BELGOMINE: 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.
What changed
BELGOMINE
NACE 46.810, Wholesale of solid, liquid and gaseous fuels and related products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12.1m
2024 · €17.6m-€5.5m
Equity
€66.8m
2024 · €55.9m+€10.9m
Cash
€14.1m
2024 · €17.5m-€3.4m
Balance sheet total
€141.9m
2024 · €159.0m-€17.1m
Largest movements
Assets
- Receivables within one year -€28.3m
down €28.3m (-27.9%), from €101.3m to €73.0m
of which Trade receivables: -€29.5m
- Current investments +€12.8m
up €12.8m (+71.5%), from €18.0m to €30.8m
- Cash -€3.4m
down €3.4m (-19.2%), from €17.5m to €14.1m
mainly Current investments (-€12.8m) and Trade debts (-€12.8m)
- Financial fixed assets +€1.7m
up €1.7m (+33.7%), from €5.2m to €6.9m
of which Affiliated companies: +€2.2m
Equity and liabilities
- Trade debts -€12.8m
down €12.8m (-16.0%), from €79.9m to €67.1m
- Other debts -€12.0m
down €12.0m (-79.9%), from €15.0m to €3.0m
- Reserves +€11.3m
up €11.3m (+20.5%), from €55.0m to €66.3m
of which Distributable reserves: +€11.3m
- Tax, wage and social debts -€2.1m
down €2.1m (-32.8%), from €6.5m to €4.4m
of which Taxes: -€2.1m
Income statement
- Turnover -€176.4m
down €176.4m (-11.0%), from €1.60bn to €1.42bn
- Goods and materials -€166.3m
down €166.3m (-10.6%), from €1.56bn to €1.40bn
of which Purchases: -€166.1m
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.
Result 2024
€17.6m
Turnover
-€176.4m
Other operating income
+€1.1m
Goods and materials
+€166.3m
Services and other goods
-€181,097
Staff costs
+€4,076
Depreciation
-€35,631
Write-downs
+€944,441
Provisions
+€130,202
Other operating charges
+€2.4m
Other operating items
-€790,122
Financial income
-€727,245
Financial charges
-€28,258
Taxes
+€1.8m
Result 2025
€12.1m
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.
From operations
+€14.5m
Investment
-€16.7m
Financing
-€1.2m
Cash 2024
€17.5m
From operations (derived)
+€14.5m
Net result for the year
+€12.1m
Depreciation
+€841,901
Stocks and contracts
+€1.3m
Receivables within one year
+€28.3m
Smaller working-capital items
-€8,808
Trade debts
-€12.8m
Tax, wage and social debts
-€2.1m
Other debts
-€12.0m
Accrued charges and deferred income
-€1.1m
Investment (derived)
-€16.7m
Investment in fixed assets (net)
-€3.8m
Current investments
-€12.8m
Financing
-€1.2m
Debts after one year
+€4,650
Contributions, distributions and other
-€1.2m
Cash 2025
€14.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €158,967,148 | €141,881,760 | -€17.1m | -10.7% |
| Fixed assets | 21/28 | €13,996,513 | €16,986,765 | +€3.0m | +21.4% |
| Intangible fixed assets | 21 | €25,233 | €0 | -€25,233 | -100.0% |
| Tangible fixed assets | 22/27 | €8,772,722 | €10,038,247 | +€1.3m | +14.4% |
| Land and buildings | 22 | €6,345,147 | €7,095,592 | +€750,445 | +11.8% |
| Plant, machinery and equipment | 23 | €1,416,928 | €1,025,311 | -€391,617 | -27.6% |
| Furniture and vehicles | 24 | €346,732 | €349,651 | +€2,919 | +0.8% |
| Other tangible fixed assets | 26 | €59,510 | €45,910 | -€13,600 | -22.9% |
