BELGINOVA: 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.
BELGINOVA
Largest movements
- Receivables within one year +€149,554
up €149,554 (+137.5%), from €108,795 to €258,349
of which Trade receivables: +€149,001
- Cash -€24,479
down €24,479 (-68.5%), from €35,724 to €11,245
mainly Receivables within one year (-€149,554) and Trade debts (-€66,069)
- Other debts +€214,405
up €214,405 (+21.0%), from €1.0m to €1.2m
- Trade debts -€66,069
down €66,069 (-93.1%), from €71,002 to €4,933
- Profit (loss) carried forward -€25,889
down €25,889 (-4.8%), from -€534,334 to -€560,223
- Write-downs -€84,171
no longer reported in 2025 (was €84,171)
- Gross operating margin -€75,666
down €75,666 (-88.2%), from €85,815 to €10,149
- Financial charges -€3,911
down €3,911 (-9.4%), from €41,450 to €37,539
- Financial income -€3,813
down €3,813 (-64.7%), from €5,891 to €2,078
- Staff costs -€1,510
no longer reported in 2025 (was €1,510)
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 | €620,146 | €742,593 | +€122,447 | +19.7% |
| Current assets | 29/58 | €620,146 | €742,593 | +€122,447 | +19.7% |
| Stocks and contracts in progress | 3 | €474,266 | €471,561 | -€2,705 | -0.6% |
| Stocks | 30/36 | €474,266 | €471,561 | -€2,705 | -0.6% |
| Amounts receivable within one year | 40/41 | €108,795 | €258,349 | +€149,554 | +137.5% |
| Trade receivables | 40 | €105,986 | €254,987 | +€149,001 | +140.6% |
| Other amounts receivable | 41 | €2,809 | €3,362 | +€553 | +19.7% |
| Cash at bank and in hand | 54/58 | €35,724 | €11,245 | -€24,479 | -68.5% |
| Deferred charges and accrued income | 490/1 | €1,361 | €1,438 | +€77 | +5.7% |
| Total equity and liabilities | 10/49 | €620,146 | €742,593 | +€122,447 | +19.7% |
| Equity | 10/15 | -€471,381 | -€497,270 | -€25,889 | -5.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €953 | €953 | = | 0.0% |
| Non-distributable reserves | 130/1 | €953 | €953 | = | 0.0% |
| Legal reserve | 130 | €953 | €953 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€534,334 | -€560,223 | -€25,889 | -4.8% |
| Amounts payable | 17/49 | €1,091,527 | €1,239,863 | +€148,336 | +13.6% |
| Amounts payable within one year | 42/48 | €1,091,527 | €1,239,863 | +€148,336 | +13.6% |
| Trade debts | 44 | €71,002 | €4,933 | -€66,069 | -93.1% |
| Suppliers | 440/4 | €71,002 | €4,933 | -€66,069 | -93.1% |
| Other amounts payable | 47/48 | €1,020,525 | €1,234,930 | +€214,405 | +21.0% |
| Remuneration, social security and pensions | 62 | €1,510 | - | -€1,510 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €84,171 | - | -€84,171 | |
| Other operating charges | 640/8 | €563 | €577 | +€14 | +2.5% |
| Gross operating margin | 9900 | €85,815 | €10,149 | -€75,666 | -88.2% |
| Operating profit (loss) | 9901 | -€429 | €9,572 | +€10,001 | |
| Financial income | 75/76B | €5,891 | €2,078 | -€3,813 | -64.7% |
| Recurring financial income | 75 | €5,891 | €2,078 | -€3,813 | -64.7% |
| Financial charges | 65/66B | €41,450 | €37,539 | -€3,911 | -9.4% |
| Recurring financial charges | 65 | €41,450 | €37,539 | -€3,911 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€35,988 | -€25,889 | +€10,099 | +28.1% |
| Profit (loss) for the period | 9904 | -€35,988 | -€25,889 | +€10,099 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,988 | -€25,889 | +€10,099 | +28.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.