BELOCAS: 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.
BELOCAS
Largest movements
- Cash -€33,657
down €33,657 (-93.4%), from €36,028 to €2,371
mainly Net result for the year (-€31,234) and Trade debts (-€15,088)
- Stocks and contracts -€27,154
down €27,154 (-5.5%), from €496,163 to €469,009
- Tangible fixed assets +€9,918
up €9,918 (+1622.1%), from €611 to €10,529
of which Other tangible fixed assets: +€10,040
- Profit (loss) carried forward -€31,234
down €31,234, from €8,945 to -€22,288
- Trade debts -€15,088
down €15,088 (-50.7%), from €29,772 to €14,684
- Debts after one year -€12,885
down €12,885 (-7.1%), from €181,464 to €168,579
- Other debts +€11,174
up €11,174 (+7.4%), from €150,788 to €161,962
- Tax, wage and social debts -€5,730
no longer reported in 2025 (was €5,730)
- Gross operating margin -€52,045
down €52,045, from €30,131 to -€21,914
- Write-downs -€4,840
new in 2025: -€4,840
- Taxes -€2,326
down €2,326 (-34.8%), from €6,684 to €4,358
- Other operating charges +€2,025
up €2,025 (+92.8%), from €2,182 to €4,207
- Depreciation +€460
up €460 (+376.4%), from €122 to €583
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 | €545,956 | €493,424 | -€52,532 | -9.6% |
| Fixed assets | 21/28 | €911 | €10,829 | +€9,918 | +1088.2% |
| Tangible fixed assets | 22/27 | €611 | €10,529 | +€9,918 | +1622.1% |
| Land and buildings | 22 | €611 | €489 | -€122 | -20.0% |
| Other tangible fixed assets | 26 | - | €10,040 | +€10,040 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €545,044 | €482,594 | -€62,450 | -11.5% |
| Stocks and contracts in progress | 3 | €496,163 | €469,009 | -€27,154 | -5.5% |
| Stocks | 30/36 | €496,163 | €469,009 | -€27,154 | -5.5% |
| Amounts receivable within one year | 40/41 | €12,093 | €9,839 | -€2,254 | -18.6% |
| Trade receivables | 40 | €4,777 | €1,677 | -€3,100 | -64.9% |
| Other amounts receivable | 41 | €7,316 | €8,162 | +€846 | +11.6% |
| Cash at bank and in hand | 54/58 | €36,028 | €2,371 | -€33,657 | -93.4% |
| Deferred charges and accrued income | 490/1 | €760 | €1,375 | +€615 | +80.9% |
| Total equity and liabilities | 10/49 | €545,956 | €493,424 | -€52,532 | -9.6% |
| Equity | 10/15 | €154,435 | €123,201 | -€31,234 | -20.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €126,897 | €126,897 | = | 0.0% |
| Distributable reserves | 133 | €126,897 | €126,897 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,945 | -€22,288 | -€31,234 | |
| Amounts payable | 17/49 | €391,521 | €370,223 | -€21,299 | -5.4% |
| Amounts payable after more than one year | 17 | €181,464 | €168,579 | -€12,885 | -7.1% |
| Financial debts | 170/4 | €181,464 | €168,579 | -€12,885 | -7.1% |
| Amounts payable within one year | 42/48 | €210,057 | €201,643 | -€8,414 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €13,234 | €12,385 | -€849 | -6.4% |
| Financial debts | 43 | €8,733 | €12,612 | +€3,879 | +44.4% |
| Credit institutions | 430/8 | €5,234 | €9,274 | +€4,039 | +77.2% |
| Other loans | 439 | €3,499 | €3,338 | -€161 | -4.6% |
| Trade debts | 44 | €29,772 | €14,684 | -€15,088 | -50.7% |
| Suppliers | 440/4 | €29,772 | €14,684 | -€15,088 | -50.7% |
| Advances received on contracts in progress | 46 | €1,800 | - | -€1,800 | |
| Taxes, remuneration and social security | 45 | €5,730 | - | -€5,730 | |
| Taxes | 450/3 | €5,730 | - | -€5,730 | |
| Other amounts payable | 47/48 | €150,788 | €161,962 | +€11,174 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122 | €583 | +€460 | +376.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€4,840 | -€4,840 | |
| Other operating charges | 640/8 | €2,182 | €4,207 | +€2,025 | +92.8% |
| Gross operating margin | 9900 | €30,131 | -€21,914 | -€52,045 | |
| Operating profit (loss) | 9901 | €27,827 | -€21,864 | -€49,690 | |
| Financial income | 75/76B | €28 | €183 | +€155 | +546.1% |
| Recurring financial income | 75 | €28 | €183 | +€155 | +546.1% |
| Financial charges | 65/66B | €5,098 | €5,195 | +€98 | +1.9% |
| Recurring financial charges | 65 | €5,098 | €5,195 | +€98 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €22,758 | -€26,876 | -€49,633 | |
| Income taxes | 67/77 | €6,684 | €4,358 | -€2,326 | -34.8% |
| Profit (loss) for the period | 9904 | €16,073 | -€31,234 | -€47,307 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,073 | -€31,234 | -€47,307 |
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 3 October 2026 via checked.be.