Belkos: 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.
Belkos
Largest movements
- Stocks and contracts -€23,306
no longer reported in 2025 (was €23,306)
- Receivables within one year -€17,750
down €17,750 (-24.3%), from €73,011 to €55,260
of which Trade receivables: -€51,051
- Cash -€11,822
down €11,822 (-35.7%), from €33,093 to €21,271
mainly Trade debts (-€29,617) and Net result for the year (-€27,427)
- Tangible fixed assets -€6,991
no longer reported in 2025 (was €6,991)
- Trade debts -€29,617
down €29,617 (-96.1%), from €30,816 to €1,199
- Reserves -€27,427
down €27,427 (-26.4%), from €103,770 to €76,343
- Tax, wage and social debts -€2,159
down €2,159 (-80.3%), from €2,687 to €529
of which Remuneration and social security: -€1,794
- Gross operating margin -€25,125
down €25,125 (-59.2%), from €42,433 to €17,309
- Staff costs +€25,095
up €25,095 (+261%), from €9,598 to €34,693
- Taxes -€5,313
down €5,313 (-96.1%), from €5,529 to €215
- Depreciation -€3,712
no longer reported in 2025 (was €3,712)
- Financial charges -€930
down €930 (-30.9%), from €3,008 to €2,077
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 | €139,773 | €80,571 | -€59,202 | -42.4% |
| Fixed assets | 21/28 | €6,991 | - | -€6,991 | |
| Tangible fixed assets | 22/27 | €6,991 | - | -€6,991 | |
| Furniture and vehicles | 24 | €6,991 | - | -€6,991 | |
| Current assets | 29/58 | €132,782 | €80,571 | -€52,211 | -39.3% |
| Stocks and contracts in progress | 3 | €23,306 | - | -€23,306 | |
| Contracts in progress | 37 | €23,306 | - | -€23,306 | |
| Amounts receivable within one year | 40/41 | €73,011 | €55,260 | -€17,750 | -24.3% |
| Trade receivables | 40 | €52,261 | €1,210 | -€51,051 | -97.7% |
| Other amounts receivable | 41 | €20,749 | €54,050 | +€33,301 | +160% |
| Cash at bank and in hand | 54/58 | €33,093 | €21,271 | -€11,822 | -35.7% |
| Deferred charges and accrued income | 490/1 | €3,372 | €4,039 | +€667 | +19.8% |
| Total equity and liabilities | 10/49 | €139,773 | €80,571 | -€59,202 | -42.4% |
| Equity | 10/15 | €106,270 | €78,843 | -€27,427 | -25.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €103,770 | €76,343 | -€27,427 | -26.4% |
| Distributable reserves | 133 | €103,770 | €76,343 | -€27,427 | -26.4% |
| Amounts payable | 17/49 | €33,503 | €1,727 | -€31,776 | -94.8% |
| Amounts payable within one year | 42/48 | €33,503 | €1,727 | -€31,776 | -94.8% |
| Trade debts | 44 | €30,816 | €1,199 | -€29,617 | -96.1% |
| Suppliers | 440/4 | €30,816 | €1,199 | -€29,617 | -96.1% |
| Taxes, remuneration and social security | 45 | €2,687 | €529 | -€2,159 | -80.3% |
| Taxes | 450/3 | €893 | €529 | -€365 | -40.8% |
| Remuneration and social security | 454/9 | €1,794 | - | -€1,794 | |
| Non-recurring operating income | 76A | - | €12,987 | +€12,987 | |
| Remuneration, social security and pensions | 62 | €9,598 | €34,693 | +€25,095 | +261% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,712 | - | -€3,712 | |
| Other operating charges | 640/8 | €2,011 | €1,758 | -€252 | -12.5% |
| Non-recurring operating charges | 66A | - | €5,991 | +€5,991 | |
| Gross operating margin | 9900 | €42,433 | €17,309 | -€25,125 | -59.2% |
| Operating profit (loss) | 9901 | €27,113 | -€25,134 | -€52,247 | |
| Financial charges | 65/66B | €3,008 | €2,077 | -€930 | -30.9% |
| Recurring financial charges | 65 | €3,008 | €2,077 | -€930 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €24,105 | -€27,211 | -€51,317 | |
| Income taxes | 67/77 | €5,529 | €215 | -€5,313 | -96.1% |
| Profit (loss) for the period | 9904 | €18,577 | -€27,427 | -€46,003 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,577 | -€27,427 | -€46,003 |
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.