BELGOTRAN: 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.
BELGOTRAN
Largest movements
- Cash -€404,286
down €404,286 (-64.1%), from €630,986 to €226,701
mainly Receivables within one year (-€343,468) and Investment in fixed assets (net) (-€101,001)
- Receivables within one year +€343,468
up €343,468 (+204.4%), from €168,012 to €511,480
of which Other amounts receivable: +€326,951
- Tangible fixed assets +€67,750
up €67,750 (+68.6%), from €98,741 to €166,491
of which Land and buildings: +€90,000
- Current investments +€51,666
up €51,666 (+11.1%), from €466,821 to €518,487
- Reserves +€65,958
up €65,958 (+5.1%), from €1.3m to €1.4m
of which Distributable reserves: +€66,396
- Gross operating margin -€85,460
down €85,460 (-19.4%), from €440,993 to €355,533
- Staff costs -€42,073
down €42,073 (-13.7%), from €306,764 to €264,691
- Financial income +€21,832
up €21,832 (+120.1%), from €18,173 to €40,004
- Taxes -€7,488
down €7,488 (-25.0%), from €29,979 to €22,490
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,371,300 | €1,439,369 | +€68,070 | +5.0% |
| Fixed assets | 21/28 | €98,741 | €166,491 | +€67,750 | +68.6% |
| Tangible fixed assets | 22/27 | €98,741 | €166,491 | +€67,750 | +68.6% |
| Land and buildings | 22 | - | €90,000 | +€90,000 | |
| Plant, machinery and equipment | 23 | €3,115 | €1,771 | -€1,344 | -43.1% |
| Furniture and vehicles | 24 | €6,236 | €1,298 | -€4,939 | -79.2% |
| Other tangible fixed assets | 26 | €89,390 | €73,422 | -€15,967 | -17.9% |
| Current assets | 29/58 | €1,272,559 | €1,272,878 | +€319 | 0.0% |
| Amounts receivable within one year | 40/41 | €168,012 | €511,480 | +€343,468 | +204.4% |
| Trade receivables | 40 | €75,603 | €92,120 | +€16,517 | +21.8% |
| Other amounts receivable | 41 | €92,409 | €419,360 | +€326,951 | +353.8% |
| Current investments | 50/53 | €466,821 | €518,487 | +€51,666 | +11.1% |
| Cash at bank and in hand | 54/58 | €630,986 | €226,701 | -€404,286 | -64.1% |
| Deferred charges and accrued income | 490/1 | €6,740 | €16,211 | +€9,471 | +140.5% |
| Total equity and liabilities | 10/49 | €1,371,300 | €1,439,369 | +€68,070 | +5.0% |
| Equity | 10/15 | €1,310,954 | €1,376,912 | +€65,958 | +5.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,291,954 | €1,357,912 | +€65,958 | +5.1% |
| Tax-exempt reserves | 132 | €437 | - | -€437 | |
| Distributable reserves | 133 | €1,291,516 | €1,357,912 | +€66,396 | +5.1% |
| Provisions and deferred taxes | 16 | €129 | - | -€129 | |
| Deferred taxes | 168 | €129 | - | -€129 | |
| Amounts payable | 17/49 | €60,217 | €62,457 | +€2,240 | +3.7% |
| Amounts payable within one year | 42/48 | €59,590 | €61,683 | +€2,093 | +3.5% |
| Trade debts | 44 | €3,298 | €7,098 | +€3,800 | +115.2% |
| Suppliers | 440/4 | €3,298 | €7,098 | +€3,800 | +115.2% |
| Taxes, remuneration and social security | 45 | €44,381 | €41,096 | -€3,285 | -7.4% |
| Taxes | 450/3 | €24,030 | €24,484 | +€454 | +1.9% |
| Remuneration and social security | 454/9 | €20,351 | €16,612 | -€3,739 | -18.4% |
| Other amounts payable | 47/48 | €11,912 | €13,490 | +€1,578 | +13.2% |
| Accrued charges and deferred income | 492/3 | €627 | €774 | +€147 | +23.5% |
| Remuneration, social security and pensions | 62 | €306,764 | €264,691 | -€42,073 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,849 | €33,251 | +€402 | +1.2% |
| Other operating charges | 640/8 | €3,096 | €3,283 | +€187 | +6.1% |
| Gross operating margin | 9900 | €440,993 | €355,533 | -€85,460 | -19.4% |
| Operating profit (loss) | 9901 | €98,284 | €54,308 | -€43,976 | -44.7% |
| Financial income | 75/76B | €18,173 | €40,004 | +€21,832 | +120.1% |
| Recurring financial income | 75 | €18,173 | €40,004 | +€21,832 | +120.1% |
| Financial charges | 65/66B | €5,526 | €5,993 | +€466 | +8.4% |
| Recurring financial charges | 65 | €5,526 | €5,993 | +€466 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €110,930 | €88,320 | -€22,611 | -20.4% |
| Transfer from deferred taxes | 780 | €140 | €129 | -€11 | -7.6% |
| Income taxes | 67/77 | €29,979 | €22,490 | -€7,488 | -25.0% |
| Profit (loss) for the period | 9904 | €81,092 | €65,958 | -€15,133 | -18.7% |
| Transfer from tax-exempt reserves | 789 | €640 | €437 | -€203 | -31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,732 | €66,396 | -€15,336 | -18.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.