BELPASO: 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.
BELPASO
Largest movements
- Receivables within one year -€2,834
down €2,834 (-7.9%), from €35,818 to €32,984
- Cash -€1,518
down €1,518 (-91.4%), from €1,660 to €143
mainly Other debts (-€29,458)
- Other debts -€29,458
down €29,458 (-47.4%), from €62,101 to €32,643
- Trade debts +€14,688
up €14,688 (+135%), from €10,919 to €25,607
- Profit (loss) carried forward +€6,696
up €6,696 (+41.5%), from €16,134 to €22,830
- Accrued charges and deferred income +€1,400
new in 2025: €1,400
- Gross operating margin -€15,194
down €15,194 (-47.7%), from €31,841 to €16,647
- Taxes -€3,301
down €3,301 (-57.5%), from €5,738 to €2,438
- Financial income -€1,022
down €1,022 (-94.8%), from €1,078 to €56
- Other operating charges -€968
down €968 (-12.5%), from €7,746 to €6,778
- Financial charges -€388
down €388 (-41.9%), from €925 to €537
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 | €135,271 | €129,827 | -€5,445 | -4.0% |
| Fixed assets | 21/28 | €2,024 | €1,769 | -€254 | -12.6% |
| Tangible fixed assets | 22/27 | €2,024 | €1,769 | -€254 | -12.6% |
| Plant, machinery and equipment | 23 | €2,024 | €1,769 | -€254 | -12.6% |
| Current assets | 29/58 | €133,248 | €128,057 | -€5,190 | -3.9% |
| Stocks and contracts in progress | 3 | €95,612 | €94,777 | -€835 | -0.9% |
| Stocks | 30/36 | €95,612 | €94,777 | -€835 | -0.9% |
| Amounts receivable within one year | 40/41 | €35,818 | €32,984 | -€2,834 | -7.9% |
| Trade receivables | 40 | €35,818 | €32,984 | -€2,834 | -7.9% |
| Cash at bank and in hand | 54/58 | €1,660 | €143 | -€1,518 | -91.4% |
| Deferred charges and accrued income | 490/1 | €158 | €154 | -€4 | -2.4% |
| Total equity and liabilities | 10/49 | €135,271 | €129,827 | -€5,445 | -4.0% |
| Equity | 10/15 | €23,634 | €30,330 | +€6,696 | +28.3% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,134 | €22,830 | +€6,696 | +41.5% |
| Amounts payable | 17/49 | €111,637 | €99,497 | -€12,141 | -10.9% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €86,637 | €73,097 | -€13,541 | -15.6% |
| Trade debts | 44 | €10,919 | €25,607 | +€14,688 | +135% |
| Suppliers | 440/4 | €10,919 | €25,607 | +€14,688 | +135% |
| Taxes, remuneration and social security | 45 | €13,617 | €14,846 | +€1,229 | +9.0% |
| Taxes | 450/3 | €13,617 | €14,846 | +€1,229 | +9.0% |
| Other amounts payable | 47/48 | €62,101 | €32,643 | -€29,458 | -47.4% |
| Accrued charges and deferred income | 492/3 | - | €1,400 | +€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €254 | €254 | = | 0.0% |
| Other operating charges | 640/8 | €7,746 | €6,778 | -€968 | -12.5% |
| Gross operating margin | 9900 | €31,841 | €16,647 | -€15,194 | -47.7% |
| Operating profit (loss) | 9901 | €23,841 | €9,615 | -€14,226 | -59.7% |
| Financial income | 75/76B | €1,078 | €56 | -€1,022 | -94.8% |
| Recurring financial income | 75 | €1,078 | €56 | -€1,022 | -94.8% |
| Financial charges | 65/66B | €925 | €537 | -€388 | -41.9% |
| Recurring financial charges | 65 | €925 | €537 | -€388 | -41.9% |
| Profit (loss) for the period before taxes | 9903 | €23,994 | €9,134 | -€14,860 | -61.9% |
| Income taxes | 67/77 | €5,738 | €2,438 | -€3,301 | -57.5% |
| Profit (loss) for the period | 9904 | €18,256 | €6,696 | -€11,559 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,256 | €6,696 | -€11,559 | -63.3% |
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 19 October 2026 via checked.be.