BELGIAN SHOES: 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 SHOES
Largest movements
- Current investments -€289,399
down €289,399 (-100%), from €289,399 to €0
- Cash +€249,363
up €249,363 (+52.7%), from €473,020 to €722,383
mainly Net result for the year (+€344,855) and Current investments (+€289,399)
- Receivables within one year +€137,144
up €137,144 (+1,655%), from €8,287 to €145,431
of which Trade receivables: +€81,863
- Tangible fixed assets +€36,924
up €36,924 (+208%), from €17,746 to €54,670
of which Plant, machinery and equipment: +€40,433
- Stocks and contracts +€27,090
up €27,090 (+9.7%), from €278,640 to €305,730
- Reserves +€105,455
up €105,455 (+13.5%), from €779,340 to €884,795
of which Distributable reserves: +€105,455
- Other debts +€51,400
up €51,400 (+27.3%), from €188,000 to €239,400
- Gross operating margin +€209,048
up €209,048 (+33.6%), from €622,300 to €831,348
- Staff costs +€117,115
up €117,115 (+26.7%), from €438,535 to €555,650
- Financial income +€99,371
up €99,371 (+601%), from €16,544 to €115,915
- Financial charges +€17,913
up €17,913 (+4,069%), from €440 to €18,353
- Taxes +€15,747
up €15,747 (+561%), from €2,807 to €18,553
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 | €1,073,666 | €1,231,987 | +€158,321 | +14.7% |
| Fixed assets | 21/28 | €17,746 | €54,670 | +€36,924 | +208% |
| Tangible fixed assets | 22/27 | €17,746 | €54,670 | +€36,924 | +208% |
| Plant, machinery and equipment | 23 | €9,624 | €50,057 | +€40,433 | +420% |
| Furniture and vehicles | 24 | €8,122 | €4,613 | -€3,509 | -43.2% |
| Current assets | 29/58 | €1,055,921 | €1,177,317 | +€121,397 | +11.5% |
| Stocks and contracts in progress | 3 | €278,640 | €305,730 | +€27,090 | +9.7% |
| Stocks | 30/36 | €278,640 | €305,730 | +€27,090 | +9.7% |
| Amounts receivable within one year | 40/41 | €8,287 | €145,431 | +€137,144 | +1,655% |
| Trade receivables | 40 | €4,431 | €86,294 | +€81,863 | +1,848% |
| Other amounts receivable | 41 | €3,856 | €59,137 | +€55,281 | +1,433% |
| Current investments | 50/53 | €289,399 | €0 | -€289,399 | -100% |
| Cash at bank and in hand | 54/58 | €473,020 | €722,383 | +€249,363 | +52.7% |
| Deferred charges and accrued income | 490/1 | €6,575 | €3,773 | -€2,802 | -42.6% |
| Total equity and liabilities | 10/49 | €1,073,666 | €1,231,987 | +€158,321 | +14.7% |
| Equity | 10/15 | €797,932 | €903,387 | +€105,455 | +13.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €779,340 | €884,795 | +€105,455 | +13.5% |
| Tax-exempt reserves | 132 | €5,529 | €5,529 | = | 0.0% |
| Distributable reserves | 133 | €773,811 | €879,266 | +€105,455 | +13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €275,735 | €328,601 | +€52,866 | +19.2% |
| Amounts payable within one year | 42/48 | €274,476 | €328,601 | +€54,125 | +19.7% |
| Trade debts | 44 | €29,545 | €35,976 | +€6,431 | +21.8% |
| Suppliers | 440/4 | €29,545 | €35,976 | +€6,431 | +21.8% |
| Taxes, remuneration and social security | 45 | €56,930 | €53,224 | -€3,706 | -6.5% |
| Taxes | 450/3 | €2,268 | €12,181 | +€9,913 | +437% |
| Remuneration and social security | 454/9 | €54,662 | €41,043 | -€13,619 | -24.9% |
| Other amounts payable | 47/48 | €188,000 | €239,400 | +€51,400 | +27.3% |
| Accrued charges and deferred income | 492/3 | €1,259 | €0 | -€1,259 | -100% |
| Remuneration, social security and pensions | 62 | €438,535 | €555,650 | +€117,115 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,994 | €7,747 | +€753 | +10.8% |
| Other operating charges | 640/8 | €1,775 | €2,106 | +€331 | +18.7% |
| Gross operating margin | 9900 | €622,300 | €831,348 | +€209,048 | +33.6% |
| Operating profit (loss) | 9901 | €174,996 | €265,845 | +€90,849 | +51.9% |
| Financial income | 75/76B | €16,544 | €115,915 | +€99,371 | +601% |
| Recurring financial income | 75 | €16,544 | €115,915 | +€99,371 | +601% |
| Financial charges | 65/66B | €440 | €18,353 | +€17,913 | +4,069% |
| Recurring financial charges | 65 | €440 | €18,353 | +€17,913 | +4,069% |
| Profit (loss) for the period before taxes | 9903 | €191,100 | €363,408 | +€172,308 | +90.2% |
| Income taxes | 67/77 | €2,807 | €18,553 | +€15,747 | +561% |
| Profit (loss) for the period | 9904 | €188,294 | €344,855 | +€156,561 | +83.1% |
| Profit (loss) for the period to be appropriated | 9905 | €188,294 | €344,855 | +€156,561 | +83.1% |
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 29 October 2026 via checked.be.