BELGEST IMMO: 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.
BELGEST IMMO
Largest movements
- Stocks and contracts +€1.9m
up €1.9m (+356.7%), from €523,270 to €2.4m
- Receivables within one year -€81,069
down €81,069 (-75.4%), from €107,500 to €26,431
of which Trade receivables: -€82,500
- Cash -€72,556
down €72,556 (-65.0%), from €111,557 to €39,001
mainly Stocks and contracts (-€1.9m) and Trade debts (-€108,829)
- Current portion of long-term debt +€1.8m
new in 2025: €1.8m
- Debts after one year +€150,000
up €150,000 (+166.7%), from €90,000 to €240,000
- Trade debts -€108,829
down €108,829 (-96.1%), from €113,225 to €4,396
- Profit (loss) carried forward -€65,709
down €65,709 (-23.0%), from €286,191 to €220,482
- Tax, wage and social debts -€51,533
down €51,533 (-100.0%), from €51,533 to €0
- Gross operating margin -€184,395
down €184,395 (-87.3%), from €211,318 to €26,922
- Other operating charges -€24,061
down €24,061 (-57.2%), from €42,059 to €17,998
- Taxes -€21,775
down €21,775 (-100.0%), from €21,775 to €0
- Financial charges +€5,599
up €5,599 (+8.0%), from €69,918 to €75,517
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 | €743,577 | €2,466,166 | +€1.7m | +231.7% |
| Fixed assets | 21/28 | €250 | €250 | = | 0.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €743,327 | €2,465,916 | +€1.7m | +231.7% |
| Stocks and contracts in progress | 3 | €523,270 | €2,389,964 | +€1.9m | +356.7% |
| Stocks | 30/36 | €523,270 | €2,389,964 | +€1.9m | +356.7% |
| Amounts receivable within one year | 40/41 | €107,500 | €26,431 | -€81,069 | -75.4% |
| Trade receivables | 40 | €82,500 | €0 | -€82,500 | -100.0% |
| Other amounts receivable | 41 | €25,000 | €26,431 | +€1,431 | +5.7% |
| Cash at bank and in hand | 54/58 | €111,557 | €39,001 | -€72,556 | -65.0% |
| Deferred charges and accrued income | 490/1 | €1,000 | €10,519 | +€9,518 | +951.4% |
| Total equity and liabilities | 10/49 | €743,577 | €2,466,166 | +€1.7m | +231.7% |
| Equity | 10/15 | €288,191 | €222,482 | -€65,709 | -22.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €286,191 | €220,482 | -€65,709 | -23.0% |
| Amounts payable | 17/49 | €455,387 | €2,243,684 | +€1.8m | +392.7% |
| Amounts payable after more than one year | 17 | €90,000 | €240,000 | +€150,000 | +166.7% |
| Financial debts | 170/4 | €90,000 | €240,000 | +€150,000 | +166.7% |
| Amounts payable within one year | 42/48 | €346,876 | €1,957,137 | +€1.6m | +464.2% |
| Current portion of amounts payable after more than one year | 42 | - | €1,775,000 | +€1.8m | |
| Trade debts | 44 | €113,225 | €4,396 | -€108,829 | -96.1% |
| Suppliers | 440/4 | €113,225 | €4,396 | -€108,829 | -96.1% |
| Taxes, remuneration and social security | 45 | €51,533 | €0 | -€51,533 | -100.0% |
| Taxes | 450/3 | €51,533 | €0 | -€51,533 | -100.0% |
| Other amounts payable | 47/48 | €182,117 | €177,741 | -€4,376 | -2.4% |
| Accrued charges and deferred income | 492/3 | €18,511 | €46,547 | +€28,036 | +151.5% |
| Other operating charges | 640/8 | €42,059 | €17,998 | -€24,061 | -57.2% |
| Gross operating margin | 9900 | €211,318 | €26,922 | -€184,395 | -87.3% |
| Operating profit (loss) | 9901 | €169,258 | €8,924 | -€160,334 | -94.7% |
| Financial income | 75/76B | €547 | €885 | +€338 | +61.8% |
| Recurring financial income | 75 | €547 | €885 | +€338 | +61.8% |
| Financial charges | 65/66B | €69,918 | €75,517 | +€5,599 | +8.0% |
| Recurring financial charges | 65 | €69,918 | €75,517 | +€5,599 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €99,887 | -€65,709 | -€165,596 | |
| Income taxes | 67/77 | €21,775 | €0 | -€21,775 | -100.0% |
| Profit (loss) for the period | 9904 | €78,112 | -€65,709 | -€143,821 | |
| Profit (loss) for the period to be appropriated | 9905 | €78,112 | -€65,709 | -€143,821 |
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 9 October 2026 via checked.be.