BELGOR FINANCE: 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
BELGOR FINANCE
NACE 32.110, Other manufacturing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€253,900
2024 · €285,543-€31,643
Equity
€932,747
2024 · €678,848+€253,900
Cash
€11,605
2024 · €15,075-€3,470
Balance sheet total
€1.5m
2024 · €745,667+€715,599
Largest movements
Assets
- Receivables within one year +€674,949
up €674,949 (+430%), from €157,141 to €832,090
of which Trade receivables: +€719,454
- Stocks and contracts +€66,613
up €66,613 (+12.4%), from €537,067 to €603,680
Equity and liabilities
- Trade debts +€459,547
new in 2025: €459,547
- Profit (loss) carried forward +€253,900
up €253,900 (+43.7%), from €581,437 to €835,337
Income statement
- Gross operating margin -€38,879
down €38,879 (-10.4%), from €372,475 to €333,596
- Taxes -€7,445
no longer reported in 2025 (was €7,445)
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
€285,543
Gross operating margin
-€38,879
Staff costs
+€3,018
Depreciation
+€5
Other operating charges
-€267
Other operating items
-€188
Financial income
-€0
Financial charges
-€2,778
Taxes
+€7,445
Result 2025
€253,900
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€3,470
Investment
€0
Financing
€0
Cash 2024
€15,075
From operations (derived)
-€3,470
Net result for the year
+€253,900
Depreciation
+€9,997
Receivables after one year
-€1,154
Stocks and contracts
-€66,613
Receivables within one year
-€674,949
Deferred charges and accrued income
+€13,650
Trade debts
+€459,547
Tax, wage and social debts
+€2,152
Cash 2025
€11,605
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €745,667 | €1,461,266 | +€715,599 | +96.0% |
| Fixed assets | 21/28 | €16,487 | €6,489 | -€9,997 | -60.6% |
| Intangible fixed assets | 21 | €472 | €472 | = | 0.0% |
| Tangible fixed assets | 22/27 | €15,723 | €5,726 | -€9,997 | -63.6% |
| Furniture and vehicles | 24 | €5,089 | €2,181 | -€2,908 | -57.1% |
| Leasing and similar rights | 25 | €10,634 | €3,545 | -€7,089 | -66.7% |
| Financial fixed assets | 28 | €292 | €292 | = | 0.0% |
| Current assets | 29/58 | €729,180 | €1,454,776 | +€725,596 | +99.5% |
| Amounts receivable after more than one year | 29 | €5,847 | €7,001 | +€1,154 | +19.7% |
| Other amounts receivable | 291 | €5,847 | €7,001 | +€1,154 | +19.7% |
| Stocks and contracts in progress | 3 | €537,067 | €603,680 | +€66,613 | +12.4% |
| Stocks | 30/36 | €537,067 | €603,680 | +€66,613 | +12.4% |
| Amounts receivable within one year | 40/41 | €157,141 | €832,090 | +€674,949 | +430% |
| Trade receivables | 40 | €41,803 | €761,257 | +€719,454 | +1,721% |
| Other amounts receivable | 41 | €115,338 | €70,833 | -€44,505 | -38.6% |
| Cash at bank and in hand | 54/58 | €15,075 | €11,605 | -€3,470 | -23.0% |
| Deferred charges and accrued income | 490/1 | €14,050 | €400 | -€13,650 | -97.2% |
| Total equity and liabilities | 10/49 | €745,667 | €1,461,266 | +€715,599 | +96.0% |
| Equity | 10/15 | €678,848 | €932,747 | +€253,900 | +37.4% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Reserves | 13 | €15,606 | €15,606 | = | 0.0% |
| Distributable reserves | 133 | €15,606 | €15,606 | = | 0.0% |
| Profit (loss) carried forward | 14 | €581,437 | €835,337 | +€253,900 | +43.7% |
| Amounts payable | 17/49 | €66,819 | €528,518 | +€461,699 | +691% |
| Amounts payable after more than one year | 17 | €49,947 | €49,947 | = | 0.0% |
| Financial debts | 170/4 | €49,947 | €49,947 | = | 0.0% |
| Amounts payable within one year | 42/48 | €16,872 | €478,571 | +€461,699 | +2,736% |
| Trade debts | 44 | - | €459,547 | +€459,547 | |
| Suppliers | 440/4 | - | €459,547 | +€459,547 | |
| Taxes, remuneration and social security | 45 | €16,872 | €19,024 | +€2,152 | +12.8% |
| Taxes | 450/3 | €6,600 | €5,143 | -€1,456 | -22.1% |
| Remuneration and social security | 454/9 | €10,273 | €13,881 | +€3,608 | +35.1% |
| Remuneration, social security and pensions | 62 | €65,291 | €62,273 | -€3,018 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,003 | €9,997 | -€5 | -0.1% |
| Other operating charges | 640/8 | €3,966 | €4,233 | +€267 | +6.7% |
| Non-recurring operating charges | 66A | - | €188 | +€188 | |
| Gross operating margin | 9900 | €372,475 | €333,596 | -€38,879 | -10.4% |
| Operating profit (loss) | 9901 | €293,215 | €256,906 | -€36,309 | -12.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -97.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -97.8% |
| Financial charges | 65/66B | €228 | €3,006 | +€2,778 | +1,221% |
| Recurring financial charges | 65 | €228 | €3,006 | +€2,778 | +1,221% |
| Profit (loss) for the period before taxes | 9903 | €292,988 | €253,900 | -€39,088 | -13.3% |
| Income taxes | 67/77 | €7,445 | - | -€7,445 | |
| Profit (loss) for the period | 9904 | €285,543 | €253,900 | -€31,643 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €285,543 | €253,900 | -€31,643 | -11.1% |
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 27 October 2026 via checked.be.