BELKOVAN: 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.
BELKOVAN
Largest movements
- Current investments -€38,303
no longer reported in 2025 (was €38,303)
- Receivables within one year +€26,316
up €26,316 (+55.1%), from €47,788 to €74,104
of which Other amounts receivable: +€16,316
- Cash +€25,032
new in 2025: €25,032
mainly Current investments (+€38,303) and Net result for the year (+€14,051)
- Tangible fixed assets -€3,738
down €3,738 (-30.3%), from €12,327 to €8,589
of which Other tangible fixed assets: -€2,418
- Deferred charges and accrued income -€1,460
down €1,460 (-50.3%), from €2,900 to €1,440
- Reserves +€14,051
up €14,051 (+27.9%), from €50,351 to €64,402
of which Distributable reserves: +€14,051
- Tax, wage and social debts -€12,614
down €12,614 (-34.8%), from €36,205 to €23,591
- Trade debts +€6,410
up €6,410 (+264.5%), from €2,423 to €8,833
- Gross operating margin -€10,249
down €10,249 (-25.3%), from €40,455 to €30,206
- Taxes -€4,417
down €4,417 (-48.6%), from €9,084 to €4,667
- Financial charges -€559
down €559 (-8.9%), from €6,273 to €5,714
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,318 | €109,165 | +€7,847 | +7.7% |
| Fixed assets | 21/28 | €12,327 | €8,589 | -€3,738 | -30.3% |
| Tangible fixed assets | 22/27 | €12,327 | €8,589 | -€3,738 | -30.3% |
| Furniture and vehicles | 24 | €2,255 | €935 | -€1,320 | -58.5% |
| Other tangible fixed assets | 26 | €10,072 | €7,654 | -€2,418 | -24.0% |
| Current assets | 29/58 | €88,991 | €100,576 | +€11,585 | +13.0% |
| Amounts receivable within one year | 40/41 | €47,788 | €74,104 | +€26,316 | +55.1% |
| Trade receivables | 40 | €45,000 | €55,000 | +€10,000 | +22.2% |
| Other amounts receivable | 41 | €2,788 | €19,104 | +€16,316 | +585.2% |
| Current investments | 50/53 | €38,303 | - | -€38,303 | |
| Cash at bank and in hand | 54/58 | - | €25,032 | +€25,032 | |
| Deferred charges and accrued income | 490/1 | €2,900 | €1,440 | -€1,460 | -50.3% |
| Total equity and liabilities | 10/49 | €101,318 | €109,165 | +€7,847 | +7.7% |
| Equity | 10/15 | €62,690 | €76,741 | +€14,051 | +22.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €12,350 | €12,350 | = | 0.0% |
| Reserves | 13 | €50,351 | €64,402 | +€14,051 | +27.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €44,151 | €58,202 | +€14,051 | +31.8% |
| Profit (loss) carried forward | 14 | €6,139 | €6,139 | = | 0.0% |
| Amounts payable | 17/49 | €38,628 | €32,424 | -€6,204 | -16.1% |
| Amounts payable within one year | 42/48 | €38,628 | €32,424 | -€6,204 | -16.1% |
| Trade debts | 44 | €2,423 | €8,833 | +€6,410 | +264.5% |
| Suppliers | 440/4 | €2,423 | €8,833 | +€6,410 | +264.5% |
| Taxes, remuneration and social security | 45 | €36,205 | €23,591 | -€12,614 | -34.8% |
| Taxes | 450/3 | €36,205 | €23,591 | -€12,614 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,738 | €3,737 | -€1 | 0.0% |
| Other operating charges | 640/8 | €2,128 | €2,300 | +€172 | +8.1% |
| Gross operating margin | 9900 | €40,455 | €30,206 | -€10,249 | -25.3% |
| Operating profit (loss) | 9901 | €34,589 | €24,169 | -€10,420 | -30.1% |
| Financial income | 75/76B | €300 | €263 | -€37 | -12.3% |
| Recurring financial income | 75 | €300 | €263 | -€37 | -12.3% |
| Financial charges | 65/66B | €6,273 | €5,714 | -€559 | -8.9% |
| Recurring financial charges | 65 | €6,273 | €5,714 | -€559 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €28,616 | €18,718 | -€9,898 | -34.6% |
| Income taxes | 67/77 | €9,084 | €4,667 | -€4,417 | -48.6% |
| Profit (loss) for the period | 9904 | €19,532 | €14,051 | -€5,481 | -28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,532 | €14,051 | -€5,481 | -28.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.