BELGIPA: 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.
What changed
BELGIPA
NACE 61.100, Wired, wireless and satellite telecommunications
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,271
2024 · -€15,713-€7,559
Equity
-€278,686
2024 · -€255,415-€23,271
Cash
€781
2024 · €5,356-€4,575
Balance sheet total
€4.4m
2024 · €4.3m+€50,195
Largest movements
Assets
- Receivables after one year +€75,000
up €75,000 (+5.0%), from €1.5m to €1.6m
Equity and liabilities
- Debts after one year +€72,895
up €72,895 (+1.6%), from €4.6m to €4.7m
Income statement
- Gross operating margin -€7,295
down €7,295, from €2,442 to -€4,853
- Taxes +€791
up €791, from -€225 to €566
- Other operating charges -€554
down €554 (-18.9%), from €2,940 to €2,385
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.
Result 2024
-€15,713
Gross operating margin
-€7,295
Other operating charges
+€554
Financial charges
-€27
Taxes
-€791
Result 2025
-€23,271
raises the resultlowers the result
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.
From operations
-€77,470
Investment
€0
Financing
+€72,895
Cash 2024
€5,356
From operations (derived)
-€77,470
Net result for the year
-€23,271
Depreciation
+€15,394
Receivables after one year
-€75,000
Receivables within one year
+€2,523
Deferred charges and accrued income
+€2,312
Trade debts
+€334
Tax, wage and social debts
+€300
Accrued charges and deferred income
-€64
Financing
+€72,895
Debts after one year
+€72,895
Cash 2025
€781
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,340,856 | €4,391,051 | +€50,195 | +1.2% |
| Fixed assets | 21/28 | €2,834,894 | €2,819,500 | -€15,394 | -0.5% |
| Tangible fixed assets | 22/27 | €42,387 | €26,993 | -€15,394 | -36.3% |
| Furniture and vehicles | 24 | €42,387 | €26,993 | -€15,394 | -36.3% |
| Financial fixed assets | 28 | €2,792,507 | €2,792,507 | = | 0.0% |
| Current assets | 29/58 | €1,505,962 | €1,571,551 | +€65,589 | +4.4% |
| Amounts receivable after more than one year | 29 | €1,489,000 | €1,564,000 | +€75,000 | +5.0% |
| Other amounts receivable | 291 | €1,489,000 | €1,564,000 | +€75,000 | +5.0% |
| Amounts receivable within one year | 40/41 | €9,294 | €6,771 | -€2,523 | -27.2% |
| Trade receivables | 40 | €9,171 | €5,610 | -€3,561 | -38.8% |
| Other amounts receivable | 41 | €123 | €1,161 | +€1,038 | +844% |
| Cash at bank and in hand | 54/58 | €5,356 | €781 | -€4,575 | -85.4% |
| Deferred charges and accrued income | 490/1 | €2,312 | €0 | -€2,312 | -100% |
| Total equity and liabilities | 10/49 | €4,340,856 | €4,391,051 | +€50,195 | +1.2% |
| Equity | 10/15 | -€255,415 | -€278,686 | -€23,271 | -9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,275 | €1,275 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,275 | €1,275 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,275 | €1,275 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€275,290 | -€298,561 | -€23,271 | -8.5% |
| Amounts payable | 17/49 | €4,596,271 | €4,669,737 | +€73,466 | +1.6% |
| Amounts payable after more than one year | 17 | €4,594,991 | €4,667,886 | +€72,895 | +1.6% |
| Other amounts payable | 178/9 | €4,594,991 | €4,667,886 | +€72,895 | +1.6% |
| Amounts payable within one year | 42/48 | €1,216 | €1,851 | +€634 | +52.2% |
| Trade debts | 44 | €1,216 | €1,551 | +€334 | +27.5% |
| Suppliers | 440/4 | €1,216 | €1,551 | +€334 | +27.5% |
| Taxes, remuneration and social security | 45 | €0 | €300 | +€300 | |
| Taxes | 450/3 | €0 | €300 | +€300 | |
| Accrued charges and deferred income | 492/3 | €64 | €0 | -€64 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,394 | €15,394 | = | 0.0% |
| Other operating charges | 640/8 | €2,940 | €2,385 | -€554 | -18.9% |
| Gross operating margin | 9900 | €2,442 | -€4,853 | -€7,295 | |
| Operating profit (loss) | 9901 | -€15,892 | -€22,633 | -€6,741 | -42.4% |
| Financial charges | 65/66B | €45 | €72 | +€27 | +59.6% |
| Recurring financial charges | 65 | €45 | €72 | +€27 | +59.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,938 | -€22,705 | -€6,768 | -42.5% |
| Income taxes | 67/77 | -€225 | €566 | +€791 | |
| Profit (loss) for the period | 9904 | -€15,713 | -€23,271 | -€7,559 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,713 | -€23,271 | -€7,559 | -48.1% |
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 14 October 2026 via checked.be.