BELGOS: 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.
BELGOS
Largest movements
- Receivables within one year -€227,334
down €227,334 (-24.0%), from €946,427 to €719,093
of which Trade receivables: -€145,568
- Cash +€62,879
up €62,879 (+103.9%), from €60,517 to €123,396
mainly Receivables within one year (+€227,334) and Short-term financial debts (+€100,000)
- Current investments -€50,187
down €50,187 (-99.7%), from €50,323 to €137
- Tangible fixed assets -€12,654
down €12,654 (-76.2%), from €16,606 to €3,952
- Other debts -€275,409
down €275,409 (-35.2%), from €783,508 to €508,099
- Accrued charges and deferred income -€128,297
down €128,297 (-100.0%), from €128,297 to €0
- Short-term financial debts +€100,000
new in 2025: €100,000
- Trade debts +€84,009
up €84,009 (+2163.0%), from €3,884 to €87,893
- Financial income -€5,878
down €5,878 (-47.8%), from €12,301 to €6,423
- Gross operating margin +€5,451
up €5,451 (+36.9%), from €14,759 to €20,210
- Financial charges +€3,190
up €3,190 (+92.0%), from €3,466 to €6,656
- Depreciation -€3,083
down €3,083 (-19.6%), from €15,737 to €12,654
- Taxes -€428
down €428 (-22.8%), from €1,881 to €1,453
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,252,855 | €1,026,547 | -€226,308 | -18.1% |
| Fixed assets | 21/28 | €16,606 | €3,952 | -€12,654 | -76.2% |
| Tangible fixed assets | 22/27 | €16,606 | €3,952 | -€12,654 | -76.2% |
| Furniture and vehicles | 24 | €16,606 | €3,952 | -€12,654 | -76.2% |
| Current assets | 29/58 | €1,236,249 | €1,022,595 | -€213,654 | -17.3% |
| Amounts receivable within one year | 40/41 | €946,427 | €719,093 | -€227,334 | -24.0% |
| Trade receivables | 40 | €178,816 | €33,248 | -€145,568 | -81.4% |
| Other amounts receivable | 41 | €767,611 | €685,845 | -€81,766 | -10.7% |
| Current investments | 50/53 | €50,323 | €137 | -€50,187 | -99.7% |
| Cash at bank and in hand | 54/58 | €60,517 | €123,396 | +€62,879 | +103.9% |
| Deferred charges and accrued income | 490/1 | €178,981 | €179,969 | +€988 | +0.6% |
| Total equity and liabilities | 10/49 | €1,252,855 | €1,026,547 | -€226,308 | -18.1% |
| Equity | 10/15 | €317,985 | €321,767 | +€3,783 | +1.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €125,776 | €125,776 | = | 0.0% |
| Non-distributable reserves | 130/1 | €55,776 | €55,776 | = | 0.0% |
| Legal reserve | 130 | €55,776 | €55,776 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,709 | €134,491 | +€3,783 | +2.9% |
| Amounts payable | 17/49 | €934,871 | €704,780 | -€230,091 | -24.6% |
| Amounts payable after more than one year | 17 | €3,351 | €0 | -€3,351 | -100.0% |
| Financial debts | 170/4 | €3,351 | €0 | -€3,351 | -100.0% |
| Amounts payable within one year | 42/48 | €803,222 | €704,780 | -€98,442 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €9,981 | €3,351 | -€6,629 | -66.4% |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €3,884 | €87,893 | +€84,009 | +2163.0% |
| Suppliers | 440/4 | €3,884 | €87,893 | +€84,009 | +2163.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,849 | €5,436 | -€413 | -7.1% |
| Taxes | 450/3 | €5,849 | €5,436 | -€413 | -7.1% |
| Other amounts payable | 47/48 | €783,508 | €508,099 | -€275,409 | -35.2% |
| Accrued charges and deferred income | 492/3 | €128,297 | €0 | -€128,297 | -100.0% |
| Non-recurring operating income | 76A | €4,922 | €0 | -€4,922 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,737 | €12,654 | -€3,083 | -19.6% |
| Other operating charges | 640/8 | €2,231 | €2,088 | -€143 | -6.4% |
| Gross operating margin | 9900 | €14,759 | €20,210 | +€5,451 | +36.9% |
| Operating profit (loss) | 9901 | -€3,210 | €5,468 | +€8,678 | |
| Financial income | 75/76B | €12,301 | €6,423 | -€5,878 | -47.8% |
| Recurring financial income | 75 | €12,301 | €6,423 | -€5,878 | -47.8% |
| Financial charges | 65/66B | €3,466 | €6,656 | +€3,190 | +92.0% |
| Recurring financial charges | 65 | €3,466 | €6,656 | +€3,190 | +92.0% |
| Profit (loss) for the period before taxes | 9903 | €5,626 | €5,235 | -€390 | -6.9% |
| Income taxes | 67/77 | €1,881 | €1,453 | -€428 | -22.8% |
| Profit (loss) for the period | 9904 | €3,745 | €3,783 | +€38 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,745 | €3,783 | +€38 | +1.0% |
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 10 October 2026 via checked.be.