BELGENEXT: 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.
What changed
BELGENEXT
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€693,812
2024 · €505,094+€188,718
Equity
€41.9m
2024 · €41.2m+€693,812
Cash
€1.6m
2024 · €1.6m+€70,590
Balance sheet total
€60.8m
2024 · €68.2m-€7.5m
Largest movements
Assets
- Financial fixed assets -€6.2m
down €6.2m (-68.7%), from €9.0m to €2.8m
- Tangible fixed assets -€1.0m
down €1.0m (-1.8%), from €56.7m to €55.7m
of which Assets under construction and advance payments: -€879,146
Equity and liabilities
- Debts after one year -€11.1m
down €11.1m (-51.0%), from €21.8m to €10.7m
of which Other amounts payable: -€9.2m
- Other debts +€3.7m
up €3.7m (+1913.1%), from €195,593 to €3.9m
Income statement
- Gross operating margin +€1.0m
up €1.0m (+30.4%), from €3.4m to €4.4m
- Other operating charges +€317,970
up €317,970 (+66.4%), from €478,810 to €796,780
- Financial income -€156,109
down €156,109 (-45.0%), from €346,831 to €190,722
- Taxes +€124,001
up €124,001 (+72.6%), from €170,726 to €294,727
- Depreciation +€89,847
up €89,847 (+5.1%), from €1.8m to €1.9m
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.
Result 2024
€505,094
Gross operating margin
+€1.0m
Depreciation
-€89,847
Write-downs
-€73,979
Other operating charges
-€317,970
Other operating items
-€100,898
Financial income
-€156,109
Financial charges
+€27,868
Taxes
-€124,001
Deferred taxes and other
-€7,398
Result 2025
€693,812
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.
From operations
+€5.9m
Investment
+€5.7m
Financing
-€11.5m
Cash 2024
€1.6m
From operations (derived)
+€5.9m
Net result for the year
+€693,812
Depreciation
+€1.9m
Receivables within one year
+€170,501
Deferred charges and accrued income
-€194,771
Smaller working-capital items
+€49,894
Tax, wage and social debts
+€151,981
Other debts
+€3.7m
Accrued charges and deferred income
-€600,843
Investment (derived)
+€5.7m
Investment in fixed assets (net)
+€5.3m
Current investments
+€357,000
Financing
-€11.5m
Debts after one year
-€11.1m
Current portion of long-term debt
-€371,356
Cash 2025
€1.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €68,249,194 | €60,796,895 | -€7.5m | -10.9% |
| Fixed assets | 21/28 | €65,738,343 | €58,548,184 | -€7.2m | -10.9% |
| Intangible fixed assets | 21 | €3,872 | €2,904 | -€968 | -25.0% |
| Tangible fixed assets | 22/27 | €56,745,427 | €55,729,063 | -€1.0m | -1.8% |
| Land and buildings | 22 | €48,382,038 | €47,630,629 | -€751,409 | -1.6% |
| Plant, machinery and equipment | 23 | €2,248,975 | €2,817,738 | +€568,763 | +25.3% |
| Furniture and vehicles | 24 | €40,004 | €12,395 | -€27,609 | -69.0% |
| Other tangible fixed assets | 26 | €4,911,427 | €4,984,463 | +€73,036 | +1.5% |
| Assets under construction and advance payments | 27 | €1,162,983 | €283,837 | -€879,146 | -75.6% |
| Financial fixed assets | 28 | €8,989,044 | €2,816,217 | -€6.2m | -68.7% |
| Current assets | 29/58 | €2,510,852 | €2,248,711 | -€262,140 | -10.4% |
| Amounts receivable within one year | 40/41 | €467,180 | €296,679 | -€170,501 | -36.5% |
| Trade receivables | 40 | €467,180 | €296,679 | -€170,501 | -36.5% |
| Current investments | 50/53 | €357,000 | - | -€357,000 | |
| Cash at bank and in hand | 54/58 | €1,558,109 | €1,628,699 | +€70,590 | +4.5% |
| Deferred charges and accrued income | 490/1 | €128,562 | €323,333 | +€194,771 | +151.5% |
| Total equity and liabilities | 10/49 | €68,249,194 | €60,796,895 | -€7.5m | -10.9% |
| Equity | 10/15 | €41,210,041 | €41,903,853 | +€693,812 | +1.7% |
| Contributions | 10/11 | €36,361,121 | €36,361,121 | = | 0.0% |
