BELGI - PUB: 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.
BELGI - PUB
Largest movements
- Tangible fixed assets -€18,340
down €18,340 (-17.5%), from €104,720 to €86,380
of which Other tangible fixed assets: -€13,865
- Stocks and contracts -€16,652
down €16,652 (-8.4%), from €198,428 to €181,775
- Cash -€11,308
down €11,308 (-43.8%), from €25,796 to €14,488
mainly Trade debts (-€40,520) and Contributions, distributions and other (-€39,512)
- Trade debts -€40,520
down €40,520 (-31.3%), from €129,580 to €89,060
- Reserves -€39,512
down €39,512 (-44.7%), from €88,422 to €48,909
- Other debts +€36,537
up €36,537 (+317.9%), from €11,494 to €48,031
- Short-term financial debts -€17,982
down €17,982 (-57.4%), from €31,350 to €13,368
- Provisions +€17,361
new in 2025: €17,361
- Gross operating margin +€21,766
up €21,766 (+41.2%), from €52,777 to €74,543
- Financial charges +€19,668
up €19,668 (+168.3%), from €11,684 to €31,352
of which Non-recurring financial charges: +€17,361
- Write-downs +€1,555
new in 2025: €1,555
- Depreciation +€1,183
up €1,183 (+4.4%), from €26,662 to €27,845
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 | €383,957 | €336,544 | -€47,413 | -12.3% |
| Fixed assets | 21/28 | €106,220 | €87,880 | -€18,340 | -17.3% |
| Tangible fixed assets | 22/27 | €104,720 | €86,380 | -€18,340 | -17.5% |
| Plant, machinery and equipment | 23 | €996 | €10,251 | +€9,255 | +929.4% |
| Furniture and vehicles | 24 | €39,491 | €25,761 | -€13,730 | -34.8% |
| Other tangible fixed assets | 26 | €64,233 | €50,368 | -€13,865 | -21.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €277,737 | €248,664 | -€29,073 | -10.5% |
| Stocks and contracts in progress | 3 | €198,428 | €181,775 | -€16,652 | -8.4% |
| Stocks | 30/36 | €198,428 | €181,775 | -€16,652 | -8.4% |
| Amounts receivable within one year | 40/41 | €48,092 | €45,772 | -€2,320 | -4.8% |
| Trade receivables | 40 | €41,376 | €3,709 | -€37,667 | -91.0% |
| Other amounts receivable | 41 | €6,716 | €42,063 | +€35,347 | +526.3% |
| Cash at bank and in hand | 54/58 | €25,796 | €14,488 | -€11,308 | -43.8% |
| Deferred charges and accrued income | 490/1 | €5,421 | €6,628 | +€1,206 | +22.3% |
| Total equity and liabilities | 10/49 | €383,957 | €336,544 | -€47,413 | -12.3% |
| Equity | 10/15 | €99,041 | €65,404 | -€33,637 | -34.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €88,422 | €48,909 | -€39,512 | -44.7% |
| Distributable reserves | 133 | €88,422 | €48,909 | -€39,512 | -44.7% |
| Profit (loss) carried forward | 14 | -€7,973 | -€2,097 | +€5,876 | +73.7% |
| Provisions and deferred taxes | 16 | - | €17,361 | +€17,361 | |
| Provisions for liabilities and charges | 160/5 | - | €17,361 | +€17,361 | |
| Other liabilities and charges | 164/5 | - | €17,361 | +€17,361 | |
| Amounts payable | 17/49 | €284,917 | €253,779 | -€31,137 | -10.9% |
| Amounts payable after more than one year | 17 | €33,495 | €21,759 | -€11,736 | -35.0% |
| Financial debts | 170/4 | €33,495 | €21,759 | -€11,736 | -35.0% |
| Amounts payable within one year | 42/48 | €247,028 | €227,626 | -€19,402 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €18,620 | €11,736 | -€6,884 | -37.0% |
| Financial debts | 43 | €31,350 | €13,368 | -€17,982 | -57.4% |
| Credit institutions | 430/8 | €31,350 | €13,368 | -€17,982 | -57.4% |
| Trade debts | 44 | €129,580 | €89,060 | -€40,520 | -31.3% |
| Suppliers | 440/4 | €129,580 | €89,060 | -€40,520 | -31.3% |
| Advances received on contracts in progress | 46 | €10,744 | €18,182 | +€7,438 | +69.2% |
| Taxes, remuneration and social security | 45 | €45,240 | €47,249 | +€2,009 | +4.4% |
| Taxes | 450/3 | €45,240 | €45,449 | +€209 | +0.5% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €11,494 | €48,031 | +€36,537 | +317.9% |
| Accrued charges and deferred income | 492/3 | €4,393 | €4,394 | +€1 | 0.0% |
| Non-recurring operating income | 76A | - | €18,916 | +€18,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,662 | €27,845 | +€1,183 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,555 | +€1,555 | |
| Other operating charges | 640/8 | €7,814 | €7,783 | -€31 | -0.4% |
| Gross operating margin | 9900 | €52,777 | €74,543 | +€21,766 | +41.2% |
| Operating profit (loss) | 9901 | €18,301 | €37,360 | +€19,059 | +104.1% |
| Financial income | 75/76B | €20 | €36 | +€16 | +80.5% |
| Recurring financial income | 75 | €20 | €36 | +€16 | +80.5% |
| Financial charges | 65/66B | €11,684 | €31,352 | +€19,668 | +168.3% |
| Recurring financial charges | 65 | €11,684 | €13,992 | +€2,307 | +19.7% |
| Non-recurring financial charges | 66B | - | €17,361 | +€17,361 | |
| Profit (loss) for the period before taxes | 9903 | €6,636 | €6,043 | -€593 | -8.9% |
| Income taxes | 67/77 | €157 | €168 | +€11 | +6.9% |
| Profit (loss) for the period | 9904 | €6,479 | €5,876 | -€604 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,479 | €5,876 | -€604 | -9.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.