BELPAT: 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.
BELPAT
Largest movements
- Tangible fixed assets -€19,598
down €19,598 (-22.5%), from €87,228 to €67,630
- Stocks and contracts -€9,570
down €9,570 (-50.4%), from €19,000 to €9,430
- Trade debts -€26,490
down €26,490 (-76.3%), from €34,708 to €8,218
- Tax, wage and social debts -€15,694
down €15,694 (-73.7%), from €21,302 to €5,608
- Reserves +€10,729
up €10,729 (+13.1%), from €81,633 to €92,362
- Debts after one year +€2,224
up €2,224 (+4.3%), from €52,018 to €54,243
- Gross operating margin -€77,267
down €77,267 (-65.2%), from €118,543 to €41,277
- Taxes -€17,862
down €17,862 (-86.9%), from €20,544 to €2,682
- Depreciation +€10,519
up €10,519 (+82.2%), from €12,798 to €23,317
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 | €221,175 | €191,931 | -€29,244 | -13.2% |
| Fixed assets | 21/28 | €87,228 | €67,630 | -€19,598 | -22.5% |
| Tangible fixed assets | 22/27 | €87,228 | €67,630 | -€19,598 | -22.5% |
| Furniture and vehicles | 24 | €87,228 | €67,630 | -€19,598 | -22.5% |
| Current assets | 29/58 | €133,947 | €124,301 | -€9,646 | -7.2% |
| Stocks and contracts in progress | 3 | €19,000 | €9,430 | -€9,570 | -50.4% |
| Stocks | 30/36 | €19,000 | €9,430 | -€9,570 | -50.4% |
| Amounts receivable within one year | 40/41 | €43,944 | €44,665 | +€721 | +1.6% |
| Trade receivables | 40 | €41,238 | €44,665 | +€3,428 | +8.3% |
| Other amounts receivable | 41 | €2,707 | €0 | -€2,707 | -100.0% |
| Cash at bank and in hand | 54/58 | €71,003 | €70,206 | -€797 | -1.1% |
| Total equity and liabilities | 10/49 | €221,175 | €191,931 | -€29,244 | -13.2% |
| Equity | 10/15 | €113,133 | €123,862 | +€10,729 | +9.5% |
| Contributions | 10/11 | €31,500 | €31,500 | = | 0.0% |
| Reserves | 13 | €81,633 | €92,362 | +€10,729 | +13.1% |
| Distributable reserves | 133 | €81,633 | €92,362 | +€10,729 | +13.1% |
| Amounts payable | 17/49 | €108,043 | €68,070 | -€39,973 | -37.0% |
| Amounts payable after more than one year | 17 | €52,018 | €54,243 | +€2,224 | +4.3% |
| Other amounts payable | 178/9 | €52,018 | €54,243 | +€2,224 | +4.3% |
| Amounts payable within one year | 42/48 | €56,010 | €13,827 | -€42,183 | -75.3% |
| Trade debts | 44 | €34,708 | €8,218 | -€26,490 | -76.3% |
| Suppliers | 440/4 | €34,708 | €8,218 | -€26,490 | -76.3% |
| Taxes, remuneration and social security | 45 | €21,302 | €5,608 | -€15,694 | -73.7% |
| Taxes | 450/3 | €21,302 | €5,608 | -€15,694 | -73.7% |
| Accrued charges and deferred income | 492/3 | €14 | €0 | -€14 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,798 | €23,317 | +€10,519 | +82.2% |
| Other operating charges | 640/8 | €834 | €647 | -€186 | -22.3% |
| Gross operating margin | 9900 | €118,543 | €41,277 | -€77,267 | -65.2% |
| Operating profit (loss) | 9901 | €104,912 | €17,312 | -€87,600 | -83.5% |
| Financial charges | 65/66B | €2,735 | €3,901 | +€1,166 | +42.6% |
| Recurring financial charges | 65 | €2,735 | €3,901 | +€1,166 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | €102,177 | €13,411 | -€88,766 | -86.9% |
| Income taxes | 67/77 | €20,544 | €2,682 | -€17,862 | -86.9% |
| Profit (loss) for the period | 9904 | €81,633 | €10,729 | -€70,904 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €81,633 | €10,729 | -€70,904 | -86.9% |
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 12 October 2026 via checked.be.