BELGO-SUD: what changed
What changed
BELGO-SUD
filed annual accounts (NBB)
Net result for the year
€9,559
2024 · €15,263-€5,704
Equity
€369,040
2024 · €379,481-€10,441
Cash
€131,748
2024 · €132,012-€264
Balance sheet total
€399,473
2024 · €406,706-€7,234
Largest movements
Assets
- Tangible fixed assets -€10,508
down €10,508 (-6.8%), from €155,623 to €145,114
of which Land and buildings: -€9,725
Equity and liabilities
- Profit (loss) carried forward -€19,986
down €19,986 (-6.4%), from €310,731 to €290,745
- Reserves +€9,545
up €9,545 (+153%), from €6,250 to €15,795
of which Distributable reserves: +€9,545
Income statement
- Gross operating margin -€2,878
down €2,878 (-6.9%), from €41,955 to €39,077
- Taxes +€2,039
up €2,039 (+65.4%), from €3,117 to €5,155
- Other operating charges +€670
up €670 (+5.1%), from €13,065 to €13,735
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€15,263
Gross operating margin
-€2,878
Depreciation
-€70
Other operating charges
-€670
Financial charges
-€46
Taxes
-€2,039
Result 2025
€9,559
lowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€16,804
Investment
€0
Financing
-€17,068
Cash 2024
€132,012
From operations (derived)
+€16,804
Net result for the year
+€9,559
Depreciation
+€10,508
Receivables within one year
-€3,020
Deferred charges and accrued income
-€518
Trade debts
+€2,437
Tax, wage and social debts
-€2,162
Financing
-€17,068
Short-term financial debts
+€2,932
Contributions, distributions and other
-€20,000
Cash 2025
€131,748
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €406,706 | €399,473 | -€7,234 | -1.8% |
| Fixed assets | 21/28 | €267,322 | €256,814 | -€10,508 | -3.9% |
| Tangible fixed assets | 22/27 | €155,623 | €145,114 | -€10,508 | -6.8% |
| Land and buildings | 22 | €153,184 | €143,460 | -€9,725 | -6.3% |
| Plant, machinery and equipment | 23 | €1,816 | €1,532 | -€283 | -15.6% |
| Furniture and vehicles | 24 | €623 | €123 | -€500 | -80.3% |
| Financial fixed assets | 28 | €111,699 | €111,699 | = | 0.0% |
| Current assets | 29/58 | €139,384 | €142,659 | +€3,275 | +2.3% |
| Amounts receivable within one year | 40/41 | €553 | €3,573 | +€3,020 | +546% |
| Trade receivables | 40 | €553 | €1,774 | +€1,221 | +221% |
| Other amounts receivable | 41 | - | €1,799 | +€1,799 | |
| Cash at bank and in hand | 54/58 | €132,012 | €131,748 | -€264 | -0.2% |
| Deferred charges and accrued income | 490/1 | €6,820 | €7,338 | +€518 | +7.6% |
| Total equity and liabilities | 10/49 | €406,706 | €399,473 | -€7,234 | -1.8% |
| Equity | 10/15 | €379,481 | €369,040 | -€10,441 | -2.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €15,795 | +€9,545 | +153% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | - | €9,545 | +€9,545 | |
| Profit (loss) carried forward | 14 | €310,731 | €290,745 | -€19,986 | -6.4% |
| Amounts payable | 17/49 | €27,225 | €30,433 | +€3,207 | +11.8% |
| Amounts payable within one year | 42/48 | €26,545 | €29,753 | +€3,207 | +12.1% |
| Financial debts | 43 | - | €2,932 | +€2,932 | |
| Credit institutions | 430/8 | - | €2,932 | +€2,932 | |
| Trade debts | 44 | €2,365 | €4,802 | +€2,437 | +103% |
| Suppliers | 440/4 | €2,365 | €4,802 | +€2,437 | +103% |
| Taxes, remuneration and social security | 45 | €3,117 | €955 | -€2,162 | -69.4% |
| Taxes | 450/3 | €3,117 | €955 | -€2,162 | -69.4% |
| Other amounts payable | 47/48 | €21,064 | €21,064 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €680 | €680 | = | 0.0% |
| Non-recurring operating income | 76A | €1,820 | - | -€1,820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,438 | €10,508 | +€70 | +0.7% |
| Other operating charges | 640/8 | €13,065 | €13,735 | +€670 | +5.1% |
| Gross operating margin | 9900 | €41,955 | €39,077 | -€2,878 | -6.9% |
| Operating profit (loss) | 9901 | €18,453 | €14,834 | -€3,619 | -19.6% |
| Financial charges | 65/66B | €74 | €119 | +€46 | +62.5% |
| Recurring financial charges | 65 | €74 | €119 | +€46 | +62.5% |
| Profit (loss) for the period before taxes | 9903 | €18,379 | €14,714 | -€3,665 | -19.9% |
| Income taxes | 67/77 | €3,117 | €5,155 | +€2,039 | +65.4% |
| Profit (loss) for the period | 9904 | €15,263 | €9,559 | -€5,704 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €15,263 | €9,559 | -€5,704 | -37.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.