BELPAR: 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.
BELPAR
Largest movements
- Tangible fixed assets +€10,268
up €10,268 (+205.3%), from €5,002 to €15,270
of which Furniture and vehicles: +€11,219
- Deferred charges and accrued income +€5,926
up €5,926 (+269.7%), from €2,197 to €8,122
- Cash -€4,287
down €4,287 (-77.6%), from €5,527 to €1,240
mainly Investment in fixed assets (net) (-€16,343) and Deferred charges and accrued income (-€5,926)
- Formation expenses -€599
down €599 (-20.7%), from €2,900 to €2,301
- Current portion of long-term debt +€5,095
up €5,095 (+71.4%), from €7,135 to €12,230
- Trade debts +€4,688
up €4,688 (+2201.7%), from €213 to €4,901
- Other debts +€3,814
up €3,814 (+284.3%), from €1,341 to €5,155
- Profit (loss) carried forward -€2,416
down €2,416 (-10.4%), from -€23,268 to -€25,684
- Accrued charges and deferred income +€1,390
new in 2025: €1,390
- Gross operating margin -€29,874
down €29,874 (-29.2%), from €102,390 to €72,516
- Staff costs -€15,619
down €15,619 (-18.9%), from €82,556 to €66,937
- Depreciation +€4,678
up €4,678 (+234.4%), from €1,996 to €6,674
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 | €18,337 | €29,644 | +€11,307 | +61.7% |
| Formation expenses | 20 | €2,900 | €2,301 | -€599 | -20.7% |
| Fixed assets | 21/28 | €7,713 | €17,981 | +€10,268 | +133.1% |
| Tangible fixed assets | 22/27 | €5,002 | €15,270 | +€10,268 | +205.3% |
| Furniture and vehicles | 24 | €719 | €11,939 | +€11,219 | +1559.6% |
| Other tangible fixed assets | 26 | €4,282 | €3,331 | -€952 | -22.2% |
| Financial fixed assets | 28 | €2,711 | €2,711 | = | 0.0% |
| Current assets | 29/58 | €7,724 | €9,363 | +€1,638 | +21.2% |
| Cash at bank and in hand | 54/58 | €5,527 | €1,240 | -€4,287 | -77.6% |
| Deferred charges and accrued income | 490/1 | €2,197 | €8,122 | +€5,926 | +269.7% |
| Total equity and liabilities | 10/49 | €18,337 | €29,644 | +€11,307 | +61.7% |
| Equity | 10/15 | -€3,918 | -€6,334 | -€2,416 | -61.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €750 | €750 | = | 0.0% |
| Distributable reserves | 133 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,268 | -€25,684 | -€2,416 | -10.4% |
| Amounts payable | 17/49 | €22,255 | €35,979 | +€13,723 | +61.7% |
| Amounts payable within one year | 42/48 | €22,255 | €34,589 | +€12,333 | +55.4% |
| Current portion of amounts payable after more than one year | 42 | €7,135 | €12,230 | +€5,095 | +71.4% |
| Trade debts | 44 | €213 | €4,901 | +€4,688 | +2201.7% |
| Suppliers | 440/4 | €213 | €4,901 | +€4,688 | +2201.7% |
| Taxes, remuneration and social security | 45 | €13,566 | €12,303 | -€1,263 | -9.3% |
| Taxes | 450/3 | €133 | €135 | +€3 | +1.9% |
| Remuneration and social security | 454/9 | €13,433 | €12,168 | -€1,266 | -9.4% |
| Other amounts payable | 47/48 | €1,341 | €5,155 | +€3,814 | +284.3% |
| Accrued charges and deferred income | 492/3 | - | €1,390 | +€1,390 | |
| Remuneration, social security and pensions | 62 | €82,556 | €66,937 | -€15,619 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,996 | €6,674 | +€4,678 | +234.4% |
| Other operating charges | 640/8 | €939 | €928 | -€11 | -1.2% |
| Gross operating margin | 9900 | €102,390 | €72,516 | -€29,874 | -29.2% |
| Operating profit (loss) | 9901 | €16,900 | -€2,023 | -€18,923 | |
| Financial charges | 65/66B | €982 | €258 | -€725 | -73.8% |
| Recurring financial charges | 65 | €982 | €258 | -€725 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €15,917 | -€2,281 | -€18,198 | |
| Income taxes | 67/77 | €133 | €135 | +€3 | +1.9% |
| Profit (loss) for the period | 9904 | €15,785 | -€2,416 | -€18,201 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,785 | -€2,416 | -€18,201 |
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 8 October 2026 via checked.be.