BELGO - PACK: 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 - PACK
Largest movements
- Receivables within one year -€57,572
down €57,572 (-39.7%), from €144,905 to €87,334
of which Other amounts receivable: -€65,521
- Cash -€5,571
no longer reported in 2025 (was €5,571)
mainly Contributions, distributions and other (-€61,372) and Net result for the year (-€13,890)
- Tangible fixed assets -€1,825
down €1,825 (-30.6%), from €5,970 to €4,146
of which Furniture and vehicles: -€1,086
- Reserves -€61,372
down €61,372 (-53.8%), from €114,037 to €52,665
- Profit (loss) carried forward -€13,890
new in 2025: -€13,890
- Other debts +€6,240
up €6,240 (+6,284%), from €99 to €6,339
- Trade debts +€3,144
up €3,144 (+46.3%), from €6,785 to €9,928
- Short-term financial debts +€2,488
up €2,488 (+33.2%), from €7,483 to €9,971
- Gross operating margin -€15,252
down €15,252, from €8,519 to -€6,733
- Taxes -€551
no longer reported in 2025 (was €551)
- Other operating charges -€430
down €430 (-40.2%), from €1,069 to €639
- Financial charges -€422
down €422 (-8.2%), from €5,116 to €4,695
- Depreciation +€200
up €200 (+12.3%), from €1,625 to €1,825
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 | €156,446 | €91,479 | -€64,967 | -41.5% |
| Fixed assets | 21/28 | €5,970 | €4,146 | -€1,825 | -30.6% |
| Tangible fixed assets | 22/27 | €5,970 | €4,146 | -€1,825 | -30.6% |
| Furniture and vehicles | 24 | €2,816 | €1,730 | -€1,086 | -38.6% |
| Other tangible fixed assets | 26 | €3,155 | €2,416 | -€739 | -23.4% |
| Current assets | 29/58 | €150,476 | €87,334 | -€63,142 | -42.0% |
| Amounts receivable within one year | 40/41 | €144,905 | €87,334 | -€57,572 | -39.7% |
| Trade receivables | 40 | €6,420 | €14,370 | +€7,950 | +124% |
| Other amounts receivable | 41 | €138,485 | €72,964 | -€65,521 | -47.3% |
| Cash at bank and in hand | 54/58 | €5,571 | - | -€5,571 | |
| Total equity and liabilities | 10/49 | €156,446 | €91,479 | -€64,967 | -41.5% |
| Equity | 10/15 | €134,037 | €58,775 | -€75,262 | -56.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €114,037 | €52,665 | -€61,372 | -53.8% |
| Distributable reserves | 133 | €114,037 | €52,665 | -€61,372 | -53.8% |
| Profit (loss) carried forward | 14 | - | -€13,890 | -€13,890 | |
| Amounts payable | 17/49 | €22,410 | €32,705 | +€10,295 | +45.9% |
| Amounts payable within one year | 42/48 | €22,410 | €32,705 | +€10,295 | +45.9% |
| Financial debts | 43 | €7,483 | €9,971 | +€2,488 | +33.2% |
| Credit institutions | 430/8 | €7,483 | €9,971 | +€2,488 | +33.2% |
| Trade debts | 44 | €6,785 | €9,928 | +€3,144 | +46.3% |
| Suppliers | 440/4 | €6,785 | €9,928 | +€3,144 | +46.3% |
| Taxes, remuneration and social security | 45 | €8,042 | €6,466 | -€1,576 | -19.6% |
| Taxes | 450/3 | €8,042 | €6,466 | -€1,576 | -19.6% |
| Other amounts payable | 47/48 | €99 | €6,339 | +€6,240 | +6,284% |
| Non-recurring operating income | 76A | €2,262 | - | -€2,262 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,625 | €1,825 | +€200 | +12.3% |
| Other operating charges | 640/8 | €1,069 | €639 | -€430 | -40.2% |
| Gross operating margin | 9900 | €8,519 | -€6,733 | -€15,252 | |
| Operating profit (loss) | 9901 | €5,826 | -€9,197 | -€15,023 | |
| Financial income | 75/76B | €5 | €1 | -€4 | -75.6% |
| Recurring financial income | 75 | €5 | €1 | -€4 | -75.6% |
| Financial charges | 65/66B | €5,116 | €4,695 | -€422 | -8.2% |
| Recurring financial charges | 65 | €5,116 | €4,695 | -€422 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €714 | -€13,890 | -€14,605 | |
| Income taxes | 67/77 | €551 | - | -€551 | |
| Profit (loss) for the period | 9904 | €163 | -€13,890 | -€14,053 | |
| Profit (loss) for the period to be appropriated | 9905 | €163 | -€13,890 | -€14,053 |
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 16 October 2026 via checked.be.