BELSANICO: 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.
BELSANICO
Largest movements
- Receivables within one year +€11,057
up €11,057 (+35.1%), from €31,525 to €42,582
of which Trade receivables: +€10,437
- Cash -€3,952
down €3,952 (-48.6%), from €8,125 to €4,173
mainly Net result for the year (-€14,309) and Receivables within one year (-€11,057)
- Tangible fixed assets -€3,598
down €3,598 (-25.8%), from €13,965 to €10,367
- Deferred charges and accrued income -€992
down €992 (-69.0%), from €1,437 to €445
- Other debts +€18,998
up €18,998 (+82.4%), from €23,052 to €42,051
- Profit (loss) carried forward -€14,309
down €14,309 (-39.2%), from -€36,499 to -€50,808
- Trade debts -€3,067
down €3,067 (-26.7%), from €11,483 to €8,417
- Tax, wage and social debts +€892
up €892 (+1392.3%), from €64 to €956
- Gross operating margin -€4,940
down €4,940 (-127.4%), from -€3,877 to -€8,817
- Other operating charges -€494
down €494 (-20.4%), from €2,421 to €1,927
- Financial income +€134
up €134 (+117.9%), from €114 to €248
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 | €55,217 | €57,731 | +€2,515 | +4.6% |
| Fixed assets | 21/28 | €14,130 | €10,531 | -€3,598 | -25.5% |
| Tangible fixed assets | 22/27 | €13,965 | €10,367 | -€3,598 | -25.8% |
| Land and buildings | 22 | €2,412 | €1,921 | -€491 | -20.4% |
| Plant, machinery and equipment | 23 | €2,061 | €423 | -€1,637 | -79.5% |
| Furniture and vehicles | 24 | €1,357 | €952 | -€405 | -29.8% |
| Other tangible fixed assets | 26 | €8,135 | €7,070 | -€1,064 | -13.1% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €41,087 | €47,200 | +€6,113 | +14.9% |
| Amounts receivable within one year | 40/41 | €31,525 | €42,582 | +€11,057 | +35.1% |
| Trade receivables | 40 | €30,136 | €40,573 | +€10,437 | +34.6% |
| Other amounts receivable | 41 | €1,389 | €2,009 | +€619 | +44.6% |
| Cash at bank and in hand | 54/58 | €8,125 | €4,173 | -€3,952 | -48.6% |
| Deferred charges and accrued income | 490/1 | €1,437 | €445 | -€992 | -69.0% |
| Total equity and liabilities | 10/49 | €55,217 | €57,731 | +€2,515 | +4.6% |
| Equity | 10/15 | €19,566 | €5,257 | -€14,309 | -73.1% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €49,860 | €49,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €48,000 | €48,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,499 | -€50,808 | -€14,309 | -39.2% |
| Amounts payable | 17/49 | €35,650 | €52,474 | +€16,824 | +47.2% |
| Amounts payable within one year | 42/48 | €35,650 | €52,474 | +€16,824 | +47.2% |
| Trade debts | 44 | €11,483 | €8,417 | -€3,067 | -26.7% |
| Suppliers | 440/4 | €11,483 | €8,417 | -€3,067 | -26.7% |
| Advances received on contracts in progress | 46 | €1,051 | €1,051 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €64 | €956 | +€892 | +1392.3% |
| Taxes | 450/3 | €64 | €956 | +€892 | +1392.3% |
| Other amounts payable | 47/48 | €23,052 | €42,051 | +€18,998 | +82.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,672 | €3,598 | -€74 | -2.0% |
| Other operating charges | 640/8 | €2,421 | €1,927 | -€494 | -20.4% |
| Gross operating margin | 9900 | -€3,877 | -€8,817 | -€4,940 | -127.4% |
| Operating profit (loss) | 9901 | -€9,970 | -€14,342 | -€4,372 | -43.8% |
| Financial income | 75/76B | €114 | €248 | +€134 | +117.9% |
| Recurring financial income | 75 | €114 | €248 | +€134 | +117.9% |
| Financial charges | 65/66B | €229 | €151 | -€78 | -33.9% |
| Recurring financial charges | 65 | €229 | €151 | -€78 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,085 | -€14,245 | -€4,159 | -41.2% |
| Income taxes | 67/77 | - | €64 | +€64 | |
| Profit (loss) for the period | 9904 | -€10,085 | -€14,309 | -€4,224 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,085 | -€14,309 | -€4,224 | -41.9% |
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 9 October 2026 via checked.be.