| Capital | 10 | €36,106,121 | €36,106,121 | = | 0.0% |
| Issued capital | 100 | €37,879,000 | €37,879,000 | = | 0.0% |
| Uncalled capital | 101 | €1,772,879 | €1,772,879 | = | 0.0% |
| Contributions outside capital | 11 | €255,000 | €255,000 | = | 0.0% |
| Other | 1109/19 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €5,185,553 | €5,322,336 | +€136,784 | +2.6% |
| Non-distributable reserves | 130/1 | €853,202 | €864,801 | +€11,600 | +1.4% |
| Legal reserve | 130 | €827,702 | €839,301 | +€11,600 | +1.4% |
| Reserves not available under the articles | 1311 | €25,500 | €25,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,317,724 | €4,442,908 | +€125,184 | +2.9% |
| Distributable reserves | 133 | €14,627 | €14,627 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€336,633 | €220,396 | +€557,028 | |
| Provisions and deferred taxes | 16 | €1,595,359 | €1,618,678 | +€23,319 | +1.5% |
| Deferred taxes | 168 | €1,595,359 | €1,618,678 | +€23,319 | +1.5% |
| Amounts payable | 17/49 | €25,443,794 | €17,274,363 | -€8.2m | -32.1% |
| Amounts payable after more than one year | 17 | €21,785,338 | €10,667,667 | -€11.1m | -51.0% |
| Financial debts | 170/4 | €12,605,338 | €10,667,667 | -€1.9m | -15.4% |
| Other amounts payable | 178/9 | €9,180,000 | - | -€9.2m | |
| Amounts payable within one year | 42/48 | €3,045,715 | €6,594,798 | +€3.5m | +116.5% |
| Current portion of amounts payable after more than one year | 42 | €2,296,751 | €1,925,395 | -€371,356 | -16.2% |
| Trade debts | 44 | €365,745 | €392,320 | +€26,574 | +7.3% |
| Suppliers | 440/4 | €365,745 | €392,320 | +€26,574 | +7.3% |
| Taxes, remuneration and social security | 45 | €187,626 | €339,607 | +€151,981 | +81.0% |
| Taxes | 450/3 | €187,626 | €339,607 | +€151,981 | +81.0% |
| Other amounts payable | 47/48 | €195,593 | €3,937,476 | +€3.7m | +1913.1% |
| Accrued charges and deferred income | 492/3 | €612,742 | €11,899 | -€600,843 | -98.1% |
| Non-recurring operating income | 76A | €15,390 | €311,571 | +€296,180 | +1924.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,768,691 | €1,858,538 | +€89,847 | +5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €51,701 | €125,680 | +€73,979 | +143.1% |
| Other operating charges | 640/8 | €478,810 | €796,780 | +€317,970 | +66.4% |
| Non-recurring operating charges | 66A | €13,577 | €114,474 | +€100,898 | +743.2% |
| Gross operating margin | 9900 | €3,395,010 | €4,426,061 | +€1.0m | +30.4% |
| Operating profit (loss) | 9901 | €1,082,232 | €1,530,589 | +€448,357 | +41.4% |
| Financial income | 75/76B | €346,831 | €190,722 | -€156,109 | -45.0% |
| Recurring financial income | 75 | €346,831 | €190,722 | -€156,109 | -45.0% |
| Financial charges | 65/66B | €737,321 | €709,453 | -€27,868 | -3.8% |
| Recurring financial charges | 65 | €737,321 | €709,453 | -€27,868 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €691,742 | €1,011,859 | +€320,117 | +46.3% |
| Transfer from deferred taxes | 780 | €75,201 | €84,181 | +€8,980 | +11.9% |
| Transfer to deferred taxes | 680 | €91,122 | €107,500 | +€16,378 | +18.0% |
| Income taxes | 67/77 | €170,726 | €294,727 | +€124,001 | +72.6% |
| Profit (loss) for the period | 9904 | €505,094 | €693,812 | +€188,718 | +37.4% |
| Transfer from tax-exempt reserves | 789 | €171,457 | €197,316 | +€25,859 | +15.1% |
| Transfer to tax-exempt reserves | 689 | €273,367 | €322,500 | +€49,133 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €403,184 | €568,628 | +€165,444 | +41.0% |
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 10 October 2026 via checked.be.