BELGRADO JOHAN: 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.
BELGRADO JOHAN
Largest movements
- Cash -€10,268
down €10,268 (-13.3%), from €77,037 to €66,769
mainly Contributions, distributions and other (-€63,600) and Tax, wage and social debts (-€5,114)
- Tangible fixed assets +€2,012
new in 2025: €2,012
- Receivables within one year +€1,786
up €1,786 (+14.4%), from €12,393 to €14,179
of which Other amounts receivable: +€4,359
- Deferred charges and accrued income +€1,716
up €1,716 (+175%), from €981 to €2,698
- Contributions -€13,600
down €13,600 (-73.1%), from €18,600 to €5,000
- Reserves +€8,915
up €8,915 (+76.7%), from €11,621 to €20,536
- Trade debts +€5,258
up €5,258 (+108%), from €4,864 to €10,122
- Tax, wage and social debts -€5,114
no longer reported in 2025 (was €5,114)
- Gross operating margin +€12,047
up €12,047 (+18.8%), from €64,215 to €76,262
- Taxes +€2,357
up €2,357 (+19.0%), from €12,376 to €14,733
- Financial charges +€896
up €896 (+120%), from €748 to €1,644
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 | €90,411 | €85,658 | -€4,753 | -5.3% |
| Fixed assets | 21/28 | - | €2,012 | +€2,012 | |
| Tangible fixed assets | 22/27 | - | €2,012 | +€2,012 | |
| Other tangible fixed assets | 26 | - | €2,012 | +€2,012 | |
| Current assets | 29/58 | €90,411 | €83,646 | -€6,765 | -7.5% |
| Amounts receivable within one year | 40/41 | €12,393 | €14,179 | +€1,786 | +14.4% |
| Trade receivables | 40 | €8,914 | €6,341 | -€2,573 | -28.9% |
| Other amounts receivable | 41 | €3,479 | €7,838 | +€4,359 | +125% |
| Cash at bank and in hand | 54/58 | €77,037 | €66,769 | -€10,268 | -13.3% |
| Deferred charges and accrued income | 490/1 | €981 | €2,698 | +€1,716 | +175% |
| Total equity and liabilities | 10/49 | €90,411 | €85,658 | -€4,753 | -5.3% |
| Equity | 10/15 | €30,221 | €25,536 | -€4,685 | -15.5% |
| Contributions | 10/11 | €18,600 | €5,000 | -€13,600 | -73.1% |
| Reserves | 13 | €11,621 | €20,536 | +€8,915 | +76.7% |
| Distributable reserves | 133 | €11,621 | €20,536 | +€8,915 | +76.7% |
| Amounts payable | 17/49 | €60,190 | €60,122 | -€68 | -0.1% |
| Amounts payable within one year | 42/48 | €60,153 | €60,122 | -€30 | -0.1% |
| Trade debts | 44 | €4,864 | €10,122 | +€5,258 | +108% |
| Suppliers | 440/4 | €4,864 | €10,122 | +€5,258 | +108% |
| Taxes, remuneration and social security | 45 | €5,114 | - | -€5,114 | |
| Taxes | 450/3 | €5,114 | - | -€5,114 | |
| Other amounts payable | 47/48 | €50,175 | €50,000 | -€175 | -0.3% |
| Accrued charges and deferred income | 492/3 | €37 | - | -€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €51 | +€51 | |
| Other operating charges | 640/8 | €1,554 | €969 | -€586 | -37.7% |
| Non-recurring operating charges | 66A | €1,032 | - | -€1,032 | |
| Gross operating margin | 9900 | €64,215 | €76,262 | +€12,047 | +18.8% |
| Operating profit (loss) | 9901 | €61,629 | €75,242 | +€13,613 | +22.1% |
| Financial income | 75/76B | €35 | €50 | +€15 | +43.4% |
| Recurring financial income | 75 | €35 | €50 | +€15 | +43.4% |
| Financial charges | 65/66B | €748 | €1,644 | +€896 | +120% |
| Recurring financial charges | 65 | €748 | €1,644 | +€896 | +120% |
| Profit (loss) for the period before taxes | 9903 | €60,916 | €73,648 | +€12,732 | +20.9% |
| Income taxes | 67/77 | €12,376 | €14,733 | +€2,357 | +19.0% |
| Profit (loss) for the period | 9904 | €48,540 | €58,915 | +€10,375 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,540 | €58,915 | +€10,375 | +21.4% |
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 22 October 2026 via checked.be.