 | €178,360 | -€943 | -0.5% |
| Accrued charges and deferred income | 492/3 | €19,460 | €14,640 | -€4,820 | -24.8% |
| Non-recurring operating income | 76A | - | €154,565 | +€154,565 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,971 | €27,689 | -€6,281 | -18.5% |
| Other operating charges | 640/8 | €4,296 | €4,613 | +€317 | +7.4% |
| Gross operating margin | 9900 | €25,715 | €176,269 | +€150,554 | +585% |
| Operating profit (loss) | 9901 | -€12,552 | €143,967 | +€156,519 | |
| Financial income | 75/76B | €4,760 | €2,630 | -€2,130 | -44.8% |
| Recurring financial income | 75 | €4,760 | €2,630 | -€2,130 | -44.8% |
| Financial charges | 65/66B | €83,227 | €5,731 | -€77,495 | -93.1% |
| Recurring financial charges | 65 | €83,227 | €5,731 | -€77,495 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | -€91,018 | €140,866 | +€231,884 | |
| Income taxes | 67/77 | - | €23,767 | +€23,767 | |
| Profit (loss) for the period | 9904 | -€91,018 | €117,098 | +€208,117 | |
| Profit (loss) for the period to be appropriated | 9905 | -€91,018 | €117,098 | +€208,117 |
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 20 October 2026 via checked.be.