BELGO WAYS: 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 WAYS
Largest movements
- Receivables within one year -€28,362
down €28,362 (-54.9%), from €51,666 to €23,305
of which Other amounts receivable: -€33,785
- Tangible fixed assets -€3,256
down €3,256 (-16.2%), from €20,120 to €16,864
- Trade debts -€25,203
down €25,203 (-69.9%), from €36,059 to €10,856
- Profit (loss) carried forward -€11,078
down €11,078, from €6,177 to -€4,901
- Debts after one year -€8,218
down €8,218 (-31.8%), from €25,833 to €17,614
of which Financial debts: -€8,218
- Tax, wage and social debts +€6,925
up €6,925 (+928%), from €746 to €7,671
of which Taxes: +€4,425
- Other debts +€5,265
new in 2025: €5,265
- Taxes +€16,848
new in 2025: €16,848
- Gross operating margin +€4,578
up €4,578 (+27.8%), from €16,481 to €21,059
- Depreciation -€420
down €420 (-7.1%), from €5,922 to €5,503
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 | €87,428 | €55,723 | -€31,705 | -36.3% |
| Fixed assets | 21/28 | €34,390 | €31,134 | -€3,256 | -9.5% |
| Tangible fixed assets | 22/27 | €20,120 | €16,864 | -€3,256 | -16.2% |
| Furniture and vehicles | 24 | €20,120 | €16,864 | -€3,256 | -16.2% |
| Financial fixed assets | 28 | €14,270 | €14,270 | = | 0.0% |
| Current assets | 29/58 | €53,038 | €24,589 | -€28,449 | -53.6% |
| Amounts receivable within one year | 40/41 | €51,666 | €23,305 | -€28,362 | -54.9% |
| Trade receivables | 40 | €17,881 | €23,305 | +€5,424 | +30.3% |
| Other amounts receivable | 41 | €33,785 | - | -€33,785 | |
| Cash at bank and in hand | 54/58 | €1,372 | €1,285 | -€87 | -6.4% |
| Total equity and liabilities | 10/49 | €87,428 | €55,723 | -€31,705 | -36.3% |
| Equity | 10/15 | €17,177 | €6,099 | -€11,078 | -64.5% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,177 | -€4,901 | -€11,078 | |
| Amounts payable | 17/49 | €70,251 | €49,624 | -€20,627 | -29.4% |
| Amounts payable after more than one year | 17 | €25,833 | €17,614 | -€8,218 | -31.8% |
| Financial debts | 170/4 | €11,833 | €3,614 | -€8,218 | -69.5% |
| Other amounts payable | 178/9 | €14,000 | €14,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €44,418 | €32,010 | -€12,408 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €7,613 | €8,218 | +€605 | +8.0% |
| Trade debts | 44 | €36,059 | €10,856 | -€25,203 | -69.9% |
| Suppliers | 440/4 | €36,059 | €10,856 | -€25,203 | -69.9% |
| Taxes, remuneration and social security | 45 | €746 | €7,671 | +€6,925 | +928% |
| Taxes | 450/3 | €746 | €5,171 | +€4,425 | +593% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | - | €5,265 | +€5,265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,922 | €5,503 | -€420 | -7.1% |
| Other operating charges | 640/8 | €8,415 | €8,374 | -€42 | -0.5% |
| Non-recurring operating charges | 66A | €2,082 | - | -€2,082 | |
| Gross operating margin | 9900 | €16,481 | €21,059 | +€4,578 | +27.8% |
| Operating profit (loss) | 9901 | €61 | €7,183 | +€7,122 | +11,698% |
| Financial charges | 65/66B | €1,378 | €1,413 | +€36 | +2.6% |
| Recurring financial charges | 65 | €1,378 | €1,413 | +€36 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,317 | €5,770 | +€7,086 | |
| Income taxes | 67/77 | - | €16,848 | +€16,848 | |
| Profit (loss) for the period | 9904 | -€1,317 | -€11,078 | -€9,762 | -741% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,317 | -€11,078 | -€9,762 | -741% |
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 18 October 2026 via checked.be.