Belkos Projects: 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 Projects
Largest movements
- Cash -€28,977
down €28,977 (-42.3%), from €68,426 to €39,449
mainly Stocks and contracts (-€25,167) and Tax, wage and social debts (-€22,710)
- Receivables within one year -€27,500
down €27,500 (-88.2%), from €31,176 to €3,676
of which Trade receivables: -€28,820
- Stocks and contracts +€25,167
new in 2025: €25,167
- Tangible fixed assets -€8,925
down €8,925 (-17.9%), from €49,939 to €41,015
of which Plant, machinery and equipment: -€9,608
- Tax, wage and social debts -€22,710
down €22,710 (-87.3%), from €26,000 to €3,290
of which Taxes: -€26,000
- Other debts -€13,142
down €13,142 (-68.5%), from €19,185 to €6,044
- Short-term financial debts -€4,320
down €4,320 (-65.4%), from €6,602 to €2,283
- Debts after one year -€2,283
no longer reported in 2025 (was €2,283)
- Trade debts +€1,586
new in 2025: €1,586
- Staff costs +€26,249
up €26,249 (+38.4%), from €68,278 to €94,527
- Gross operating margin -€19,125
down €19,125 (-13.9%), from €137,678 to €118,552
- Taxes -€9,840
down €9,840 (-89.5%), from €11,000 to €1,160
- Depreciation +€2,191
up €2,191 (+13.0%), from €16,907 to €19,098
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 | €149,541 | €109,308 | -€40,233 | -26.9% |
| Fixed assets | 21/28 | €49,939 | €41,015 | -€8,925 | -17.9% |
| Tangible fixed assets | 22/27 | €49,939 | €41,015 | -€8,925 | -17.9% |
| Plant, machinery and equipment | 23 | €33,297 | €23,689 | -€9,608 | -28.9% |
| Furniture and vehicles | 24 | €16,643 | €17,326 | +€683 | +4.1% |
| Current assets | 29/58 | €99,602 | €68,293 | -€31,309 | -31.4% |
| Stocks and contracts in progress | 3 | - | €25,167 | +€25,167 | |
| Stocks | 30/36 | - | €25,167 | +€25,167 | |
| Amounts receivable within one year | 40/41 | €31,176 | €3,676 | -€27,500 | -88.2% |
| Trade receivables | 40 | €29,770 | €951 | -€28,820 | -96.8% |
| Other amounts receivable | 41 | €1,406 | €2,726 | +€1,320 | +93.9% |
| Cash at bank and in hand | 54/58 | €68,426 | €39,449 | -€28,977 | -42.3% |
| Total equity and liabilities | 10/49 | €149,541 | €109,308 | -€40,233 | -26.9% |
| Equity | 10/15 | €95,471 | €96,105 | +€634 | +0.7% |
| Profit (loss) carried forward | 14 | €95,471 | €96,105 | +€634 | +0.7% |
| Amounts payable | 17/49 | €54,070 | €13,202 | -€40,868 | -75.6% |
| Amounts payable after more than one year | 17 | €2,283 | - | -€2,283 | |
| Financial debts | 170/4 | €2,283 | - | -€2,283 | |
| Amounts payable within one year | 42/48 | €51,788 | €13,202 | -€38,585 | -74.5% |
| Financial debts | 43 | €6,602 | €2,283 | -€4,320 | -65.4% |
| Credit institutions | 430/8 | €6,602 | €2,283 | -€4,320 | -65.4% |
| Trade debts | 44 | - | €1,586 | +€1,586 | |
| Suppliers | 440/4 | - | €1,586 | +€1,586 | |
| Taxes, remuneration and social security | 45 | €26,000 | €3,290 | -€22,710 | -87.3% |
| Taxes | 450/3 | €26,000 | - | -€26,000 | |
| Remuneration and social security | 454/9 | - | €3,290 | +€3,290 | |
| Other amounts payable | 47/48 | €19,185 | €6,044 | -€13,142 | -68.5% |
| Remuneration, social security and pensions | 62 | €68,278 | €94,527 | +€26,249 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,907 | €19,098 | +€2,191 | +13.0% |
| Other operating charges | 640/8 | €652 | €649 | -€3 | -0.5% |
| Gross operating margin | 9900 | €137,678 | €118,552 | -€19,125 | -13.9% |
| Operating profit (loss) | 9901 | €51,840 | €4,278 | -€47,562 | -91.7% |
| Financial income | 75/76B | €351 | €19 | -€332 | -94.5% |
| Recurring financial income | 75 | €351 | €19 | -€332 | -94.5% |
| Financial charges | 65/66B | €175 | €502 | +€327 | +187% |
| Recurring financial charges | 65 | €175 | €502 | +€327 | +187% |
| Profit (loss) for the period before taxes | 9903 | €52,016 | €3,795 | -€48,221 | -92.7% |
| Income taxes | 67/77 | €11,000 | €1,160 | -€9,840 | -89.5% |
| Profit (loss) for the period | 9904 | €41,016 | €2,634 | -€38,381 | -93.6% |
| Profit (loss) for the period to be appropriated | 9905 | €41,016 | €2,634 | -€38,381 | -93.6% |
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 27 October 2026 via checked.be.