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.
What changed
Belgica
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€903,292
2024 · €1.1m-€240,701
Equity
€4.7m
2024 · €4.7m-€16,708
Cash
€324,720
2024 · €90,452+€234,268
Balance sheet total
€22.2m
2024 · €24.0m-€1.8m
Largest movements
Assets
- Financial fixed assets -€1.2m
down €1.2m (-14.0%), from €8.5m to €7.3m
- Receivables within one year -€484,215
down €484,215 (-55.1%), from €879,388 to €395,174
of which Other amounts receivable: -€429,461
- Tangible fixed assets -€338,128
down €338,128 (-2.3%), from €14.4m to €14.1m
of which Land and buildings: -€330,182
Equity and liabilities
- Other debts -€1.4m
down €1.4m (-48.8%), from €2.8m to €1.5m
- Debts after one year -€407,506
down €407,506 (-2.8%), from €14.3m to €13.9m
of which Financial debts: -€407,506
Income statement
- Gross operating margin -€65,966
down €65,966 (-3.3%), from €2.0m to €1.9m
- Other operating charges +€58,323
up €58,323 (+54.3%), from €107,417 to €165,740
- Financial income -€41,958
down €41,958 (-30.7%), from €136,821 to €94,863
- Financial charges +€25,853
up €25,853 (+7.4%), from €351,174 to €377,028
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.
Result 2024
€1.1m
Gross operating margin
-€65,966
Depreciation
-€8,239
Other operating charges
-€58,323
Other operating items
-€28
Financial income
-€41,958
Financial charges
-€25,853
Taxes
+€4,829
Deferred taxes and other
-€45,162
Result 2025
€903,292
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€582,133
Investment
+€944,718
Financing
-€1.3m
Cash 2024
€90,452
From operations (derived)
+€582,133
Net result for the year
+€903,292
Depreciation
+€588,488
Receivables within one year
+€484,215
Deferred charges and accrued income
+€621
Provisions
-€6,443
Trade debts
+€10,945
Tax, wage and social debts
-€9,972
Other debts
-€1.4m
Investment (derived)
+€944,718
Investment in fixed assets (net)
+€944,718
Current investments
-€0
Financing
-€1.3m
Debts after one year
-€407,506
Current portion of long-term debt
+€36,911
Short-term financial debts
-€1,987
Contributions, distributions and other
-€920,000
Cash 2025
€324,720
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,000,838 | €22,217,064 | -€1.8m | -7.4% |
| Fixed assets | 21/28 | €22,954,880 | €21,421,674 | -€1.5m | -6.7% |
| Tangible fixed assets | 22/27 | €14,436,017 | €14,097,889 | -€338,128 | -2.3% |
| Land and buildings | 22 | €14,418,078 | €14,087,896 | -€330,182 | -2.3% |
| Plant, machinery and equipment | 23 | €8,342 | €6,348 | -€1,994 | -23.9% |
| Furniture and vehicles | 24 | €9,597 | €3,645 | -€5,953 | -62.0% |
| Financial fixed assets | 28 | €8,518,863 | €7,323,785 | -€1.2m | -14.0% |
| Current assets | 29/58 | €1,045,958 | €795,390 | -€250,567 | -24.0% |
| Amounts receivable within one year | 40/41 | €879,388 | €395,174 | -€484,215 | -55.1% |
| Trade receivables | 40 | €263,613 | €208,859 | -€54,754 | -20.8% |
| Other amounts receivable | 41 | €615,775 | €186,314 | -€429,461 | -69.7% |
| Current investments | 50/53 | €50,012 | €50,012 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €90,452 | €324,720 | +€234,268 | +259% |
| Deferred charges and accrued income | 490/1 | €26,105 | €25,484 | -€621 | -2.4% |
