BELGEMO: 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.
BELGEMO
Largest movements
- Stocks and contracts +€39,127
up €39,127 (+19.8%), from €197,949 to €237,076
- Tangible fixed assets +€30,135
up €30,135 (+209%), from €14,396 to €44,531
- Cash -€12,486
no longer reported in 2025 (was €12,486)
mainly Stocks and contracts (-€39,127) and Investment in fixed assets (net) (-€34,611)
- Receivables within one year +€7,238
up €7,238 (+51.6%), from €14,039 to €21,277
of which Trade receivables: +€10,658
- Deferred charges and accrued income -€3,609
down €3,609 (-8.0%), from €45,114 to €41,505
- Advances received +€57,946
up €57,946 (+163%), from €35,641 to €93,588
- Other debts -€20,500
down €20,500 (-12.9%), from €158,464 to €137,964
- Accrued charges and deferred income +€8,301
up €8,301 (+1,038%), from €800 to €9,101
- Trade debts +€7,151
up €7,151 (+12.5%), from €57,196 to €64,347
- Tax, wage and social debts +€4,313
up €4,313 (+26.8%), from €16,068 to €20,380
of which Taxes: +€4,612
- Gross operating margin -€19,379
down €19,379 (-19.7%), from €98,381 to €79,003
- Write-downs +€7,227
up €7,227 (+35.9%), from €20,142 to €27,369
- Financial income +€6,788
up €6,788 (+313%), from €2,167 to €8,954
- Taxes -€4,143
down €4,143 (-40.0%), from €10,370 to €6,227
- Financial charges +€2,531
up €2,531 (+23.9%), from €10,572 to €13,103
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 | €287,884 | €348,289 | +€60,405 | +21.0% |
| Fixed assets | 21/28 | €18,296 | €48,431 | +€30,135 | +165% |
| Tangible fixed assets | 22/27 | €14,396 | €44,531 | +€30,135 | +209% |
| Furniture and vehicles | 24 | €14,396 | €44,531 | +€30,135 | +209% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €269,588 | €299,858 | +€30,270 | +11.2% |
| Stocks and contracts in progress | 3 | €197,949 | €237,076 | +€39,127 | +19.8% |
| Stocks | 30/36 | €197,949 | €237,076 | +€39,127 | +19.8% |
| Amounts receivable within one year | 40/41 | €14,039 | €21,277 | +€7,238 | +51.6% |
| Trade receivables | 40 | €4,751 | €15,410 | +€10,658 | +224% |
| Other amounts receivable | 41 | €9,288 | €5,867 | -€3,421 | -36.8% |
| Cash at bank and in hand | 54/58 | €12,486 | - | -€12,486 | |
| Deferred charges and accrued income | 490/1 | €45,114 | €41,505 | -€3,609 | -8.0% |
| Total equity and liabilities | 10/49 | €287,884 | €348,289 | +€60,405 | +21.0% |
| Equity | 10/15 | €19,715 | €19,071 | -€644 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€745 | -€1,389 | -€644 | -86.4% |
| Amounts payable | 17/49 | €268,169 | €329,218 | +€61,049 | +22.8% |
| Amounts payable within one year | 42/48 | €267,369 | €320,118 | +€52,748 | +19.7% |
| Financial debts | 43 | - | €3,838 | +€3,838 | |
| Credit institutions | 430/8 | - | €3,838 | +€3,838 | |
| Trade debts | 44 | €57,196 | €64,347 | +€7,151 | +12.5% |
| Suppliers | 440/4 | €57,196 | €64,347 | +€7,151 | +12.5% |
| Advances received on contracts in progress | 46 | €35,641 | €93,588 | +€57,946 | +163% |
| Taxes, remuneration and social security | 45 | €16,068 | €20,380 | +€4,313 | +26.8% |
| Taxes | 450/3 | €11,189 | €15,801 | +€4,612 | +41.2% |
| Remuneration and social security | 454/9 | €4,878 | €4,579 | -€299 | -6.1% |
| Other amounts payable | 47/48 | €158,464 | €137,964 | -€20,500 | -12.9% |
| Accrued charges and deferred income | 492/3 | €800 | €9,101 | +€8,301 | +1,038% |
| Remuneration, social security and pensions | 62 | €35,852 | €33,493 | -€2,359 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,713 | €4,476 | +€763 | +20.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,142 | €27,369 | +€7,227 | +35.9% |
| Other operating charges | 640/8 | €1,694 | €932 | -€762 | -45.0% |
| Gross operating margin | 9900 | €98,381 | €79,003 | -€19,379 | -19.7% |
| Operating profit (loss) | 9901 | €36,981 | €12,732 | -€24,249 | -65.6% |
| Financial income | 75/76B | €2,167 | €8,954 | +€6,788 | +313% |
| Recurring financial income | 75 | €2,167 | €8,954 | +€6,788 | +313% |
| Financial charges | 65/66B | €10,572 | €13,103 | +€2,531 | +23.9% |
| Recurring financial charges | 65 | €10,572 | €13,103 | +€2,531 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €28,575 | €8,584 | -€19,992 | -70.0% |
| Income taxes | 67/77 | €10,370 | €6,227 | -€4,143 | -40.0% |
| Profit (loss) for the period | 9904 | €18,205 | €2,356 | -€15,849 | -87.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,205 | €2,356 | -€15,849 | -87.1% |
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.