Belgo Time: what changed
Two fiscal 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 Time
Largest movements
- Receivables within one year +€180,252
up €180,252 (+58.3%), from €309,047 to €489,299
of which Other amounts receivable: +€164,857
- Deferred charges and accrued income -€12,468
no longer reported in 2025 (was €12,468)
- Tangible fixed assets -€6,540
no longer reported in 2025 (was €6,540)
- Other debts +€150,000
new in 2025: €150,000
- Trade debts -€54,358
down €54,358 (-22.1%), from €246,093 to €191,735
- Tax, wage and social debts +€36,849
up €36,849 (+43.0%), from €85,626 to €122,474
of which Remuneration and social security: +€38,835
- Profit (loss) carried forward +€28,311
up €28,311, from -€22,164 to €6,147
- Taxes -€117,827
down €117,827 (-93.6%), from €125,827 to €8,000
- Other operating charges -€116,410
down €116,410 (-96.1%), from €121,135 to €4,725
- Gross operating margin +€94,106
up €94,106 (+13.4%), from €704,345 to €798,451
- Staff costs +€41,178
up €41,178 (+7.4%), from €559,177 to €600,355
- Financial charges -€30,868
down €30,868 (-98.3%), from €31,388 to €520
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.
Cash bridge derived
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 | €330,017 | €490,816 | +€160,799 | +48.7% |
| Fixed assets | 21/28 | €6,540 | - | -€6,540 | |
| Tangible fixed assets | 22/27 | €6,540 | - | -€6,540 | |
| Furniture and vehicles | 24 | €6,540 | - | -€6,540 | |
| Current assets | 29/58 | €323,476 | €490,816 | +€167,340 | +51.7% |
| Amounts receivable within one year | 40/41 | €309,047 | €489,299 | +€180,252 | +58.3% |
| Trade receivables | 40 | €127,662 | €143,057 | +€15,395 | +12.1% |
| Other amounts receivable | 41 | €181,385 | €346,242 | +€164,857 | +90.9% |
| Cash at bank and in hand | 54/58 | €1,961 | €1,517 | -€444 | -22.6% |
| Deferred charges and accrued income | 490/1 | €12,468 | - | -€12,468 | |
| Total equity and liabilities | 10/49 | €330,017 | €490,816 | +€160,799 | +48.7% |
| Equity | 10/15 | -€1,704 | €26,607 | +€28,311 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,164 | €6,147 | +€28,311 | |
| Amounts payable | 17/49 | €331,720 | €464,209 | +€132,489 | +39.9% |
| Amounts payable within one year | 42/48 | €331,720 | €464,209 | +€132,489 | +39.9% |
| Financial debts | 43 | €1 | - | -€1 | |
| Credit institutions | 430/8 | €1 | - | -€1 | |
| Trade debts | 44 | €246,093 | €191,735 | -€54,358 | -22.1% |
| Suppliers | 440/4 | €246,093 | €191,735 | -€54,358 | -22.1% |
| Taxes, remuneration and social security | 45 | €85,626 | €122,474 | +€36,849 | +43.0% |
| Taxes | 450/3 | €46,414 | €44,427 | -€1,987 | -4.3% |
| Remuneration and social security | 454/9 | €39,212 | €78,047 | +€38,835 | +99.0% |
| Other amounts payable | 47/48 | - | €150,000 | +€150,000 | |
| Remuneration, social security and pensions | 62 | €559,177 | €600,355 | +€41,178 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,850 | €6,540 | -€8,310 | -56.0% |
| Other operating charges | 640/8 | €121,135 | €4,725 | -€116,410 | -96.1% |
| Gross operating margin | 9900 | €704,345 | €798,451 | +€94,106 | +13.4% |
| Operating profit (loss) | 9901 | €9,184 | €186,831 | +€177,647 | +1934.3% |
| Financial income | 75/76B | €6,877 | - | -€6,877 | |
| Recurring financial income | 75 | €6,877 | - | -€6,877 | |
| Financial charges | 65/66B | €31,388 | €520 | -€30,868 | -98.3% |
| Recurring financial charges | 65 | €31,388 | €520 | -€30,868 | -98.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,327 | €186,311 | +€201,638 | |
| Income taxes | 67/77 | €125,827 | €8,000 | -€117,827 | -93.6% |
| Profit (loss) for the period | 9904 | -€141,154 | €178,311 | +€319,465 | |
| Profit (loss) for the period to be appropriated | 9905 | -€141,154 | €178,311 | +€319,465 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.