BELGOTRA: 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.
BELGOTRA
Largest movements
- Receivables within one year -€88,492
down €88,492 (-61.1%), from €144,756 to €56,264
of which Trade receivables: -€103,331
- Cash +€58,543
up €58,543 (+1140.5%), from €5,133 to €63,676
mainly Receivables within one year (+€88,492) and Debts after one year (+€26,677)
- Tangible fixed assets +€43,158
up €43,158 (+199.7%), from €21,607 to €64,765
of which Furniture and vehicles: +€44,716
- Stocks and contracts -€23,019
down €23,019 (-57.5%), from €40,000 to €16,981
of which Contracts in progress: -€40,000
- Debts after one year +€26,677
up €26,677 (+247.1%), from €10,794 to €37,471
- Short-term financial debts -€21,815
no longer reported in 2025 (was €21,815)
- Profit (loss) carried forward -€20,834
new in 2025: -€20,834
- Tax, wage and social debts -€14,736
down €14,736 (-37.5%), from €39,281 to €24,545
of which Taxes: -€22,410
- Trade debts +€13,577
up €13,577 (+49.5%), from €27,405 to €40,982
- Gross operating margin -€23,349
down €23,349 (-32.7%), from €71,334 to €47,985
- Financial income +€12,785
up €12,785 (+264.5%), from €4,834 to €17,619
of which Non-recurring financial income: +€12,545
- Depreciation +€12,458
up €12,458 (+109.2%), from €11,403 to €23,861
- Other operating charges +€5,361
up €5,361 (+283.7%), from €1,890 to €7,251
- Taxes -€3,094
down €3,094 (-88.4%), from €3,501 to €407
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 | €221,940 | €210,176 | -€11,764 | -5.3% |
| Fixed assets | 21/28 | €21,607 | €64,765 | +€43,158 | +199.7% |
| Tangible fixed assets | 22/27 | €21,607 | €64,765 | +€43,158 | +199.7% |
| Plant, machinery and equipment | 23 | €3,558 | €2,000 | -€1,558 | -43.8% |
| Furniture and vehicles | 24 | €18,049 | €62,765 | +€44,716 | +247.8% |
| Current assets | 29/58 | €200,333 | €145,411 | -€54,922 | -27.4% |
| Stocks and contracts in progress | 3 | €40,000 | €16,981 | -€23,019 | -57.5% |
| Stocks | 30/36 | - | €16,981 | +€16,981 | |
| Contracts in progress | 37 | €40,000 | - | -€40,000 | |
| Amounts receivable within one year | 40/41 | €144,756 | €56,264 | -€88,492 | -61.1% |
| Trade receivables | 40 | €137,413 | €34,082 | -€103,331 | -75.2% |
| Other amounts receivable | 41 | €7,344 | €22,183 | +€14,839 | +202.1% |
| Cash at bank and in hand | 54/58 | €5,133 | €63,676 | +€58,543 | +1140.5% |
| Deferred charges and accrued income | 490/1 | €10,444 | €8,490 | -€1,954 | -18.7% |
| Total equity and liabilities | 10/49 | €221,940 | €210,176 | -€11,764 | -5.3% |
| Equity | 10/15 | €108,074 | €87,240 | -€20,834 | -19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €101,874 | €101,874 | = | 0.0% |
| Distributable reserves | 133 | €101,874 | €101,874 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€20,834 | -€20,834 | |
| Amounts payable | 17/49 | €113,866 | €122,935 | +€9,069 | +8.0% |
| Amounts payable after more than one year | 17 | €10,794 | €37,471 | +€26,677 | +247.1% |
| Financial debts | 170/4 | €10,794 | €37,471 | +€26,677 | +247.1% |
| Amounts payable within one year | 42/48 | €103,072 | €85,464 | -€17,607 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €8,050 | €15,743 | +€7,693 | +95.6% |
| Financial debts | 43 | €21,815 | - | -€21,815 | |
| Credit institutions | 430/8 | €21,815 | - | -€21,815 | |
| Trade debts | 44 | €27,405 | €40,982 | +€13,577 | +49.5% |
| Suppliers | 440/4 | €27,405 | €40,982 | +€13,577 | +49.5% |
| Taxes, remuneration and social security | 45 | €39,281 | €24,545 | -€14,736 | -37.5% |
| Taxes | 450/3 | €29,436 | €7,026 | -€22,410 | -76.1% |
| Remuneration and social security | 454/9 | €9,845 | €17,520 | +€7,675 | +78.0% |
| Other amounts payable | 47/48 | €6,520 | €4,193 | -€2,327 | -35.7% |
| Remuneration, social security and pensions | 62 | €49,047 | €48,949 | -€98 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,403 | €23,861 | +€12,458 | +109.2% |
| Other operating charges | 640/8 | €1,890 | €7,251 | +€5,361 | +283.7% |
| Non-recurring operating charges | 66A | €1,004 | €642 | -€362 | -36.0% |
| Gross operating margin | 9900 | €71,334 | €47,985 | -€23,349 | -32.7% |
| Operating profit (loss) | 9901 | €7,991 | -€32,718 | -€40,709 | |
| Financial income | 75/76B | €4,834 | €17,619 | +€12,785 | +264.5% |
| Recurring financial income | 75 | €288 | €528 | +€240 | +83.2% |
| Non-recurring financial income | 76B | €4,545 | €17,091 | +€12,545 | +276.0% |
| Financial charges | 65/66B | €4,212 | €5,328 | +€1,116 | +26.5% |
| Recurring financial charges | 65 | €4,212 | €5,328 | +€1,116 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €8,613 | -€20,426 | -€29,040 | |
| Income taxes | 67/77 | €3,501 | €407 | -€3,094 | -88.4% |
| Profit (loss) for the period | 9904 | €5,112 | -€20,834 | -€25,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,112 | -€20,834 | -€25,946 |
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 12 October 2026 via checked.be.