Belxon: 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.
Belxon
Largest movements
- Receivables within one year -€62,497
down €62,497 (-61.4%), from €101,774 to €39,277
of which Trade receivables: -€62,982
- Cash +€18,562
up €18,562 (+216%), from €8,589 to €27,151
mainly Receivables within one year (+€62,497) and Other debts (+€38,448)
- Tangible fixed assets +€12,767
up €12,767 (+2,320%), from €550 to €13,317
of which Leasing and similar rights: +€13,094
- Trade debts -€62,591
down €62,591 (-24.2%), from €258,820 to €196,229
- Other debts +€38,448
up €38,448 (+48.3%), from €79,616 to €118,064
- Debts after one year -€11,129
down €11,129 (-7.4%), from €150,652 to €139,523
- Current portion of long-term debt +€7,150
up €7,150 (+72.3%), from €9,886 to €17,036
- Gross operating margin +€9,712
up €9,712 (+51.3%), from €18,947 to €28,659
- Financial charges +€3,427
up €3,427 (+24.6%), from €13,944 to €17,371
- Financial income -€1,777
down €1,777 (-97.8%), from €1,817 to €39
- Other operating charges +€1,574
up €1,574 (+69.1%), from €2,277 to €3,851
- Depreciation +€1,371
up €1,371 (+419%), from €328 to €1,699
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 | €680,963 | €651,323 | -€29,640 | -4.4% |
| Fixed assets | 21/28 | €5,550 | €18,317 | +€12,767 | +230% |
| Tangible fixed assets | 22/27 | €550 | €13,317 | +€12,767 | +2,320% |
| Plant, machinery and equipment | 23 | €550 | €223 | -€328 | -59.5% |
| Leasing and similar rights | 25 | - | €13,094 | +€13,094 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €675,413 | €633,006 | -€42,407 | -6.3% |
| Stocks and contracts in progress | 3 | €555,949 | €555,949 | = | 0.0% |
| Stocks | 30/36 | €555,949 | €555,949 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €101,774 | €39,277 | -€62,497 | -61.4% |
| Trade receivables | 40 | €85,035 | €22,053 | -€62,982 | -74.1% |
| Other amounts receivable | 41 | €16,739 | €17,223 | +€484 | +2.9% |
| Cash at bank and in hand | 54/58 | €8,589 | €27,151 | +€18,562 | +216% |
| Deferred charges and accrued income | 490/1 | €9,101 | €10,629 | +€1,529 | +16.8% |
| Total equity and liabilities | 10/49 | €680,963 | €651,323 | -€29,640 | -4.4% |
| Equity | 10/15 | €172,780 | €176,933 | +€4,154 | +2.4% |
| Contributions | 10/11 | €15,200 | €15,200 | = | 0.0% |
| Reserves | 13 | €157,580 | €161,733 | +€4,154 | +2.6% |
| Distributable reserves | 133 | €157,580 | €161,733 | +€4,154 | +2.6% |
| Amounts payable | 17/49 | €508,184 | €474,390 | -€33,794 | -6.6% |
| Amounts payable after more than one year | 17 | €150,652 | €139,523 | -€11,129 | -7.4% |
| Financial debts | 170/4 | €150,652 | €139,523 | -€11,129 | -7.4% |
| Amounts payable within one year | 42/48 | €357,532 | €334,867 | -€22,665 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €9,886 | €17,036 | +€7,150 | +72.3% |
| Trade debts | 44 | €258,820 | €196,229 | -€62,591 | -24.2% |
| Suppliers | 440/4 | €258,820 | €196,229 | -€62,591 | -24.2% |
| Taxes, remuneration and social security | 45 | €9,209 | €3,538 | -€5,672 | -61.6% |
| Taxes | 450/3 | €8,209 | €3,538 | -€4,672 | -56.9% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €79,616 | €118,064 | +€38,448 | +48.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328 | €1,699 | +€1,371 | +419% |
| Other operating charges | 640/8 | €2,277 | €3,851 | +€1,574 | +69.1% |
| Gross operating margin | 9900 | €18,947 | €28,659 | +€9,712 | +51.3% |
| Operating profit (loss) | 9901 | €16,342 | €23,109 | +€6,766 | +41.4% |
| Financial income | 75/76B | €1,817 | €39 | -€1,777 | -97.8% |
| Recurring financial income | 75 | €1,817 | €39 | -€1,777 | -97.8% |
| Financial charges | 65/66B | €13,944 | €17,371 | +€3,427 | +24.6% |
| Recurring financial charges | 65 | €13,944 | €17,371 | +€3,427 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €4,215 | €5,777 | +€1,563 | +37.1% |
| Income taxes | 67/77 | €1,930 | €1,623 | -€306 | -15.9% |
| Profit (loss) for the period | 9904 | €2,285 | €4,154 | +€1,869 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,285 | €4,154 | +€1,869 | +81.8% |
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 13 October 2026 via checked.be.