BELGRADIS: 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.
BELGRADIS
Largest movements
- Cash -€233,783
down €233,783 (-47.2%), from €495,537 to €261,755
mainly Net result for the year (-€1.4m) and Current portion of long-term debt (-€318,286)
- Receivables within one year +€120,875
up €120,875 (+22.8%), from €530,279 to €651,154
of which Trade receivables: +€185,813
- Intangible fixed assets -€56,445
down €56,445 (-11.1%), from €508,002 to €451,557
- Stocks and contracts -€50,222
down €50,222 (-6.7%), from €751,616 to €701,394
- Tangible fixed assets +€32,354
up €32,354 (+123%), from €26,338 to €58,692
of which Plant, machinery and equipment: +€23,691
- Trade debts +€1.8m
up €1.8m (+105%), from €1.7m to €3.5m
- Profit (loss) carried forward -€1.4m
down €1.4m (-191%), from -€721,910 to -€2.1m
- Current portion of long-term debt -€318,286
down €318,286 (-75.3%), from €422,646 to €104,360
- Tax, wage and social debts -€184,008
down €184,008 (-55.2%), from €333,362 to €149,354
of which Remuneration and social security: -€123,724
- Debts after one year -€104,360
down €104,360 (-22.3%), from €468,543 to €364,183
of which Financial debts: -€104,360
- Gross operating margin -€662,202
down €662,202 (-89.7%), from €738,191 to €75,990
- Staff costs -€308,422
down €308,422 (-24.8%), from €1.2m to €936,897
- Financial charges +€258,653
up €258,653 (+235%), from €109,948 to €368,601
of which Financial charges: +€205,244
- Other operating charges +€32,176
up €32,176 (+71.9%), from €44,772 to €76,948
- Depreciation +€8,024
up €8,024 (+13.3%), from €60,235 to €68,258
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.
Derived cash bridge
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 | €2,315,559 | €2,136,346 | -€179,214 | -7.7% |
| Fixed assets | 21/28 | €534,340 | €510,474 | -€23,866 | -4.5% |
| Intangible fixed assets | 21 | €508,002 | €451,557 | -€56,445 | -11.1% |
| Tangible fixed assets | 22/27 | €26,338 | €58,692 | +€32,354 | +123% |
| Land and buildings | 22 | - | €2,242 | +€2,242 | |
| Plant, machinery and equipment | 23 | €16,335 | €40,026 | +€23,691 | +145% |
| Furniture and vehicles | 24 | €10,003 | €16,424 | +€6,421 | +64.2% |
| Financial fixed assets | 28 | - | €225 | +€225 | |
| Current assets | 29/58 | €1,781,220 | €1,625,872 | -€155,348 | -8.7% |
| Stocks and contracts in progress | 3 | €751,616 | €701,394 | -€50,222 | -6.7% |
| Stocks | 30/36 | €751,616 | €701,394 | -€50,222 | -6.7% |
| Amounts receivable within one year | 40/41 | €530,279 | €651,154 | +€120,875 | +22.8% |
| Trade receivables | 40 | €416,051 | €601,864 | +€185,813 | +44.7% |
| Other amounts receivable | 41 | €114,227 | €49,290 | -€64,937 | -56.8% |
| Cash at bank and in hand | 54/58 | €495,537 | €261,755 | -€233,783 | -47.2% |
| Deferred charges and accrued income | 490/1 | €3,787 | €11,569 | +€7,782 | +205% |
| Total equity and liabilities | 10/49 | €2,315,559 | €2,136,346 | -€179,214 | -7.7% |
| Equity | 10/15 | -€621,910 | -€1,998,110 | -€1.4m | -221% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€721,910 | -€2,098,110 | -€1.4m | -191% |
| Amounts payable | 17/49 | €2,937,469 | €4,134,455 | +€1.2m | +40.7% |
| Amounts payable after more than one year | 17 | €468,543 | €364,183 | -€104,360 | -22.3% |
| Financial debts | 170/4 | €464,743 | €360,383 | -€104,360 | -22.5% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,468,508 | €3,770,272 | +€1.3m | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €422,646 | €104,360 | -€318,286 | -75.3% |
| Trade debts | 44 | €1,712,500 | €3,516,558 | +€1.8m | +105% |
| Suppliers | 440/4 | €1,712,500 | €3,516,558 | +€1.8m | +105% |
| Taxes, remuneration and social security | 45 | €333,362 | €149,354 | -€184,008 | -55.2% |
| Taxes | 450/3 | €73,091 | €12,808 | -€60,284 | -82.5% |
| Remuneration and social security | 454/9 | €260,271 | €136,547 | -€123,724 | -47.5% |
| Accrued charges and deferred income | 492/3 | €417 | - | -€417 | |
| Remuneration, social security and pensions | 62 | €1,245,319 | €936,897 | -€308,422 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,235 | €68,258 | +€8,024 | +13.3% |
| Other operating charges | 640/8 | €44,772 | €76,948 | +€32,176 | +71.9% |
| Non-recurring operating charges | 66A | €930 | €1,585 | +€655 | +70.5% |
| Gross operating margin | 9900 | €738,191 | €75,990 | -€662,202 | -89.7% |
| Operating profit (loss) | 9901 | -€613,065 | -€1,007,700 | -€394,635 | -64.4% |
| Financial income | 75/76B | €1,103 | €101 | -€1,002 | -90.8% |
| Recurring financial income | 75 | €1,103 | €101 | -€1,002 | -90.8% |
| Financial charges | 65/66B | €109,948 | €368,601 | +€258,653 | +235% |
| Recurring financial charges | 65 | €109,948 | €315,192 | +€205,244 | +187% |
| Non-recurring financial charges | 66B | - | €53,410 | +€53,410 | |
| Profit (loss) for the period before taxes | 9903 | -€721,910 | -€1,376,200 | -€654,290 | -90.6% |
| Profit (loss) for the period | 9904 | -€721,910 | -€1,376,200 | -€654,290 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€721,910 | -€1,376,200 | -€654,290 | -90.6% |
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 15 October 2026 via checked.be.