BELGOBRAS: 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.
BELGOBRAS
Largest movements
- Receivables within one year +€14,157
up €14,157 (+11.7%), from €120,911 to €135,068
of which Trade receivables: +€15,331
- Cash +€7,339
up €7,339 (+43.7%), from €16,779 to €24,118
mainly Net result for the year (+€11,896) and Trade debts (+€7,518)
- Profit (loss) carried forward +€11,896
up €11,896 (+34.3%), from €34,652 to €46,548
- Trade debts +€7,518
up €7,518 (+16.2%), from €46,296 to €53,814
- Other debts +€3,871
up €3,871 (+15.1%), from €25,624 to €29,495
- Tax, wage and social debts -€3,264
down €3,264 (-12.7%), from €25,754 to €22,491
of which Remuneration and social security: -€7,960
- Gross operating margin +€10,791
up €10,791 (+57.9%), from €18,637 to €29,428
- Financial charges -€1,513
down €1,513 (-31.7%), from €4,768 to €3,255
- Depreciation -€1,425
down €1,425 (-49.1%), from €2,901 to €1,476
- Other operating charges +€1,322
up €1,322 (+100.4%), from €1,317 to €2,639
- Taxes +€1,030
up €1,030 (+10.7%), from €9,593 to €10,623
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 | €141,210 | €161,231 | +€20,021 | +14.2% |
| Fixed assets | 21/28 | €3,520 | €2,045 | -€1,475 | -41.9% |
| Tangible fixed assets | 22/27 | €3,270 | €1,795 | -€1,475 | -45.1% |
| Furniture and vehicles | 24 | €3,270 | €1,795 | -€1,475 | -45.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €137,690 | €159,186 | +€21,496 | +15.6% |
| Amounts receivable within one year | 40/41 | €120,911 | €135,068 | +€14,157 | +11.7% |
| Trade receivables | 40 | €110,652 | €125,983 | +€15,331 | +13.9% |
| Other amounts receivable | 41 | €10,259 | €9,085 | -€1,174 | -11.4% |
| Cash at bank and in hand | 54/58 | €16,779 | €24,118 | +€7,339 | +43.7% |
| Total equity and liabilities | 10/49 | €141,210 | €161,231 | +€20,021 | +14.2% |
| Equity | 10/15 | €42,712 | €54,608 | +€11,896 | +27.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 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 | €34,652 | €46,548 | +€11,896 | +34.3% |
| Amounts payable | 17/49 | €98,498 | €106,623 | +€8,125 | +8.2% |
| Amounts payable within one year | 42/48 | €98,498 | €106,623 | +€8,125 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €824 | €824 | -€0 | -0.1% |
| Trade debts | 44 | €46,296 | €53,814 | +€7,518 | +16.2% |
| Suppliers | 440/4 | €46,296 | €53,814 | +€7,518 | +16.2% |
| Taxes, remuneration and social security | 45 | €25,754 | €22,491 | -€3,264 | -12.7% |
| Taxes | 450/3 | €14,194 | €18,891 | +€4,697 | +33.1% |
| Remuneration and social security | 454/9 | €11,560 | €3,600 | -€7,960 | -68.9% |
| Other amounts payable | 47/48 | €25,624 | €29,495 | +€3,871 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,901 | €1,476 | -€1,425 | -49.1% |
| Other operating charges | 640/8 | €1,317 | €2,639 | +€1,322 | +100.4% |
| Gross operating margin | 9900 | €18,637 | €29,428 | +€10,791 | +57.9% |
| Operating profit (loss) | 9901 | €14,419 | €25,314 | +€10,895 | +75.6% |
| Financial income | 75/76B | - | €460 | +€460 | |
| Recurring financial income | 75 | - | €460 | +€460 | |
| Financial charges | 65/66B | €4,768 | €3,255 | -€1,513 | -31.7% |
| Recurring financial charges | 65 | €4,768 | €3,255 | -€1,513 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €9,651 | €22,519 | +€12,868 | +133.3% |
| Income taxes | 67/77 | €9,593 | €10,623 | +€1,030 | +10.7% |
| Profit (loss) for the period | 9904 | €58 | €11,896 | +€11,838 | +20410.1% |
| Profit (loss) for the period to be appropriated | 9905 | €58 | €11,896 | +€11,838 | +20410.1% |
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 10 October 2026 via checked.be.