BELGO CONCEPT: 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.
BELGO CONCEPT
Largest movements
- Receivables within one year +€325,650
up €325,650 (+2,419%), from €13,463 to €339,113
- Stocks and contracts -€246,653
no longer reported in 2025 (was €246,653)
- Cash -€189,229
down €189,229 (-32.3%), from €585,652 to €396,424
mainly Receivables within one year (-€325,650) and Net result for the year (-€117,020)
- Deferred charges and accrued income -€12,151
down €12,151 (-69.9%), from €17,388 to €5,237
- Profit (loss) carried forward -€117,020
down €117,020 (-148%), from -€79,175 to -€196,196
- Tax, wage and social debts -€9,033
down €9,033 (-98.0%), from €9,215 to €183
- Gross operating margin -€37,996
down €37,996 (-61.3%), from -€62,020 to -€100,016
- Staff costs -€23,114
down €23,114 (-97.2%), from €23,769 to €656
- Financial charges -€5,209
down €5,209 (-36.4%), from €14,312 to €9,103
of which Financial charges: -€5,210
- Other operating charges +€4,182
new in 2025: €4,182
- Depreciation -€1,657
down €1,657 (-35.1%), from €4,722 to €3,064
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 | €871,402 | €746,654 | -€124,749 | -14.3% |
| Fixed assets | 21/28 | €8,246 | €5,880 | -€2,366 | -28.7% |
| Tangible fixed assets | 22/27 | €8,171 | €5,805 | -€2,366 | -29.0% |
| Plant, machinery and equipment | 23 | €6,679 | €4,043 | -€2,636 | -39.5% |
| Furniture and vehicles | 24 | €1,492 | €1,762 | +€271 | +18.1% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €863,156 | €740,773 | -€122,383 | -14.2% |
| Stocks and contracts in progress | 3 | €246,653 | - | -€246,653 | |
| Stocks | 30/36 | €246,653 | - | -€246,653 | |
| Amounts receivable within one year | 40/41 | €13,463 | €339,113 | +€325,650 | +2,419% |
| Other amounts receivable | 41 | €13,463 | €339,113 | +€325,650 | +2,419% |
| Cash at bank and in hand | 54/58 | €585,652 | €396,424 | -€189,229 | -32.3% |
| Deferred charges and accrued income | 490/1 | €17,388 | €5,237 | -€12,151 | -69.9% |
| Total equity and liabilities | 10/49 | €871,402 | €746,654 | -€124,749 | -14.3% |
| Equity | 10/15 | €770,825 | €653,804 | -€117,020 | -15.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €450,000 | €450,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | - | €40,000 | +€40,000 | |
| Reserves not available under the articles | 1311 | €40,000 | - | -€40,000 | |
| Distributable reserves | 133 | €410,000 | €410,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,175 | -€196,196 | -€117,020 | -148% |
| Amounts payable | 17/49 | €100,577 | €92,849 | -€7,728 | -7.7% |
| Amounts payable within one year | 42/48 | €100,527 | €91,529 | -€8,998 | -9.0% |
| Financial debts | 43 | - | €4 | +€4 | |
| Credit institutions | 430/8 | - | €4 | +€4 | |
| Trade debts | 44 | €91,312 | €91,343 | +€31 | 0.0% |
| Suppliers | 440/4 | €91,312 | €91,343 | +€31 | 0.0% |
| Taxes, remuneration and social security | 45 | €9,215 | €183 | -€9,033 | -98.0% |
| Taxes | 450/3 | €9,215 | €183 | -€9,033 | -98.0% |
| Accrued charges and deferred income | 492/3 | €51 | €1,320 | +€1,269 | +2,506% |
| Remuneration, social security and pensions | 62 | €23,769 | €656 | -€23,114 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,722 | €3,064 | -€1,657 | -35.1% |
| Other operating charges | 640/8 | - | €4,182 | +€4,182 | |
| Gross operating margin | 9900 | -€62,020 | -€100,016 | -€37,996 | -61.3% |
| Operating profit (loss) | 9901 | -€90,511 | -€107,918 | -€17,407 | -19.2% |
| Financial income | 75/76B | €1,059 | - | -€1,059 | |
| Recurring financial income | 75 | €1,059 | - | -€1,059 | |
| Financial charges | 65/66B | €14,312 | €9,103 | -€5,209 | -36.4% |
| Recurring financial charges | 65 | €14,312 | €9,102 | -€5,210 | -36.4% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | -€103,763 | -€117,020 | -€13,257 | -12.8% |
| Income taxes | 67/77 | €174 | - | -€174 | |
| Profit (loss) for the period | 9904 | -€103,938 | -€117,020 | -€13,083 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,938 | -€117,020 | -€13,083 | -12.6% |
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 24 October 2026 via checked.be.