Belgica: 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.
Belgica
Largest movements
- Tangible fixed assets -€11,946
down €11,946 (-30.8%), from €38,825 to €26,879
- Cash -€7,473
down €7,473 (-7.7%), from €97,539 to €90,066
mainly Short-term financial debts (-€13,000) and Net result for the year (-€12,002)
- Short-term financial debts -€13,000
down €13,000 (-28.9%), from €45,000 to €32,000
- Profit (loss) carried forward -€12,002
down €12,002, from €245 to -€11,757
- Accrued charges and deferred income +€8,359
up €8,359 (+132%), from €6,354 to €14,712
- Gross operating margin -€49,930
down €49,930 (-85.0%), from €58,754 to €8,825
- Taxes -€13,087
down €13,087 (-97.0%), from €13,496 to €409
- Depreciation -€2,201
down €2,201 (-15.6%), from €14,147 to €11,946
- Financial charges -€1,428
down €1,428 (-18.5%), from €7,701 to €6,273
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 | €190,437 | €169,510 | -€20,927 | -11.0% |
| Fixed assets | 21/28 | €38,900 | €26,954 | -€11,946 | -30.7% |
| Tangible fixed assets | 22/27 | €38,825 | €26,879 | -€11,946 | -30.8% |
| Land and buildings | 22 | €3,871 | €2,141 | -€1,729 | -44.7% |
| Plant, machinery and equipment | 23 | €17,391 | €12,908 | -€4,483 | -25.8% |
| Furniture and vehicles | 24 | €10,145 | €5,819 | -€4,326 | -42.6% |
| Other tangible fixed assets | 26 | €7,418 | €6,011 | -€1,408 | -19.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €151,537 | €142,556 | -€8,981 | -5.9% |
| Stocks and contracts in progress | 3 | €49,038 | €47,959 | -€1,080 | -2.2% |
| Stocks | 30/36 | €49,038 | €47,959 | -€1,080 | -2.2% |
| Amounts receivable within one year | 40/41 | €1,458 | €1,030 | -€429 | -29.4% |
| Trade receivables | 40 | €1,419 | €1,030 | -€389 | -27.4% |
| Other amounts receivable | 41 | €40 | - | -€40 | |
| Cash at bank and in hand | 54/58 | €97,539 | €90,066 | -€7,473 | -7.7% |
| Deferred charges and accrued income | 490/1 | €3,501 | €3,502 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €190,437 | €169,510 | -€20,927 | -11.0% |
| Equity | 10/15 | €115,745 | €103,743 | -€12,002 | -10.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €40,500 | €40,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €245 | -€11,757 | -€12,002 | |
| Amounts payable | 17/49 | €74,692 | €65,767 | -€8,925 | -11.9% |
| Amounts payable within one year | 42/48 | €68,338 | €51,055 | -€17,284 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €1,642 | - | -€1,642 | |
| Financial debts | 43 | €45,000 | €32,000 | -€13,000 | -28.9% |
| Credit institutions | 430/8 | €45,000 | €32,000 | -€13,000 | -28.9% |
| Trade debts | 44 | €6,861 | €6,874 | +€13 | +0.2% |
| Suppliers | 440/4 | €6,861 | €6,874 | +€13 | +0.2% |
| Taxes, remuneration and social security | 45 | €12,032 | €10,735 | -€1,297 | -10.8% |
| Taxes | 450/3 | €12,032 | €10,735 | -€1,297 | -10.8% |
| Other amounts payable | 47/48 | €2,803 | €1,445 | -€1,358 | -48.4% |
| Accrued charges and deferred income | 492/3 | €6,354 | €14,712 | +€8,359 | +132% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,147 | €11,946 | -€2,201 | -15.6% |
| Other operating charges | 640/8 | €1,372 | €1,670 | +€298 | +21.7% |
| Non-recurring operating charges | 66A | - | €741 | +€741 | |
| Gross operating margin | 9900 | €58,754 | €8,825 | -€49,930 | -85.0% |
| Operating profit (loss) | 9901 | €43,235 | -€5,533 | -€48,767 | |
| Financial income | 75/76B | €42 | €213 | +€171 | +411% |
| Recurring financial income | 75 | €42 | €213 | +€171 | +411% |
| Financial charges | 65/66B | €7,701 | €6,273 | -€1,428 | -18.5% |
| Recurring financial charges | 65 | €7,701 | €6,273 | -€1,428 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €35,575 | -€11,593 | -€47,168 | |
| Income taxes | 67/77 | €13,496 | €409 | -€13,087 | -97.0% |
| Profit (loss) for the period | 9904 | €22,079 | -€12,002 | -€34,081 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,079 | -€12,002 | -€34,081 |
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 24 October 2026 via checked.be.