Belgico: 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.
Belgico
Largest movements
- Stocks and contracts +€105,692
up €105,692 (+2.8%), from €3.8m to €3.9m
- Cash +€44,845
up €44,845 (+8,698%), from €516 to €45,360
mainly Other debts (+€150,684) and Receivables within one year (+€7,316)
- Other debts +€150,684
up €150,684 (+14.1%), from €1.1m to €1.2m
- Gross operating margin -€6,134
down €6,134, from €6,046 to -€88
- Turnover -€6,046
no longer reported in 2025 (was €6,046)
- Other operating charges +€585
up €585 (+130%), from €449 to €1,034
- Financial charges +€523
up €523 (+320%), from €164 to €687
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 | €3,832,738 | €3,975,958 | +€143,221 | +3.7% |
| Current assets | 29/58 | €3,832,738 | €3,975,958 | +€143,221 | +3.7% |
| Stocks and contracts in progress | 3 | €3,808,406 | €3,914,098 | +€105,692 | +2.8% |
| Stocks | 30/36 | €3,808,406 | €3,914,098 | +€105,692 | +2.8% |
| Amounts receivable within one year | 40/41 | €23,816 | €16,500 | -€7,316 | -30.7% |
| Trade receivables | 40 | €16,500 | €16,500 | = | 0.0% |
| Other amounts receivable | 41 | €7,316 | €0 | -€7,316 | -100% |
| Cash at bank and in hand | 54/58 | €516 | €45,360 | +€44,845 | +8,698% |
| Total equity and liabilities | 10/49 | €3,832,738 | €3,975,958 | +€143,221 | +3.7% |
| Equity | 10/15 | -€64,597 | -€66,406 | -€1,809 | -2.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,597 | -€71,406 | -€1,809 | -2.6% |
| Amounts payable | 17/49 | €3,897,335 | €4,042,364 | +€145,029 | +3.7% |
| Amounts payable within one year | 42/48 | €3,878,570 | €4,029,192 | +€150,622 | +3.9% |
| Financial debts | 43 | €2,750,000 | €2,750,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,750,000 | €2,750,000 | = | 0.0% |
| Trade debts | 44 | €60,072 | €60,010 | -€62 | -0.1% |
| Suppliers | 440/4 | €60,072 | €60,010 | -€62 | -0.1% |
| Other amounts payable | 47/48 | €1,068,498 | €1,219,182 | +€150,684 | +14.1% |
| Accrued charges and deferred income | 492/3 | €18,765 | €13,172 | -€5,593 | -29.8% |
| Turnover | 70 | €6,046 | - | -€6,046 | |
| Other operating charges | 640/8 | €449 | €1,034 | +€585 | +130% |
| Gross operating margin | 9900 | €6,046 | -€88 | -€6,134 | |
| Operating profit (loss) | 9901 | €5,597 | -€1,122 | -€6,719 | |
| Financial charges | 65/66B | €164 | €687 | +€523 | +320% |
| Recurring financial charges | 65 | €164 | €687 | +€523 | +320% |
| Profit (loss) for the period before taxes | 9903 | €5,433 | -€1,809 | -€7,242 | |
| Profit (loss) for the period | 9904 | €5,433 | -€1,809 | -€7,242 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,433 | -€1,809 | -€7,242 |
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 15 October 2026 via checked.be.