BELGHALI: 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.
BELGHALI
Largest movements
- Stocks and contracts -€16,700
down €16,700 (-64.2%), from €26,000 to €9,300
- Cash +€10,217
up €10,217 (+19.9%), from €51,369 to €61,586
mainly Stocks and contracts (+€16,700) and Net result for the year (+€12,876)
- Receivables within one year +€1,848
up €1,848 (+24.2%), from €7,646 to €9,494
of which Trade receivables: +€6,700
- Profit (loss) carried forward +€12,876
up €12,876, from -€2,670 to €10,206
- Other debts -€8,502
down €8,502 (-19.4%), from €43,820 to €35,318
- Trade debts -€6,760
down €6,760 (-38.6%), from €17,499 to €10,739
- Advances received -€2,588
down €2,588 (-12.5%), from €20,725 to €18,137
- Turnover +€89,575
up €89,575 (+62.5%), from €143,350 to €232,925
- Purchases and services +€84,286
up €84,286 (+66.0%), from €127,701 to €211,987
- Other operating charges +€18,872
new in 2025: €18,872
- Gross operating margin +€10,803
up €10,803 (+69.0%), from €15,649 to €26,452
- Write-downs -€10,575
no longer reported in 2025 (was €10,575)
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 | €100,873 | €96,238 | -€4,635 | -4.6% |
| Fixed assets | 21/28 | €15,858 | €15,858 | = | 0.0% |
| Financial fixed assets | 28 | €15,858 | €15,858 | = | 0.0% |
| Current assets | 29/58 | €85,015 | €80,380 | -€4,635 | -5.5% |
| Stocks and contracts in progress | 3 | €26,000 | €9,300 | -€16,700 | -64.2% |
| Stocks | 30/36 | €26,000 | €9,300 | -€16,700 | -64.2% |
| Amounts receivable within one year | 40/41 | €7,646 | €9,494 | +€1,848 | +24.2% |
| Trade receivables | 40 | - | €6,700 | +€6,700 | |
| Other amounts receivable | 41 | €7,646 | €2,794 | -€4,852 | -63.5% |
| Cash at bank and in hand | 54/58 | €51,369 | €61,586 | +€10,217 | +19.9% |
| Total equity and liabilities | 10/49 | €100,873 | €96,238 | -€4,635 | -4.6% |
| Equity | 10/15 | €17,321 | €30,197 | +€12,876 | +74.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,399 | €1,399 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,399 | €1,399 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,399 | €1,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,670 | €10,206 | +€12,876 | |
| Amounts payable | 17/49 | €83,552 | €66,041 | -€17,511 | -21.0% |
| Amounts payable within one year | 42/48 | €83,552 | €66,041 | -€17,511 | -21.0% |
| Trade debts | 44 | €17,499 | €10,739 | -€6,760 | -38.6% |
| Suppliers | 440/4 | €17,499 | €10,739 | -€6,760 | -38.6% |
| Advances received on contracts in progress | 46 | €20,725 | €18,137 | -€2,588 | -12.5% |
| Taxes, remuneration and social security | 45 | €1,508 | €1,847 | +€339 | +22.5% |
| Taxes | 450/3 | €74 | €414 | +€340 | +459% |
| Remuneration and social security | 454/9 | €1,434 | €1,433 | -€1 | -0.1% |
| Other amounts payable | 47/48 | €43,820 | €35,318 | -€8,502 | -19.4% |
| Turnover | 70 | €143,350 | €232,925 | +€89,575 | +62.5% |
| Non-recurring operating income | 76A | - | €5,514 | +€5,514 | |
| Goods, raw materials, services and sundry goods | 60/61 | €127,701 | €211,987 | +€84,286 | +66.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,575 | - | -€10,575 | |
| Other operating charges | 640/8 | - | €18,872 | +€18,872 | |
| Gross operating margin | 9900 | €15,649 | €26,452 | +€10,803 | +69.0% |
| Operating profit (loss) | 9901 | €5,074 | €7,580 | +€2,506 | +49.4% |
| Financial income | 75/76B | - | €5,739 | +€5,739 | |
| Recurring financial income | 75 | - | €239 | +€239 | |
| Non-recurring financial income | 76B | - | €5,500 | +€5,500 | |
| Financial charges | 65/66B | €321 | €443 | +€122 | +38.0% |
| Recurring financial charges | 65 | €321 | €443 | +€122 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | €4,753 | €12,876 | +€8,123 | +171% |
| Profit (loss) for the period | 9904 | €4,753 | €12,876 | +€8,123 | +171% |
| Profit (loss) for the period to be appropriated | 9905 | €4,753 | €12,876 | +€8,123 | +171% |
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 17 October 2026 via checked.be.