BELGOMEX: 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.
BELGOMEX
Largest movements
- Receivables within one year -€383,315
down €383,315 (-49.2%), from €779,617 to €396,302
of which Trade receivables: -€404,430
- Cash -€377,776
down €377,776 (-64.4%), from €586,839 to €209,062
mainly Trade debts (-€761,919) and Stocks and contracts (-€45,761)
- Tangible fixed assets -€55,557
down €55,557 (-8.0%), from €697,018 to €641,461
of which Land and buildings: -€38,540
- Stocks and contracts +€45,761
up €45,761 (+38.0%), from €120,469 to €166,230
- Trade debts -€761,919
down €761,919 (-76.7%), from €993,764 to €231,844
- Debts after one year +€86,903
up €86,903 (+421%), from €20,629 to €107,533
of which Other amounts payable: +€100,000
- Reserves +€45,867
up €45,867 (+35.8%), from €128,288 to €174,155
of which Non-distributable reserves: +€39,663
- Other debts -€45,006
down €45,006 (-53.3%), from €84,435 to €39,429
- Profit (loss) carried forward -€45,000
down €45,000 (-7.3%), from €620,576 to €575,576
- Gross operating margin -€115,883
down €115,883 (-38.9%), from €298,048 to €182,166
- Taxes -€51,401
down €51,401 (-63.0%), from €81,629 to €30,228
- Financial charges -€29,478
down €29,478 (-84.0%), from €35,091 to €5,613
- Financial income -€5,265
down €5,265 (-99.5%), from €5,289 to €24
- Staff costs -€3,957
down €3,957 (-9.3%), from €42,665 to €38,708
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 | €2,183,943 | €1,413,056 | -€770,888 | -35.3% |
| Fixed assets | 21/28 | €697,018 | €641,461 | -€55,557 | -8.0% |
| Tangible fixed assets | 22/27 | €697,018 | €641,461 | -€55,557 | -8.0% |
| Land and buildings | 22 | €665,618 | €627,078 | -€38,540 | -5.8% |
| Furniture and vehicles | 24 | €31,400 | €14,383 | -€17,017 | -54.2% |
| Current assets | 29/58 | €1,486,925 | €771,594 | -€715,331 | -48.1% |
| Stocks and contracts in progress | 3 | €120,469 | €166,230 | +€45,761 | +38.0% |
| Stocks | 30/36 | €120,469 | €166,230 | +€45,761 | +38.0% |
| Amounts receivable within one year | 40/41 | €779,617 | €396,302 | -€383,315 | -49.2% |
| Trade receivables | 40 | €744,223 | €339,793 | -€404,430 | -54.3% |
| Other amounts receivable | 41 | €35,395 | €56,509 | +€21,115 | +59.7% |
| Cash at bank and in hand | 54/58 | €586,839 | €209,062 | -€377,776 | -64.4% |
| Total equity and liabilities | 10/49 | €2,183,943 | €1,413,056 | -€770,888 | -35.3% |
| Equity | 10/15 | €872,864 | €873,732 | +€867 | +0.1% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €128,288 | €174,155 | +€45,867 | +35.8% |
| Non-distributable reserves | 130/1 | €12,395 | €52,058 | +€39,663 | +320% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Other | 1319 | - | €39,663 | +€39,663 | |
| Distributable reserves | 133 | €115,893 | €122,098 | +€6,204 | +5.4% |
| Profit (loss) carried forward | 14 | €620,576 | €575,576 | -€45,000 | -7.3% |
| Provisions and deferred taxes | 16 | €117,250 | €117,250 | = | 0.0% |
| Deferred taxes | 168 | €117,250 | €117,250 | = | 0.0% |
| Amounts payable | 17/49 | €1,193,829 | €422,074 | -€771,755 | -64.6% |
| Amounts payable after more than one year | 17 | €20,629 | €107,533 | +€86,903 | +421% |
| Financial debts | 170/4 | €20,629 | €7,533 | -€13,097 | -63.5% |
| Other amounts payable | 178/9 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €1,173,200 | €314,542 | -€858,658 | -73.2% |
| Current portion of amounts payable after more than one year | 42 | €38,890 | €12,942 | -€25,947 | -66.7% |
| Trade debts | 44 | €993,764 | €231,844 | -€761,919 | -76.7% |
| Suppliers | 440/4 | €993,764 | €231,844 | -€761,919 | -76.7% |
| Taxes, remuneration and social security | 45 | €56,112 | €30,326 | -€25,786 | -46.0% |
| Taxes | 450/3 | €56,112 | €30,228 | -€25,883 | -46.1% |
| Remuneration and social security | 454/9 | - | €97 | +€97 | |
| Other amounts payable | 47/48 | €84,435 | €39,429 | -€45,006 | -53.3% |
| Remuneration, social security and pensions | 62 | €42,665 | €38,708 | -€3,957 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,947 | €55,557 | -€3,390 | -5.8% |
| Other operating charges | 640/8 | €8,775 | €6,216 | -€2,559 | -29.2% |
| Gross operating margin | 9900 | €298,048 | €182,166 | -€115,883 | -38.9% |
| Operating profit (loss) | 9901 | €187,662 | €81,685 | -€105,977 | -56.5% |
| Financial income | 75/76B | €5,289 | €24 | -€5,265 | -99.5% |
| Recurring financial income | 75 | €5,289 | €24 | -€5,265 | -99.5% |
| Financial charges | 65/66B | €35,091 | €5,613 | -€29,478 | -84.0% |
| Recurring financial charges | 65 | €35,091 | €5,613 | -€29,478 | -84.0% |
| Profit (loss) for the period before taxes | 9903 | €157,860 | €76,096 | -€81,764 | -51.8% |
| Income taxes | 67/77 | €81,629 | €30,228 | -€51,401 | -63.0% |
| Profit (loss) for the period | 9904 | €76,230 | €45,867 | -€30,363 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,230 | €45,867 | -€30,363 | -39.8% |
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 16 October 2026 via checked.be.