BELGUNLTD: 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.
BELGUNLTD
Largest movements
- Stocks and contracts -€124,728
down €124,728 (-9.9%), from €1.3m to €1.1m
- Receivables within one year -€92,441
down €92,441 (-34.0%), from €272,152 to €179,711
of which Trade receivables: -€100,747
- Tangible fixed assets -€30,282
down €30,282 (-26.8%), from €113,015 to €82,732
of which Plant, machinery and equipment: -€22,691
- Cash -€25,347
down €25,347 (-23.3%), from €108,601 to €83,254
mainly Net result for the year (-€182,137) and Tax, wage and social debts (-€31,676)
- Reserves -€182,137
down €182,137 (-19.2%), from €947,649 to €765,512
of which Distributable reserves: -€182,137
- Tax, wage and social debts -€31,676
down €31,676 (-62.5%), from €50,676 to €19,001
of which Taxes: -€27,811
- Trade debts -€27,102
down €27,102 (-12.9%), from €210,858 to €183,756
- Other debts -€26,083
down €26,083 (-15.4%), from €169,328 to €143,245
- Current portion of long-term debt +€20,716
up €20,716 (+144%), from €14,385 to €35,101
- Gross operating margin -€282,711
down €282,711, from €257,467 to -€25,244
- Staff costs -€33,123
down €33,123 (-20.8%), from €159,588 to €126,466
- Taxes -€16,766
down €16,766 (-100%), from €16,766 to €0
- Other operating charges -€14,084
down €14,084 (-85.4%), from €16,487 to €2,404
- Financial charges +€3,791
up €3,791 (+63.3%), from €5,993 to €9,785
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 | €1,759,402 | €1,486,474 | -€272,928 | -15.5% |
| Fixed assets | 21/28 | €113,015 | €82,732 | -€30,282 | -26.8% |
| Tangible fixed assets | 22/27 | €113,015 | €82,732 | -€30,282 | -26.8% |
| Land and buildings | 22 | €22,121 | €19,187 | -€2,934 | -13.3% |
| Plant, machinery and equipment | 23 | €85,491 | €62,801 | -€22,691 | -26.5% |
| Furniture and vehicles | 24 | €5,403 | €745 | -€4,658 | -86.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,646,387 | €1,403,742 | -€242,645 | -14.7% |
| Stocks and contracts in progress | 3 | €1,264,215 | €1,139,487 | -€124,728 | -9.9% |
| Stocks | 30/36 | €1,264,215 | €1,139,487 | -€124,728 | -9.9% |
| Amounts receivable within one year | 40/41 | €272,152 | €179,711 | -€92,441 | -34.0% |
| Trade receivables | 40 | €246,214 | €145,468 | -€100,747 | -40.9% |
| Other amounts receivable | 41 | €25,937 | €34,243 | +€8,306 | +32.0% |
| Current investments | 50/53 | €23 | €23 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €108,601 | €83,254 | -€25,347 | -23.3% |
| Deferred charges and accrued income | 490/1 | €1,397 | €1,268 | -€130 | -9.3% |
| Total equity and liabilities | 10/49 | €1,759,402 | €1,486,474 | -€272,928 | -15.5% |
| Equity | 10/15 | €1,247,649 | €1,065,512 | -€182,137 | -14.6% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €947,649 | €765,512 | -€182,137 | -19.2% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,356 | €7,356 | = | 0.0% |
| Distributable reserves | 133 | €910,293 | €728,156 | -€182,137 | -20.0% |
| Amounts payable | 17/49 | €511,752 | €420,962 | -€90,790 | -17.7% |
| Amounts payable after more than one year | 17 | €50,381 | €34,754 | -€15,627 | -31.0% |
| Financial debts | 170/4 | €50,381 | €29,026 | -€21,355 | -42.4% |
| Trade debts | 175 | - | €5,728 | +€5,728 | |
| Amounts payable within one year | 42/48 | €456,267 | €381,103 | -€75,163 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €14,385 | €35,101 | +€20,716 | +144% |
| Financial debts | 43 | €6,018 | €0 | -€6,018 | -100% |
| Credit institutions | 430/8 | €6,018 | €0 | -€6,018 | -100% |
| Trade debts | 44 | €210,858 | €183,756 | -€27,102 | -12.9% |
| Suppliers | 440/4 | €210,858 | €183,756 | -€27,102 | -12.9% |
| Advances received on contracts in progress | 46 | €5,000 | €0 | -€5,000 | -100% |
| Taxes, remuneration and social security | 45 | €50,676 | €19,001 | -€31,676 | -62.5% |
| Taxes | 450/3 | €37,018 | €9,207 | -€27,811 | -75.1% |
| Remuneration and social security | 454/9 | €13,658 | €9,793 | -€3,865 | -28.3% |
| Other amounts payable | 47/48 | €169,328 | €143,245 | -€26,083 | -15.4% |
| Accrued charges and deferred income | 492/3 | €5,105 | €5,105 | = | 0.0% |
| Non-recurring operating income | 76A | - | €47 | +€47 | |
| Remuneration, social security and pensions | 62 | €159,588 | €126,466 | -€33,123 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,827 | €19,046 | -€3,781 | -16.6% |
| Other operating charges | 640/8 | €16,487 | €2,404 | -€14,084 | -85.4% |
| Gross operating margin | 9900 | €257,467 | -€25,244 | -€282,711 | |
| Operating profit (loss) | 9901 | €58,565 | -€173,159 | -€231,724 | |
| Financial income | 75/76B | €1,963 | €807 | -€1,156 | -58.9% |
| Recurring financial income | 75 | €1,963 | €807 | -€1,156 | -58.9% |
| Financial charges | 65/66B | €5,993 | €9,785 | +€3,791 | +63.3% |
| Recurring financial charges | 65 | €5,993 | €9,785 | +€3,791 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €54,534 | -€182,137 | -€236,672 | |
| Income taxes | 67/77 | €16,766 | €0 | -€16,766 | -100% |
| Profit (loss) for the period | 9904 | €37,768 | -€182,137 | -€219,906 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,768 | -€182,137 | -€219,906 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.