BGELECT: 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.
BGELECT
Largest movements
- Receivables within one year +€30,807
up €30,807 (+32.3%), from €95,322 to €126,129
of which Trade receivables: +€35,439
- Cash -€21,465
down €21,465 (-99.4%), from €21,604 to €139
mainly Receivables within one year (-€30,807) and Debts after one year (-€16,272)
- Tangible fixed assets -€19,464
down €19,464 (-26.2%), from €74,321 to €54,857
of which Furniture and vehicles: -€19,126
- Debts after one year -€16,272
down €16,272 (-60.8%), from €26,768 to €10,497
- Trade debts +€13,232
up €13,232 (+55.1%), from €24,031 to €37,263
- Other debts -€7,938
down €7,938 (-23.8%), from €33,337 to €25,400
- Profit (loss) carried forward -€6,583
down €6,583, from €2,600 to -€3,983
- Tax, wage and social debts +€5,314
up €5,314 (+41.9%), from €12,668 to €17,983
- Gross operating margin -€62,168
down €62,168 (-78.2%), from €79,501 to €17,333
- Taxes -€11,349
down €11,349 (-98.8%), from €11,490 to €141
- Financial charges -€1,666
down €1,666 (-39.9%), from €4,170 to €2,504
- Other operating charges -€862
down €862 (-69.7%), from €1,235 to €374
- Financial income -€856
down €856 (-83.4%), from €1,026 to €170
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 | €205,148 | €193,615 | -€11,533 | -5.6% |
| Fixed assets | 21/28 | €74,321 | €54,857 | -€19,464 | -26.2% |
| Tangible fixed assets | 22/27 | €74,321 | €54,857 | -€19,464 | -26.2% |
| Land and buildings | 22 | €3,271 | €1,644 | -€1,627 | -49.7% |
| Plant, machinery and equipment | 23 | - | €1,289 | +€1,289 | |
| Furniture and vehicles | 24 | €71,050 | €51,924 | -€19,126 | -26.9% |
| Current assets | 29/58 | €130,827 | €138,758 | +€7,931 | +6.1% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €95,322 | €126,129 | +€30,807 | +32.3% |
| Trade receivables | 40 | €85,819 | €121,258 | +€35,439 | +41.3% |
| Other amounts receivable | 41 | €9,503 | €4,871 | -€4,632 | -48.7% |
| Cash at bank and in hand | 54/58 | €21,604 | €139 | -€21,465 | -99.4% |
| Deferred charges and accrued income | 490/1 | €3,901 | €2,490 | -€1,411 | -36.2% |
| Total equity and liabilities | 10/49 | €205,148 | €193,615 | -€11,533 | -5.6% |
| Equity | 10/15 | €92,785 | €86,202 | -€6,583 | -7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,585 | €71,585 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,389 | €7,389 | = | 0.0% |
| Distributable reserves | 133 | €64,196 | €64,196 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,600 | -€3,983 | -€6,583 | |
| Amounts payable | 17/49 | €112,363 | €107,413 | -€4,950 | -4.4% |
| Amounts payable after more than one year | 17 | €26,768 | €10,497 | -€16,272 | -60.8% |
| Financial debts | 170/4 | €26,768 | €10,497 | -€16,272 | -60.8% |
| Amounts payable within one year | 42/48 | €85,594 | €96,916 | +€11,322 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €15,558 | €16,272 | +€714 | +4.6% |
| Trade debts | 44 | €24,031 | €37,263 | +€13,232 | +55.1% |
| Suppliers | 440/4 | €24,031 | €37,263 | +€13,232 | +55.1% |
| Taxes, remuneration and social security | 45 | €12,668 | €17,983 | +€5,314 | +41.9% |
| Taxes | 450/3 | €12,668 | €17,983 | +€5,314 | +41.9% |
| Other amounts payable | 47/48 | €33,337 | €25,400 | -€7,938 | -23.8% |
| Non-recurring operating income | 76A | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,823 | €21,068 | -€755 | -3.5% |
| Other operating charges | 640/8 | €1,235 | €374 | -€862 | -69.7% |
| Gross operating margin | 9900 | €79,501 | €17,333 | -€62,168 | -78.2% |
| Operating profit (loss) | 9901 | €56,443 | -€4,109 | -€60,551 | |
| Financial income | 75/76B | €1,026 | €170 | -€856 | -83.4% |
| Recurring financial income | 75 | €1,026 | €170 | -€856 | -83.4% |
| Financial charges | 65/66B | €4,170 | €2,504 | -€1,666 | -39.9% |
| Recurring financial charges | 65 | €4,170 | €2,504 | -€1,666 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €53,299 | -€6,442 | -€59,742 | |
| Income taxes | 67/77 | €11,490 | €141 | -€11,349 | -98.8% |
| Profit (loss) for the period | 9904 | €41,810 | -€6,583 | -€48,393 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,810 | -€6,583 | -€48,393 |
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 10 October 2026 via checked.be.