Belgimo: what changed
Two fiscal 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.
Belgimo
Largest movements
- Tangible fixed assets +€21.3m
up €21.3m (+207.9%), from €10.2m to €31.5m
- Other debts +€21.2m
up €21.2m (+924.3%), from €2.3m to €23.5m
- Accrued charges and deferred income +€478,076
up €478,076 (+1167.9%), from €40,936 to €519,012
- Depreciation +€726,262
up €726,262 (+192.1%), from €378,019 to €1.1m
- Gross operating margin +€486,647
up €486,647 (+55.1%), from €882,637 to €1.4m
- Financial charges +€379,314
up €379,314 (+615.2%), from €61,652 to €440,966
- Taxes -€112,538
no longer reported in 2025 (was €112,538)
- Other operating charges +€29,561
up €29,561 (+55.3%), from €53,489 to €83,051
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 | €10,658,967 | €32,141,081 | +€21.5m | +201.5% |
| Fixed assets | 21/28 | €10,240,969 | €31,536,688 | +€21.3m | +207.9% |
| Tangible fixed assets | 22/27 | €10,240,969 | €31,536,688 | +€21.3m | +207.9% |
| Land and buildings | 22 | €10,240,969 | €31,536,688 | +€21.3m | +207.9% |
| Current assets | 29/58 | €417,997 | €604,393 | +€186,395 | +44.6% |
| Amounts receivable after more than one year | 29 | €253,902 | €227,453 | -€26,450 | -10.4% |
| Trade receivables | 290 | €253,902 | €227,453 | -€26,450 | -10.4% |
| Amounts receivable within one year | 40/41 | €104,914 | €315,097 | +€210,183 | +200.3% |
| Trade receivables | 40 | - | €98,840 | +€98,840 | |
| Other amounts receivable | 41 | €104,914 | €216,257 | +€111,344 | +106.1% |
| Cash at bank and in hand | 54/58 | €43,983 | €49,843 | +€5,860 | +13.3% |
| Deferred charges and accrued income | 490/1 | €15,199 | €12,000 | -€3,199 | -21.0% |
| Total equity and liabilities | 10/49 | €10,658,967 | €32,141,081 | +€21.5m | +201.5% |
| Equity | 10/15 | €7,775,601 | €7,548,508 | -€227,093 | -2.9% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Capital | 10 | €310,000 | €310,000 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €7,465,601 | €7,238,508 | -€227,093 | -3.0% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Legal reserve | 130 | €31,000 | €31,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,720,947 | €1,677,888 | -€43,059 | -2.5% |
| Distributable reserves | 133 | €5,713,654 | €5,529,619 | -€184,034 | -3.2% |
| Provisions and deferred taxes | 16 | €544,040 | €529,687 | -€14,353 | -2.6% |
| Deferred taxes | 168 | €544,040 | €529,687 | -€14,353 | -2.6% |
| Amounts payable | 17/49 | €2,339,326 | €24,062,886 | +€21.7m | +928.6% |
| Amounts payable within one year | 42/48 | €2,298,390 | €23,543,874 | +€21.2m | +924.4% |
| Trade debts | 44 | - | €484 | +€484 | |
| Suppliers | 440/4 | - | €484 | +€484 | |
| Other amounts payable | 47/48 | €2,298,390 | €23,543,390 | +€21.2m | +924.3% |
| Accrued charges and deferred income | 492/3 | €40,936 | €519,012 | +€478,076 | +1167.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378,019 | €1,104,281 | +€726,262 | +192.1% |
| Other operating charges | 640/8 | €53,489 | €83,051 | +€29,561 | +55.3% |
| Gross operating margin | 9900 | €882,637 | €1,369,284 | +€486,647 | +55.1% |
| Operating profit (loss) | 9901 | €451,129 | €181,952 | -€269,176 | -59.7% |
| Financial income | 75/76B | €24,292 | €17,568 | -€6,724 | -27.7% |
| Recurring financial income | 75 | €24,292 | €17,568 | -€6,724 | -27.7% |
| Financial charges | 65/66B | €61,652 | €440,966 | +€379,314 | +615.2% |
| Recurring financial charges | 65 | €61,652 | €440,966 | +€379,314 | +615.2% |
| Profit (loss) for the period before taxes | 9903 | €413,769 | -€241,446 | -€655,214 | |
| Transfer from deferred taxes | 780 | €9,095 | €14,353 | +€5,258 | +57.8% |
| Income taxes | 67/77 | €112,538 | - | -€112,538 | |
| Profit (loss) for the period | 9904 | €310,327 | -€227,093 | -€537,419 | |
| Transfer from tax-exempt reserves | 789 | €27,286 | €43,059 | +€15,773 | +57.8% |
| Profit (loss) for the period to be appropriated | 9905 | €337,613 | -€184,034 | -€521,647 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.