Belpork: 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.
Belpork
Largest movements
- Cash +€399,038
up €399,038 (+152%), from €263,019 to €662,057
mainly Accrued charges and deferred income (+€590,859) and Debts within one year (+€206,264)
- Receivables within one year +€254,689
up €254,689 (+120%), from €211,828 to €466,517
of which Trade receivables: +€262,518
- Current investments +€142,075
up €142,075 (+11.3%), from €1.3m to €1.4m
- Accrued charges and deferred income +€590,859
up €590,859 (+1,167%), from €50,625 to €641,483
- Debts within one year +€206,264
up €206,264 (+221%), from €93,522 to €299,785
of which Tax, wage and social debts: +€131,942
- Depreciation +€12,657
up €12,657 (+18.9%), from €66,938 to €79,595
- Gross operating margin +€5,538
up €5,538 (+7.3%), from €75,874 to €81,412
- Financial income +€3,088
up €3,088 (+3,993%), from €77 to €3,165
of which Financial income: +€3,088
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 | €1,902,382 | €2,697,712 | +€795,330 | +41.8% |
| Fixed assets | 21/28 | €173,524 | €173,048 | -€476 | -0.3% |
| Intangible fixed assets | 21 | €173,524 | €173,048 | -€476 | -0.3% |
| Current assets | 29/58 | €1,728,859 | €2,524,665 | +€795,806 | +46.0% |
| Amounts receivable within one year | 40/41 | €211,828 | €466,517 | +€254,689 | +120% |
| Trade receivables | 40 | €181,293 | €443,812 | +€262,518 | +145% |
| Other amounts receivable | 41 | €30,535 | €22,705 | -€7,830 | -25.6% |
| Current investments | 50/53 | €1,252,556 | €1,394,631 | +€142,075 | +11.3% |
| Cash at bank and in hand | 54/58 | €263,019 | €662,057 | +€399,038 | +152% |
| Deferred charges and accrued income | 490/1 | €1,456 | €1,460 | +€4 | +0.3% |
| Total equity and liabilities | 10/49 | €1,902,382 | €2,697,712 | +€795,330 | +41.8% |
| Equity | 10/15 | €1,758,236 | €1,756,444 | -€1,792 | -0.1% |
| Reserves | 13 | €1,758,236 | €1,756,444 | -€1,792 | -0.1% |
| Amounts payable | 17/49 | €144,146 | €941,268 | +€797,122 | +553% |
| Amounts payable within one year | 42/48 | €93,522 | €299,785 | +€206,264 | +221% |
| Trade debts | 44 | €68,492 | €142,814 | +€74,321 | +109% |
| Suppliers | 440/4 | €68,492 | €142,814 | +€74,321 | +109% |
| Taxes, remuneration and social security | 45 | €2,874 | €134,817 | +€131,942 | +4,590% |
| Taxes | 450/3 | €2,874 | €134,817 | +€131,942 | +4,590% |
| Accrued charges and deferred income | 492/3 | €50,625 | €641,483 | +€590,859 | +1,167% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,938 | €79,595 | +€12,657 | +18.9% |
| Other operating charges | 640/8 | €5,715 | €6,263 | +€548 | +9.6% |
| Non-recurring operating charges | 66A | €1,241 | €0 | -€1,241 | -100% |
| Gross operating margin | 9900 | €75,874 | €81,412 | +€5,538 | +7.3% |
| Operating profit (loss) | 9901 | €1,979 | -€4,446 | -€6,426 | |
| Financial income | 75/76B | €77 | €3,165 | +€3,088 | +3,993% |
| Recurring financial income | 75 | €77 | €3,165 | +€3,088 | +3,993% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €64 | €511 | +€447 | +698% |
| Recurring financial charges | 65 | €64 | €511 | +€447 | +698% |
| Profit (loss) for the period before taxes | 9903 | €1,993 | -€1,792 | -€3,785 | |
| Profit (loss) for the period | 9904 | €1,993 | -€1,792 | -€3,785 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,993 | -€1,792 | -€3,785 |
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 14 October 2026 via checked.be.