BELGAZ: 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.
BELGAZ
Largest movements
- Tangible fixed assets +€113,731
up €113,731 (+17.2%), from €659,827 to €773,558
of which Land and buildings: +€85,889
- Receivables within one year -€38,401
down €38,401 (-27.1%), from €141,879 to €103,479
of which Other amounts receivable: -€107,855
- Cash +€10,928
up €10,928 (+37.1%), from €29,431 to €40,359
mainly Debts after one year (+€92,000) and Trade debts (+€48,380)
- Other debts -€108,155
down €108,155 (-50.9%), from €212,657 to €104,503
- Debts after one year +€92,000
up €92,000 (+16.8%), from €546,958 to €638,958
of which Financial debts: +€92,000
- Trade debts +€48,380
up €48,380 (+177%), from €27,313 to €75,693
- Tax, wage and social debts +€39,092
up €39,092 (+120%), from €32,538 to €71,630
of which Remuneration and social security: +€27,759
- Gross operating margin +€132,523
up €132,523 (+143%), from €92,904 to €225,427
- Staff costs +€80,931
up €80,931 (+259%), from €31,276 to €112,207
- Other operating charges -€51,201
down €51,201 (-57.4%), from €89,202 to €38,001
- Depreciation +€14,439
up €14,439 (+50.5%), from €28,583 to €43,022
- Financial charges +€9,296
up €9,296 (+64.3%), from €14,457 to €23,753
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 | €831,201 | €917,460 | +€86,258 | +10.4% |
| Fixed assets | 21/28 | €659,891 | €773,622 | +€113,731 | +17.2% |
| Tangible fixed assets | 22/27 | €659,827 | €773,558 | +€113,731 | +17.2% |
| Land and buildings | 22 | €623,664 | €709,553 | +€85,889 | +13.8% |
| Furniture and vehicles | 24 | €36,163 | €64,005 | +€27,841 | +77.0% |
| Financial fixed assets | 28 | €64 | €64 | = | 0.0% |
| Current assets | 29/58 | €171,310 | €143,838 | -€27,473 | -16.0% |
| Amounts receivable within one year | 40/41 | €141,879 | €103,479 | -€38,401 | -27.1% |
| Trade receivables | 40 | €31,973 | €101,427 | +€69,454 | +217% |
| Other amounts receivable | 41 | €109,907 | €2,052 | -€107,855 | -98.1% |
| Cash at bank and in hand | 54/58 | €29,431 | €40,359 | +€10,928 | +37.1% |
| Total equity and liabilities | 10/49 | €831,201 | €917,460 | +€86,258 | +10.4% |
| Equity | 10/15 | -€22,689 | -€14,246 | +€8,443 | +37.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,689 | -€19,246 | +€8,443 | +30.5% |
| Amounts payable | 17/49 | €853,890 | €931,706 | +€77,815 | +9.1% |
| Amounts payable after more than one year | 17 | €546,958 | €638,958 | +€92,000 | +16.8% |
| Financial debts | 170/4 | €496,958 | €588,958 | +€92,000 | +18.5% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €306,932 | €292,748 | -€14,185 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €34,424 | €40,922 | +€6,498 | +18.9% |
| Trade debts | 44 | €27,313 | €75,693 | +€48,380 | +177% |
| Suppliers | 440/4 | €27,313 | €75,693 | +€48,380 | +177% |
| Taxes, remuneration and social security | 45 | €32,538 | €71,630 | +€39,092 | +120% |
| Taxes | 450/3 | €13,800 | €25,133 | +€11,333 | +82.1% |
| Remuneration and social security | 454/9 | €18,738 | €46,497 | +€27,759 | +148% |
| Other amounts payable | 47/48 | €212,657 | €104,503 | -€108,155 | -50.9% |
| Remuneration, social security and pensions | 62 | €31,276 | €112,207 | +€80,931 | +259% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,583 | €43,022 | +€14,439 | +50.5% |
| Other operating charges | 640/8 | €89,202 | €38,001 | -€51,201 | -57.4% |
| Gross operating margin | 9900 | €92,904 | €225,427 | +€132,523 | +143% |
| Operating profit (loss) | 9901 | -€56,158 | €32,196 | +€88,354 | |
| Financial charges | 65/66B | €14,457 | €23,753 | +€9,296 | +64.3% |
| Recurring financial charges | 65 | €14,457 | €23,753 | +€9,296 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | -€70,614 | €8,443 | +€79,058 | |
| Profit (loss) for the period | 9904 | -€70,614 | €8,443 | +€79,058 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,614 | €8,443 | +€79,058 |
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 14 October 2026 via checked.be.