BELGEMAT CONSULT: 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.
BELGEMAT CONSULT
Largest movements
- Cash +€125,329
up €125,329 (+16.8%), from €746,954 to €872,283
mainly Net result for the year (+€178,995) and Depreciation (+€30,335)
- Tangible fixed assets -€30,335
down €30,335 (-25.1%), from €120,733 to €90,398
- Receivables within one year -€12,822
down €12,822 (-30.1%), from €42,543 to €29,721
of which Other amounts receivable: -€11,506
- Reserves +€139,096
up €139,096 (+28.4%), from €490,021 to €629,117
of which Distributable reserves: +€139,096
- Trade debts -€55,702
down €55,702 (-83.3%), from €66,881 to €11,179
- Tax, wage and social debts +€13,389
up €13,389 (+40.4%), from €33,121 to €46,510
of which Taxes: +€12,508
- Gross operating margin +€110,728
up €110,728 (+32.5%), from €340,828 to €451,556
- Taxes +€40,221
up €40,221 (+98.4%), from €40,874 to €81,095
- Provisions -€11,136
no longer reported in 2025 (was €11,136)
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 | €915,878 | €996,702 | +€80,824 | +8.8% |
| Fixed assets | 21/28 | €120,733 | €90,398 | -€30,335 | -25.1% |
| Tangible fixed assets | 22/27 | €120,733 | €90,398 | -€30,335 | -25.1% |
| Land and buildings | 22 | €64,880 | €49,816 | -€15,063 | -23.2% |
| Plant, machinery and equipment | 23 | €1,259 | €165 | -€1,094 | -86.9% |
| Furniture and vehicles | 24 | €31,086 | €20,861 | -€10,225 | -32.9% |
| Other tangible fixed assets | 26 | €23,508 | €19,555 | -€3,953 | -16.8% |
| Current assets | 29/58 | €795,144 | €906,304 | +€111,159 | +14.0% |
| Stocks and contracts in progress | 3 | €1,818 | €994 | -€824 | -45.3% |
| Stocks | 30/36 | €1,818 | €994 | -€824 | -45.3% |
| Amounts receivable within one year | 40/41 | €42,543 | €29,721 | -€12,822 | -30.1% |
| Trade receivables | 40 | €28,783 | €27,467 | -€1,316 | -4.6% |
| Other amounts receivable | 41 | €13,760 | €2,254 | -€11,506 | -83.6% |
| Cash at bank and in hand | 54/58 | €746,954 | €872,283 | +€125,329 | +16.8% |
| Deferred charges and accrued income | 490/1 | €3,830 | €3,306 | -€524 | -13.7% |
| Total equity and liabilities | 10/49 | €915,878 | €996,702 | +€80,824 | +8.8% |
| Equity | 10/15 | €757,364 | €896,460 | +€139,096 | +18.4% |
| Reserves | 13 | €490,021 | €629,117 | +€139,096 | +28.4% |
| Non-distributable reserves | 130/1 | €10,997 | €10,997 | = | 0.0% |
| Other | 1319 | €10,997 | €10,997 | = | 0.0% |
| Distributable reserves | 133 | €479,024 | €618,120 | +€139,096 | +29.0% |
| Profit (loss) carried forward | 14 | €267,343 | €267,343 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €158,514 | €100,242 | -€58,272 | -36.8% |
| Amounts payable after more than one year | 17 | €34,331 | €25,471 | -€8,860 | -25.8% |
| Financial debts | 170/4 | €8,860 | €0 | -€8,860 | -100% |
| Other amounts payable | 178/9 | €25,471 | €25,471 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,123 | €66,550 | -€46,573 | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €11,691 | €8,860 | -€2,831 | -24.2% |
| Trade debts | 44 | €66,881 | €11,179 | -€55,702 | -83.3% |
| Suppliers | 440/4 | €66,881 | €11,179 | -€55,702 | -83.3% |
| Taxes, remuneration and social security | 45 | €33,121 | €46,510 | +€13,389 | +40.4% |
| Taxes | 450/3 | €10,572 | €23,080 | +€12,508 | +118% |
| Remuneration and social security | 454/9 | €22,549 | €23,430 | +€881 | +3.9% |
| Other amounts payable | 47/48 | €1,430 | €1 | -€1,429 | -99.9% |
| Accrued charges and deferred income | 492/3 | €11,059 | €8,220 | -€2,839 | -25.7% |
| Remuneration, social security and pensions | 62 | €164,578 | €161,023 | -€3,555 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,001 | €30,335 | +€2,334 | +8.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,136 | - | -€11,136 | |
| Other operating charges | 640/8 | €9,961 | €9,903 | -€57 | -0.6% |
| Gross operating margin | 9900 | €340,828 | €451,556 | +€110,728 | +32.5% |
| Operating profit (loss) | 9901 | €127,153 | €250,295 | +€123,142 | +96.8% |
| Financial income | 75/76B | €9,597 | €11,751 | +€2,154 | +22.4% |
| Recurring financial income | 75 | €9,597 | €11,751 | +€2,154 | +22.4% |
| Financial charges | 65/66B | €2,109 | €1,956 | -€153 | -7.2% |
| Recurring financial charges | 65 | €2,109 | €1,956 | -€153 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €134,642 | €260,090 | +€125,448 | +93.2% |
| Income taxes | 67/77 | €40,874 | €81,095 | +€40,221 | +98.4% |
| Profit (loss) for the period | 9904 | €93,768 | €178,995 | +€85,227 | +90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,768 | €178,995 | +€85,227 | +90.9% |
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 15 October 2026 via checked.be.