BELGOPRO: 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.
BELGOPRO
Largest movements
- Tangible fixed assets +€87,719
up €87,719 (+92.3%), from €95,057 to €182,776
of which Plant, machinery and equipment: +€55,868
- Cash +€71,501
up €71,501 (+129%), from €55,413 to €126,914
mainly Net result for the year (+€120,836) and Provisions (+€57,246)
- Receivables within one year +€7,880
up €7,880 (+225%), from €3,505 to €11,385
- Deferred charges and accrued income +€4,068
up €4,068 (+638%), from €638 to €4,706
- Reserves +€120,836
up €120,836 (+358%), from €33,739 to €154,575
of which Distributable reserves: +€74,216
- Provisions +€57,246
new in 2025: €57,246
of which Provisions for liabilities and charges: +€41,706
- Other debts -€37,308
down €37,308 (-97.9%), from €38,115 to €807
- Trade debts +€20,807
up €20,807 (+150%), from €13,870 to €34,676
- Debts after one year +€18,530
new in 2025: €18,530
- Gross operating margin +€251,166
up €251,166 (+396%), from €63,411 to €314,577
- Staff costs +€53,513
up €53,513 (+659%), from €8,120 to €61,633
- Provisions +€41,706
new in 2025: €41,706
- Taxes +€25,505
up €25,505 (+173%), from €14,736 to €40,241
- Depreciation +€22,619
up €22,619 (+385%), from €5,871 to €28,490
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 | €154,798 | €325,966 | +€171,168 | +111% |
| Fixed assets | 21/28 | €95,242 | €182,961 | +€87,719 | +92.1% |
| Tangible fixed assets | 22/27 | €95,057 | €182,776 | +€87,719 | +92.3% |
| Plant, machinery and equipment | 23 | €5,821 | €61,689 | +€55,868 | +960% |
| Furniture and vehicles | 24 | €52,276 | €74,825 | +€22,549 | +43.1% |
| Leasing and similar rights | 25 | - | €12,203 | +€12,203 | |
| Other tangible fixed assets | 26 | €36,959 | €34,059 | -€2,901 | -7.8% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €59,556 | €143,005 | +€83,449 | +140% |
| Amounts receivable within one year | 40/41 | €3,505 | €11,385 | +€7,880 | +225% |
| Other amounts receivable | 41 | €3,505 | €11,385 | +€7,880 | +225% |
| Cash at bank and in hand | 54/58 | €55,413 | €126,914 | +€71,501 | +129% |
| Deferred charges and accrued income | 490/1 | €638 | €4,706 | +€4,068 | +638% |
| Total equity and liabilities | 10/49 | €154,798 | €325,966 | +€171,168 | +111% |
| Equity | 10/15 | €59,516 | €180,352 | +€120,836 | +203% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,739 | €154,575 | +€120,836 | +358% |
| Tax-exempt reserves | 132 | - | €46,620 | +€46,620 | |
| Distributable reserves | 133 | €33,739 | €107,955 | +€74,216 | +220% |
| Profit (loss) carried forward | 14 | €7,177 | €7,177 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €57,246 | +€57,246 | |
| Provisions for liabilities and charges | 160/5 | - | €41,706 | +€41,706 | |
| Other liabilities and charges | 164/5 | - | €41,706 | +€41,706 | |
| Deferred taxes | 168 | - | €15,540 | +€15,540 | |
| Amounts payable | 17/49 | €95,282 | €88,367 | -€6,914 | -7.3% |
| Amounts payable after more than one year | 17 | - | €18,530 | +€18,530 | |
| Financial debts | 170/4 | - | €18,530 | +€18,530 | |
| Amounts payable within one year | 42/48 | €94,907 | €69,139 | -€25,767 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,773 | +€4,773 | |
| Trade debts | 44 | €13,870 | €34,676 | +€20,807 | +150% |
| Suppliers | 440/4 | €13,870 | €34,676 | +€20,807 | +150% |
| Taxes, remuneration and social security | 45 | €42,922 | €28,883 | -€14,039 | -32.7% |
| Taxes | 450/3 | €19,300 | €20,982 | +€1,682 | +8.7% |
| Remuneration and social security | 454/9 | €23,622 | €7,901 | -€15,721 | -66.6% |
| Other amounts payable | 47/48 | €38,115 | €807 | -€37,308 | -97.9% |
| Accrued charges and deferred income | 492/3 | €375 | €698 | +€323 | +86.1% |
| Remuneration, social security and pensions | 62 | €8,120 | €61,633 | +€53,513 | +659% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,871 | €28,490 | +€22,619 | +385% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €41,706 | +€41,706 | |
| Other operating charges | 640/8 | €600 | €1,044 | +€443 | +73.8% |
| Gross operating margin | 9900 | €63,411 | €314,577 | +€251,166 | +396% |
| Operating profit (loss) | 9901 | €48,819 | €181,704 | +€132,885 | +272% |
| Financial income | 75/76B | €0 | €3,791 | +€3,791 | +1,579,454% |
| Recurring financial income | 75 | €0 | €3,791 | +€3,791 | +1,579,454% |
| Financial charges | 65/66B | €2,204 | €8,878 | +€6,674 | +303% |
| Recurring financial charges | 65 | €2,204 | €8,878 | +€6,674 | +303% |
| Profit (loss) for the period before taxes | 9903 | €46,615 | €176,617 | +€130,002 | +279% |
| Transfer from deferred taxes | 780 | - | €835 | +€835 | |
| Transfer to deferred taxes | 680 | - | €16,375 | +€16,375 | |
| Income taxes | 67/77 | €14,736 | €40,241 | +€25,505 | +173% |
| Profit (loss) for the period | 9904 | €31,879 | €120,836 | +€88,957 | +279% |
| Transfer from tax-exempt reserves | 789 | - | €2,505 | +€2,505 | |
| Transfer to tax-exempt reserves | 689 | - | €49,125 | +€49,125 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,879 | €74,216 | +€42,336 | +133% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.