BELICIMA: 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.
BELICIMA
Largest movements
- Stocks and contracts +€2,040
up €2,040 (+11.1%), from €18,441 to €20,481
- Receivables within one year -€1,831
down €1,831 (-99.6%), from €1,838 to €7
- Current investments +€755
up €755 (+14.4%), from €5,257 to €6,012
- Tangible fixed assets -€609
down €609 (-25.1%), from €2,426 to €1,817
of which Plant, machinery and equipment: -€473
- Cash -€531
down €531 (-6.2%), from €8,543 to €8,012
mainly Tax, wage and social debts (-€3,109) and Stocks and contracts (-€2,040)
- Reserves +€5,131
up €5,131 (+163%), from €3,147 to €8,278
of which Distributable reserves: +€5,131
- Tax, wage and social debts -€3,109
down €3,109 (-27.6%), from €11,280 to €8,171
of which Taxes: -€2,709
- Short-term financial debts -€1,601
down €1,601 (-100%), from €1,601 to €0
- Trade debts -€609
down €609 (-17.1%), from €3,569 to €2,960
- Gross operating margin -€2,669
down €2,669 (-18.5%), from €14,433 to €11,764
- Taxes -€247
down €247 (-10.1%), from €2,439 to €2,192
- Other operating charges +€220
up €220 (+9.8%), from €2,245 to €2,465
- Financial charges -€205
down €205 (-13.1%), from €1,571 to €1,366
- Depreciation -€182
down €182 (-23.0%), from €792 to €609
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 | €38,189 | €38,001 | -€188 | -0.5% |
| Fixed assets | 21/28 | €2,426 | €1,817 | -€609 | -25.1% |
| Tangible fixed assets | 22/27 | €2,426 | €1,817 | -€609 | -25.1% |
| Plant, machinery and equipment | 23 | €1,999 | €1,525 | -€473 | -23.7% |
| Furniture and vehicles | 24 | €427 | €291 | -€136 | -31.8% |
| Current assets | 29/58 | €35,763 | €36,184 | +€421 | +1.2% |
| Stocks and contracts in progress | 3 | €18,441 | €20,481 | +€2,040 | +11.1% |
| Stocks | 30/36 | €18,441 | €20,481 | +€2,040 | +11.1% |
| Amounts receivable within one year | 40/41 | €1,838 | €7 | -€1,831 | -99.6% |
| Other amounts receivable | 41 | €1,838 | €7 | -€1,831 | -99.6% |
| Current investments | 50/53 | €5,257 | €6,012 | +€755 | +14.4% |
| Cash at bank and in hand | 54/58 | €8,543 | €8,012 | -€531 | -6.2% |
| Deferred charges and accrued income | 490/1 | €1,684 | €1,672 | -€12 | -0.7% |
| Total equity and liabilities | 10/49 | €38,189 | €38,001 | -€188 | -0.5% |
| Equity | 10/15 | €21,739 | €26,870 | +€5,131 | +23.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €3,147 | €8,278 | +€5,131 | +163% |
| Tax-exempt reserves | 132 | €912 | €912 | = | 0.0% |
| Distributable reserves | 133 | €2,235 | €7,366 | +€5,131 | +230% |
| Amounts payable | 17/49 | €16,450 | €11,131 | -€5,319 | -32.3% |
| Amounts payable within one year | 42/48 | €16,450 | €11,131 | -€5,319 | -32.3% |
| Financial debts | 43 | €1,601 | €0 | -€1,601 | -100% |
| Credit institutions | 430/8 | €1,601 | €0 | -€1,601 | -100% |
| Trade debts | 44 | €3,569 | €2,960 | -€609 | -17.1% |
| Suppliers | 440/4 | €3,569 | €2,960 | -€609 | -17.1% |
| Taxes, remuneration and social security | 45 | €11,280 | €8,171 | -€3,109 | -27.6% |
| Taxes | 450/3 | €8,780 | €6,071 | -€2,709 | -30.9% |
| Remuneration and social security | 454/9 | €2,500 | €2,100 | -€400 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €792 | €609 | -€182 | -23.0% |
| Other operating charges | 640/8 | €2,245 | €2,465 | +€220 | +9.8% |
| Non-recurring operating charges | 66A | - | €36 | +€36 | |
| Gross operating margin | 9900 | €14,433 | €11,764 | -€2,669 | -18.5% |
| Operating profit (loss) | 9901 | €11,396 | €8,653 | -€2,743 | -24.1% |
| Financial income | 75/76B | €17 | €35 | +€18 | +111% |
| Recurring financial income | 75 | €17 | €35 | +€18 | +111% |
| Financial charges | 65/66B | €1,571 | €1,366 | -€205 | -13.1% |
| Recurring financial charges | 65 | €1,571 | €1,366 | -€205 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €9,842 | €7,323 | -€2,519 | -25.6% |
| Income taxes | 67/77 | €2,439 | €2,192 | -€247 | -10.1% |
| Profit (loss) for the period | 9904 | €7,403 | €5,131 | -€2,273 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,403 | €5,131 | -€2,273 | -30.7% |
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 14 October 2026 via checked.be.