BELGITAL: 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.
BELGITAL
Largest movements
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€104,161
up €104,161 (+526%), from €19,800 to €123,960
mainly Current investments (+€400,000) and Debts after one year (+€50,490)
- Tangible fixed assets +€58,941
up €58,941 (+166%), from €35,434 to €94,376
of which Furniture and vehicles: +€59,887
- Stocks and contracts +€49,773
up €49,773 (+11.0%), from €452,618 to €502,391
- Reserves -€291,327
down €291,327 (-26.5%), from €1.1m to €809,309
of which Distributable reserves: -€291,327
- Debts after one year +€50,490
new in 2025: €50,490
- Current portion of long-term debt +€19,152
new in 2025: €19,152
- Other debts +€15,075
up €15,075 (+1,398%), from €1,078 to €16,153
- Gross operating margin +€25,626
up €25,626 (+15.7%), from €163,725 to €189,351
- Staff costs +€11,818
up €11,818 (+9.6%), from €123,672 to €135,490
- Financial income +€7,683
up €7,683 (+93.2%), from €8,243 to €15,926
- Depreciation -€6,857
down €6,857 (-15.1%), from €45,364 to €38,506
- Other operating charges +€4,422
up €4,422 (+55.8%), from €7,926 to €12,349
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 | €1,228,478 | €1,030,626 | -€197,853 | -16.1% |
| Fixed assets | 21/28 | €35,434 | €94,376 | +€58,941 | +166% |
| Tangible fixed assets | 22/27 | €35,434 | €94,376 | +€58,941 | +166% |
| Plant, machinery and equipment | 23 | €2,205 | €1,259 | -€946 | -42.9% |
| Furniture and vehicles | 24 | €33,230 | €93,117 | +€59,887 | +180% |
| Current assets | 29/58 | €1,193,044 | €936,250 | -€256,794 | -21.5% |
| Stocks and contracts in progress | 3 | €452,618 | €502,391 | +€49,773 | +11.0% |
| Stocks | 30/36 | €452,618 | €502,391 | +€49,773 | +11.0% |
| Amounts receivable within one year | 40/41 | €315,627 | €304,899 | -€10,728 | -3.4% |
| Trade receivables | 40 | €299,662 | €289,976 | -€9,686 | -3.2% |
| Other amounts receivable | 41 | €15,965 | €14,923 | -€1,042 | -6.5% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €19,800 | €123,960 | +€104,161 | +526% |
| Deferred charges and accrued income | 490/1 | €5,000 | €5,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,228,478 | €1,030,626 | -€197,853 | -16.1% |
| Equity | 10/15 | €1,162,636 | €871,309 | -€291,327 | -25.1% |
| 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 | €1,100,636 | €809,309 | -€291,327 | -26.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,240 | €34,240 | = | 0.0% |
| Distributable reserves | 133 | €1,060,196 | €768,869 | -€291,327 | -27.5% |
| Amounts payable | 17/49 | €65,843 | €159,317 | +€93,474 | +142% |
| Amounts payable after more than one year | 17 | - | €50,490 | +€50,490 | |
| Financial debts | 170/4 | - | €50,490 | +€50,490 | |
| Amounts payable within one year | 42/48 | €65,843 | €108,827 | +€42,984 | +65.3% |
| Current portion of amounts payable after more than one year | 42 | - | €19,152 | +€19,152 | |
| Financial debts | 43 | €3,333 | €3,364 | +€31 | +0.9% |
| Other loans | 439 | €3,333 | €3,364 | +€31 | +0.9% |
| Trade debts | 44 | €25,321 | €24,835 | -€486 | -1.9% |
| Suppliers | 440/4 | €25,321 | €24,835 | -€486 | -1.9% |
| Advances received on contracts in progress | 46 | €5,122 | €6,716 | +€1,594 | +31.1% |
| Taxes, remuneration and social security | 45 | €30,988 | €38,606 | +€7,617 | +24.6% |
| Taxes | 450/3 | €7,588 | €7,114 | -€474 | -6.3% |
| Remuneration and social security | 454/9 | €23,400 | €31,492 | +€8,092 | +34.6% |
| Other amounts payable | 47/48 | €1,078 | €16,153 | +€15,075 | +1,398% |
| Remuneration, social security and pensions | 62 | €123,672 | €135,490 | +€11,818 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,364 | €38,506 | -€6,857 | -15.1% |
| Other operating charges | 640/8 | €7,926 | €12,349 | +€4,422 | +55.8% |
| Gross operating margin | 9900 | €163,725 | €189,351 | +€25,626 | +15.7% |
| Operating profit (loss) | 9901 | -€13,238 | €3,006 | +€16,244 | |
| Financial income | 75/76B | €8,243 | €15,926 | +€7,683 | +93.2% |
| Recurring financial income | 75 | €8,243 | €15,926 | +€7,683 | +93.2% |
| Financial charges | 65/66B | €1,213 | €2,146 | +€932 | +76.8% |
| Recurring financial charges | 65 | €1,213 | €2,146 | +€932 | +76.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,208 | €16,786 | +€22,994 | |
| Income taxes | 67/77 | €6,233 | €8,113 | +€1,881 | +30.2% |
| Profit (loss) for the period | 9904 | -€12,440 | €8,673 | +€21,113 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,440 | €8,673 | +€21,113 |
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 27 October 2026 via checked.be.