Belgo Multimodal: 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 Multimodal
Largest movements
- Cash -€84,369
down €84,369 (-41.8%), from €201,829 to €117,460
mainly Trade debts (-€174,334) and Tax, wage and social debts (-€13,565)
- Tangible fixed assets -€11,094
down €11,094 (-19.6%), from €56,568 to €45,474
- Trade debts -€174,334
down €174,334 (-71.9%), from €242,635 to €68,301
- Profit (loss) carried forward +€59,326
up €59,326 (+36.2%), from €163,754 to €223,080
- Other debts +€24,034
up €24,034 (+8.2%), from €293,470 to €317,504
- Tax, wage and social debts -€13,565
down €13,565 (-98.9%), from €13,715 to €151
of which Remuneration and social security: -€13,715
- Gross operating margin -€115,286
down €115,286 (-49.1%), from €234,574 to €119,288
- Taxes -€30,502
down €30,502 (-64.4%), from €47,365 to €16,863
- Depreciation +€8,637
up €8,637 (+138%), from €6,240 to €14,877
- Financial charges +€7,380
up €7,380 (+36.3%), from €20,332 to €27,712
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 | €721,574 | €621,086 | -€100,489 | -13.9% |
| Fixed assets | 21/28 | €68,963 | €57,869 | -€11,094 | -16.1% |
| Tangible fixed assets | 22/27 | €56,568 | €45,474 | -€11,094 | -19.6% |
| Plant, machinery and equipment | 23 | €56,568 | €45,474 | -€11,094 | -19.6% |
| Financial fixed assets | 28 | €12,395 | €12,395 | = | 0.0% |
| Current assets | 29/58 | €652,612 | €563,217 | -€89,395 | -13.7% |
| Amounts receivable within one year | 40/41 | €434,783 | €433,757 | -€1,026 | -0.2% |
| Trade receivables | 40 | €432,283 | €387,977 | -€44,306 | -10.2% |
| Other amounts receivable | 41 | €2,500 | €45,780 | +€43,280 | +1,731% |
| Cash at bank and in hand | 54/58 | €201,829 | €117,460 | -€84,369 | -41.8% |
| Deferred charges and accrued income | 490/1 | €16,000 | €12,000 | -€4,000 | -25.0% |
| Total equity and liabilities | 10/49 | €721,574 | €621,086 | -€100,489 | -13.9% |
| Equity | 10/15 | €168,754 | €228,080 | +€59,326 | +35.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,754 | €223,080 | +€59,326 | +36.2% |
| Amounts payable | 17/49 | €552,821 | €393,006 | -€159,815 | -28.9% |
| Amounts payable within one year | 42/48 | €549,821 | €385,956 | -€163,865 | -29.8% |
| Trade debts | 44 | €242,635 | €68,301 | -€174,334 | -71.9% |
| Suppliers | 440/4 | €242,635 | €68,301 | -€174,334 | -71.9% |
| Taxes, remuneration and social security | 45 | €13,715 | €151 | -€13,565 | -98.9% |
| Taxes | 450/3 | - | €151 | +€151 | |
| Remuneration and social security | 454/9 | €13,715 | - | -€13,715 | |
| Other amounts payable | 47/48 | €293,470 | €317,504 | +€24,034 | +8.2% |
| Accrued charges and deferred income | 492/3 | €3,000 | €7,050 | +€4,050 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,240 | €14,877 | +€8,637 | +138% |
| Other operating charges | 640/8 | €3,295 | €5,300 | +€2,006 | +60.9% |
| Gross operating margin | 9900 | €234,574 | €119,288 | -€115,286 | -49.1% |
| Operating profit (loss) | 9901 | €225,039 | €99,111 | -€125,929 | -56.0% |
| Financial income | 75/76B | €5,616 | €4,791 | -€825 | -14.7% |
| Recurring financial income | 75 | €5,616 | €4,791 | -€825 | -14.7% |
| Financial charges | 65/66B | €20,332 | €27,712 | +€7,380 | +36.3% |
| Recurring financial charges | 65 | €20,332 | €27,712 | +€7,380 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €210,323 | €76,189 | -€134,133 | -63.8% |
| Income taxes | 67/77 | €47,365 | €16,863 | -€30,502 | -64.4% |
| Profit (loss) for the period | 9904 | €162,958 | €59,326 | -€103,632 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €162,958 | €59,326 | -€103,632 | -63.6% |
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 14 October 2026 via checked.be.