NEW BELGO: 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.
What changed
NEW BELGO
NACE 43.320, Joinery installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€292,797
2024 · €121,450+€171,347
Equity
€1.1m
2024 · €1.1m+€12,797
Cash
€581,337
2024 · €930,070-€348,733
Balance sheet total
€2.8m
2024 · €2.6m+€206,870
Largest movements
Assets
- Current investments +€439,078
up €439,078 (+122%), from €360,457 to €799,535
- Cash -€348,733
down €348,733 (-37.5%), from €930,070 to €581,337
mainly Current investments (-€439,078) and Contributions, distributions and other (-€280,000)
- Receivables within one year +€161,553
up €161,553 (+24.9%), from €648,708 to €810,262
of which Trade receivables: +€161,560
Equity and liabilities
- Other debts +€180,000
up €180,000 (+180%), from €100,000 to €280,000
- Advances received +€122,707
up €122,707 (+12.2%), from €1.0m to €1.1m
- Trade debts -€82,617
down €82,617 (-25.3%), from €325,977 to €243,360
Income statement
- Turnover -€4.6m
no longer reported in 2025 (was €4.6m)
- Purchases and services -€4.0m
no longer reported in 2025 (was €4.0m)
- Gross operating margin +€278,181
up €278,181 (+47.0%), from €592,265 to €870,446
- Taxes +€70,953
up €70,953 (+197%), from €36,063 to €107,016
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.
Result 2024
€121,450
Gross operating margin
+€278,181
Staff costs
-€31,660
Depreciation
+€19,675
Other operating charges
+€3,651
Other operating items
+€717
Financial income
-€38,098
Financial charges
+€9,834
Taxes
-€70,953
Result 2025
€292,797
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€445,318
Investment
-€493,788
Financing
-€300,264
Cash 2024
€930,070
From operations (derived)
+€445,318
Net result for the year
+€292,797
Depreciation
+€50,085
Stocks and contracts
+€25,362
Receivables within one year
-€161,553
Deferred charges and accrued income
+€24,290
Trade debts
-€82,617
Tax, wage and social debts
-€5,753
Advances received
+€122,707
Other debts
+€180,000
Investment (derived)
-€493,788
Investment in fixed assets (net)
-€54,710
Current investments
-€439,078
Financing
-€300,264
Debts after one year
-€20,739
Current portion of long-term debt
+€476
Contributions, distributions and other
-€280,000
Cash 2025
€581,337
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,639,120 | €2,845,991 | +€206,870 | +7.8% |
| Fixed assets | 21/28 | €106,776 | €111,400 | +€4,625 | +4.3% |
| Tangible fixed assets | 22/27 | €88,251 | €92,875 | +€4,625 | +5.2% |
| Plant, machinery and equipment | 23 | €41,325 | €27,867 | -€13,458 | -32.6% |
| Furniture and vehicles | 24 | €8,109 | €11,834 | +€3,726 | +45.9% |
| Other tangible fixed assets | 26 | €38,817 | €53,174 | +€14,357 | +37.0% |
| Financial fixed assets | 28 | €18,525 | €18,525 | = | 0.0% |
| Current assets | 29/58 | €2,532,345 | €2,734,591 | +€202,246 | +8.0% |
| Stocks and contracts in progress | 3 | €282,657 | €257,295 | -€25,362 | -9.0% |
| Stocks | 30/36 | €282,657 | €257,295 | -€25,362 | -9.0% |
| Amounts receivable within one year | 40/41 | €648,708 | €810,262 | +€161,553 | +24.9% |
| Trade receivables | 40 | €581,908 | €743,468 | +€161,560 | +27.8% |
| Other amounts receivable | 41 | €66,800 | €66,793 | -€7 | 0.0% |
| Current investments | 50/53 | €360,457 | €799,535 | +€439,078 | +122% |
| Cash at bank and in hand | 54/58 | €930,070 | €581,337 | -€348,733 | -37.5% |
| Deferred charges and accrued income | 490/1 | €310,452 | €286,162 | -€24,290 | -7.8% |
| Total equity and liabilities | 10/49 | €2,639,120 | €2,845,991 | +€206,870 | +7.8% |
| Equity | 10/15 | €1,095,921 | €1,108,719 | +€12,797 | +1.2% |
| Contributions | 10/11 | €250,468 | €250,468 | = | 0.0% |
| Capital | 10 | €250,468 | €250,468 | = | 0.0% |
| Issued capital | 100 | €250,468 | €250,468 | = | 0.0% |
| Reserves | 13 | €25,047 | €25,047 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,047 | €25,047 | = | 0.0% |
| Legal reserve | 130 | €25,047 | €25,047 | = | 0.0% |
| Profit (loss) carried forward | 14 | €820,406 | €833,204 | +€12,797 | +1.6% |
| Amounts payable | 17/49 | €1,543,199 | €1,737,272 | +€194,073 | +12.6% |
| Amounts payable after more than one year | 17 | €29,524 | €8,784 | -€20,739 | -70.2% |
| Financial debts | 170/4 | €29,524 | €8,784 | -€20,739 | -70.2% |
| Amounts payable within one year | 42/48 | €1,513,675 | €1,728,488 | +€214,812 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €20,264 | €20,739 | +€476 | +2.3% |
| Trade debts | 44 | €325,977 | €243,360 | -€82,617 | -25.3% |
| Suppliers | 440/4 | €325,977 | €243,360 | -€82,617 | -25.3% |
| Advances received on contracts in progress | 46 | €1,004,442 | €1,127,150 | +€122,707 | +12.2% |
| Taxes, remuneration and social security | 45 | €62,993 | €57,239 | -€5,753 | -9.1% |
| Taxes | 450/3 | €10,489 | €9,130 | -€1,359 | -13.0% |
| Remuneration and social security | 454/9 | €52,504 | €48,109 | -€4,395 | -8.4% |
| Other amounts payable | 47/48 | €100,000 | €280,000 | +€180,000 | +180% |
| Turnover | 70 | €4,630,160 | - | -€4.6m | |
| Goods, raw materials, services and sundry goods | 60/61 | €4,037,895 | - | -€4.0m | |
| Remuneration, social security and pensions | 62 | €493,047 | €524,706 | +€31,660 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,760 | €50,085 | -€19,675 | -28.2% |
| Other operating charges | 640/8 | €18,054 | €14,402 | -€3,651 | -20.2% |
| Non-recurring operating charges | 66A | €1,086 | €369 | -€717 | -66.0% |
| Gross operating margin | 9900 | €592,265 | €870,446 | +€278,181 | +47.0% |
| Operating profit (loss) | 9901 | €10,318 | €280,883 | +€270,565 | +2,622% |
| Financial income | 75/76B | €160,300 | €122,202 | -€38,098 | -23.8% |
| Recurring financial income | 75 | €160,300 | €122,202 | -€38,098 | -23.8% |
| Financial charges | 65/66B | €13,106 | €3,272 | -€9,834 | -75.0% |
| Recurring financial charges | 65 | €13,106 | €3,272 | -€9,834 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €157,513 | €399,813 | +€242,300 | +154% |
| Income taxes | 67/77 | €36,063 | €107,016 | +€70,953 | +197% |
| Profit (loss) for the period | 9904 | €121,450 | €292,797 | +€171,347 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €121,450 | €292,797 | +€171,347 | +141% |
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 21 October 2026 via checked.be.