BELGICA: what changed
BELGICA
Largest movements
- Tangible fixed assets +€96,308
up €96,308 (+811%), from €11,880 to €108,188
of which Leasing and similar rights: +€85,846
- Cash -€57,343
down €57,343 (-17.1%), from €336,153 to €278,810
mainly Investment in fixed assets (net) (-€111,887) and Trade debts (-€29,592)
- Receivables within one year -€28,832
down €28,832 (-24.8%), from €116,288 to €87,456
- Stocks and contracts +€10,741
up €10,741 (+13.1%), from €82,000 to €92,741
- Reserves +€69,000
up €69,000 (+45.1%), from €152,837 to €221,837
of which Distributable reserves: +€69,000
- Trade debts -€29,592
down €29,592 (-64.6%), from €45,788 to €16,196
- Tax, wage and social debts -€11,016
down €11,016 (-19.8%), from €55,500 to €44,484
- Gross operating margin -€44,919
down €44,919 (-23.6%), from €190,220 to €145,301
- Taxes -€19,472
down €19,472 (-45.0%), from €43,248 to €23,776
- Depreciation +€9,761
up €9,761 (+168%), from €5,818 to €15,579
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €546,846 | €567,720 | +€20,874 | +3.8% |
| Fixed assets | 21/28 | €12,405 | €108,713 | +€96,308 | +776% |
| Tangible fixed assets | 22/27 | €11,880 | €108,188 | +€96,308 | +811% |
| Plant, machinery and equipment | 23 | €2,297 | €17,759 | +€15,462 | +673% |
| Furniture and vehicles | 24 | €9,583 | €4,583 | -€5,000 | -52.2% |
| Leasing and similar rights | 25 | - | €85,846 | +€85,846 | |
| Financial fixed assets | 28 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €534,441 | €459,007 | -€75,434 | -14.1% |
| Stocks and contracts in progress | 3 | €82,000 | €92,741 | +€10,741 | +13.1% |
| Stocks | 30/36 | €82,000 | €92,741 | +€10,741 | +13.1% |
| Amounts receivable within one year | 40/41 | €116,288 | €87,456 | -€28,832 | -24.8% |
| Trade receivables | 40 | €116,288 | €87,456 | -€28,832 | -24.8% |
| Cash at bank and in hand | 54/58 | €336,153 | €278,810 | -€57,343 | -17.1% |
| Total equity and liabilities | 10/49 | €546,846 | €567,720 | +€20,874 | +3.8% |
| Equity | 10/15 | €194,989 | €265,033 | +€70,044 | +35.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €152,837 | €221,837 | +€69,000 | +45.1% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €152,217 | €221,217 | +€69,000 | +45.3% |
| Profit (loss) carried forward | 14 | -€157,848 | -€156,804 | +€1,044 | +0.7% |
| Amounts payable | 17/49 | €351,857 | €302,687 | -€49,170 | -14.0% |
| Amounts payable after more than one year | 17 | €144,750 | €144,750 | = | 0.0% |
| Financial debts | 170/4 | €144,750 | €144,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €154,633 | €108,389 | -€46,244 | -29.9% |
| Trade debts | 44 | €45,788 | €16,196 | -€29,592 | -64.6% |
| Suppliers | 440/4 | €45,788 | €16,196 | -€29,592 | -64.6% |
| Taxes, remuneration and social security | 45 | €55,500 | €44,484 | -€11,016 | -19.8% |
| Taxes | 450/3 | €55,500 | €44,484 | -€11,016 | -19.8% |
| Other amounts payable | 47/48 | €53,345 | €47,709 | -€5,636 | -10.6% |
| Accrued charges and deferred income | 492/3 | €52,474 | €49,548 | -€2,926 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,818 | €15,579 | +€9,761 | +168% |
| Other operating charges | 640/8 | €1,174 | €231 | -€943 | -80.3% |
| Gross operating margin | 9900 | €190,220 | €145,301 | -€44,919 | -23.6% |
| Operating profit (loss) | 9901 | €183,228 | €129,491 | -€53,737 | -29.3% |
| Financial income | 75/76B | €8 | €368 | +€360 | +4,500% |
| Recurring financial income | 75 | €8 | €368 | +€360 | +4,500% |
| Financial charges | 65/66B | €18,155 | €18,039 | -€116 | -0.6% |
| Recurring financial charges | 65 | €18,155 | €18,039 | -€116 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €165,081 | €111,820 | -€53,261 | -32.3% |
| Income taxes | 67/77 | €43,248 | €23,776 | -€19,472 | -45.0% |
| Profit (loss) for the period | 9904 | €121,833 | €88,044 | -€33,789 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,833 | €88,044 | -€33,789 | -27.7% |
Next steps
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 3 November 2026 via checked.be.