Belgino: 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.
Belgino
Largest movements
- Receivables within one year +€83,653
up €83,653 (+40.9%), from €204,633 to €288,287
of which Other amounts receivable: +€58,646
- Tangible fixed assets +€35,777
up €35,777 (+19.8%), from €180,834 to €216,611
of which Other tangible fixed assets: +€67,023
- Stocks and contracts -€15,120
down €15,120 (-3.4%), from €450,844 to €435,724
- Short-term financial debts +€59,134
up €59,134 (+62.8%), from €94,217 to €153,351
- Debts after one year +€29,033
up €29,033 (+34.0%), from €85,409 to €114,442
- Current portion of long-term debt -€24,278
down €24,278 (-65.8%), from €36,897 to €12,619
- Profit (loss) carried forward +€20,082
up €20,082 (+12.8%), from €156,762 to €176,844
- Tax, wage and social debts +€11,988
up €11,988 (+28.0%), from €42,805 to €54,793
of which Taxes: +€25,730
- Gross operating margin -€55,544
down €55,544 (-18.2%), from €305,894 to €250,350
- Other operating charges -€16,862
down €16,862 (-81.4%), from €20,712 to €3,850
- Financial income +€16,344
up €16,344 (+202%), from €8,097 to €24,441
of which Non-recurring financial income: +€21,264
- Staff costs +€12,909
up €12,909 (+8.8%), from €145,990 to €158,899
- Taxes -€8,716
down €8,716 (-37.0%), from €23,535 to €14,818
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 | €842,560 | €952,651 | +€110,091 | +13.1% |
| Fixed assets | 21/28 | €180,834 | €216,611 | +€35,777 | +19.8% |
| Tangible fixed assets | 22/27 | €180,834 | €216,611 | +€35,777 | +19.8% |
| Plant, machinery and equipment | 23 | €5,808 | €3,478 | -€2,330 | -40.1% |
| Furniture and vehicles | 24 | €82,566 | €53,650 | -€28,916 | -35.0% |
| Other tangible fixed assets | 26 | €92,460 | €159,484 | +€67,023 | +72.5% |
| Current assets | 29/58 | €661,725 | €736,040 | +€74,314 | +11.2% |
| Stocks and contracts in progress | 3 | €450,844 | €435,724 | -€15,120 | -3.4% |
| Stocks | 30/36 | €450,844 | €435,724 | -€15,120 | -3.4% |
| Amounts receivable within one year | 40/41 | €204,633 | €288,287 | +€83,653 | +40.9% |
| Trade receivables | 40 | €72,520 | €97,528 | +€25,008 | +34.5% |
| Other amounts receivable | 41 | €132,113 | €190,759 | +€58,646 | +44.4% |
| Cash at bank and in hand | 54/58 | €4,702 | €12,029 | +€7,327 | +156% |
| Deferred charges and accrued income | 490/1 | €1,546 | - | -€1,546 | |
| Total equity and liabilities | 10/49 | €842,560 | €952,651 | +€110,091 | +13.1% |
| Equity | 10/15 | €162,762 | €182,844 | +€20,082 | +12.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €156,762 | €176,844 | +€20,082 | +12.8% |
| Amounts payable | 17/49 | €679,797 | €769,807 | +€90,010 | +13.2% |
| Amounts payable after more than one year | 17 | €85,409 | €114,442 | +€29,033 | +34.0% |
| Financial debts | 170/4 | €85,409 | €114,442 | +€29,033 | +34.0% |
| Amounts payable within one year | 42/48 | €594,389 | €655,365 | +€60,976 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €36,897 | €12,619 | -€24,278 | -65.8% |
| Financial debts | 43 | €94,217 | €153,351 | +€59,134 | +62.8% |
| Credit institutions | 430/8 | €94,217 | €153,351 | +€59,134 | +62.8% |
| Trade debts | 44 | €414,114 | €416,427 | +€2,313 | +0.6% |
| Suppliers | 440/4 | €414,114 | €416,427 | +€2,313 | +0.6% |
| Advances received on contracts in progress | 46 | - | €6,000 | +€6,000 | |
| Taxes, remuneration and social security | 45 | €42,805 | €54,793 | +€11,988 | +28.0% |
| Taxes | 450/3 | €16,685 | €42,415 | +€25,730 | +154% |
| Remuneration and social security | 454/9 | €26,120 | €12,378 | -€13,742 | -52.6% |
| Other amounts payable | 47/48 | €6,356 | €12,175 | +€5,819 | +91.5% |
| Remuneration, social security and pensions | 62 | €145,990 | €158,899 | +€12,909 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,046 | €54,974 | -€5,072 | -8.4% |
| Other operating charges | 640/8 | €20,712 | €3,850 | -€16,862 | -81.4% |
| Non-recurring operating charges | 66A | - | €2,445 | +€2,445 | |
| Gross operating margin | 9900 | €305,894 | €250,350 | -€55,544 | -18.2% |
| Operating profit (loss) | 9901 | €79,146 | €30,182 | -€48,964 | -61.9% |
| Financial income | 75/76B | €8,097 | €24,441 | +€16,344 | +202% |
| Recurring financial income | 75 | €5,271 | €350 | -€4,921 | -93.4% |
| Non-recurring financial income | 76B | €2,826 | €24,091 | +€21,264 | +752% |
| Financial charges | 65/66B | €25,651 | €19,723 | -€5,928 | -23.1% |
| Recurring financial charges | 65 | €24,051 | €19,723 | -€4,328 | -18.0% |
| Non-recurring financial charges | 66B | €1,600 | - | -€1,600 | |
| Profit (loss) for the period before taxes | 9903 | €61,592 | €34,900 | -€26,692 | -43.3% |
| Income taxes | 67/77 | €23,535 | €14,818 | -€8,716 | -37.0% |
| Profit (loss) for the period | 9904 | €38,058 | €20,082 | -€17,976 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,058 | €20,082 | -€17,976 | -47.2% |
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 22 October 2026 via checked.be.