Belglas: 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.
Belglas
Largest movements
- Current investments +€26,000
up €26,000 (+82.5%), from €31,500 to €57,500
- Cash +€8,696
up €8,696 (+22.6%), from €38,537 to €47,233
mainly Net result for the year (+€29,440) and Tax, wage and social debts (+€15,479)
- Receivables within one year +€5,130
up €5,130 (+44.1%), from €11,645 to €16,775
of which Other amounts receivable: +€4,555
- Tangible fixed assets +€3,385
up €3,385 (+553.9%), from €611 to €3,995
of which Furniture and vehicles: +€3,604
- Receivables after one year -€1,934
no longer reported in 2025 (was €1,934)
- Reserves +€29,440
up €29,440 (+48.4%), from €60,842 to €90,282
of which Distributable reserves: +€31,300
- Tax, wage and social debts +€15,479
up €15,479 (+164.8%), from €9,394 to €24,872
- Trade debts -€1,498
down €1,498 (-74.4%), from €2,014 to €516
- Gross operating margin +€19,966
up €19,966 (+74.9%), from €26,664 to €46,630
- Taxes +€5,371
up €5,371 (+51.8%), from €10,371 to €15,742
- Other operating charges -€983
down €983 (-59.2%), from €1,660 to €677
- Financial income +€569
up €569 (+152.2%), from €374 to €943
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 | €85,227 | €128,070 | +€42,843 | +50.3% |
| Fixed assets | 21/28 | €611 | €4,985 | +€4,375 | +716.0% |
| Tangible fixed assets | 22/27 | €611 | €3,995 | +€3,385 | +553.9% |
| Plant, machinery and equipment | 23 | €478 | €258 | -€220 | -46.0% |
| Furniture and vehicles | 24 | €133 | €3,738 | +€3,604 | +2701.1% |
| Financial fixed assets | 28 | - | €990 | +€990 | |
| Current assets | 29/58 | €84,616 | €123,084 | +€38,469 | +45.5% |
| Amounts receivable after more than one year | 29 | €1,934 | - | -€1,934 | |
| Other amounts receivable | 291 | €1,934 | - | -€1,934 | |
| Amounts receivable within one year | 40/41 | €11,645 | €16,775 | +€5,130 | +44.1% |
| Trade receivables | 40 | €7,400 | €7,975 | +€575 | +7.8% |
| Other amounts receivable | 41 | €4,245 | €8,800 | +€4,555 | +107.3% |
| Current investments | 50/53 | €31,500 | €57,500 | +€26,000 | +82.5% |
| Cash at bank and in hand | 54/58 | €38,537 | €47,233 | +€8,696 | +22.6% |
| Deferred charges and accrued income | 490/1 | €1,000 | €1,577 | +€577 | +57.7% |
| Total equity and liabilities | 10/49 | €85,227 | €128,070 | +€42,843 | +50.3% |
| Equity | 10/15 | €73,242 | €102,682 | +€29,440 | +40.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €60,842 | €90,282 | +€29,440 | +48.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €58,982 | €90,282 | +€31,300 | +53.1% |
| Amounts payable | 17/49 | €11,985 | €25,388 | +€13,403 | +111.8% |
| Amounts payable within one year | 42/48 | €11,408 | €25,388 | +€13,980 | +122.5% |
| Trade debts | 44 | €2,014 | €516 | -€1,498 | -74.4% |
| Suppliers | 440/4 | €2,014 | €516 | -€1,498 | -74.4% |
| Taxes, remuneration and social security | 45 | €9,394 | €24,872 | +€15,479 | +164.8% |
| Taxes | 450/3 | €9,394 | €24,872 | +€15,479 | +164.8% |
| Accrued charges and deferred income | 492/3 | €577 | - | -€577 | |
| Remuneration, social security and pensions | 62 | €80 | €326 | +€246 | +307.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €620 | €928 | +€309 | +49.8% |
| Other operating charges | 640/8 | €1,660 | €677 | -€983 | -59.2% |
| Gross operating margin | 9900 | €26,664 | €46,630 | +€19,966 | +74.9% |
| Operating profit (loss) | 9901 | €24,304 | €44,698 | +€20,394 | +83.9% |
| Financial income | 75/76B | €374 | €943 | +€569 | +152.2% |
| Recurring financial income | 75 | €374 | €943 | +€569 | +152.2% |
| Financial charges | 65/66B | €63 | €458 | +€396 | +632.0% |
| Recurring financial charges | 65 | €63 | €458 | +€396 | +632.0% |
| Profit (loss) for the period before taxes | 9903 | €24,616 | €45,182 | +€20,567 | +83.6% |
| Income taxes | 67/77 | €10,371 | €15,742 | +€5,371 | +51.8% |
| Profit (loss) for the period | 9904 | €14,244 | €29,440 | +€15,196 | +106.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,244 | €29,440 | +€15,196 | +106.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.