BELPOLTEX: 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.
BELPOLTEX
Largest movements
- Cash +€51,053
up €51,053 (+115%), from €44,338 to €95,391
mainly Net result for the year (+€67,018) and Depreciation (+€8,765)
- Receivables within one year +€8,672
up €8,672 (+149%), from €5,808 to €14,479
of which Other amounts receivable: +€13,337
- Tangible fixed assets -€6,130
down €6,130 (-30.3%), from €20,213 to €14,083
- Reserves +€67,018
up €67,018 (+145%), from €46,097 to €113,116
- Tax, wage and social debts -€9,286
down €9,286 (-88.8%), from €10,460 to €1,174
- Other debts -€6,881
down €6,881 (-100%), from €6,881 to €0
- Advances received +€3,590
new in 2025: €3,590
- Trade debts -€1,865
down €1,865 (-96.1%), from €1,942 to €76
- Gross operating margin +€64,966
up €64,966 (+147%), from €44,087 to €109,054
- Taxes +€20,136
up €20,136 (+154%), from €13,069 to €33,205
- Depreciation +€3,836
up €3,836 (+77.8%), from €4,928 to €8,765
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 | €83,980 | €137,863 | +€53,883 | +64.2% |
| Fixed assets | 21/28 | €20,213 | €14,083 | -€6,130 | -30.3% |
| Tangible fixed assets | 22/27 | €20,213 | €14,083 | -€6,130 | -30.3% |
| Furniture and vehicles | 24 | €20,213 | €14,083 | -€6,130 | -30.3% |
| Current assets | 29/58 | €63,767 | €123,779 | +€60,012 | +94.1% |
| Amounts receivable within one year | 40/41 | €5,808 | €14,479 | +€8,672 | +149% |
| Trade receivables | 40 | €5,504 | €838 | -€4,666 | -84.8% |
| Other amounts receivable | 41 | €304 | €13,641 | +€13,337 | +4,389% |
| Current investments | 50/53 | €13,621 | €13,621 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €44,338 | €95,391 | +€51,053 | +115% |
| Deferred charges and accrued income | 490/1 | - | €288 | +€288 | |
| Total equity and liabilities | 10/49 | €83,980 | €137,863 | +€53,883 | +64.2% |
| Equity | 10/15 | €64,697 | €131,716 | +€67,018 | +104% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,097 | €113,116 | +€67,018 | +145% |
| Distributable reserves | 133 | €46,097 | €113,116 | +€67,018 | +145% |
| Amounts payable | 17/49 | €19,283 | €6,147 | -€13,136 | -68.1% |
| Amounts payable within one year | 42/48 | €19,283 | €6,147 | -€13,136 | -68.1% |
| Financial debts | 43 | - | €1,307 | +€1,307 | |
| Credit institutions | 430/8 | - | €1,307 | +€1,307 | |
| Trade debts | 44 | €1,942 | €76 | -€1,865 | -96.1% |
| Suppliers | 440/4 | €1,942 | €76 | -€1,865 | -96.1% |
| Advances received on contracts in progress | 46 | - | €3,590 | +€3,590 | |
| Taxes, remuneration and social security | 45 | €10,460 | €1,174 | -€9,286 | -88.8% |
| Taxes | 450/3 | €10,460 | €1,174 | -€9,286 | -88.8% |
| Other amounts payable | 47/48 | €6,881 | €0 | -€6,881 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,928 | €8,765 | +€3,836 | +77.8% |
| Other operating charges | 640/8 | €384 | €101 | -€283 | -73.7% |
| Gross operating margin | 9900 | €44,087 | €109,054 | +€64,966 | +147% |
| Operating profit (loss) | 9901 | €38,775 | €100,188 | +€61,413 | +158% |
| Financial income | 75/76B | €3 | €498 | +€495 | +16,032% |
| Recurring financial income | 75 | €3 | €498 | +€495 | +16,032% |
| Financial charges | 65/66B | €128 | €463 | +€335 | +261% |
| Recurring financial charges | 65 | €128 | €463 | +€335 | +261% |
| Profit (loss) for the period before taxes | 9903 | €38,650 | €100,223 | +€61,574 | +159% |
| Income taxes | 67/77 | €13,069 | €33,205 | +€20,136 | +154% |
| Profit (loss) for the period | 9904 | €25,581 | €67,018 | +€41,438 | +162% |
| Profit (loss) for the period to be appropriated | 9905 | €25,581 | €67,018 | +€41,438 | +162% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.