Belgium: 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.
Belgium
Largest movements
- Stocks and contracts -€1,981
down €1,981 (-4.8%), from €40,965 to €38,984
- Profit (loss) carried forward -€2,271
new in 2025: -€2,271
- Reserves -€1,058
down €1,058 (-24.1%), from €4,393 to €3,335
of which Distributable reserves: -€1,058
- Other debts +€837
up €837 (+4.7%), from €18,004 to €18,841
- Tax, wage and social debts +€821
up €821 (+36.6%), from €2,242 to €3,063
- Staff costs -€19,920
down €19,920 (-79.3%), from €25,104 to €5,184
- Gross operating margin -€17,377
down €17,377 (-81.5%), from €21,312 to €3,935
- Other operating charges +€725
up €725 (+66.0%), from €1,099 to €1,824
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 | €44,740 | €42,718 | -€2,022 | -4.5% |
| Fixed assets | 21/28 | €921 | €742 | -€179 | -19.4% |
| Tangible fixed assets | 22/27 | €421 | €242 | -€179 | -42.5% |
| Furniture and vehicles | 24 | €421 | €242 | -€179 | -42.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €43,819 | €41,976 | -€1,843 | -4.2% |
| Stocks and contracts in progress | 3 | €40,965 | €38,984 | -€1,981 | -4.8% |
| Stocks | 30/36 | €40,965 | €38,984 | -€1,981 | -4.8% |
| Cash at bank and in hand | 54/58 | €2,854 | €2,992 | +€138 | +4.8% |
| Total equity and liabilities | 10/49 | €44,740 | €42,718 | -€2,022 | -4.5% |
| Equity | 10/15 | €22,993 | €19,664 | -€3,329 | -14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,393 | €3,335 | -€1,058 | -24.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,533 | €1,475 | -€1,058 | -41.8% |
| Profit (loss) carried forward | 14 | - | -€2,271 | -€2,271 | |
| Amounts payable | 17/49 | €21,747 | €23,054 | +€1,307 | +6.0% |
| Amounts payable within one year | 42/48 | €21,747 | €23,054 | +€1,307 | +6.0% |
| Trade debts | 44 | €1,501 | €1,149 | -€351 | -23.4% |
| Suppliers | 440/4 | €1,501 | €1,149 | -€351 | -23.4% |
| Taxes, remuneration and social security | 45 | €2,242 | €3,063 | +€821 | +36.6% |
| Taxes | 450/3 | €2,242 | €3,063 | +€821 | +36.6% |
| Other amounts payable | 47/48 | €18,004 | €18,841 | +€837 | +4.7% |
| Remuneration, social security and pensions | 62 | €25,104 | €5,184 | -€19,920 | -79.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179 | €179 | = | 0.0% |
| Other operating charges | 640/8 | €1,099 | €1,824 | +€725 | +66.0% |
| Gross operating margin | 9900 | €21,312 | €3,935 | -€17,377 | -81.5% |
| Operating profit (loss) | 9901 | -€5,069 | -€3,251 | +€1,818 | +35.9% |
| Financial charges | 65/66B | €105 | €77 | -€28 | -26.6% |
| Recurring financial charges | 65 | €105 | €77 | -€28 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,174 | -€3,329 | +€1,846 | +35.7% |
| Profit (loss) for the period | 9904 | -€5,174 | -€3,329 | +€1,846 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,174 | -€3,329 | +€1,846 | +35.7% |
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 20 October 2026 via checked.be.