BELGIOPHAR: 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.
BELGIOPHAR
Largest movements
- Receivables within one year -€92,933
down €92,933 (-81.8%), from €113,623 to €20,690
of which Trade receivables: -€88,262
- Cash +€29,531
up €29,531 (+681%), from €4,334 to €33,865
mainly Receivables within one year (+€92,933) and Stocks and contracts (+€23,272)
- Stocks and contracts -€23,272
down €23,272 (-33.5%), from €69,432 to €46,160
- Other debts -€49,204
down €49,204 (-32.3%), from €152,555 to €103,352
- Profit (loss) carried forward -€28,157
down €28,157 (-26.0%), from -€108,115 to -€136,272
- Tax, wage and social debts -€19,006
down €19,006 (-43.5%), from €43,717 to €24,711
of which Remuneration and social security: -€41,782
- Accrued charges and deferred income +€11,493
new in 2025: €11,493
- Advances received -€7,113
no longer reported in 2025 (was €7,113)
- Purchases and services +€106,657
up €106,657 (+113%), from €94,301 to €200,958
- Financial income +€105,843
up €105,843 (+29,426%), from €360 to €106,203
- Turnover +€82,751
up €82,751 (+119%), from €69,345 to €152,095
- Gross operating margin -€23,342
down €23,342 (-93.7%), from -€24,902 to -€48,244
- Financial charges +€22,681
up €22,681 (+3,521%), from €644 to €23,325
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 | €194,049 | €106,855 | -€87,194 | -44.9% |
| Fixed assets | 21/28 | €6,660 | €5,912 | -€747 | -11.2% |
| Intangible fixed assets | 21 | €407 | €107 | -€300 | -73.7% |
| Tangible fixed assets | 22/27 | €4,993 | €4,545 | -€447 | -9.0% |
| Plant, machinery and equipment | 23 | €4,344 | €4,545 | +€201 | +4.6% |
| Furniture and vehicles | 24 | €648 | - | -€648 | |
| Financial fixed assets | 28 | €1,260 | €1,260 | = | 0.0% |
| Current assets | 29/58 | €187,389 | €100,942 | -€86,447 | -46.1% |
| Stocks and contracts in progress | 3 | €69,432 | €46,160 | -€23,272 | -33.5% |
| Stocks | 30/36 | €69,432 | €46,160 | -€23,272 | -33.5% |
| Amounts receivable within one year | 40/41 | €113,623 | €20,690 | -€92,933 | -81.8% |
| Trade receivables | 40 | €105,636 | €17,374 | -€88,262 | -83.6% |
| Other amounts receivable | 41 | €7,987 | €3,316 | -€4,671 | -58.5% |
| Cash at bank and in hand | 54/58 | €4,334 | €33,865 | +€29,531 | +681% |
| Deferred charges and accrued income | 490/1 | - | €227 | +€227 | |
| Total equity and liabilities | 10/49 | €194,049 | €106,855 | -€87,194 | -44.9% |
| Equity | 10/15 | -€96,115 | -€124,272 | -€28,157 | -29.3% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Capital | 10 | €12,000 | €12,000 | = | 0.0% |
| Issued capital | 100 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,115 | -€136,272 | -€28,157 | -26.0% |
| Amounts payable | 17/49 | €290,164 | €231,127 | -€59,037 | -20.3% |
| Amounts payable within one year | 42/48 | €290,164 | €219,634 | -€70,530 | -24.3% |
| Trade debts | 44 | €86,779 | €91,571 | +€4,792 | +5.5% |
| Suppliers | 440/4 | €86,779 | €91,571 | +€4,792 | +5.5% |
| Advances received on contracts in progress | 46 | €7,113 | - | -€7,113 | |
| Taxes, remuneration and social security | 45 | €43,717 | €24,711 | -€19,006 | -43.5% |
| Taxes | 450/3 | €1,935 | €24,711 | +€22,776 | +1,177% |
| Remuneration and social security | 454/9 | €41,782 | - | -€41,782 | |
| Other amounts payable | 47/48 | €152,555 | €103,352 | -€49,204 | -32.3% |
| Accrued charges and deferred income | 492/3 | - | €11,493 | +€11,493 | |
| Turnover | 70 | €69,345 | €152,095 | +€82,751 | +119% |
| Goods, raw materials, services and sundry goods | 60/61 | €94,301 | €200,958 | +€106,657 | +113% |
| Remuneration, social security and pensions | 62 | €55,463 | €59,231 | +€3,768 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,685 | €2,765 | +€80 | +3.0% |
| Other operating charges | 640/8 | €190 | €795 | +€605 | +318% |
| Gross operating margin | 9900 | -€24,902 | -€48,244 | -€23,342 | -93.7% |
| Operating profit (loss) | 9901 | -€83,240 | -€111,035 | -€27,795 | -33.4% |
| Financial income | 75/76B | €360 | €106,203 | +€105,843 | +29,426% |
| Recurring financial income | 75 | €360 | €106,203 | +€105,843 | +29,426% |
| Financial charges | 65/66B | €644 | €23,325 | +€22,681 | +3,521% |
| Recurring financial charges | 65 | €644 | €23,325 | +€22,681 | +3,521% |
| Profit (loss) for the period before taxes | 9903 | -€83,524 | -€28,157 | +€55,367 | +66.3% |
| Profit (loss) for the period | 9904 | -€83,524 | -€28,157 | +€55,367 | +66.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,524 | -€28,157 | +€55,367 | +66.3% |
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 19 October 2026 via checked.be.