BELGEM: 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.
BELGEM
Largest movements
- Receivables within one year +€140,886
up €140,886 (+50.4%), from €279,500 to €420,387
of which Trade receivables: +€140,965
- Cash -€73,728
down €73,728 (-61.8%), from €119,272 to €45,544
mainly Receivables within one year (-€140,886) and Net result for the year (-€22,080)
- Deferred charges and accrued income -€55,010
no longer reported in 2025 (was €55,010)
- Stocks and contracts -€8,895
down €8,895 (-2.1%), from €425,064 to €416,170
- Reserves -€22,080
down €22,080 (-4.1%), from €536,391 to €514,311
- Other debts +€17,854
up €17,854 (+5.8%), from €305,835 to €323,689
- Tax, wage and social debts +€14,413
up €14,413 (+90.5%), from €15,930 to €30,343
of which Taxes: +€21,408
- Trade debts -€9,923
no longer reported in 2025 (was €9,923)
- Gross operating margin +€104,858
up €104,858 (+97.6%), from -€107,478 to -€2,620
- Staff costs -€16,096
down €16,096 (-65.8%), from €24,450 to €8,355
- Financial charges +€1,947
up €1,947 (+49.5%), from €3,932 to €5,878
- Taxes -€1,898
down €1,898 (-95.2%), from €1,993 to €96
- Depreciation -€1,172
down €1,172 (-28.2%), from €4,162 to €2,990
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 | €886,679 | €886,943 | +€264 | 0.0% |
| Fixed assets | 21/28 | €7,833 | €4,843 | -€2,990 | -38.2% |
| Tangible fixed assets | 22/27 | €7,833 | €4,843 | -€2,990 | -38.2% |
| Plant, machinery and equipment | 23 | €6,521 | €4,235 | -€2,287 | -35.1% |
| Furniture and vehicles | 24 | €1,312 | €608 | -€704 | -53.6% |
| Current assets | 29/58 | €878,846 | €882,100 | +€3,254 | +0.4% |
| Stocks and contracts in progress | 3 | €425,064 | €416,170 | -€8,895 | -2.1% |
| Stocks | 30/36 | €425,064 | €416,170 | -€8,895 | -2.1% |
| Amounts receivable within one year | 40/41 | €279,500 | €420,387 | +€140,886 | +50.4% |
| Trade receivables | 40 | €279,285 | €420,251 | +€140,965 | +50.5% |
| Other amounts receivable | 41 | €215 | €136 | -€79 | -36.7% |
| Cash at bank and in hand | 54/58 | €119,272 | €45,544 | -€73,728 | -61.8% |
| Deferred charges and accrued income | 490/1 | €55,010 | - | -€55,010 | |
| Total equity and liabilities | 10/49 | €886,679 | €886,943 | +€264 | 0.0% |
| Equity | 10/15 | €554,991 | €532,911 | -€22,080 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €536,391 | €514,311 | -€22,080 | -4.1% |
| Distributable reserves | 133 | €536,391 | €514,311 | -€22,080 | -4.1% |
| Amounts payable | 17/49 | €331,688 | €354,032 | +€22,344 | +6.7% |
| Amounts payable within one year | 42/48 | €331,688 | €354,032 | +€22,344 | +6.7% |
| Trade debts | 44 | €9,923 | - | -€9,923 | |
| Suppliers | 440/4 | €9,923 | - | -€9,923 | |
| Taxes, remuneration and social security | 45 | €15,930 | €30,343 | +€14,413 | +90.5% |
| Taxes | 450/3 | €8,935 | €30,343 | +€21,408 | +239.6% |
| Remuneration and social security | 454/9 | €6,995 | - | -€6,995 | |
| Other amounts payable | 47/48 | €305,835 | €323,689 | +€17,854 | +5.8% |
| Remuneration, social security and pensions | 62 | €24,450 | €8,355 | -€16,096 | -65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,162 | €2,990 | -€1,172 | -28.2% |
| Other operating charges | 640/8 | €3,743 | €2,618 | -€1,125 | -30.1% |
| Gross operating margin | 9900 | -€107,478 | -€2,620 | +€104,858 | +97.6% |
| Operating profit (loss) | 9901 | -€139,833 | -€16,582 | +€123,251 | +88.1% |
| Financial income | 75/76B | €354 | €476 | +€122 | +34.6% |
| Recurring financial income | 75 | €354 | €476 | +€122 | +34.6% |
| Financial charges | 65/66B | €3,932 | €5,878 | +€1,947 | +49.5% |
| Recurring financial charges | 65 | €3,932 | €5,878 | +€1,947 | +49.5% |
| Profit (loss) for the period before taxes | 9903 | -€143,411 | -€21,984 | +€121,427 | +84.7% |
| Income taxes | 67/77 | €1,993 | €96 | -€1,898 | -95.2% |
| Profit (loss) for the period | 9904 | -€145,404 | -€22,080 | +€123,324 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€145,404 | -€22,080 | +€123,324 | +84.8% |
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 29 September 2026 via checked.be.