Belgotrust: 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.
Belgotrust
Largest movements
- Tangible fixed assets -€194,720
down €194,720 (-11.1%), from €1.8m to €1.6m
of which Other tangible fixed assets: -€165,129
- Cash -€35,033
down €35,033 (-28.4%), from €123,558 to €88,525
mainly Debts after one year (-€102,923) and Trade debts (-€80,452)
- Receivables within one year -€31,503
down €31,503 (-18.1%), from €174,242 to €142,739
of which Trade receivables: -€58,471
- Debts after one year -€102,923
down €102,923 (-7.5%), from €1.4m to €1.3m
of which Financial debts: -€102,923
- Trade debts -€80,452
down €80,452 (-60.4%), from €133,138 to €52,686
- Other debts -€51,923
down €51,923 (-29.0%), from €179,165 to €127,242
- Gross operating margin -€30,483
down €30,483 (-10.1%), from €300,681 to €270,198
- Other operating charges +€18,555
up €18,555 (+42.0%), from €44,197 to €62,752
- Taxes +€10,356
up €10,356 (+258.4%), from €4,007 to €14,363
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 | €2,058,752 | €1,803,383 | -€255,369 | -12.4% |
| Fixed assets | 21/28 | €1,760,952 | €1,567,119 | -€193,833 | -11.0% |
| Tangible fixed assets | 22/27 | €1,759,540 | €1,564,820 | -€194,720 | -11.1% |
| Land and buildings | 22 | €888,241 | €864,405 | -€23,836 | -2.7% |
| Plant, machinery and equipment | 23 | €27,311 | €21,555 | -€5,755 | -21.1% |
| Other tangible fixed assets | 26 | €843,989 | €678,860 | -€165,129 | -19.6% |
| Financial fixed assets | 28 | €1,412 | €2,299 | +€887 | +62.8% |
| Current assets | 29/58 | €297,800 | €236,264 | -€61,536 | -20.7% |
| Amounts receivable within one year | 40/41 | €174,242 | €142,739 | -€31,503 | -18.1% |
| Trade receivables | 40 | €106,085 | €47,614 | -€58,471 | -55.1% |
| Other amounts receivable | 41 | €68,157 | €95,125 | +€26,968 | +39.6% |
| Cash at bank and in hand | 54/58 | €123,558 | €88,525 | -€35,033 | -28.4% |
| Deferred charges and accrued income | 490/1 | - | €5,000 | +€5,000 | |
| Total equity and liabilities | 10/49 | €2,058,752 | €1,803,383 | -€255,369 | -12.4% |
| Equity | 10/15 | €254,532 | €234,001 | -€20,531 | -8.1% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Capital | 10 | €165,000 | €165,000 | = | 0.0% |
| Issued capital | 100 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €555,422 | €555,422 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,500 | €16,500 | = | 0.0% |
| Legal reserve | 130 | €16,500 | €16,500 | = | 0.0% |
| Distributable reserves | 133 | €538,922 | €538,922 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€465,891 | -€486,421 | -€20,531 | -4.4% |
| Amounts payable | 17/49 | €1,804,220 | €1,569,382 | -€234,838 | -13.0% |
| Amounts payable after more than one year | 17 | €1,377,636 | €1,274,713 | -€102,923 | -7.5% |
| Financial debts | 170/4 | €1,324,719 | €1,221,797 | -€102,923 | -7.8% |
| Other amounts payable | 178/9 | €52,917 | €52,917 | = | 0.0% |
| Amounts payable within one year | 42/48 | €421,884 | €283,071 | -€138,814 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €101,332 | €102,923 | +€1,590 | +1.6% |
| Trade debts | 44 | €133,138 | €52,686 | -€80,452 | -60.4% |
| Suppliers | 440/4 | €133,138 | €52,686 | -€80,452 | -60.4% |
| Taxes, remuneration and social security | 45 | €8,249 | €220 | -€8,029 | -97.3% |
| Taxes | 450/3 | €8,249 | €220 | -€8,029 | -97.3% |
| Other amounts payable | 47/48 | €179,165 | €127,242 | -€51,923 | -29.0% |
| Accrued charges and deferred income | 492/3 | €4,700 | €11,598 | +€6,898 | +146.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,933 | €194,720 | +€787 | +0.4% |
| Other operating charges | 640/8 | €44,197 | €62,752 | +€18,555 | +42.0% |
| Gross operating margin | 9900 | €300,681 | €270,198 | -€30,483 | -10.1% |
| Operating profit (loss) | 9901 | €62,551 | €12,726 | -€49,825 | -79.7% |
| Financial income | 75/76B | €3,880 | €4,299 | +€419 | +10.8% |
| Recurring financial income | 75 | €3,880 | €4,299 | +€419 | +10.8% |
| Financial charges | 65/66B | €24,501 | €23,193 | -€1,308 | -5.3% |
| Recurring financial charges | 65 | €24,501 | €23,193 | -€1,308 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €41,930 | -€6,168 | -€48,097 | |
| Income taxes | 67/77 | €4,007 | €14,363 | +€10,356 | +258.4% |
| Profit (loss) for the period | 9904 | €37,922 | -€20,531 | -€58,453 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,922 | -€20,531 | -€58,453 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.