Belgocodex: 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.
What changed
Belgocodex
NACE 70.200, Business and other management consultancy
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€318,961
2023 · €462,993-€781,955
Equity
€15.3m
2023 · €18.4m-€3.1m
Cash
€694,649
2023 · €514,198+€180,451
Balance sheet total
€23.7m
2023 · €26.0m-€2.3m
Largest movements
Assets
- Tangible fixed assets -€2.3m
down €2.3m (-85.5%), from €2.7m to €394,866
of which Other tangible fixed assets: -€2.3m
Equity and liabilities
- Revaluation surpluses -€2.3m
no longer reported in 2024 (was €2.3m)
- Short-term financial debts +€841,883
up €841,883 (+29.1%), from €2.9m to €3.7m
- Profit (loss) carried forward -€826,961
down €826,961 (-9.6%), from €8.6m to €7.8m
Income statement
- Gross operating margin -€1.3m
down €1.3m, from €1.2m to -€103,202
- Financial income +€501,372
up €501,372 (+149%), from €336,450 to €837,822
of which Non-recurring financial income: +€345,068
- Taxes -€276,688
down €276,688 (-97.2%), from €284,692 to €8,004
- Financial charges +€269,208
up €269,208 (+42.5%), from €632,732 to €901,940
of which Non-recurring financial charges: +€345,070
- Write-downs -€251,564
new in 2024: -€251,564
From the 2023 result to the 2024 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.
Result 2023
€462,993
Gross operating margin
-€1.3m
Staff costs
+€3,346
Depreciation
+€1,089
Write-downs
+€251,564
Other operating charges
-€247,838
Financial income
+€501,372
Financial charges
-€269,208
Taxes
+€276,688
Result 2024
-€318,961
raises the resultlowers the result
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€142,801
Investment
+€2.3m
Financing
-€2.0m
Cash 2023
€514,198
From operations (derived)
-€142,801
Net result for the year
-€318,961
Depreciation
+€22,355
Receivables within one year
+€158,859
Smaller working-capital items
+€1,060
Tax, wage and social debts
-€164,733
Other debts
+€150,584
Accrued charges and deferred income
+€8,035
Investment (derived)
+€2.3m
Investment in fixed assets (net)
+€2.3m
Current investments
+€24,369
Financing
-€2.0m
Short-term financial debts
+€841,883
Contributions, distributions and other
-€2.8m
Cash 2024
€694,649
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,000,786 | €23,708,775 | -€2.3m | -8.8% |
| Fixed assets | 21/28 | €16,468,179 | €14,180,825 | -€2.3m | -13.9% |
| Tangible fixed assets | 22/27 | €2,717,221 | €394,866 | -€2.3m | -85.5% |
| Land and buildings | 22 | €239,638 | €229,653 | -€9,985 | -4.2% |
| Plant, machinery and equipment | 23 | €16,052 | €13,500 | -€2,552 | -15.9% |
| Furniture and vehicles | 24 | €4,316 | €4,250 | -€66 | -1.5% |
| Other tangible fixed assets | 26 | €2,457,214 | €147,463 | -€2.3m | -94.0% |
| Financial fixed assets | 28 | €13,750,959 | €13,785,959 | +€35,000 | +0.3% |
| Current assets | 29/58 | €9,532,607 | €9,527,950 | -€4,657 | 0.0% |
| Amounts receivable within one year | 40/41 | €3,981,049 | €3,822,190 | -€158,859 | -4.0% |
| Trade receivables | 40 | - | €11,598 | +€11,598 | |
| Other amounts receivable | 41 | €3,981,049 | €3,810,592 | -€170,457 | -4.3% |
| Current investments | 50/53 | €4,935,345 | €4,910,975 | -€24,369 | -0.5% |
| Cash at bank and in hand | 54/58 | €514,198 | €694,649 | +€180,451 | +35.1% |
| Deferred charges and accrued income | 490/1 | €102,016 | €100,137 | -€1,879 | -1.8% |
| Total equity and liabilities | 10/49 | €26,000,786 | €23,708,775 | -€2.3m | -8.8% |
| Equity | 10/15 | €18,438,263 | €15,311,302 | -€3.1m | -17.0% |
| Contributions | 10/11 | €5,789,000 | €5,789,000 | = | 0.0% |
| Capital | 10 | €5,789,000 | €5,789,000 | = | 0.0% |
| Issued capital | 100 | €5,789,000 | €5,789,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,300,000 | - | -€2.3m | |
| Reserves | 13 | €1,718,400 | €1,718,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,086,900 | €1,086,900 | = | 0.0% |
| Legal reserve | 130 | €578,900 | €578,900 | = | 0.0% |
| Own shares acquired | 1312 | €508,000 | €508,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,500 | €631,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,630,863 | €7,803,902 | -€826,961 | -9.6% |
| Amounts payable | 17/49 | €7,562,523 | €8,397,473 | +€834,950 | +11.0% |
| Amounts payable after more than one year | 17 | €3,664,434 | €3,664,434 | = | 0.0% |
| Other amounts payable | 178/9 | €3,664,434 | €3,664,434 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,860,755 | €4,687,670 | +€826,915 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €4,026 | €4,026 | = | 0.0% |
| Financial debts | 43 | €2,895,289 | €3,737,172 | +€841,883 | +29.1% |
| Credit institutions | 430/8 | €2,895,289 | €3,737,172 | +€841,883 | +29.1% |
| Trade debts | 44 | €49,420 | €48,601 | -€819 | -1.7% |
| Suppliers | 440/4 | €49,420 | €48,601 | -€819 | -1.7% |
| Taxes, remuneration and social security | 45 | €183,239 | €18,505 | -€164,733 | -89.9% |
| Taxes | 450/3 | €168,725 | €4,050 | -€164,674 | -97.6% |
| Remuneration and social security | 454/9 | €14,514 | €14,455 | -€59 | -0.4% |
| Other amounts payable | 47/48 | €728,781 | €879,366 | +€150,584 | +20.7% |
| Accrued charges and deferred income | 492/3 | €37,334 | €45,369 | +€8,035 | +21.5% |
| Non-recurring operating income | 76A | €1,370,264 | - | -€1.4m | |
| Remuneration, social security and pensions | 62 | €93,124 | €89,779 | -€3,346 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,443 | €22,355 | -€1,089 | -4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€251,564 | -€251,564 | |
| Other operating charges | 640/8 | €35,231 | €283,069 | +€247,838 | +703% |
| Gross operating margin | 9900 | €1,195,766 | -€103,202 | -€1.3m | |
| Operating profit (loss) | 9901 | €1,043,967 | -€246,839 | -€1.3m | |
| Financial income | 75/76B | €336,450 | €837,822 | +€501,372 | +149% |
| Recurring financial income | 75 | €336,450 | €492,754 | +€156,304 | +46.5% |
| Non-recurring financial income | 76B | - | €345,068 | +€345,068 | |
| Financial charges | 65/66B | €632,732 | €901,940 | +€269,208 | +42.5% |
| Recurring financial charges | 65 | €632,732 | €556,870 | -€75,862 | -12.0% |
| Non-recurring financial charges | 66B | - | €345,070 | +€345,070 | |
| Profit (loss) for the period before taxes | 9903 | €747,686 | -€310,957 | -€1.1m | |
| Income taxes | 67/77 | €284,692 | €8,004 | -€276,688 | -97.2% |
| Profit (loss) for the period | 9904 | €462,993 | -€318,961 | -€781,955 | |
| Transfer to tax-exempt reserves | 689 | €631,500 | - | -€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | -€168,507 | -€318,961 | -€150,455 | -89.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.