BELVICTUS: 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.
BELVICTUS
Largest movements
- Receivables within one year +€53,460
up €53,460 (+344.6%), from €15,514 to €68,974
of which Trade receivables: +€53,243
- Intangible fixed assets -€14,478
down €14,478 (-41.7%), from €34,686 to €20,208
- Stocks and contracts -€13,027
down €13,027 (-16.6%), from €78,312 to €65,285
- Tangible fixed assets -€4,925
down €4,925 (-49.2%), from €10,010 to €5,085
of which Plant, machinery and equipment: -€4,906
- Trade debts +€56,207
up €56,207 (+265.4%), from €21,177 to €77,384
of which Suppliers: +€56,207
- Profit (loss) carried forward -€37,207
down €37,207 (-12.1%), from -€307,266 to -€344,472
- Tax, wage and social debts -€21,679
down €21,679 (-64.4%), from €33,688 to €12,009
of which Remuneration and social security: -€19,114
- Debts after one year +€20,503
up €20,503 (+6.9%), from €297,890 to €318,393
- Current portion of long-term debt +€2,772
up €2,772 (+6.3%), from €44,086 to €46,858
- Provisions +€45,000
no longer reported in 2025 (was -€45,000)
- Gross operating margin +€30,901
up €30,901 (+41.2%), from €75,006 to €105,907
- Staff costs -€6,873
down €6,873 (-6.1%), from €113,309 to €106,435
- Financial charges +€4,581
up €4,581 (+37.3%), from €12,267 to €16,848
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 | €170,657 | €191,276 | +€20,619 | +12.1% |
| Formation expenses | 20 | €804 | €145 | -€660 | -82.0% |
| Fixed assets | 21/28 | €44,696 | €25,293 | -€19,403 | -43.4% |
| Intangible fixed assets | 21 | €34,686 | €20,208 | -€14,478 | -41.7% |
| Tangible fixed assets | 22/27 | €10,010 | €5,085 | -€4,925 | -49.2% |
| Plant, machinery and equipment | 23 | €9,991 | €5,085 | -€4,906 | -49.1% |
| Furniture and vehicles | 24 | €19 | - | -€19 | |
| Current assets | 29/58 | €125,157 | €165,838 | +€40,681 | +32.5% |
| Stocks and contracts in progress | 3 | €78,312 | €65,285 | -€13,027 | -16.6% |
| Stocks | 30/36 | €78,312 | €65,285 | -€13,027 | -16.6% |
| Amounts receivable within one year | 40/41 | €15,514 | €68,974 | +€53,460 | +344.6% |
| Trade receivables | 40 | €15,254 | €68,497 | +€53,243 | +349.1% |
| Other amounts receivable | 41 | €260 | €477 | +€217 | +83.3% |
| Cash at bank and in hand | 54/58 | €29,091 | €29,625 | +€534 | +1.8% |
| Deferred charges and accrued income | 490/1 | €2,241 | €1,955 | -€286 | -12.8% |
| Total equity and liabilities | 10/49 | €170,657 | €191,276 | +€20,619 | +12.1% |
| Equity | 10/15 | -€277,266 | -€314,472 | -€37,207 | -13.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€307,266 | -€344,472 | -€37,207 | -12.1% |
| Provisions and deferred taxes | 16 | €2,000 | €2,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €2,000 | €2,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €445,923 | €503,748 | +€57,825 | +13.0% |
| Amounts payable after more than one year | 17 | €297,890 | €318,393 | +€20,503 | +6.9% |
| Financial debts | 170/4 | €297,890 | €318,393 | +€20,503 | +6.9% |
| Amounts payable within one year | 42/48 | €148,033 | €185,355 | +€37,322 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €44,086 | €46,858 | +€2,772 | +6.3% |
| Trade debts | 44 | €21,177 | €77,384 | +€56,207 | +265.4% |
| Suppliers | 440/4 | €21,177 | €77,384 | +€56,207 | +265.4% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €33,688 | €12,009 | -€21,679 | -64.4% |
| Taxes | 450/3 | €9,783 | €7,218 | -€2,565 | -26.2% |
| Remuneration and social security | 454/9 | €23,905 | €4,791 | -€19,114 | -80.0% |
| Other amounts payable | 47/48 | €49,082 | €49,104 | +€22 | 0.0% |
| Remuneration, social security and pensions | 62 | €113,309 | €106,435 | -€6,873 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,071 | €17,736 | +€665 | +3.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€45,000 | - | +€45,000 | |
| Other operating charges | 640/8 | €2,151 | €2,139 | -€12 | -0.5% |
| Gross operating margin | 9900 | €75,006 | €105,907 | +€30,901 | +41.2% |
| Operating profit (loss) | 9901 | -€12,524 | -€20,403 | -€7,879 | -62.9% |
| Financial income | 75/76B | €21 | €339 | +€319 | +1550.7% |
| Recurring financial income | 75 | €21 | €339 | +€319 | +1550.7% |
| Financial charges | 65/66B | €12,267 | €16,848 | +€4,581 | +37.3% |
| Recurring financial charges | 65 | €12,267 | €16,848 | +€4,581 | +37.3% |
| Profit (loss) for the period before taxes | 9903 | -€24,771 | -€36,912 | -€12,141 | -49.0% |
| Income taxes | 67/77 | - | €295 | +€295 | |
| Profit (loss) for the period | 9904 | -€24,771 | -€37,207 | -€12,436 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,771 | -€37,207 | -€12,436 | -50.2% |
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 12 October 2026 via checked.be.