BELGO TECH: 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 TECH
Largest movements
- Cash -€414,346
down €414,346 (-54.2%), from €764,040 to €349,694
mainly Investment in fixed assets (net) (-€462,932) and Contributions, distributions and other (-€304,518)
- Tangible fixed assets +€272,923
up €272,923 (+33.1%), from €823,588 to €1.1m
of which Land and buildings: +€203,627
- Stocks and contracts -€214,867
down €214,867 (-21.8%), from €985,251 to €770,384
- Receivables within one year -€71,850
down €71,850 (-2.7%), from €2.7m to €2.6m
of which Trade receivables: -€492,856
- Trade debts -€277,847
down €277,847 (-16.7%), from €1.7m to €1.4m
- Short-term financial debts -€198,050
down €198,050 (-76.2%), from €260,000 to €61,950
- Advances received -€122,094
down €122,094 (-33.0%), from €369,490 to €247,396
- Other debts +€75,000
up €75,000 (+33.3%), from €225,000 to €300,000
- Staff costs +€468,944
up €468,944 (+28.0%), from €1.7m to €2.1m
- Gross operating margin +€442,264
up €442,264 (+17.7%), from €2.5m to €2.9m
- Write-downs -€295,574
down €295,574 (-72.3%), from €408,740 to €113,166
- Depreciation +€51,708
up €51,708 (+38.9%), from €132,951 to €184,659
- Taxes +€49,769
up €49,769 (+62.9%), from €79,104 to €128,873
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,030,862 | €6,646,442 | -€384,421 | -5.5% |
| Fixed assets | 21/28 | €823,588 | €1,101,861 | +€278,273 | +33.8% |
| Tangible fixed assets | 22/27 | €823,588 | €1,096,511 | +€272,923 | +33.1% |
| Land and buildings | 22 | €713,397 | €917,024 | +€203,627 | +28.5% |
| Plant, machinery and equipment | 23 | €17,673 | €15,812 | -€1,862 | -10.5% |
| Furniture and vehicles | 24 | €71,208 | €43,170 | -€28,039 | -39.4% |
| Leasing and similar rights | 25 | €21,309 | €120,505 | +€99,197 | +466% |
| Financial fixed assets | 28 | - | €5,350 | +€5,350 | |
| Current assets | 29/58 | €6,207,274 | €5,544,581 | -€662,694 | -10.7% |
| Amounts receivable after more than one year | 29 | €1,750,000 | €1,750,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,750,000 | €1,750,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €985,251 | €770,384 | -€214,867 | -21.8% |
| Stocks | 30/36 | €985,251 | €770,384 | -€214,867 | -21.8% |
| Amounts receivable within one year | 40/41 | €2,655,801 | €2,583,950 | -€71,850 | -2.7% |
| Trade receivables | 40 | €2,273,301 | €1,780,445 | -€492,856 | -21.7% |
| Other amounts receivable | 41 | €382,500 | €803,505 | +€421,005 | +110% |
| Cash at bank and in hand | 54/58 | €764,040 | €349,694 | -€414,346 | -54.2% |
| Deferred charges and accrued income | 490/1 | €52,183 | €90,552 | +€38,369 | +73.5% |
| Total equity and liabilities | 10/49 | €7,030,862 | €6,646,442 | -€384,421 | -5.5% |
| Equity | 10/15 | €2,080,500 | €2,092,239 | +€11,739 | +0.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,806,150 | €1,806,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,806,150 | €1,806,150 | = | 0.0% |
| Legal reserve | 130 | €56,150 | €56,150 | = | 0.0% |
| Financial assistance | 1313 | €1,750,000 | €1,750,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,034 | €197,291 | +€16,257 | +9.0% |
| Investment grants | 15 | €31,816 | €27,298 | -€4,518 | -14.2% |
| Amounts payable | 17/49 | €4,950,363 | €4,554,203 | -€396,160 | -8.0% |
| Amounts payable after more than one year | 17 | €1,896,683 | €1,960,070 | +€63,387 | +3.3% |
| Financial debts | 170/4 | €1,896,683 | €1,960,070 | +€63,387 | +3.3% |
| Amounts payable within one year | 42/48 | €3,037,913 | €2,584,339 | -€453,574 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €268,277 | €304,778 | +€36,501 | +13.6% |
| Financial debts | 43 | €260,000 | €61,950 | -€198,050 | -76.2% |
| Credit institutions | 430/8 | €260,000 | €61,950 | -€198,050 | -76.2% |
| Trade debts | 44 | €1,662,286 | €1,384,439 | -€277,847 | -16.7% |
| Suppliers | 440/4 | €1,662,286 | €1,384,439 | -€277,847 | -16.7% |
| Advances received on contracts in progress | 46 | €369,490 | €247,396 | -€122,094 | -33.0% |
| Taxes, remuneration and social security | 45 | €252,861 | €285,777 | +€32,916 | +13.0% |
| Taxes | 450/3 | €41,417 | €62,874 | +€21,457 | +51.8% |
| Remuneration and social security | 454/9 | €211,444 | €222,903 | +€11,459 | +5.4% |
| Other amounts payable | 47/48 | €225,000 | €300,000 | +€75,000 | +33.3% |
| Accrued charges and deferred income | 492/3 | €15,766 | €9,793 | -€5,973 | -37.9% |
| Remuneration, social security and pensions | 62 | €1,673,961 | €2,142,905 | +€468,944 | +28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,951 | €184,659 | +€51,708 | +38.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €408,740 | €113,166 | -€295,574 | -72.3% |
| Other operating charges | 640/8 | €23,620 | €25,795 | +€2,175 | +9.2% |
| Gross operating margin | 9900 | €2,502,348 | €2,944,612 | +€442,264 | +17.7% |
| Operating profit (loss) | 9901 | €263,075 | €478,086 | +€215,010 | +81.7% |
| Financial income | 75/76B | €95,381 | €74,518 | -€20,864 | -21.9% |
| Recurring financial income | 75 | €95,381 | €74,518 | -€20,864 | -21.9% |
| Financial charges | 65/66B | €96,428 | €107,473 | +€11,045 | +11.5% |
| Recurring financial charges | 65 | €96,428 | €107,473 | +€11,045 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €262,029 | €445,130 | +€183,102 | +69.9% |
| Income taxes | 67/77 | €79,104 | €128,873 | +€49,769 | +62.9% |
| Profit (loss) for the period | 9904 | €182,924 | €316,257 | +€133,333 | +72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €182,924 | €316,257 | +€133,333 | +72.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.