Belgocamp: 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.
Belgocamp
Largest movements
- Cash +€2.6m
up €2.6m (+984%), from €265,378 to €2.9m
mainly Net result for the year (+€1.8m) and Stocks and contracts (+€539,736)
- Stocks and contracts -€539,736
down €539,736 (-93.1%), from €579,689 to €39,953
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Tangible fixed assets +€181,788
up €181,788 (+28.6%), from €634,820 to €816,607
of which Land and buildings: +€190,924
- Receivables within one year -€66,130
down €66,130 (-64.8%), from €102,021 to €35,891
of which Trade receivables: -€102,021
- Reserves +€1.2m
up €1.2m (+63.2%), from €1.9m to €3.1m
of which Tax-exempt reserves: +€1.5m
- Provisions +€507,091
up €507,091, from €0 to €507,091
- Profit (loss) carried forward +€117,829
up €117,829 (+65.5%), from -€179,827 to -€61,998
- Trade debts +€51,457
up €51,457 (+2,321%), from €2,217 to €53,674
- Gross operating margin +€2.6m
up €2.6m (+8,802%), from €29,491 to €2.6m
- Other operating charges +€50,413
up €50,413 (+160%), from €31,492 to €81,905
- Staff costs +€26,595
up €26,595 (+14.7%), from €180,706 to €207,301
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 | €1,932,077 | €3,768,026 | +€1.8m | +95.0% |
| Fixed assets | 21/28 | €634,989 | €816,777 | +€181,788 | +28.6% |
| Tangible fixed assets | 22/27 | €634,820 | €816,607 | +€181,788 | +28.6% |
| Land and buildings | 22 | €544,312 | €735,236 | +€190,924 | +35.1% |
| Plant, machinery and equipment | 23 | €8,051 | €9,709 | +€1,658 | +20.6% |
| Furniture and vehicles | 24 | €65,441 | €66,706 | +€1,265 | +1.9% |
| Leasing and similar rights | 25 | €17,016 | €4,956 | -€12,060 | -70.9% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €1,297,088 | €2,951,249 | +€1.7m | +128% |
| Stocks and contracts in progress | 3 | €579,689 | €39,953 | -€539,736 | -93.1% |
| Stocks | 30/36 | €579,689 | €39,953 | -€539,736 | -93.1% |
| Amounts receivable within one year | 40/41 | €102,021 | €35,891 | -€66,130 | -64.8% |
| Trade receivables | 40 | €102,021 | €0 | -€102,021 | -100% |
| Other amounts receivable | 41 | - | €35,891 | +€35,891 | |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €265,378 | €2,875,406 | +€2.6m | +984% |
| Total equity and liabilities | 10/49 | €1,932,077 | €3,768,026 | +€1.8m | +95.0% |
| Equity | 10/15 | €1,839,637 | €3,155,214 | +€1.3m | +71.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €1,894,464 | €3,092,213 | +€1.2m | +63.2% |
| Non-distributable reserves | 130/1 | €57,374 | €57,374 | = | 0.0% |
| Legal reserve | 130 | €57,374 | €57,374 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,521,274 | +€1.5m | |
| Distributable reserves | 133 | €1,837,090 | €1,513,564 | -€323,526 | -17.6% |
| Profit (loss) carried forward | 14 | -€179,827 | -€61,998 | +€117,829 | +65.5% |
| Investment grants | 15 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €507,091 | +€507,091 | |
| Deferred taxes | 168 | €0 | €507,091 | +€507,091 | |
| Amounts payable | 17/49 | €92,440 | €105,721 | +€13,280 | +14.4% |
| Amounts payable after more than one year | 17 | €10,085 | €5,880 | -€4,205 | -41.7% |
| Financial debts | 170/4 | €10,085 | €5,880 | -€4,205 | -41.7% |
| Amounts payable within one year | 42/48 | €82,355 | €99,841 | +€17,485 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €5,325 | - | -€5,325 | |
| Trade debts | 44 | €2,217 | €53,674 | +€51,457 | +2,321% |
| Suppliers | 440/4 | €2,217 | €53,674 | +€51,457 | +2,321% |
| Taxes, remuneration and social security | 45 | €32,835 | €20,742 | -€12,093 | -36.8% |
| Taxes | 450/3 | €12,201 | €5,931 | -€6,270 | -51.4% |
| Remuneration and social security | 454/9 | €20,635 | €14,811 | -€5,823 | -28.2% |
| Other amounts payable | 47/48 | €41,978 | €25,424 | -€16,553 | -39.4% |
| Non-recurring operating income | 76A | €3,141 | - | -€3,141 | |
| Remuneration, social security and pensions | 62 | €180,706 | €207,301 | +€26,595 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,844 | €35,933 | +€18,089 | +101% |
| Other operating charges | 640/8 | €31,492 | €81,905 | +€50,413 | +160% |
| Gross operating margin | 9900 | €29,491 | €2,625,318 | +€2.6m | +8,802% |
| Operating profit (loss) | 9901 | -€200,551 | €2,300,179 | +€2.5m | |
| Financial income | 75/76B | €4,398 | €11,031 | +€6,633 | +151% |
| Recurring financial income | 75 | €4,398 | €11,031 | +€6,633 | +151% |
| Financial charges | 65/66B | €33,047 | €43,030 | +€9,983 | +30.2% |
| Recurring financial charges | 65 | €3,382 | €7,062 | +€3,680 | +109% |
| Non-recurring financial charges | 66B | €29,665 | €35,968 | +€6,303 | +21.2% |
| Profit (loss) for the period before taxes | 9903 | -€229,200 | €2,268,180 | +€2.5m | |
| Transfer from deferred taxes | 780 | - | €3,671 | +€3,671 | |
| Transfer to deferred taxes | 680 | - | €510,762 | +€510,762 | |
| Income taxes | 67/77 | €3,173 | €3,309 | +€137 | +4.3% |
| Profit (loss) for the period | 9904 | -€232,373 | €1,757,779 | +€2.0m | |
| Transfer from tax-exempt reserves | 789 | - | €11,012 | +€11,012 | |
| Transfer to tax-exempt reserves | 689 | - | €1,532,287 | +€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | -€232,373 | €236,505 | +€468,878 |
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 13 October 2026 via checked.be.