BELGIAN RACING: 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.
BELGIAN RACING
Largest movements
- Receivables within one year -€960,185
down €960,185 (-66.2%), from €1.4m to €489,158
of which Trade receivables: -€763,530
- Cash +€65,259
up €65,259 (+11.0%), from €590,877 to €656,136
mainly Receivables within one year (+€960,185) and Net result for the year (+€114,495)
- Tax, wage and social debts -€741,030
down €741,030 (-88.4%), from €838,742 to €97,712
of which Remuneration and social security: -€728,606
- Other debts -€236,724
down €236,724 (-1.0%), from €23.0m to €22.7m
- Profit (loss) carried forward +€114,495
up €114,495 (+0.5%), from -€23.1m to -€22.9m
- Provisions -€51,192
down €51,192 (-69.2%), from €73,965 to €22,773
- Staff costs -€420,957
down €420,957 (-47.0%), from €894,937 to €473,979
- Provisions +€393,126
up €393,126 (+88.5%), from -€444,318 to -€51,192
- Financial charges -€302,262
down €302,262 (-98.0%), from €308,579 to €6,317
- Gross operating margin +€90,514
up €90,514 (+15.6%), from €581,352 to €671,866
- Taxes +€51,227
up €51,227 (+4,044%), from €1,267 to €52,494
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 | €2,280,836 | €1,371,255 | -€909,581 | -39.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €220,442 | €208,854 | -€11,587 | -5.3% |
| Tangible fixed assets | 22/27 | €191,242 | €177,854 | -€13,387 | -7.0% |
| Plant, machinery and equipment | 23 | €449 | €199 | -€250 | -55.7% |
| Furniture and vehicles | 24 | €128,797 | €120,943 | -€7,854 | -6.1% |
| Other tangible fixed assets | 26 | €61,996 | €56,713 | -€5,283 | -8.5% |
| Financial fixed assets | 28 | €29,200 | €31,000 | +€1,800 | +6.2% |
| Current assets | 29/58 | €2,060,395 | €1,162,401 | -€897,994 | -43.6% |
| Amounts receivable within one year | 40/41 | €1,449,343 | €489,158 | -€960,185 | -66.2% |
| Trade receivables | 40 | €1,131,566 | €368,036 | -€763,530 | -67.5% |
| Other amounts receivable | 41 | €317,777 | €121,122 | -€196,655 | -61.9% |
| Cash at bank and in hand | 54/58 | €590,877 | €656,136 | +€65,259 | +11.0% |
| Deferred charges and accrued income | 490/1 | €20,175 | €17,107 | -€3,068 | -15.2% |
| Total equity and liabilities | 10/49 | €2,280,836 | €1,371,255 | -€909,581 | -39.9% |
| Equity | 10/15 | -€21,656,972 | -€21,542,476 | +€114,495 | +0.5% |
| Contributions | 10/11 | €1,404,846 | €1,404,846 | = | 0.0% |
| Capital | 10 | €1,404,846 | €1,404,846 | = | 0.0% |
| Issued capital | 100 | €1,404,846 | €1,404,846 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,061,817 | -€22,947,322 | +€114,495 | +0.5% |
| Provisions and deferred taxes | 16 | €73,965 | €22,773 | -€51,192 | -69.2% |
| Provisions for liabilities and charges | 160/5 | €73,965 | €22,773 | -€51,192 | -69.2% |
| Environmental obligations | 163 | €73,965 | €22,773 | -€51,192 | -69.2% |
| Amounts payable | 17/49 | €23,863,843 | €22,890,958 | -€972,885 | -4.1% |
| Amounts payable within one year | 42/48 | €23,863,843 | €22,890,958 | -€972,885 | -4.1% |
| Trade debts | 44 | €66,822 | €71,691 | +€4,869 | +7.3% |
| Suppliers | 440/4 | €66,822 | €71,691 | +€4,869 | +7.3% |
| Taxes, remuneration and social security | 45 | €838,742 | €97,712 | -€741,030 | -88.4% |
| Taxes | 450/3 | €24,252 | €11,828 | -€12,424 | -51.2% |
| Remuneration and social security | 454/9 | €814,490 | €85,884 | -€728,606 | -89.5% |
| Other amounts payable | 47/48 | €22,958,280 | €22,721,555 | -€236,724 | -1.0% |
| Remuneration, social security and pensions | 62 | €894,937 | €473,979 | -€420,957 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,665 | €74,192 | +€6,527 | +9.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€444,318 | -€51,192 | +€393,126 | +88.5% |
| Other operating charges | 640/8 | €4,249 | €4,204 | -€45 | -1.1% |
| Gross operating margin | 9900 | €581,352 | €671,866 | +€90,514 | +15.6% |
| Operating profit (loss) | 9901 | €58,819 | €170,682 | +€111,863 | +190% |
| Financial income | 75/76B | €2,230 | €2,624 | +€393 | +17.6% |
| Recurring financial income | 75 | €2,230 | €2,624 | +€393 | +17.6% |
| Financial charges | 65/66B | €308,579 | €6,317 | -€302,262 | -98.0% |
| Recurring financial charges | 65 | €308,579 | €6,317 | -€302,262 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | -€247,529 | €166,989 | +€414,518 | |
| Income taxes | 67/77 | €1,267 | €52,494 | +€51,227 | +4,044% |
| Profit (loss) for the period | 9904 | -€248,796 | €114,495 | +€363,291 | |
| Profit (loss) for the period to be appropriated | 9905 | -€248,796 | €114,495 | +€363,291 |
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 23 October 2026 via checked.be.