BELVARCO: 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.
BELVARCO
Largest movements
- Cash +€725,836
up €725,836 (+176.8%), from €410,451 to €1.1m
mainly Trade debts (+€354,544) and Stocks and contracts (+€309,156)
- Stocks and contracts -€309,156
down €309,156 (-53.5%), from €578,351 to €269,195
- Receivables within one year +€65,004
up €65,004 (+27.0%), from €241,200 to €306,204
of which Trade receivables: +€84,140
- Tangible fixed assets -€62,223
down €62,223 (-9.5%), from €654,098 to €591,875
of which Land and buildings: -€67,289
- Trade debts +€354,544
up €354,544 (+42.8%), from €828,796 to €1.2m
- Reserves +€119,663
up €119,663 (+39.8%), from €300,399 to €420,061
of which Distributable reserves: +€119,663
- Debts after one year -€55,714
down €55,714 (-23.1%), from €241,310 to €185,595
- Gross operating margin +€67,981
up €67,981 (+31.8%), from €213,981 to €281,962
- Taxes +€19,624
up €19,624 (+60.9%), from €32,233 to €51,857
- Financial charges -€5,061
down €5,061 (-23.3%), from €21,742 to €16,682
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 | €1,894,088 | €2,313,517 | +€419,429 | +22.1% |
| Fixed assets | 21/28 | €655,417 | €593,034 | -€62,382 | -9.5% |
| Intangible fixed assets | 21 | €319 | €159 | -€159 | -50.0% |
| Tangible fixed assets | 22/27 | €654,098 | €591,875 | -€62,223 | -9.5% |
| Land and buildings | 22 | €614,746 | €547,457 | -€67,289 | -10.9% |
| Plant, machinery and equipment | 23 | €369 | €79 | -€290 | -78.7% |
| Furniture and vehicles | 24 | €38,983 | €44,339 | +€5,356 | +13.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €1,238,672 | €1,720,483 | +€481,811 | +38.9% |
| Stocks and contracts in progress | 3 | €578,351 | €269,195 | -€309,156 | -53.5% |
| Stocks | 30/36 | €578,351 | €269,195 | -€309,156 | -53.5% |
| Amounts receivable within one year | 40/41 | €241,200 | €306,204 | +€65,004 | +27.0% |
| Trade receivables | 40 | €216,121 | €300,261 | +€84,140 | +38.9% |
| Other amounts receivable | 41 | €25,080 | €5,943 | -€19,136 | -76.3% |
| Cash at bank and in hand | 54/58 | €410,451 | €1,136,288 | +€725,836 | +176.8% |
| Deferred charges and accrued income | 490/1 | €8,669 | €8,797 | +€128 | +1.5% |
| Total equity and liabilities | 10/49 | €1,894,088 | €2,313,517 | +€419,429 | +22.1% |
| Equity | 10/15 | €383,640 | €501,660 | +€118,021 | +30.8% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €300,399 | €420,061 | +€119,663 | +39.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €300,399 | €420,061 | +€119,663 | +39.8% |
| Investment grants | 15 | €14,641 | €12,999 | -€1,642 | -11.2% |
| Provisions and deferred taxes | 16 | €771 | €684 | -€86 | -11.2% |
| Deferred taxes | 168 | €771 | €684 | -€86 | -11.2% |
| Amounts payable | 17/49 | €1,509,678 | €1,811,173 | +€301,495 | +20.0% |
| Amounts payable after more than one year | 17 | €241,310 | €185,595 | -€55,714 | -23.1% |
| Financial debts | 170/4 | €241,310 | €185,595 | -€55,714 | -23.1% |
| Amounts payable within one year | 42/48 | €1,247,118 | €1,593,176 | +€346,058 | +27.7% |
| Current portion of amounts payable after more than one year | 42 | €55,714 | €55,714 | = | 0.0% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €828,796 | €1,183,340 | +€354,544 | +42.8% |
| Suppliers | 440/4 | €828,796 | €1,183,340 | +€354,544 | +42.8% |
| Taxes, remuneration and social security | 45 | €32,233 | €23,748 | -€8,485 | -26.3% |
| Taxes | 450/3 | €32,233 | €23,748 | -€8,485 | -26.3% |
| Other amounts payable | 47/48 | €230,374 | €230,374 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €21,251 | €32,402 | +€11,151 | +52.5% |
| Remuneration, social security and pensions | 62 | €557 | €1,139 | +€582 | +104.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,605 | €77,554 | -€50 | -0.1% |
| Other operating charges | 640/8 | €15,586 | €16,909 | +€1,324 | +8.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €213,981 | €281,962 | +€67,981 | +31.8% |
| Operating profit (loss) | 9901 | €120,234 | €186,359 | +€66,125 | +55.0% |
| Financial income | 75/76B | €249 | €113 | -€136 | -54.4% |
| Recurring financial income | 75 | €249 | €113 | -€136 | -54.4% |
| Financial charges | 65/66B | €21,742 | €16,682 | -€5,061 | -23.3% |
| Recurring financial charges | 65 | €21,742 | €16,682 | -€5,061 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €98,740 | €169,791 | +€71,050 | +72.0% |
| Transfer from deferred taxes | 780 | €86 | €86 | = | 0.0% |
| Income taxes | 67/77 | €32,233 | €51,857 | +€19,624 | +60.9% |
| Profit (loss) for the period | 9904 | €66,594 | €118,021 | +€51,427 | +77.2% |
| Transfer from tax-exempt reserves | 789 | €1,642 | €1,642 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,236 | €119,663 | +€51,427 | +75.4% |
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 12 October 2026 via checked.be.