Belgobon: 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.
Belgobon
Largest movements
- Tangible fixed assets -€306,272
down €306,272 (-64.4%), from €475,626 to €169,354
of which Land and buildings: -€192,274
- Cash +€122,575
up €122,575 (+120.3%), from €101,905 to €224,479
mainly Investment in fixed assets (net) (+€234,765) and Trade debts (+€87,923)
- Intangible fixed assets +€11,399
up €11,399 (+382.8%), from €2,978 to €14,377
- Receivables within one year -€7,931
down €7,931 (-5.3%), from €148,722 to €140,791
of which Trade receivables: -€17,908
- Debts after one year -€161,156
down €161,156 (-74.5%), from €216,366 to €55,210
- Other debts -€128,523
down €128,523 (-75.1%), from €171,118 to €42,595
- Trade debts +€87,923
up €87,923 (+223.8%), from €39,294 to €127,217
- Reserves +€50,778
up €50,778 (+70.2%), from €72,337 to €123,115
- Tax, wage and social debts +€34,379
up €34,379 (+33.3%), from €103,350 to €137,729
of which Taxes: +€24,260
- Staff costs +€45,745
up €45,745 (+6.9%), from €659,784 to €705,529
- Gross operating margin +€43,488
up €43,488 (+5.0%), from €871,998 to €915,486
- Depreciation -€20,756
down €20,756 (-25.7%), from €80,864 to €60,108
- Taxes +€10,862
up €10,862 (+31.0%), from €35,069 to €45,931
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 | €741,547 | €562,130 | -€179,416 | -24.2% |
| Fixed assets | 21/28 | €488,004 | €193,131 | -€294,873 | -60.4% |
| Intangible fixed assets | 21 | €2,978 | €14,377 | +€11,399 | +382.8% |
| Tangible fixed assets | 22/27 | €475,626 | €169,354 | -€306,272 | -64.4% |
| Land and buildings | 22 | €192,274 | - | -€192,274 | |
| Plant, machinery and equipment | 23 | €190,957 | €62,881 | -€128,076 | -67.1% |
| Furniture and vehicles | 24 | €52,831 | €64,302 | +€11,471 | +21.7% |
| Other tangible fixed assets | 26 | €39,564 | €42,171 | +€2,608 | +6.6% |
| Financial fixed assets | 28 | €9,400 | €9,400 | = | 0.0% |
| Current assets | 29/58 | €253,543 | €368,999 | +€115,457 | +45.5% |
| Amounts receivable within one year | 40/41 | €148,722 | €140,791 | -€7,931 | -5.3% |
| Trade receivables | 40 | €148,690 | €130,781 | -€17,908 | -12.0% |
| Other amounts receivable | 41 | €32 | €10,010 | +€9,978 | +31083.4% |
| Current investments | 50/53 | €200 | €200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €101,905 | €224,479 | +€122,575 | +120.3% |
| Deferred charges and accrued income | 490/1 | €2,716 | €3,529 | +€813 | +29.9% |
| Total equity and liabilities | 10/49 | €741,547 | €562,130 | -€179,416 | -24.2% |
| Equity | 10/15 | €121,731 | €145,619 | +€23,888 | +19.6% |
| Contributions | 10/11 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €72,337 | €123,115 | +€50,778 | +70.2% |
| Distributable reserves | 133 | €72,337 | €123,115 | +€50,778 | +70.2% |
| Investment grants | 15 | €30,794 | €22,504 | -€8,290 | -26.9% |
| Amounts payable | 17/49 | €619,816 | €416,512 | -€203,304 | -32.8% |
| Amounts payable after more than one year | 17 | €216,366 | €55,210 | -€161,156 | -74.5% |
| Financial debts | 170/4 | €216,366 | €55,210 | -€161,156 | -74.5% |
| Amounts payable within one year | 42/48 | €403,450 | €361,301 | -€42,149 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €33,827 | €19,976 | -€13,851 | -40.9% |
| Financial debts | 43 | €2,470 | - | -€2,470 | |
| Other loans | 439 | €2,470 | - | -€2,470 | |
| Trade debts | 44 | €39,294 | €127,217 | +€87,923 | +223.8% |
| Suppliers | 440/4 | €39,294 | €127,217 | +€87,923 | +223.8% |
| Advances received on contracts in progress | 46 | €53,392 | €33,784 | -€19,608 | -36.7% |
| Taxes, remuneration and social security | 45 | €103,350 | €137,729 | +€34,379 | +33.3% |
| Taxes | 450/3 | €59,013 | €83,273 | +€24,260 | +41.1% |
| Remuneration and social security | 454/9 | €44,337 | €54,456 | +€10,120 | +22.8% |
| Other amounts payable | 47/48 | €171,118 | €42,595 | -€128,523 | -75.1% |
| Remuneration, social security and pensions | 62 | €659,784 | €705,529 | +€45,745 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,864 | €60,108 | -€20,756 | -25.7% |
| Other operating charges | 640/8 | €12,794 | €7,917 | -€4,877 | -38.1% |
| Non-recurring operating charges | 66A | - | €15,782 | +€15,782 | |
| Gross operating margin | 9900 | €871,998 | €915,486 | +€43,488 | +5.0% |
| Operating profit (loss) | 9901 | €118,556 | €126,150 | +€7,594 | +6.4% |
| Financial income | 75/76B | €10,505 | €9,066 | -€1,439 | -13.7% |
| Recurring financial income | 75 | €10,505 | €9,066 | -€1,439 | -13.7% |
| Financial charges | 65/66B | €9,752 | €6,578 | -€3,175 | -32.6% |
| Recurring financial charges | 65 | €9,752 | €6,578 | -€3,175 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €119,309 | €128,639 | +€9,330 | +7.8% |
| Income taxes | 67/77 | €35,069 | €45,931 | +€10,862 | +31.0% |
| Profit (loss) for the period | 9904 | €84,240 | €82,708 | -€1,531 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,240 | €82,708 | -€1,531 | -1.8% |
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 12 October 2026 via checked.be.