BELOCAD: 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.
BELOCAD
Largest movements
- Tangible fixed assets -€50,542
down €50,542 (-23.4%), from €215,531 to €164,989
- Cash +€8,685
up €8,685 (+47.3%), from €18,374 to €27,059
mainly Depreciation (+€51,465)
- Other debts -€21,561
down €21,561 (-7.0%), from €309,689 to €288,127
- Profit (loss) carried forward -€18,501
down €18,501 (-66.0%), from -€28,036 to -€46,537
- Depreciation +€13,799
up €13,799 (+36.6%), from €37,666 to €51,465
- Gross operating margin +€12,955
up €12,955 (+35.4%), from €36,599 to €49,554
- Financial charges -€1,644
down €1,644 (-10.6%), from €15,508 to €13,864
- Other operating charges +€894
up €894 (+48.8%), from €1,832 to €2,727
- Financial income -€506
no longer reported in 2025 (was €506)
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 | €296,198 | €253,735 | -€42,463 | -14.3% |
| Formation expenses | 20 | €1,126 | €203 | -€923 | -82.0% |
| Fixed assets | 21/28 | €216,983 | €166,441 | -€50,542 | -23.3% |
| Tangible fixed assets | 22/27 | €215,531 | €164,989 | -€50,542 | -23.4% |
| Furniture and vehicles | 24 | €215,531 | €164,989 | -€50,542 | -23.4% |
| Financial fixed assets | 28 | €1,452 | €1,452 | = | 0.0% |
| Current assets | 29/58 | €78,089 | €87,090 | +€9,002 | +11.5% |
| Amounts receivable within one year | 40/41 | €56,815 | €56,826 | +€12 | 0.0% |
| Trade receivables | 40 | €35,725 | €32,814 | -€2,911 | -8.1% |
| Other amounts receivable | 41 | €21,090 | €24,012 | +€2,922 | +13.9% |
| Cash at bank and in hand | 54/58 | €18,374 | €27,059 | +€8,685 | +47.3% |
| Deferred charges and accrued income | 490/1 | €2,900 | €3,205 | +€305 | +10.5% |
| Total equity and liabilities | 10/49 | €296,198 | €253,735 | -€42,463 | -14.3% |
| Equity | 10/15 | -€18,036 | -€36,537 | -€18,501 | -103% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,036 | -€46,537 | -€18,501 | -66.0% |
| Amounts payable | 17/49 | €314,234 | €290,272 | -€23,962 | -7.6% |
| Amounts payable within one year | 42/48 | €314,234 | €290,272 | -€23,962 | -7.6% |
| Trade debts | 44 | €4,545 | €2,145 | -€2,401 | -52.8% |
| Suppliers | 440/4 | €4,545 | €2,145 | -€2,401 | -52.8% |
| Other amounts payable | 47/48 | €309,689 | €288,127 | -€21,561 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,666 | €51,465 | +€13,799 | +36.6% |
| Other operating charges | 640/8 | €1,832 | €2,727 | +€894 | +48.8% |
| Gross operating margin | 9900 | €36,599 | €49,554 | +€12,955 | +35.4% |
| Operating profit (loss) | 9901 | -€2,899 | -€4,637 | -€1,738 | -60.0% |
| Financial income | 75/76B | €506 | - | -€506 | |
| Recurring financial income | 75 | €506 | - | -€506 | |
| Financial charges | 65/66B | €15,508 | €13,864 | -€1,644 | -10.6% |
| Recurring financial charges | 65 | €15,508 | €13,864 | -€1,644 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€17,901 | -€18,501 | -€600 | -3.3% |
| Profit (loss) for the period | 9904 | -€17,901 | -€18,501 | -€600 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,901 | -€18,501 | -€600 | -3.3% |
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 15 October 2026 via checked.be.