BELVECO: 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.
BELVECO
Largest movements
- Tangible fixed assets -€14,239
down €14,239 (-15.6%), from €91,135 to €76,896
- Cash -€4,494
down €4,494 (-51.8%), from €8,682 to €4,188
mainly Other debts (-€24,900) and Receivables within one year (-€1,341)
- Receivables within one year +€1,341
up €1,341 (+24.3%), from €5,524 to €6,865
- Other debts -€24,900
down €24,900 (-9.9%), from €250,968 to €226,068
- Profit (loss) carried forward +€7,028
up €7,028 (+2.5%), from -€280,706 to -€273,678
- Gross operating margin -€6,881
down €6,881 (-22.4%), from €30,718 to €23,837
- Depreciation -€373
down €373 (-2.6%), from €14,612 to €14,239
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,737 | €88,345 | -€17,392 | -16.4% |
| Fixed assets | 21/28 | €91,531 | €77,292 | -€14,239 | -15.6% |
| Tangible fixed assets | 22/27 | €91,135 | €76,896 | -€14,239 | -15.6% |
| Land and buildings | 22 | €91,135 | €76,896 | -€14,239 | -15.6% |
| Financial fixed assets | 28 | €396 | €396 | = | 0.0% |
| Current assets | 29/58 | €14,206 | €11,053 | -€3,153 | -22.2% |
| Amounts receivable within one year | 40/41 | €5,524 | €6,865 | +€1,341 | +24.3% |
| Trade receivables | 40 | €5,524 | €6,865 | +€1,341 | +24.3% |
| Cash at bank and in hand | 54/58 | €8,682 | €4,188 | -€4,494 | -51.8% |
| Total equity and liabilities | 10/49 | €105,737 | €88,345 | -€17,392 | -16.4% |
| Equity | 10/15 | -€155,137 | -€148,108 | +€7,028 | +4.5% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Uncalled capital | 101 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €26,412 | €26,412 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,412 | €26,412 | = | 0.0% |
| Legal reserve | 130 | €26,412 | €26,412 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€280,706 | -€273,678 | +€7,028 | +2.5% |
| Amounts payable | 17/49 | €260,874 | €236,453 | -€24,420 | -9.4% |
| Amounts payable within one year | 42/48 | €257,898 | €233,478 | -€24,420 | -9.5% |
| Trade debts | 44 | €5,355 | €5,835 | +€480 | +9.0% |
| Suppliers | 440/4 | €5,355 | €5,835 | +€480 | +9.0% |
| Taxes, remuneration and social security | 45 | €1,575 | €1,575 | = | 0.0% |
| Taxes | 450/3 | €1,575 | €1,575 | = | 0.0% |
| Other amounts payable | 47/48 | €250,968 | €226,068 | -€24,900 | -9.9% |
| Accrued charges and deferred income | 492/3 | €2,975 | €2,975 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,612 | €14,239 | -€373 | -2.6% |
| Other operating charges | 640/8 | €2,366 | €2,450 | +€84 | +3.6% |
| Gross operating margin | 9900 | €30,718 | €23,837 | -€6,881 | -22.4% |
| Operating profit (loss) | 9901 | €13,741 | €7,148 | -€6,593 | -48.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €93 | €120 | +€27 | +29.2% |
| Recurring financial charges | 65 | €93 | €120 | +€27 | +29.2% |
| Profit (loss) for the period before taxes | 9903 | €13,648 | €7,028 | -€6,620 | -48.5% |
| Profit (loss) for the period | 9904 | €13,648 | €7,028 | -€6,620 | -48.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,648 | €7,028 | -€6,620 | -48.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.