BELGORENO: 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.
BELGORENO
Largest movements
- Receivables within one year +€22,059
up €22,059 (+170%), from €13,006 to €35,065
of which Trade receivables: +€23,252
- Cash +€10,963
up €10,963 (+41.8%), from €26,247 to €37,210
mainly Trade debts (+€21,549) and Other debts (+€10,967)
- Stocks and contracts +€8,488
new in 2025: €8,488
- Trade debts +€21,549
up €21,549 (+121%), from €17,796 to €39,344
- Other debts +€10,967
up €10,967 (+234%), from €4,679 to €15,645
- Profit (loss) carried forward +€7,568
up €7,568 (+56.8%), from €13,323 to €20,891
- Gross operating margin +€20,012
up €20,012 (+108%), from €18,452 to €38,463
- Other operating charges +€6,594
up €6,594 (+28.2%), from €23,390 to €29,984
- Depreciation -€515
down €515 (-39.1%), from €1,317 to €802
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 | €40,798 | €80,991 | +€40,193 | +98.5% |
| Fixed assets | 21/28 | €1,030 | €228 | -€802 | -77.8% |
| Tangible fixed assets | 22/27 | €1,030 | €228 | -€802 | -77.8% |
| Plant, machinery and equipment | 23 | €305 | €189 | -€116 | -38.1% |
| Furniture and vehicles | 24 | €725 | €40 | -€686 | -94.5% |
| Current assets | 29/58 | €39,767 | €80,762 | +€40,995 | +103% |
| Stocks and contracts in progress | 3 | - | €8,488 | +€8,488 | |
| Stocks | 30/36 | - | €8,488 | +€8,488 | |
| Amounts receivable within one year | 40/41 | €13,006 | €35,065 | +€22,059 | +170% |
| Trade receivables | 40 | €10,791 | €34,043 | +€23,252 | +215% |
| Other amounts receivable | 41 | €2,215 | €1,022 | -€1,193 | -53.9% |
| Cash at bank and in hand | 54/58 | €26,247 | €37,210 | +€10,963 | +41.8% |
| Deferred charges and accrued income | 490/1 | €514 | - | -€514 | |
| Total equity and liabilities | 10/49 | €40,798 | €80,991 | +€40,193 | +98.5% |
| Equity | 10/15 | €18,323 | €25,891 | +€7,568 | +41.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,323 | €20,891 | +€7,568 | +56.8% |
| Amounts payable | 17/49 | €22,475 | €55,100 | +€32,625 | +145% |
| Amounts payable within one year | 42/48 | €22,475 | €55,100 | +€32,625 | +145% |
| Trade debts | 44 | €17,796 | €39,344 | +€21,549 | +121% |
| Suppliers | 440/4 | €17,796 | €39,344 | +€21,549 | +121% |
| Taxes, remuneration and social security | 45 | - | €110 | +€110 | |
| Taxes | 450/3 | - | €110 | +€110 | |
| Other amounts payable | 47/48 | €4,679 | €15,645 | +€10,967 | +234% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,317 | €802 | -€515 | -39.1% |
| Other operating charges | 640/8 | €23,390 | €29,984 | +€6,594 | +28.2% |
| Gross operating margin | 9900 | €18,452 | €38,463 | +€20,012 | +108% |
| Operating profit (loss) | 9901 | -€6,256 | €7,677 | +€13,933 | |
| Financial income | 75/76B | €59 | €78 | +€19 | +32.0% |
| Recurring financial income | 75 | €59 | €78 | +€19 | +32.0% |
| Financial charges | 65/66B | €192 | €187 | -€5 | -2.8% |
| Recurring financial charges | 65 | €192 | €187 | -€5 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,389 | €7,568 | +€13,957 | |
| Profit (loss) for the period | 9904 | -€6,389 | €7,568 | +€13,957 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,389 | €7,568 | +€13,957 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.