BELPO: 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.
BELPO
Largest movements
- Receivables within one year +€31,431
up €31,431 (+34.1%), from €92,089 to €123,520
of which Trade receivables: +€24,323
- Tangible fixed assets +€20,229
up €20,229 (+19.7%), from €102,551 to €122,780
of which Leasing and similar rights: +€43,391
- Cash -€13,844
down €13,844 (-35.2%), from €39,301 to €25,457
mainly Investment in fixed assets (net) (-€56,165) and Receivables within one year (-€31,431)
- Profit (loss) carried forward +€40,403
up €40,403 (+95.5%), from €42,291 to €82,694
- Trade debts -€23,009
down €23,009 (-48.1%), from €47,847 to €24,838
- Current portion of long-term debt +€16,825
up €16,825 (+57.7%), from €29,182 to €46,008
- Short-term financial debts +€6,368
up €6,368 (+39.8%), from €16,007 to €22,375
- Tax, wage and social debts -€5,167
down €5,167 (-48.3%), from €10,708 to €5,541
of which Taxes: -€7,461
- Gross operating margin +€39,033
up €39,033 (+50.2%), from €77,748 to €116,782
- Staff costs +€16,707
new in 2025: €16,707
- Depreciation +€3,481
up €3,481 (+10.7%), from €32,456 to €35,937
- Taxes +€2,896
up €2,896 (+23.4%), from €12,351 to €15,247
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 | €234,570 | €271,996 | +€37,426 | +16.0% |
| Fixed assets | 21/28 | €102,551 | €122,780 | +€20,229 | +19.7% |
| Tangible fixed assets | 22/27 | €102,551 | €122,780 | +€20,229 | +19.7% |
| Land and buildings | 22 | €2,822 | €5,999 | +€3,178 | +113% |
| Plant, machinery and equipment | 23 | €46,830 | €35,329 | -€11,501 | -24.6% |
| Furniture and vehicles | 24 | €52,900 | €38,061 | -€14,839 | -28.1% |
| Leasing and similar rights | 25 | - | €43,391 | +€43,391 | |
| Current assets | 29/58 | €132,019 | €149,216 | +€17,198 | +13.0% |
| Amounts receivable within one year | 40/41 | €92,089 | €123,520 | +€31,431 | +34.1% |
| Trade receivables | 40 | €62,268 | €86,591 | +€24,323 | +39.1% |
| Other amounts receivable | 41 | €29,821 | €36,929 | +€7,109 | +23.8% |
| Cash at bank and in hand | 54/58 | €39,301 | €25,457 | -€13,844 | -35.2% |
| Deferred charges and accrued income | 490/1 | €629 | €239 | -€389 | -62.0% |
| Total equity and liabilities | 10/49 | €234,570 | €271,996 | +€37,426 | +16.0% |
| Equity | 10/15 | €50,291 | €90,694 | +€40,403 | +80.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,291 | €82,694 | +€40,403 | +95.5% |
| Amounts payable | 17/49 | €184,279 | €181,303 | -€2,976 | -1.6% |
| Amounts payable after more than one year | 17 | €80,535 | €82,541 | +€2,006 | +2.5% |
| Financial debts | 170/4 | €80,535 | €82,541 | +€2,006 | +2.5% |
| Amounts payable within one year | 42/48 | €103,745 | €98,762 | -€4,982 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €29,182 | €46,008 | +€16,825 | +57.7% |
| Financial debts | 43 | €16,007 | €22,375 | +€6,368 | +39.8% |
| Credit institutions | 430/8 | €16,007 | €22,375 | +€6,368 | +39.8% |
| Trade debts | 44 | €47,847 | €24,838 | -€23,009 | -48.1% |
| Suppliers | 440/4 | €47,847 | €24,838 | -€23,009 | -48.1% |
| Taxes, remuneration and social security | 45 | €10,708 | €5,541 | -€5,167 | -48.3% |
| Taxes | 450/3 | €10,708 | €3,247 | -€7,461 | -69.7% |
| Remuneration and social security | 454/9 | - | €2,293 | +€2,293 | |
| Remuneration, social security and pensions | 62 | - | €16,707 | +€16,707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,456 | €35,937 | +€3,481 | +10.7% |
| Other operating charges | 640/8 | €3,809 | €4,159 | +€350 | +9.2% |
| Gross operating margin | 9900 | €77,748 | €116,782 | +€39,033 | +50.2% |
| Operating profit (loss) | 9901 | €41,483 | €59,979 | +€18,496 | +44.6% |
| Financial income | 75/76B | €412 | €162 | -€250 | -60.7% |
| Recurring financial income | 75 | €412 | €162 | -€250 | -60.7% |
| Financial charges | 65/66B | €4,263 | €4,491 | +€228 | +5.3% |
| Recurring financial charges | 65 | €4,263 | €4,491 | +€228 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €37,632 | €55,650 | +€18,018 | +47.9% |
| Income taxes | 67/77 | €12,351 | €15,247 | +€2,896 | +23.4% |
| Profit (loss) for the period | 9904 | €25,281 | €40,403 | +€15,121 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,281 | €40,403 | +€15,121 | +59.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.