BELGO INDUSTRY: 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 INDUSTRY
Largest movements
- Receivables within one year -€137,497
down €137,497 (-54.5%), from €252,260 to €114,763
of which Trade receivables: -€138,058
- Tangible fixed assets -€10,800
down €10,800 (-24.8%), from €43,466 to €32,666
- Cash -€10,252
down €10,252 (-55.8%), from €18,364 to €8,112
mainly Advances received (-€121,151) and Trade debts (-€21,413)
- Advances received -€121,151
down €121,151 (-56.1%), from €215,920 to €94,769
- Trade debts -€21,413
down €21,413 (-73.8%), from €29,032 to €7,618
- Profit (loss) carried forward -€13,710
down €13,710 (-27.3%), from €50,186 to €36,476
- Gross operating margin -€84,888
down €84,888 (-89.5%), from €94,869 to €9,981
- Taxes -€15,135
no longer reported in 2025 (was €15,135)
- Other operating charges +€1,412
up €1,412 (+119%), from €1,189 to €2,601
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 | €314,089 | €157,005 | -€157,085 | -50.0% |
| Fixed assets | 21/28 | €43,466 | €32,666 | -€10,800 | -24.8% |
| Tangible fixed assets | 22/27 | €43,466 | €32,666 | -€10,800 | -24.8% |
| Furniture and vehicles | 24 | €43,466 | €32,666 | -€10,800 | -24.8% |
| Current assets | 29/58 | €270,624 | €124,339 | -€146,285 | -54.1% |
| Amounts receivable within one year | 40/41 | €252,260 | €114,763 | -€137,497 | -54.5% |
| Trade receivables | 40 | €248,512 | €110,455 | -€138,058 | -55.6% |
| Other amounts receivable | 41 | €3,747 | €4,308 | +€561 | +15.0% |
| Cash at bank and in hand | 54/58 | €18,364 | €8,112 | -€10,252 | -55.8% |
| Deferred charges and accrued income | 490/1 | - | €1,465 | +€1,465 | |
| Total equity and liabilities | 10/49 | €314,089 | €157,005 | -€157,085 | -50.0% |
| Equity | 10/15 | €53,186 | €39,476 | -€13,710 | -25.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,186 | €36,476 | -€13,710 | -27.3% |
| Amounts payable | 17/49 | €260,904 | €117,529 | -€143,375 | -55.0% |
| Amounts payable within one year | 42/48 | €260,904 | €117,529 | -€143,375 | -55.0% |
| Financial debts | 43 | €337 | €6 | -€331 | -98.2% |
| Credit institutions | 430/8 | €337 | €6 | -€331 | -98.2% |
| Trade debts | 44 | €29,032 | €7,618 | -€21,413 | -73.8% |
| Suppliers | 440/4 | €29,032 | €7,618 | -€21,413 | -73.8% |
| Advances received on contracts in progress | 46 | €215,920 | €94,769 | -€121,151 | -56.1% |
| Taxes, remuneration and social security | 45 | €15,135 | €15,135 | = | 0.0% |
| Taxes | 450/3 | €15,135 | €15,135 | = | 0.0% |
| Other amounts payable | 47/48 | €479 | - | -€479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,534 | €10,800 | +€266 | +2.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €881 | +€881 | |
| Other operating charges | 640/8 | €1,189 | €2,601 | +€1,412 | +119% |
| Gross operating margin | 9900 | €94,869 | €9,981 | -€84,888 | -89.5% |
| Operating profit (loss) | 9901 | €83,146 | -€4,301 | -€87,447 | |
| Financial income | 75/76B | €176 | €620 | +€444 | +251% |
| Recurring financial income | 75 | €176 | €620 | +€444 | +251% |
| Financial charges | 65/66B | €10,340 | €10,029 | -€312 | -3.0% |
| Recurring financial charges | 65 | €10,340 | €10,029 | -€312 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €72,982 | -€13,710 | -€86,692 | |
| Income taxes | 67/77 | €15,135 | - | -€15,135 | |
| Profit (loss) for the period | 9904 | €57,847 | -€13,710 | -€71,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €57,847 | -€13,710 | -€71,557 |
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 22 October 2026 via checked.be.