BELPACO: 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.
BELPACO
Largest movements
- Stocks and contracts -€303,510
down €303,510 (-88.7%), from €342,120 to €38,609
- Receivables within one year -€118,885
down €118,885 (-41.4%), from €287,172 to €168,287
of which Trade receivables: -€68,977
- Cash +€33,566
up €33,566 (+11.6%), from €288,286 to €321,851
mainly Stocks and contracts (+€303,510) and Receivables within one year (+€118,885)
- Tangible fixed assets +€25,528
up €25,528 (+10.5%), from €242,953 to €268,480
of which Plant, machinery and equipment: +€42,436
- Other debts -€122,982
down €122,982 (-92.5%), from €132,887 to €9,905
- Trade debts -€122,143
down €122,143 (-57.0%), from €214,471 to €92,328
- Reserves -€92,458
down €92,458 (-17.8%), from €519,227 to €426,770
of which Distributable reserves: -€92,458
- Debts after one year -€42,984
down €42,984 (-29.4%), from €146,140 to €103,156
- Tax, wage and social debts +€20,036
up €20,036 (+45.6%), from €43,901 to €63,937
of which Taxes: +€21,879
- Taxes +€57,384
up €57,384 (+404.3%), from €14,193 to €71,577
- Staff costs -€32,328
down €32,328 (-22.5%), from €143,853 to €111,525
- Gross operating margin +€13,488
up €13,488 (+4.5%), from €296,659 to €310,147
- Depreciation +€8,015
up €8,015 (+13.9%), from €57,495 to €65,510
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 | €1,174,930 | €811,628 | -€363,302 | -30.9% |
| Fixed assets | 21/28 | €242,953 | €268,480 | +€25,528 | +10.5% |
| Tangible fixed assets | 22/27 | €242,953 | €268,480 | +€25,528 | +10.5% |
| Land and buildings | 22 | €120,259 | €130,123 | +€9,863 | +8.2% |
| Plant, machinery and equipment | 23 | €15,641 | €58,077 | +€42,436 | +271.3% |
| Furniture and vehicles | 24 | €104,127 | €79,503 | -€24,624 | -23.6% |
| Other tangible fixed assets | 26 | €2,925 | €778 | -€2,147 | -73.4% |
| Current assets | 29/58 | €931,978 | €543,148 | -€388,830 | -41.7% |
| Amounts receivable after more than one year | 29 | €14,400 | €14,400 | = | 0.0% |
| Other amounts receivable | 291 | €14,400 | €14,400 | = | 0.0% |
| Stocks and contracts in progress | 3 | €342,120 | €38,609 | -€303,510 | -88.7% |
| Stocks | 30/36 | €342,120 | €38,609 | -€303,510 | -88.7% |
| Amounts receivable within one year | 40/41 | €287,172 | €168,287 | -€118,885 | -41.4% |
| Trade receivables | 40 | €215,656 | €146,679 | -€68,977 | -32.0% |
| Other amounts receivable | 41 | €71,516 | €21,607 | -€49,908 | -69.8% |
| Cash at bank and in hand | 54/58 | €288,286 | €321,851 | +€33,566 | +11.6% |
| Total equity and liabilities | 10/49 | €1,174,930 | €811,628 | -€363,302 | -30.9% |
| Equity | 10/15 | €589,227 | €496,770 | -€92,458 | -15.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €519,227 | €426,770 | -€92,458 | -17.8% |
| Tax-exempt reserves | 132 | €123,947 | €123,947 | = | 0.0% |
| Distributable reserves | 133 | €395,280 | €302,823 | -€92,458 | -23.4% |
| Amounts payable | 17/49 | €585,703 | €314,858 | -€270,844 | -46.2% |
| Amounts payable after more than one year | 17 | €146,140 | €103,156 | -€42,984 | -29.4% |
| Financial debts | 170/4 | €146,140 | €103,156 | -€42,984 | -29.4% |
| Amounts payable within one year | 42/48 | €439,563 | €211,702 | -€227,860 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €48,303 | €45,533 | -€2,771 | -5.7% |
| Trade debts | 44 | €214,471 | €92,328 | -€122,143 | -57.0% |
| Suppliers | 440/4 | €214,471 | €92,328 | -€122,143 | -57.0% |
| Taxes, remuneration and social security | 45 | €43,901 | €63,937 | +€20,036 | +45.6% |
| Taxes | 450/3 | €29,463 | €51,342 | +€21,879 | +74.3% |
| Remuneration and social security | 454/9 | €14,438 | €12,595 | -€1,843 | -12.8% |
| Other amounts payable | 47/48 | €132,887 | €9,905 | -€122,982 | -92.5% |
| Remuneration, social security and pensions | 62 | €143,853 | €111,525 | -€32,328 | -22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,495 | €65,510 | +€8,015 | +13.9% |
| Other operating charges | 640/8 | €4,611 | €5,095 | +€484 | +10.5% |
| Gross operating margin | 9900 | €296,659 | €310,147 | +€13,488 | +4.5% |
| Operating profit (loss) | 9901 | €90,699 | €128,016 | +€37,317 | +41.1% |
| Financial income | 75/76B | €112 | €1,057 | +€945 | +844.1% |
| Recurring financial income | 75 | €112 | €1,057 | +€945 | +844.1% |
| Financial charges | 65/66B | €4,864 | €5,725 | +€861 | +17.7% |
| Recurring financial charges | 65 | €4,864 | €5,725 | +€861 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €85,947 | €123,349 | +€37,402 | +43.5% |
| Income taxes | 67/77 | €14,193 | €71,577 | +€57,384 | +404.3% |
| Profit (loss) for the period | 9904 | €71,754 | €51,771 | -€19,982 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,754 | €51,771 | -€19,982 | -27.8% |
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 10 October 2026 via checked.be.