BELKGROUP: 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.
BELKGROUP
Largest movements
- Tangible fixed assets -€7,923
down €7,923 (-34.0%), from €23,309 to €15,386
of which Furniture and vehicles: -€7,257
- Cash -€1,273
down €1,273 (-89.0%), from €1,431 to €157
mainly Tax, wage and social debts (-€8,078) and Trade debts (-€3,631)
- Receivables within one year -€593
down €593 (-5.5%), from €10,817 to €10,224
of which Other amounts receivable: -€1,739
- Tax, wage and social debts -€8,078
no longer reported in 2025 (was €8,078)
of which Taxes: -€7,241
- Trade debts -€3,631
down €3,631 (-95.0%), from €3,824 to €193
- Other debts +€3,193
up €3,193 (+70.5%), from €4,529 to €7,722
- Profit (loss) carried forward -€777
down €777 (-4.8%), from €16,243 to €15,466
- Current portion of long-term debt -€525
no longer reported in 2025 (was €525)
- Staff costs -€11,152
no longer reported in 2025 (was €11,152)
- Gross operating margin +€3,906
up €3,906 (+99.1%), from €3,943 to €7,849
- Taxes +€81
new in 2025: €81
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 | €36,198 | €26,381 | -€9,817 | -27.1% |
| Fixed assets | 21/28 | €23,569 | €15,646 | -€7,923 | -33.6% |
| Tangible fixed assets | 22/27 | €23,309 | €15,386 | -€7,923 | -34.0% |
| Plant, machinery and equipment | 23 | €1,999 | €1,333 | -€666 | -33.3% |
| Furniture and vehicles | 24 | €21,310 | €14,053 | -€7,257 | -34.1% |
| Financial fixed assets | 28 | €260 | €260 | = | 0.0% |
| Current assets | 29/58 | €12,629 | €10,735 | -€1,894 | -15.0% |
| Amounts receivable within one year | 40/41 | €10,817 | €10,224 | -€593 | -5.5% |
| Trade receivables | 40 | €8,256 | €9,402 | +€1,146 | +13.9% |
| Other amounts receivable | 41 | €2,562 | €822 | -€1,739 | -67.9% |
| Cash at bank and in hand | 54/58 | €1,431 | €157 | -€1,273 | -89.0% |
| Deferred charges and accrued income | 490/1 | €381 | €353 | -€28 | -7.4% |
| Total equity and liabilities | 10/49 | €36,198 | €26,381 | -€9,817 | -27.1% |
| Equity | 10/15 | €19,243 | €18,466 | -€777 | -4.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,243 | €15,466 | -€777 | -4.8% |
| Amounts payable | 17/49 | €16,955 | €7,915 | -€9,041 | -53.3% |
| Amounts payable within one year | 42/48 | €16,955 | €7,915 | -€9,041 | -53.3% |
| Current portion of amounts payable after more than one year | 42 | €525 | - | -€525 | |
| Trade debts | 44 | €3,824 | €193 | -€3,631 | -95.0% |
| Suppliers | 440/4 | €3,824 | €193 | -€3,631 | -95.0% |
| Taxes, remuneration and social security | 45 | €8,078 | - | -€8,078 | |
| Taxes | 450/3 | €7,241 | - | -€7,241 | |
| Remuneration and social security | 454/9 | €837 | - | -€837 | |
| Other amounts payable | 47/48 | €4,529 | €7,722 | +€3,193 | +70.5% |
| Remuneration, social security and pensions | 62 | €11,152 | - | -€11,152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,923 | €7,923 | = | 0.0% |
| Other operating charges | 640/8 | €584 | €564 | -€20 | -3.5% |
| Gross operating margin | 9900 | €3,943 | €7,849 | +€3,906 | +99.1% |
| Operating profit (loss) | 9901 | -€15,716 | -€638 | +€15,078 | +95.9% |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €77 | €58 | -€19 | -25.0% |
| Recurring financial charges | 65 | €77 | €58 | -€19 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,764 | -€696 | +€15,067 | +95.6% |
| Income taxes | 67/77 | - | €81 | +€81 | |
| Profit (loss) for the period | 9904 | -€15,764 | -€777 | +€14,987 | +95.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,764 | -€777 | +€14,987 | +95.1% |
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.