BELICO: 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.
What changed
BELICO
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€34,521
2024 · €218,951-€253,471
Equity
€1.0m
2024 · €1.1m-€34,521
Cash
€1.2m
2024 · €648,621+€508,662
Balance sheet total
€2.6m
2024 · €2.1m+€517,008
Largest movements
Assets
- Cash +€508,662
up €508,662 (+78.4%), from €648,621 to €1.2m
mainly Trade debts (+€564,380) and Depreciation (+€108,251)
- Tangible fixed assets +€29,024
up €29,024 (+11.0%), from €262,728 to €291,752
of which Other tangible fixed assets: +€65,493
Equity and liabilities
- Trade debts +€564,380
up €564,380 (+65.5%), from €861,342 to €1.4m
- Profit (loss) carried forward -€34,521
down €34,521 (-3.6%), from €949,077 to €914,556
Income statement
- Gross operating margin -€296,937
down €296,937 (-20.7%), from €1.4m to €1.1m
- Taxes -€84,983
down €84,983 (-97.5%), from €87,144 to €2,161
- Staff costs +€49,410
up €49,410 (+4.5%), from €1.1m to €1.1m
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.
Result 2024
€218,951
Gross operating margin
-€296,937
Staff costs
-€49,410
Depreciation
+€8,152
Write-downs
-€2,109
Other operating charges
+€1,604
Other operating items
+€1,215
Financial income
-€1,551
Financial charges
+€581
Taxes
+€84,983
Result 2025
-€34,521
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.
From operations
+€645,937
Investment
-€137,275
Financing
€0
Cash 2024
€648,621
From operations (derived)
+€645,937
Net result for the year
-€34,521
Depreciation
+€108,251
Stocks and contracts
-€2,152
Receivables within one year
+€11,471
Deferred charges and accrued income
+€11,359
Trade debts
+€564,380
Tax, wage and social debts
-€12,851
Investment (derived)
-€137,275
Investment in fixed assets (net)
-€137,275
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,081,548 | €2,598,556 | +€517,008 | +24.8% |
| Fixed assets | 21/28 | €262,972 | €291,996 | +€29,024 | +11.0% |
| Tangible fixed assets | 22/27 | €262,728 | €291,752 | +€29,024 | +11.0% |
| Plant, machinery and equipment | 23 | €5,864 | €5,476 | -€388 | -6.6% |
| Furniture and vehicles | 24 | €229,824 | €193,743 | -€36,081 | -15.7% |
| Other tangible fixed assets | 26 | €27,040 | €92,533 | +€65,493 | +242.2% |
| Financial fixed assets | 28 | €244 | €244 | = | 0.0% |
| Current assets | 29/58 | €1,818,575 | €2,306,559 | +€487,984 | +26.8% |
| Stocks and contracts in progress | 3 | €41,766 | €43,918 | +€2,152 | +5.2% |
| Stocks | 30/36 | €41,766 | €43,918 | +€2,152 | +5.2% |
| Amounts receivable within one year | 40/41 | €1,093,572 | €1,082,101 | -€11,471 | -1.0% |
| Trade receivables | 40 | €120,868 | €87,206 | -€33,662 | -27.9% |
| Other amounts receivable | 41 | €972,704 | €994,895 | +€22,191 | +2.3% |
| Cash at bank and in hand | 54/58 | €648,621 | €1,157,283 | +€508,662 | +78.4% |
| Deferred charges and accrued income | 490/1 | €34,617 | €23,258 | -€11,359 | -32.8% |
| Total equity and liabilities | 10/49 | €2,081,548 | €2,598,556 | +€517,008 | +24.8% |
| Equity | 10/15 | €1,064,403 | €1,029,882 | -€34,521 | -3.2% |
| Contributions | 10/11 | €86,789 | €86,789 | = | 0.0% |
| Reserves | 13 | €28,537 | €28,537 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,915 | €2,915 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,915 | €2,915 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,621 | €25,621 | = | 0.0% |
| Profit (loss) carried forward | 14 | €949,077 | €914,556 | -€34,521 | -3.6% |
| Amounts payable | 17/49 | €1,017,145 | €1,568,673 | +€551,529 | +54.2% |
| Amounts payable within one year | 42/48 | €1,017,145 | €1,568,673 | +€551,529 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €861,342 | €1,425,722 | +€564,380 | +65.5% |
| Suppliers | 440/4 | €861,342 | €1,425,722 | +€564,380 | +65.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €155,803 | €142,952 | -€12,851 | -8.2% |
| Taxes | 450/3 | €26,911 | €36,074 | +€9,163 | +34.1% |
| Remuneration and social security | 454/9 | €128,892 | €106,878 | -€22,014 | -17.1% |
| Non-recurring operating income | 76A | €1,000 | €8,891 | +€7,891 | +789.1% |
| Remuneration, social security and pensions | 62 | €1,093,680 | €1,143,090 | +€49,410 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,403 | €108,251 | -€8,152 | -7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,109 | +€2,109 | |
| Other operating charges | 640/8 | €5,605 | €4,000 | -€1,604 | -28.6% |
| Non-recurring operating charges | 66A | €1,380 | €165 | -€1,215 | -88.0% |
| Gross operating margin | 9900 | €1,436,831 | €1,139,894 | -€296,937 | -20.7% |
| Operating profit (loss) | 9901 | €219,763 | -€117,721 | -€337,484 | |
| Financial income | 75/76B | €88,248 | €86,697 | -€1,551 | -1.8% |
| Recurring financial income | 75 | €88,248 | €86,697 | -€1,551 | -1.8% |
| Financial charges | 65/66B | €1,916 | €1,335 | -€581 | -30.3% |
| Recurring financial charges | 65 | €1,916 | €1,335 | -€581 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €306,095 | -€32,359 | -€338,455 | |
| Income taxes | 67/77 | €87,144 | €2,161 | -€84,983 | -97.5% |
| Profit (loss) for the period | 9904 | €218,951 | -€34,521 | -€253,471 | |
| Profit (loss) for the period to be appropriated | 9905 | €218,951 | -€34,521 | -€253,471 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.