BELGOMAX: what changed
Two fiscal 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.
BELGOMAX
Largest movements
- Current investments +€90,064
up €90,064 (+75053141.7%), from €0 to €90,064
- Receivables within one year +€74,228
up €74,228 (+59.9%), from €123,841 to €198,069
- Tangible fixed assets -€35,326
down €35,326 (-8.2%), from €433,008 to €397,682
of which Land and buildings: -€53,650
- Reserves +€189,167
up €189,167 (+319.2%), from €59,255 to €248,422
of which Distributable reserves: +€189,693
- Debts after one year -€54,131
down €54,131 (-13.5%), from €401,724 to €347,593
- Current portion of long-term debt +€10,150
new in 2025: €10,150
- Short-term financial debts -€8,669
down €8,669 (-53.1%), from €16,319 to €7,650
- Gross operating margin +€191,392
up €191,392 (+285.8%), from €66,977 to €258,369
- Taxes +€25,000
new in 2025: €25,000
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €558,216 | €689,181 | +€130,966 | +23.5% |
| Fixed assets | 21/28 | €434,374 | €401,048 | -€33,326 | -7.7% |
| Tangible fixed assets | 22/27 | €433,008 | €397,682 | -€35,326 | -8.2% |
| Land and buildings | 22 | €433,008 | €379,358 | -€53,650 | -12.4% |
| Plant, machinery and equipment | 23 | - | €1,104 | +€1,104 | |
| Furniture and vehicles | 24 | - | €17,220 | +€17,220 | |
| Financial fixed assets | 28 | €1,366 | €3,366 | +€2,000 | +146.4% |
| Current assets | 29/58 | €123,842 | €288,133 | +€164,292 | +132.7% |
| Amounts receivable within one year | 40/41 | €123,841 | €198,069 | +€74,228 | +59.9% |
| Other amounts receivable | 41 | €123,841 | €198,069 | +€74,228 | +59.9% |
| Current investments | 50/53 | €0 | €90,064 | +€90,064 | +75053141.7% |
| Total equity and liabilities | 10/49 | €558,216 | €689,181 | +€130,966 | +23.5% |
| Equity | 10/15 | €120,755 | €309,922 | +€189,167 | +156.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €59,255 | €248,422 | +€189,167 | +319.2% |
| Non-distributable reserves | 130/1 | €10,236 | €10,236 | = | 0.0% |
| Legal reserve | 130 | €10,236 | €10,236 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,046 | €7,519 | -€526 | -6.5% |
| Distributable reserves | 133 | €40,974 | €230,667 | +€189,693 | +463.0% |
| Provisions and deferred taxes | 16 | €4,143 | €3,872 | -€271 | -6.5% |
| Deferred taxes | 168 | €4,143 | €3,872 | -€271 | -6.5% |
| Amounts payable | 17/49 | €433,318 | €375,387 | -€57,930 | -13.4% |
| Amounts payable after more than one year | 17 | €401,724 | €347,593 | -€54,131 | -13.5% |
| Financial debts | 170/4 | €401,724 | €347,593 | -€54,131 | -13.5% |
| Amounts payable within one year | 42/48 | €31,594 | €27,795 | -€3,799 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | - | €10,150 | +€10,150 | |
| Financial debts | 43 | €16,319 | €7,650 | -€8,669 | -53.1% |
| Credit institutions | 430/8 | €16,319 | €7,650 | -€8,669 | -53.1% |
| Trade debts | 44 | €11,024 | €7,834 | -€3,190 | -28.9% |
| Suppliers | 440/4 | €11,024 | €7,834 | -€3,190 | -28.9% |
| Other amounts payable | 47/48 | €4,251 | €2,161 | -€2,090 | -49.2% |
| Non-recurring operating income | 76A | - | €206,452 | +€206,452 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,864 | €23,435 | -€429 | -1.8% |
| Other operating charges | 640/8 | €11,073 | €12,068 | +€995 | +9.0% |
| Gross operating margin | 9900 | €66,977 | €258,369 | +€191,392 | +285.8% |
| Operating profit (loss) | 9901 | €32,040 | €222,866 | +€190,826 | +595.6% |
| Financial income | 75/76B | €6,648 | €8,345 | +€1,698 | +25.5% |
| Recurring financial income | 75 | €6,648 | €8,345 | +€1,698 | +25.5% |
| Financial charges | 65/66B | €17,859 | €17,315 | -€544 | -3.0% |
| Recurring financial charges | 65 | €17,859 | €17,315 | -€544 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €20,828 | €213,896 | +€193,068 | +926.9% |
| Transfer from deferred taxes | 780 | €271 | €271 | = | 0.0% |
| Income taxes | 67/77 | - | €25,000 | +€25,000 | |
| Profit (loss) for the period | 9904 | €21,099 | €189,167 | +€168,068 | +796.6% |
| Transfer from tax-exempt reserves | 789 | €526 | €526 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,625 | €189,693 | +€168,068 | +777.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.