Belgotap: 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.
Belgotap
Largest movements
- Cash -€541,966
down €541,966 (-93.0%), from €582,664 to €40,698
mainly Debts after one year (-€366,806) and Investment in fixed assets (net) (-€140,104)
- Receivables within one year +€80,244
up €80,244 (+146.1%), from €54,942 to €135,186
of which Trade receivables: +€50,968
- Intangible fixed assets +€70,505
up €70,505 (+33.0%), from €213,715 to €284,220
- Tangible fixed assets -€68,515
down €68,515 (-22.2%), from €308,868 to €240,353
of which Plant, machinery and equipment: -€40,039
- Debts after one year -€366,806
down €366,806 (-87.1%), from €421,087 to €54,280
- Reserves -€118,354
down €118,354 (-38.1%), from €310,643 to €192,289
- Trade debts +€18,101
up €18,101 (+122.6%), from €14,764 to €32,865
- Tax, wage and social debts +€12,297
up €12,297 (+33.1%), from €37,143 to €49,441
of which Remuneration and social security: +€15,365
- Gross operating margin -€478,502
down €478,502 (-53.0%), from €902,811 to €424,309
- Depreciation -€190,802
down €190,802 (-58.0%), from €328,916 to €138,114
- Taxes -€44,711
down €44,711 (-99.6%), from €44,883 to €171
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 | €1,168,925 | €718,465 | -€450,459 | -38.5% |
| Fixed assets | 21/28 | €522,583 | €524,573 | +€1,990 | +0.4% |
| Intangible fixed assets | 21 | €213,715 | €284,220 | +€70,505 | +33.0% |
| Tangible fixed assets | 22/27 | €308,868 | €240,353 | -€68,515 | -22.2% |
| Plant, machinery and equipment | 23 | €225,280 | €185,241 | -€40,039 | -17.8% |
| Furniture and vehicles | 24 | €17,799 | €10,246 | -€7,553 | -42.4% |
| Leasing and similar rights | 25 | €62,462 | €41,945 | -€20,517 | -32.8% |
| Other tangible fixed assets | 26 | €3,327 | €2,921 | -€407 | -12.2% |
| Current assets | 29/58 | €646,341 | €193,892 | -€452,449 | -70.0% |
| Stocks and contracts in progress | 3 | €3,560 | €11,295 | +€7,734 | +217.2% |
| Stocks | 30/36 | €3,560 | €11,295 | +€7,734 | +217.2% |
| Amounts receivable within one year | 40/41 | €54,942 | €135,186 | +€80,244 | +146.1% |
| Trade receivables | 40 | €53,078 | €104,046 | +€50,968 | +96.0% |
| Other amounts receivable | 41 | €1,864 | €31,140 | +€29,276 | +1570.8% |
| Cash at bank and in hand | 54/58 | €582,664 | €40,698 | -€541,966 | -93.0% |
| Deferred charges and accrued income | 490/1 | €5,175 | €6,714 | +€1,539 | +29.7% |
| Total equity and liabilities | 10/49 | €1,168,925 | €718,465 | -€450,459 | -38.5% |
| Equity | 10/15 | €510,643 | €392,289 | -€118,354 | -23.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €310,643 | €192,289 | -€118,354 | -38.1% |
| Distributable reserves | 133 | €310,643 | €192,289 | -€118,354 | -38.1% |
| Amounts payable | 17/49 | €658,282 | €326,176 | -€332,105 | -50.5% |
| Amounts payable after more than one year | 17 | €421,087 | €54,280 | -€366,806 | -87.1% |
| Financial debts | 170/4 | €421,087 | €54,280 | -€366,806 | -87.1% |
| Amounts payable within one year | 42/48 | €237,195 | €271,896 | +€34,701 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €185,250 | €189,361 | +€4,111 | +2.2% |
| Financial debts | 43 | €38 | €229 | +€192 | +506.5% |
| Credit institutions | 430/8 | €38 | €229 | +€192 | +506.5% |
| Trade debts | 44 | €14,764 | €32,865 | +€18,101 | +122.6% |
| Suppliers | 440/4 | €14,764 | €32,865 | +€18,101 | +122.6% |
| Taxes, remuneration and social security | 45 | €37,143 | €49,441 | +€12,297 | +33.1% |
| Taxes | 450/3 | €3,166 | €99 | -€3,067 | -96.9% |
| Remuneration and social security | 454/9 | €33,978 | €49,342 | +€15,365 | +45.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €375,682 | €372,187 | -€3,495 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328,916 | €138,114 | -€190,802 | -58.0% |
| Other operating charges | 640/8 | €13,771 | €15,817 | +€2,046 | +14.9% |
| Non-recurring operating charges | 66A | €390 | €50 | -€340 | -87.2% |
| Gross operating margin | 9900 | €902,811 | €424,309 | -€478,502 | -53.0% |
| Operating profit (loss) | 9901 | €184,052 | -€101,860 | -€285,911 | |
| Financial income | 75/76B | €8,337 | €278 | -€8,059 | -96.7% |
| Recurring financial income | 75 | €8,337 | €278 | -€8,059 | -96.7% |
| Financial charges | 65/66B | €17,149 | €16,601 | -€548 | -3.2% |
| Recurring financial charges | 65 | €17,149 | €16,601 | -€548 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €175,240 | -€118,183 | -€293,422 | |
| Income taxes | 67/77 | €44,883 | €171 | -€44,711 | -99.6% |
| Profit (loss) for the period | 9904 | €130,357 | -€118,354 | -€248,711 | |
| Profit (loss) for the period to be appropriated | 9905 | €130,357 | -€118,354 | -€248,711 |
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 9 October 2026 via checked.be.