| Assets under construction and advance payments | 27 | €604,406 | €1,521,784 | +€917,378 | +151.8% |
| Financial fixed assets | 28 | €5,198,558 | €6,948,518 | +€1.7m | +33.7% |
| Affiliated companies | 280/1 | €4,641,379 | €6,871,217 | +€2.2m | +48.0% |
| Participating interests | 280 | €2,891,762 | €5,146,250 | +€2.3m | +78.0% |
| Amounts receivable | 281 | €1,749,617 | €1,724,967 | -€24,650 | -1.4% |
| Companies linked by participating interests | 282/3 | €480,079 | €23,625 | -€456,455 | -95.1% |
| Participating interests | 282 | €480,079 | €23,625 | -€456,455 | -95.1% |
| Other financial fixed assets | 284/8 | €77,100 | €53,676 | -€23,424 | -30.4% |
| Amounts receivable and cash guarantees | 285/8 | €77,100 | €53,676 | -€23,424 | -30.4% |
| Current assets | 29/58 | €144,970,635 | €124,894,996 | -€20.1m | -13.8% |
| Stocks and contracts in progress | 3 | €8,043,910 | €6,728,567 | -€1.3m | -16.4% |
| Stocks | 30/36 | €8,043,910 | €6,728,567 | -€1.3m | -16.4% |
| Raw materials and consumables | 30/31 | €20,288 | €0 | -€20,288 | -100.0% |
| Goods purchased for resale | 34 | €8,023,622 | €6,728,567 | -€1.3m | -16.1% |
| Amounts receivable within one year | 40/41 | €101,316,029 | €73,016,390 | -€28.3m | -27.9% |
| Trade receivables | 40 | €100,907,673 | €71,381,888 | -€29.5m | -29.3% |
| Other amounts receivable | 41 | €408,355 | €1,634,502 | +€1.2m | +300.3% |
| Current investments | 50/53 | €17,965,000 | €30,801,202 | +€12.8m | +71.5% |
| Other investments | 51/53 | €17,965,000 | €30,801,202 | +€12.8m | +71.5% |
| Cash at bank and in hand | 54/58 | €17,472,037 | €14,117,940 | -€3.4m | -19.2% |
| Deferred charges and accrued income | 490/1 | €173,658 | €230,897 | +€57,239 | +33.0% |
| Total equity and liabilities | 10/49 | €158,967,148 | €141,881,760 | -€17.1m | -10.7% |
| Equity | 10/15 | €55,907,517 | €66,802,725 | +€10.9m | +19.5% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €41,324 | €41,324 | = | 0.0% |
| Reserves | 13 | €54,985,925 | €66,281,217 | +€11.3m | +20.5% |
| Non-distributable reserves | 130/1 | €49,436 | €49,436 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,436 | €9,436 | = | 0.0% |
| Tax-exempt reserves | 132 | €76,490 | €71,781 | -€4,709 | -6.2% |
| Distributable reserves | 133 | €54,860,000 | €66,160,000 | +€11.3m | +20.6% |
| Profit (loss) carried forward | 14 | €480,268 | €80,184 | -€400,084 | -83.3% |
| Provisions and deferred taxes | 16 | €235,497 | €283,927 | +€48,430 | +20.6% |
| Provisions for liabilities and charges | 160/5 | €210,000 | €260,000 | +€50,000 | +23.8% |
| Other liabilities and charges | 164/5 | €210,000 | €260,000 | +€50,000 | +23.8% |
| Deferred taxes | 168 | €25,497 | €23,927 | -€1,570 | -6.2% |
| Amounts payable | 17/49 | €102,824,134 | €74,795,109 | -€28.0m | -27.3% |
| Amounts payable after more than one year | 17 | €263,735 | €268,385 | +€4,650 | +1.8% |
| Other amounts payable | 178/9 | €263,735 | €268,385 | +€4,650 | +1.8% |
| Amounts payable within one year | 42/48 | €101,376,528 | €74,443,453 | -€26.9m | -26.6% |
| Trade debts | 44 | €79,907,660 | €67,084,227 | -€12.8m | -16.0% |
