BELGICARS: 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.
BELGICARS
Largest movements
- Stocks and contracts +€222,905
up €222,905 (+29.7%), from €750,961 to €973,866
- Receivables within one year -€127,423
down €127,423 (-69.8%), from €182,556 to €55,134
of which Trade receivables: -€152,653
- Trade debts +€80,262
up €80,262 (+183.4%), from €43,775 to €124,037
- Other debts +€75,151
up €75,151 (+53.7%), from €139,929 to €215,081
- Profit (loss) carried forward -€48,993
down €48,993 (-15.9%), from €308,315 to €259,322
- Staff costs +€20,579
new in 2025: €20,579
- Gross operating margin +€18,718
up €18,718 (+11.5%), from €162,953 to €181,671
- Write-downs +€5,113
up €5,113 (+131.1%), from €3,900 to €9,013
- Depreciation -€5,097
down €5,097 (-31.0%), from €16,452 to €11,356
- Other operating charges +€4,332
up €4,332 (+108.3%), from €4,001 to €8,333
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.
Cash bridge derived
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 | €1,064,416 | €1,166,853 | +€102,437 | +9.6% |
| Fixed assets | 21/28 | €51,380 | €59,834 | +€8,454 | +16.5% |
| Tangible fixed assets | 22/27 | €51,380 | €59,834 | +€8,454 | +16.5% |
| Land and buildings | 22 | €13,749 | €11,375 | -€2,375 | -17.3% |
| Plant, machinery and equipment | 23 | €4,207 | €4,375 | +€168 | +4.0% |
| Furniture and vehicles | 24 | €33,423 | €44,084 | +€10,661 | +31.9% |
| Current assets | 29/58 | €1,013,036 | €1,107,019 | +€93,983 | +9.3% |
| Stocks and contracts in progress | 3 | €750,961 | €973,866 | +€222,905 | +29.7% |
| Stocks | 30/36 | €750,961 | €973,866 | +€222,905 | +29.7% |
| Amounts receivable within one year | 40/41 | €182,556 | €55,134 | -€127,423 | -69.8% |
| Trade receivables | 40 | €177,707 | €25,054 | -€152,653 | -85.9% |
| Other amounts receivable | 41 | €4,849 | €30,079 | +€25,230 | +520.3% |
| Cash at bank and in hand | 54/58 | €74,211 | €78,019 | +€3,809 | +5.1% |
| Deferred charges and accrued income | 490/1 | €5,307 | €0 | -€5,307 | -100.0% |
| Total equity and liabilities | 10/49 | €1,064,416 | €1,166,853 | +€102,437 | +9.6% |
| Equity | 10/15 | €330,315 | €281,322 | -€48,993 | -14.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €308,315 | €259,322 | -€48,993 | -15.9% |
| Amounts payable | 17/49 | €734,101 | €885,531 | +€151,430 | +20.6% |
| Amounts payable within one year | 42/48 | €732,601 | €885,531 | +€152,930 | +20.9% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €450,000 | +€250,000 | +125.0% |
| Other loans | 439 | €300,000 | €50,000 | -€250,000 | -83.3% |
| Trade debts | 44 | €43,775 | €124,037 | +€80,262 | +183.4% |
| Suppliers | 440/4 | €43,775 | €124,037 | +€80,262 | +183.4% |
| Taxes, remuneration and social security | 45 | €48,896 | €46,413 | -€2,483 | -5.1% |
| Taxes | 450/3 | €48,896 | €41,506 | -€7,390 | -15.1% |
| Remuneration and social security | 454/9 | - | €4,907 | +€4,907 | |
| Other amounts payable | 47/48 | €139,929 | €215,081 | +€75,151 | +53.7% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €20,579 | +€20,579 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,452 | €11,356 | -€5,097 | -31.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,900 | €9,013 | +€5,113 | +131.1% |
| Other operating charges | 640/8 | €4,001 | €8,333 | +€4,332 | +108.3% |
| Non-recurring operating charges | 66A | - | €6,765 | +€6,765 | |
| Gross operating margin | 9900 | €162,953 | €181,671 | +€18,718 | +11.5% |
| Operating profit (loss) | 9901 | €138,600 | €125,626 | -€12,974 | -9.4% |
| Financial income | 75/76B | €108 | €31 | -€77 | -71.4% |
| Recurring financial income | 75 | €108 | €31 | -€77 | -71.4% |
| Financial charges | 65/66B | €29,785 | €33,951 | +€4,166 | +14.0% |
| Recurring financial charges | 65 | €29,785 | €33,951 | +€4,166 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €108,922 | €91,705 | -€17,217 | -15.8% |
| Income taxes | 67/77 | €24,641 | €23,050 | -€1,591 | -6.5% |
| Profit (loss) for the period | 9904 | €84,281 | €68,654 | -€15,627 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €84,281 | €68,654 | -€15,627 | -18.5% |
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 11 October 2026 via checked.be.