Belgian Cycling Group: what changed
What changed
Belgian Cycling Group
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€317,391
2024 · €390,867-€73,476
Equity
€6.0m
2024 · €6.0m+€67,391
Cash
€3,611
2024 · €36,039-€32,429
Balance sheet total
€13.0m
2024 · €12.5m+€537,026
Largest movements
Assets
- Receivables after one year +€630,000
up €630,000 (+21.7%), from €2.9m to €3.5m
- Receivables within one year -€421,244
down €421,244 (-44.3%), from €951,709 to €530,464
of which Other amounts receivable: -€458,681
- Intangible fixed assets +€293,546
up €293,546 (+82.4%), from €356,407 to €649,952
- Financial fixed assets +€141,370
up €141,370 (+2.5%), from €5.8m to €5.9m
of which Affiliated companies: +€141,370
Equity and liabilities
- Trade debts +€1.1m
up €1.1m (+241%), from €450,602 to €1.5m
- Other debts -€548,768
down €548,768 (-36.8%), from €1.5m to €942,366
Income statement
- Turnover -€475,472
down €475,472 (-19.4%), from €2.5m to €2.0m
- Staff costs -€334,831
down €334,831 (-24.1%), from €1.4m to €1.1m
- Services and other goods +€101,883
up €101,883 (+23.0%), from €442,779 to €544,662
- Other operating income +€93,763
up €93,763 (+43.1%), from €217,781 to €311,544
- Financial charges -€90,065
down €90,065 (-32.4%), from €277,641 to €187,577
of which Financial charges: -€112,565
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€390,867
Turnover
-€475,472
Other operating income
+€93,763
Services and other goods
-€101,883
Staff costs
+€334,831
Depreciation
-€82,860
Other operating charges
-€269
Financial income
+€42,432
Financial charges
+€90,065
Taxes
+€25,916
Result 2025
€317,391
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€882,728
Investment
-€627,966
Financing
-€287,190
Cash 2024
€36,039
From operations (derived)
+€882,728
Net result for the year
+€317,391
Depreciation
+€265,698
Receivables after one year
-€630,000
Receivables within one year
+€421,244
Deferred charges and accrued income
+€1,570
Trade debts
+€1.1m
Tax, wage and social debts
-€84,655
Other debts
-€548,768
Accrued charges and deferred income
+€55,000
Investment (derived)
-€627,966
Investment in fixed assets (net)
-€627,966
Financing
-€287,190
Debts after one year
-€68,028
Current portion of long-term debt
+€90,149
Short-term financial debts
-€59,311
Contributions, distributions and other
-€250,000
Cash 2025
€3,611
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,505,448 | €13,042,474 | +€537,026 | +4.3% |
| Fixed assets | 21/28 | €6,515,369 | €6,877,638 | +€362,269 | +5.6% |
| Intangible fixed assets | 21 | €356,407 | €649,952 | +€293,546 | +82.4% |
| Tangible fixed assets | 22/27 | €396,373 | €323,726 | -€72,647 | -18.3% |
| Land and buildings | 22 | €300,000 | €300,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €2,591 | +€2,591 | |
| Leasing and similar rights | 25 | €96,373 | €21,134 | -€75,238 | -78.1% |
| Financial fixed assets | 28 | €5,762,590 | €5,903,960 | +€141,370 | +2.5% |
| Affiliated companies | 280/1 | €5,760,100 | €5,901,470 | +€141,370 | +2.5% |
| Participating interests | 280 | €5,760,100 | €5,901,470 | +€141,370 | +2.5% |
| Other financial fixed assets | 284/8 | €2,490 | €2,490 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,490 | €2,490 | = | 0.0% |
| Current assets | 29/58 | €5,990,079 | €6,164,836 | +€174,757 | +2.9% |
| Amounts receivable after more than one year | 29 | €2,900,000 | €3,530,000 | +€630,000 | +21.7% |
| Other amounts receivable | 291 | €2,900,000 | €3,530,000 | +€630,000 | +21.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €951,709 | €530,464 | -€421,244 | -44.3% |
| Trade receivables | 40 | €83,510 | €120,947 | +€37,437 | +44.8% |
| Other amounts receivable | 41 | €868,198 | €409,518 | -€458,681 | -52.8% |
| Current investments | 50/53 | €2,000,000 | €2,000,000 | = | 0.0% |
