BELGEN: 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.
BELGEN
Largest movements
- Tangible fixed assets -€3,335
no longer reported in 2025 (was €3,335)
of which Plant, machinery and equipment: -€1,841
- Profit (loss) carried forward -€9,811
down €9,811, from €2,664 to -€7,147
- Other debts +€7,228
up €7,228 (+10.3%), from €70,067 to €77,296
- Trade debts -€2,839
down €2,839 (-84.1%), from €3,375 to €536
- Gross operating margin -€7,080
down €7,080 (-1663.4%), from -€426 to -€7,505
- Other operating charges -€3,936
down €3,936 (-86.6%), from €4,546 to €610
- Depreciation -€1,448
no longer reported in 2025 (was €1,448)
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 | €206,406 | €200,885 | -€5,521 | -2.7% |
| Fixed assets | 21/28 | €3,335 | - | -€3,335 | |
| Tangible fixed assets | 22/27 | €3,335 | - | -€3,335 | |
| Plant, machinery and equipment | 23 | €1,841 | - | -€1,841 | |
| Furniture and vehicles | 24 | €1,494 | - | -€1,494 | |
| Current assets | 29/58 | €203,072 | €200,885 | -€2,187 | -1.1% |
| Stocks and contracts in progress | 3 | €199,900 | €199,900 | = | 0.0% |
| Stocks | 30/36 | €199,900 | €199,900 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €432 | €112 | -€321 | -74.2% |
| Trade receivables | 40 | €248 | - | -€248 | |
| Other amounts receivable | 41 | €185 | €112 | -€73 | -39.6% |
| Cash at bank and in hand | 54/58 | €2,740 | €873 | -€1,866 | -68.1% |
| Total equity and liabilities | 10/49 | €206,406 | €200,885 | -€5,521 | -2.7% |
| Equity | 10/15 | €132,864 | €123,053 | -€9,811 | -7.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €110,200 | €110,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,600 | €4,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,600 | €4,600 | = | 0.0% |
| Distributable reserves | 133 | €105,600 | €105,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,664 | -€7,147 | -€9,811 | |
| Amounts payable | 17/49 | €73,542 | €77,832 | +€4,289 | +5.8% |
| Amounts payable within one year | 42/48 | €73,542 | €77,832 | +€4,289 | +5.8% |
| Trade debts | 44 | €3,375 | €536 | -€2,839 | -84.1% |
| Suppliers | 440/4 | €3,375 | €536 | -€2,839 | -84.1% |
| Taxes, remuneration and social security | 45 | €100 | - | -€100 | |
| Taxes | 450/3 | €100 | - | -€100 | |
| Other amounts payable | 47/48 | €70,067 | €77,296 | +€7,228 | +10.3% |
| Non-recurring operating income | 76A | - | €459 | +€459 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,448 | - | -€1,448 | |
| Other operating charges | 640/8 | €4,546 | €610 | -€3,936 | -86.6% |
| Non-recurring operating charges | 66A | - | €927 | +€927 | |
| Gross operating margin | 9900 | -€426 | -€7,505 | -€7,080 | -1663.4% |
| Operating profit (loss) | 9901 | -€6,419 | -€9,042 | -€2,623 | -40.9% |
| Financial charges | 65/66B | €753 | €733 | -€20 | -2.7% |
| Recurring financial charges | 65 | €753 | €733 | -€20 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,172 | -€9,775 | -€2,602 | -36.3% |
| Income taxes | 67/77 | €109 | €36 | -€72 | -66.6% |
| Profit (loss) for the period | 9904 | -€7,281 | -€9,811 | -€2,530 | -34.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,281 | -€9,811 | -€2,530 | -34.7% |
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 8 October 2026 via checked.be.