BELVICA: 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.
BELVICA
Largest movements
- Tangible fixed assets -€6,640
down €6,640 (-7.3%), from €91,336 to €84,696
- Current portion of long-term debt -€19,730
no longer reported in 2025 (was €19,730)
- Other debts +€5,088
up €5,088 (+9.8%), from €51,802 to €56,890
- Tax, wage and social debts +€4,886
up €4,886 (+91.8%), from €5,320 to €10,207
of which Remuneration and social security: +€3,246
- Trade debts +€2,680
up €2,680 (+41.8%), from €6,408 to €9,088
- Staff costs +€12,613
up €12,613 (+20.3%), from €62,195 to €74,808
- Gross operating margin +€9,499
up €9,499 (+12.5%), from €75,721 to €85,220
- Financial charges -€875
down €875 (-46.0%), from €1,903 to €1,028
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 | €96,497 | €89,625 | -€6,872 | -7.1% |
| Fixed assets | 21/28 | €91,521 | €84,881 | -€6,640 | -7.3% |
| Tangible fixed assets | 22/27 | €91,336 | €84,696 | -€6,640 | -7.3% |
| Land and buildings | 22 | €91,336 | €84,696 | -€6,640 | -7.3% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €4,976 | €4,744 | -€232 | -4.7% |
| Stocks and contracts in progress | 3 | €2,465 | €1,737 | -€728 | -29.5% |
| Stocks | 30/36 | €2,465 | €1,737 | -€728 | -29.5% |
| Amounts receivable within one year | 40/41 | - | €242 | +€242 | |
| Trade receivables | 40 | - | €242 | +€242 | |
| Cash at bank and in hand | 54/58 | €2,511 | €2,550 | +€39 | +1.5% |
| Deferred charges and accrued income | 490/1 | - | €215 | +€215 | |
| Total equity and liabilities | 10/49 | €96,497 | €89,625 | -€6,872 | -7.1% |
| Equity | 10/15 | €13,237 | €13,441 | +€204 | +1.5% |
| Contributions | 10/11 | €6,200 | €6,634 | +€434 | +7.0% |
| Reserves | 13 | €434 | - | -€434 | |
| Non-distributable reserves | 130/1 | €434 | - | -€434 | |
| Reserves not available under the articles | 1311 | €434 | - | -€434 | |
| Profit (loss) carried forward | 14 | €6,603 | €6,807 | +€204 | +3.1% |
| Amounts payable | 17/49 | €83,260 | €76,184 | -€7,076 | -8.5% |
| Amounts payable within one year | 42/48 | €83,260 | €76,184 | -€7,076 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €19,730 | - | -€19,730 | |
| Trade debts | 44 | €6,408 | €9,088 | +€2,680 | +41.8% |
| Suppliers | 440/4 | €6,408 | €9,088 | +€2,680 | +41.8% |
| Taxes, remuneration and social security | 45 | €5,320 | €10,207 | +€4,886 | +91.8% |
| Taxes | 450/3 | €1,946 | €3,586 | +€1,640 | +84.3% |
| Remuneration and social security | 454/9 | €3,375 | €6,621 | +€3,246 | +96.2% |
| Other amounts payable | 47/48 | €51,802 | €56,890 | +€5,088 | +9.8% |
| Remuneration, social security and pensions | 62 | €62,195 | €74,808 | +€12,613 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,634 | €6,640 | +€7 | +0.1% |
| Other operating charges | 640/8 | €2,512 | €2,539 | +€28 | +1.1% |
| Gross operating margin | 9900 | €75,721 | €85,220 | +€9,499 | +12.5% |
| Operating profit (loss) | 9901 | €4,380 | €1,232 | -€3,148 | -71.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,903 | €1,028 | -€875 | -46.0% |
| Recurring financial charges | 65 | €1,903 | €1,028 | -€875 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €2,477 | €204 | -€2,273 | -91.8% |
| Profit (loss) for the period | 9904 | €2,477 | €204 | -€2,273 | -91.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,477 | €204 | -€2,273 | -91.8% |
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 1 November 2026 via checked.be.