| Own shares | 50 | €2,000,000 | €2,000,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €36,039 | €3,611 | -€32,429 | -90.0% |
| Deferred charges and accrued income | 490/1 | €102,331 | €100,761 | -€1,570 | -1.5% |
| Total equity and liabilities | 10/49 | €12,505,448 | €13,042,474 | +€537,026 | +4.3% |
| Equity | 10/15 | €5,954,875 | €6,022,266 | +€67,391 | +1.1% |
| Contributions | 10/11 | €3,290,000 | €3,290,000 | = | 0.0% |
| Reserves | 13 | €2,664,875 | €2,732,266 | +€67,391 | +2.5% |
| Non-distributable reserves | 130/1 | €2,000,000 | €2,000,000 | = | 0.0% |
| Own shares acquired | 1312 | €2,000,000 | €2,000,000 | = | 0.0% |
| Distributable reserves | 133 | €664,875 | €732,266 | +€67,391 | +10.1% |
| Amounts payable | 17/49 | €6,550,573 | €7,020,208 | +€469,635 | +7.2% |
| Amounts payable after more than one year | 17 | €3,825,872 | €3,757,844 | -€68,028 | -1.8% |
| Financial debts | 170/4 | €3,825,872 | €3,757,844 | -€68,028 | -1.8% |
| Leasing and similar obligations | 172 | €1,583,772 | €1,346,681 | -€237,092 | -15.0% |
| Credit institutions | 173 | €242,100 | €411,163 | +€169,063 | +69.8% |
| Other loans | 174 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,724,000 | €3,206,664 | +€482,664 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €433,656 | €523,805 | +€90,149 | +20.8% |
| Financial debts | 43 | €88,482 | €29,171 | -€59,311 | -67.0% |
| Credit institutions | 430/8 | €88,482 | €29,171 | -€59,311 | -67.0% |
| Trade debts | 44 | €450,602 | €1,535,851 | +€1.1m | +241% |
| Suppliers | 440/4 | €450,602 | €1,535,851 | +€1.1m | +241% |
| Taxes, remuneration and social security | 45 | €260,127 | €175,471 | -€84,655 | -32.5% |
| Taxes | 450/3 | €68,141 | €28,643 | -€39,497 | -58.0% |
| Remuneration and social security | 454/9 | €191,986 | €146,828 | -€45,158 | -23.5% |
| Other amounts payable | 47/48 | €1,491,134 | €942,366 | -€548,768 | -36.8% |
| Accrued charges and deferred income | 492/3 | €700 | €55,700 | +€55,000 | +7,857% |
| Operating income | 70/76A | €2,674,849 | €2,293,140 | -€381,709 | -14.3% |
| Turnover | 70 | €2,457,068 | €1,981,596 | -€475,472 | -19.4% |
| Other operating income | 74 | €217,781 | €311,544 | +€93,763 | +43.1% |
| Operating charges | 60/66A | €2,026,929 | €1,877,109 | -€149,821 | -7.4% |
| Services and other goods | 61 | €442,779 | €544,662 | +€101,883 | +23.0% |
| Remuneration, social security and pensions | 62 | €1,391,992 | €1,057,161 | -€334,831 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,838 | €265,698 | +€82,860 | +45.3% |
| Other operating charges | 640/8 | €9,319 | €9,588 | +€269 | +2.9% |
| Operating profit (loss) | 9901 | €647,920 | €416,031 | -€231,889 | -35.8% |
| Financial income | 75/76B | €80,415 | €122,846 | +€42,432 | +52.8% |
| Recurring financial income | 75 | €80,415 | €100,346 | +€19,932 | +24.8% |
| Income from current assets | 751 | €79,750 | €97,075 | +€17,325 | +21.7% |
| Other financial income | 752/9 | €665 | €3,271 | +€2,607 | +392% |
| Non-recurring financial income | 76B | - | €22,500 | +€22,500 | |
| Financial charges | 65/66B | €277,641 | €187,577 | -€90,065 | -32.4% |
| Recurring financial charges | 65 | €277,641 | €165,077 | -€112,565 | -40.5% |
| Debt charges | 650 | €275,349 | €157,252 | -€118,097 | -42.9% |
| Other financial charges | 652/9 | €2,292 | €7,824 | +€5,533 | +241% |
| Non-recurring financial charges | 66B | - | €22,500 | +€22,500 | |
| Profit (loss) for the period before taxes | 9903 | €450,693 | €351,301 | -€99,393 | -22.1% |
| Income taxes | 67/77 | €59,826 | €33,910 | -€25,916 | -43.3% |
| Taxes | 670/3 | €59,826 | €33,910 | -€25,916 | -43.3% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €390,867 | €317,391 | -€73,476 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €390,867 | €317,391 | -€73,476 | -18.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.