| Total equity and liabilities | 10/49 | €24,000,838 | €22,217,064 | -€1.8m | -7.4% |
| Equity | 10/15 | €4,704,177 | €4,687,469 | -€16,708 | -0.4% |
| Contributions | 10/11 | €1,303,600 | €1,303,600 | = | 0.0% |
| Capital | 10 | €1,303,600 | €1,303,600 | = | 0.0% |
| Issued capital | 100 | €1,303,600 | €1,303,600 | = | 0.0% |
| Reserves | 13 | €3,248,626 | €3,229,298 | -€19,328 | -0.6% |
| Non-distributable reserves | 130/1 | €130,360 | €130,360 | = | 0.0% |
| Legal reserve | 130 | €130,360 | €130,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,118,266 | €3,098,938 | -€19,328 | -0.6% |
| Profit (loss) carried forward | 14 | €151,950 | €154,571 | +€2,621 | +1.7% |
| Provisions and deferred taxes | 16 | €1,266,335 | €1,259,892 | -€6,443 | -0.5% |
| Deferred taxes | 168 | €1,266,335 | €1,259,892 | -€6,443 | -0.5% |
| Amounts payable | 17/49 | €18,030,327 | €16,269,703 | -€1.8m | -9.8% |
| Amounts payable after more than one year | 17 | €14,304,546 | €13,897,040 | -€407,506 | -2.8% |
| Financial debts | 170/4 | €14,290,766 | €13,883,260 | -€407,506 | -2.9% |
| Other amounts payable | 178/9 | €13,780 | €13,780 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,725,780 | €2,372,663 | -€1.4m | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €840,260 | €877,171 | +€36,911 | +4.4% |
| Financial debts | 43 | €2,054 | €67 | -€1,987 | -96.7% |
| Credit institutions | 430/8 | €2,054 | €67 | -€1,987 | -96.7% |
| Trade debts | 44 | €21,422 | €32,367 | +€10,945 | +51.1% |
| Suppliers | 440/4 | €21,422 | €32,367 | +€10,945 | +51.1% |
| Taxes, remuneration and social security | 45 | €17,204 | €7,232 | -€9,972 | -58.0% |
| Taxes | 450/3 | €17,204 | €7,232 | -€9,972 | -58.0% |
| Other amounts payable | 47/48 | €2,844,841 | €1,455,826 | -€1.4m | -48.8% |
| Non-recurring operating income | 76A | €0 | €385,243 | +€385,243 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €580,249 | €588,488 | +€8,239 | +1.4% |
| Other operating charges | 640/8 | €107,417 | €165,740 | +€58,323 | +54.3% |
| Non-recurring operating charges | 66A | €1 | €29 | +€28 | +2,236% |
| Gross operating margin | 9900 | €1,999,395 | €1,933,429 | -€65,966 | -3.3% |
| Operating profit (loss) | 9901 | €1,311,727 | €1,179,171 | -€132,556 | -10.1% |
| Financial income | 75/76B | €136,821 | €94,863 | -€41,958 | -30.7% |
| Recurring financial income | 75 | €136,821 | €94,863 | -€41,958 | -30.7% |
| Financial charges | 65/66B | €351,174 | €377,028 | +€25,853 | +7.4% |
| Recurring financial charges | 65 | €351,174 | €377,028 | +€25,853 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €1,097,374 | €897,006 | -€200,368 | -18.3% |
| Transfer from deferred taxes | 780 | €51,605 | €101,878 | +€50,273 | +97.4% |
| Transfer to deferred taxes | 680 | - | €95,436 | +€95,436 | |
| Income taxes | 67/77 | €4,986 | €157 | -€4,829 | -96.9% |
| Profit (loss) for the period | 9904 | €1,143,994 | €903,292 | -€240,701 | -21.0% |
| Transfer from tax-exempt reserves | 789 | €154,816 | €305,635 | +€150,820 | +97.4% |
| Transfer to tax-exempt reserves | 689 | - | €286,307 | +€286,307 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,298,809 | €922,621 | -€376,189 | -29.0% |
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 19 October 2026 via checked.be.