| Suppliers | 440/4 | €79,907,660 | €67,084,227 | -€12.8m | -16.0% |
| Taxes, remuneration and social security | 45 | €6,468,868 | €4,350,192 | -€2.1m | -32.8% |
| Taxes | 450/3 | €6,270,336 | €4,161,765 | -€2.1m | -33.6% |
| Remuneration and social security | 454/9 | €198,532 | €188,427 | -€10,104 | -5.1% |
| Other amounts payable | 47/48 | €15,000,000 | €3,009,033 | -€12.0m | -79.9% |
| Accrued charges and deferred income | 492/3 | €1,183,871 | €83,271 | -€1.1m | -93.0% |
| Operating income | 70/76A | €1,601,574,582 | €1,425,491,082 | -€176.1m | -11.0% |
| Turnover | 70 | €1,599,539,768 | €1,423,135,235 | -€176.4m | -11.0% |
| Other operating income | 74 | €1,109,665 | €2,220,821 | +€1.1m | +100.1% |
| Non-recurring operating income | 76A | €925,149 | €135,027 | -€790,122 | -85.4% |
| Operating charges | 60/66A | €1,580,592,020 | €1,411,071,357 | -€169.5m | -10.7% |
| Goods for resale, raw materials and consumables | 60 | €1,563,675,082 | €1,397,378,893 | -€166.3m | -10.6% |
| Purchases | 600/8 | €1,562,179,355 | €1,396,063,550 | -€166.1m | -10.6% |
| Change in stocks: decrease (increase) | 609 | €1,495,727 | €1,315,343 | -€180,384 | -12.1% |
| Services and other goods | 61 | €11,305,626 | €11,486,723 | +€181,097 | +1.6% |
| Remuneration, social security and pensions | 62 | €1,131,411 | €1,127,335 | -€4,076 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €806,271 | €841,901 | +€35,631 | +4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €918,989 | -€25,453 | -€944,441 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €180,202 | €50,000 | -€130,202 | -72.3% |
| Other operating charges | 640/8 | €2,574,440 | €211,957 | -€2.4m | -91.8% |
| Operating profit (loss) | 9901 | €20,982,562 | €14,419,725 | -€6.6m | -31.3% |
| Financial income | 75/76B | €2,371,670 | €1,644,425 | -€727,245 | -30.7% |
| Recurring financial income | 75 | €2,371,670 | €1,644,425 | -€727,245 | -30.7% |
| Income from financial fixed assets | 750 | €513,769 | €434,916 | -€78,853 | -15.3% |
| Income from current assets | 751 | €1,014,622 | €913,754 | -€100,868 | -9.9% |
| Other financial income | 752/9 | €843,279 | €295,755 | -€547,524 | -64.9% |
| Financial charges | 65/66B | €33,472 | €61,730 | +€28,258 | +84.4% |
| Recurring financial charges | 65 | €33,472 | €61,730 | +€28,258 | +84.4% |
| Debt charges | 650 | €487 | €0 | -€487 | -100.0% |
| Other financial charges | 652/9 | €32,985 | €61,730 | +€28,745 | +87.1% |
| Profit (loss) for the period before taxes | 9903 | €23,320,760 | €16,002,420 | -€7.3m | -31.4% |
| Transfer from deferred taxes | 780 | €1,570 | €1,570 | = | 0.0% |
| Income taxes | 67/77 | €5,699,525 | €3,897,782 | -€1.8m | -31.6% |
| Taxes | 670/3 | €5,700,108 | €3,898,184 | -€1.8m | -31.6% |
| Tax adjustments and reversals of tax provisions | 77 | €583 | €402 | -€181 | -31.1% |
| Profit (loss) for the period | 9904 | €17,622,804 | €12,106,207 | -€5.5m | -31.3% |
| Transfer from tax-exempt reserves | 789 | €4,709 | €4,709 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,627,513 | €12,110,916 | -€5.5m | -31.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.