EURO BELGA: 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.
EURO BELGA
Largest movements
- Receivables after one year +€70,000
new in 2025: €70,000
- Receivables within one year -€28,522
down €28,522 (-36.8%), from €77,609 to €49,087
of which Other amounts receivable: -€46,416
- Tangible fixed assets +€19,319
up €19,319 (+178.3%), from €10,833 to €30,153
- Cash +€3,632
up €3,632 (+45.2%), from €8,030 to €11,662
mainly Receivables within one year (+€28,522) and Net result for the year (+€22,308)
- Trade debts +€18,379
up €18,379 (+89.5%), from €20,529 to €38,908
of which Suppliers: +€17,204
- Debts after one year +€12,377
up €12,377 (+323.9%), from €3,821 to €16,198
- Other debts +€11,895
new in 2025: €11,895
- Reserves +€10,000
up €10,000 (+71.6%), from €13,973 to €23,973
of which Distributable reserves: +€10,000
- Tax, wage and social debts +€9,002
up €9,002 (+78.1%), from €11,527 to €20,529
of which Remuneration and social security: +€5,371
- Gross operating margin +€32,191
up €32,191 (+65.9%), from €48,883 to €81,074
- Other operating charges +€6,994
up €6,994 (+157.4%), from €4,444 to €11,438
- Taxes +€6,324
up €6,324 (+237.6%), from €2,661 to €8,986
- Depreciation -€3,357
down €3,357 (-38.9%), from €8,629 to €5,272
- Staff costs -€1,232
down €1,232 (-3.7%), from €33,223 to €31,991
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 | €99,483 | €164,387 | +€64,903 | +65.2% |
| Fixed assets | 21/28 | €12,813 | €32,133 | +€19,319 | +150.8% |
| Tangible fixed assets | 22/27 | €10,833 | €30,153 | +€19,319 | +178.3% |
| Furniture and vehicles | 24 | €10,833 | €30,153 | +€19,319 | +178.3% |
| Financial fixed assets | 28 | €1,980 | €1,980 | = | 0.0% |
| Current assets | 29/58 | €86,670 | €132,254 | +€45,584 | +52.6% |
| Amounts receivable after more than one year | 29 | - | €70,000 | +€70,000 | |
| Other amounts receivable | 291 | - | €70,000 | +€70,000 | |
| Amounts receivable within one year | 40/41 | €77,609 | €49,087 | -€28,522 | -36.8% |
| Trade receivables | 40 | €21,904 | €39,797 | +€17,893 | +81.7% |
| Other amounts receivable | 41 | €55,705 | €9,289 | -€46,416 | -83.3% |
| Cash at bank and in hand | 54/58 | €8,030 | €11,662 | +€3,632 | +45.2% |
| Deferred charges and accrued income | 490/1 | €1,031 | €1,505 | +€474 | +46.0% |
| Total equity and liabilities | 10/49 | €99,483 | €164,387 | +€64,903 | +65.2% |
| Equity | 10/15 | €58,059 | €70,367 | +€12,308 | +21.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €13,973 | €23,973 | +€10,000 | +71.6% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €13,873 | €23,873 | +€10,000 | +72.1% |
| Profit (loss) carried forward | 14 | €43,086 | €45,394 | +€2,308 | +5.4% |
| Amounts payable | 17/49 | €41,425 | €94,020 | +€52,595 | +127.0% |
| Amounts payable after more than one year | 17 | €3,821 | €16,198 | +€12,377 | +323.9% |
| Financial debts | 170/4 | €3,821 | €16,198 | +€12,377 | +323.9% |
| Amounts payable within one year | 42/48 | €37,604 | €77,822 | +€40,218 | +107.0% |
| Current portion of amounts payable after more than one year | 42 | €5,548 | €6,490 | +€942 | +17.0% |
| Trade debts | 44 | €20,529 | €38,908 | +€18,379 | +89.5% |
| Suppliers | 440/4 | €20,529 | €37,733 | +€17,204 | +83.8% |
| Bills of exchange payable | 441 | - | €1,175 | +€1,175 | |
| Taxes, remuneration and social security | 45 | €11,527 | €20,529 | +€9,002 | +78.1% |
| Taxes | 450/3 | €6,000 | €9,631 | +€3,631 | +60.5% |
| Remuneration and social security | 454/9 | €5,527 | €10,898 | +€5,371 | +97.2% |
| Other amounts payable | 47/48 | - | €11,895 | +€11,895 | |
| Remuneration, social security and pensions | 62 | €33,223 | €31,991 | -€1,232 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,629 | €5,272 | -€3,357 | -38.9% |
| Other operating charges | 640/8 | €4,444 | €11,438 | +€6,994 | +157.4% |
| Gross operating margin | 9900 | €48,883 | €81,074 | +€32,191 | +65.9% |
| Operating profit (loss) | 9901 | €2,588 | €32,373 | +€29,785 | +1151.0% |
| Financial income | 75/76B | €3 | €504 | +€501 | +16701.0% |
| Recurring financial income | 75 | €3 | €504 | +€501 | +16701.0% |
| Financial charges | 65/66B | €1,988 | €1,583 | -€406 | -20.4% |
| Recurring financial charges | 65 | €1,988 | €1,583 | -€406 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €602 | €31,294 | +€30,692 | +5096.8% |
| Income taxes | 67/77 | €2,661 | €8,986 | +€6,324 | +237.6% |
| Profit (loss) for the period | 9904 | -€2,059 | €22,308 | +€24,367 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,059 | €22,308 | +€24,367 |
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 9 October 2026 via checked.be.