Belgostar: 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.
Belgostar
Largest movements
- Receivables within one year +€263,000
up €263,000 (+103.5%), from €254,000 to €517,000
- Cash -€43,692
down €43,692 (-23.7%), from €184,101 to €140,409
mainly Receivables within one year (-€263,000)
- Reserves +€207,225
up €207,225 (+31.2%), from €663,704 to €870,928
of which Distributable reserves: +€207,225
- Gross operating margin +€2,624
up €2,624 (+1.1%), from €233,153 to €235,776
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 | €743,809 | €953,753 | +€209,944 | +28.2% |
| Fixed assets | 21/28 | €305,708 | €296,344 | -€9,364 | -3.1% |
| Tangible fixed assets | 22/27 | €305,708 | €296,344 | -€9,364 | -3.1% |
| Land and buildings | 22 | €305,708 | €296,344 | -€9,364 | -3.1% |
| Current assets | 29/58 | €438,101 | €657,409 | +€219,308 | +50.1% |
| Amounts receivable within one year | 40/41 | €254,000 | €517,000 | +€263,000 | +103.5% |
| Other amounts receivable | 41 | €254,000 | €517,000 | +€263,000 | +103.5% |
| Cash at bank and in hand | 54/58 | €184,101 | €140,409 | -€43,692 | -23.7% |
| Total equity and liabilities | 10/49 | €743,809 | €953,753 | +€209,944 | +28.2% |
| Equity | 10/15 | €741,809 | €949,034 | +€207,225 | +27.9% |
| Contributions | 10/11 | €78,106 | €78,106 | = | 0.0% |
| Capital | 10 | €78,106 | €78,106 | = | 0.0% |
| Issued capital | 100 | €78,106 | €78,106 | = | 0.0% |
| Reserves | 13 | €663,704 | €870,928 | +€207,225 | +31.2% |
| Non-distributable reserves | 130/1 | €12,841 | €12,841 | = | 0.0% |
| Legal reserve | 130 | €12,841 | €12,841 | = | 0.0% |
| Distributable reserves | 133 | €650,863 | €858,088 | +€207,225 | +31.8% |
| Amounts payable | 17/49 | €2,000 | €4,719 | +€2,719 | +135.9% |
| Amounts payable within one year | 42/48 | €2,000 | €4,719 | +€2,719 | +135.9% |
| Trade debts | 44 | €2,000 | €4,719 | +€2,719 | +135.9% |
| Suppliers | 440/4 | €2,000 | €4,719 | +€2,719 | +135.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,364 | €9,364 | = | 0.0% |
| Other operating charges | 640/8 | €18,077 | €18,644 | +€567 | +3.1% |
| Gross operating margin | 9900 | €233,153 | €235,776 | +€2,624 | +1.1% |
| Operating profit (loss) | 9901 | €205,712 | €207,768 | +€2,056 | +1.0% |
| Financial charges | 65/66B | €150 | €543 | +€393 | +262.0% |
| Recurring financial charges | 65 | €150 | €543 | +€393 | +262.0% |
| Profit (loss) for the period before taxes | 9903 | €205,562 | €207,225 | +€1,663 | +0.8% |
| Profit (loss) for the period | 9904 | €205,562 | €207,225 | +€1,663 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €205,562 | €207,225 | +€1,663 | +0.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.