BELPOL: 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.
BELPOL
Largest movements
- Receivables within one year -€14,497
down €14,497 (-52.6%), from €27,560 to €13,063
of which Trade receivables: -€15,227
- Cash -€6,683
down €6,683 (-90.9%), from €7,348 to €665
mainly Advances received (-€44,778) and Trade debts (-€2,043)
- Tangible fixed assets -€5,654
down €5,654 (-5.4%), from €104,042 to €98,388
of which Land and buildings: -€5,463
- Advances received -€44,778
no longer reported in 2025 (was €44,778)
- Other debts +€16,162
up €16,162 (+1354.0%), from €1,194 to €17,355
- Reserves +€7,072
up €7,072 (+20.8%), from €34,060 to €41,132
of which Distributable reserves: +€7,072
- Trade debts -€2,043
down €2,043 (-59.0%), from €3,461 to €1,419
- Tax, wage and social debts -€1,718
down €1,718 (-65.0%), from €2,643 to €925
- Gross operating margin +€19,418
up €19,418, from -€4,941 to €14,478
- Other operating charges -€1,629
down €1,629 (-77.4%), from €2,106 to €477
- Taxes +€719
up €719 (+349.0%), from €206 to €925
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 | €139,456 | €112,956 | -€26,500 | -19.0% |
| Fixed assets | 21/28 | €104,042 | €98,388 | -€5,654 | -5.4% |
| Tangible fixed assets | 22/27 | €104,042 | €98,388 | -€5,654 | -5.4% |
| Land and buildings | 22 | €103,851 | €98,388 | -€5,463 | -5.3% |
| Plant, machinery and equipment | 23 | €70 | - | -€70 | |
| Furniture and vehicles | 24 | €122 | - | -€122 | |
| Current assets | 29/58 | €35,415 | €14,568 | -€20,847 | -58.9% |
| Amounts receivable within one year | 40/41 | €27,560 | €13,063 | -€14,497 | -52.6% |
| Trade receivables | 40 | €22,327 | €7,100 | -€15,227 | -68.2% |
| Other amounts receivable | 41 | €5,232 | €5,963 | +€730 | +14.0% |
| Cash at bank and in hand | 54/58 | €7,348 | €665 | -€6,683 | -90.9% |
| Deferred charges and accrued income | 490/1 | €507 | €840 | +€333 | +65.7% |
| Total equity and liabilities | 10/49 | €139,456 | €112,956 | -€26,500 | -19.0% |
| Equity | 10/15 | €86,186 | €93,258 | +€7,072 | +8.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €34,060 | €41,132 | +€7,072 | +20.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €27,860 | €34,932 | +€7,072 | +25.4% |
| Profit (loss) carried forward | 14 | -€9,874 | -€9,874 | = | 0.0% |
| Amounts payable | 17/49 | €53,270 | €19,698 | -€33,572 | -63.0% |
| Amounts payable within one year | 42/48 | €52,075 | €19,698 | -€32,377 | -62.2% |
| Trade debts | 44 | €3,461 | €1,419 | -€2,043 | -59.0% |
| Suppliers | 440/4 | €3,461 | €1,419 | -€2,043 | -59.0% |
| Advances received on contracts in progress | 46 | €44,778 | - | -€44,778 | |
| Taxes, remuneration and social security | 45 | €2,643 | €925 | -€1,718 | -65.0% |
| Taxes | 450/3 | €2,643 | €925 | -€1,718 | -65.0% |
| Other amounts payable | 47/48 | €1,194 | €17,355 | +€16,162 | +1354.0% |
| Accrued charges and deferred income | 492/3 | €1,195 | - | -€1,195 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,730 | €5,654 | -€77 | -1.3% |
| Other operating charges | 640/8 | €2,106 | €477 | -€1,629 | -77.4% |
| Gross operating margin | 9900 | -€4,941 | €14,478 | +€19,418 | |
| Operating profit (loss) | 9901 | -€12,777 | €8,347 | +€21,124 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €452 | €351 | -€101 | -22.3% |
| Recurring financial charges | 65 | €452 | €351 | -€101 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,229 | €7,996 | +€21,225 | |
| Income taxes | 67/77 | €206 | €925 | +€719 | +349.0% |
| Profit (loss) for the period | 9904 | -€13,435 | €7,072 | +€20,506 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,435 | €7,072 | +€20,506 |
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 1 October 2026 via checked.be.