BELCORTEX: what changed
BELCORTEX
Largest movements
- Financial fixed assets -€2.4m
down €2.4m (-58.9%), from €4.1m to €1.7m
- Receivables within one year +€747,027
up €747,027 (+98.2%), from €761,094 to €1.5m
of which Other amounts receivable: +€882,762
- Cash -€94,138
down €94,138 (-43.9%), from €214,518 to €120,380
mainly Net result for the year (-€1.2m) and Receivables within one year (-€747,027)
- Current investments -€79,429
down €79,429 (-25.4%), from €312,284 to €232,854
- Profit (loss) carried forward -€1.2m
down €1.2m, from €487,872 to -€671,331
- Debts after one year -€390,628
down €390,628 (-10.8%), from €3.6m to €3.2m
of which Financial debts: -€390,628
- Other debts -€381,473
down €381,473 (-93.3%), from €408,855 to €27,382
- Financial charges +€1.4m
up €1.4m (+5,426%), from €26,014 to €1.4m
of which Non-recurring financial charges: +€1.4m
- Gross operating margin -€301,319
down €301,319 (-52.8%), from €570,596 to €269,278
- Taxes -€76,712
down €76,712 (-56.1%), from €136,622 to €59,910
- Financial income +€49,537
up €49,537 (+76.4%), from €64,805 to €114,342
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,568,812 | €3,639,781 | -€1.9m | -34.6% |
| Fixed assets | 21/28 | €4,232,930 | €1,769,893 | -€2.5m | -58.2% |
| Tangible fixed assets | 22/27 | €129,364 | €84,981 | -€44,383 | -34.3% |
| Furniture and vehicles | 24 | €129,364 | €84,981 | -€44,383 | -34.3% |
| Financial fixed assets | 28 | €4,103,566 | €1,684,911 | -€2.4m | -58.9% |
| Current assets | 29/58 | €1,335,882 | €1,869,888 | +€534,006 | +40.0% |
| Stocks and contracts in progress | 3 | €43,032 | €700 | -€42,332 | -98.4% |
| Stocks | 30/36 | €43,032 | €700 | -€42,332 | -98.4% |
| Amounts receivable within one year | 40/41 | €761,094 | €1,508,120 | +€747,027 | +98.2% |
| Trade receivables | 40 | €226,679 | €90,944 | -€135,735 | -59.9% |
| Other amounts receivable | 41 | €534,415 | €1,417,177 | +€882,762 | +165% |
| Current investments | 50/53 | €312,284 | €232,854 | -€79,429 | -25.4% |
| Cash at bank and in hand | 54/58 | €214,518 | €120,380 | -€94,138 | -43.9% |
| Deferred charges and accrued income | 490/1 | €4,955 | €7,833 | +€2,878 | +58.1% |
| Total equity and liabilities | 10/49 | €5,568,812 | €3,639,781 | -€1.9m | -34.6% |
| Equity | 10/15 | €520,872 | -€638,331 | -€1.2m | |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €487,872 | -€671,331 | -€1.2m | |
| Amounts payable | 17/49 | €5,047,941 | €4,278,111 | -€769,830 | -15.3% |
| Amounts payable after more than one year | 17 | €3,620,280 | €3,229,652 | -€390,628 | -10.8% |
| Financial debts | 170/4 | €607,780 | €217,152 | -€390,628 | -64.3% |
| Other amounts payable | 178/9 | €3,012,500 | €3,012,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,423,208 | €1,046,611 | -€376,597 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €526,304 | €531,700 | +€5,396 | +1.0% |
| Financial debts | 43 | €487,500 | €487,500 | = | 0.0% |
| Credit institutions | 430/8 | €487,500 | €487,500 | = | 0.0% |
| Trade debts | 44 | €540 | - | -€540 | |
| Suppliers | 440/4 | €540 | - | -€540 | |
| Taxes, remuneration and social security | 45 | €9 | €29 | +€20 | +233% |
| Taxes | 450/3 | €9 | €29 | +€20 | +233% |
| Other amounts payable | 47/48 | €408,855 | €27,382 | -€381,473 | -93.3% |
| Accrued charges and deferred income | 492/3 | €4,453 | €1,848 | -€2,604 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,552 | €44,383 | -€169 | -0.4% |
| Other operating charges | 640/8 | €1,048 | €1,082 | +€34 | +3.3% |
| Gross operating margin | 9900 | €570,596 | €269,278 | -€301,319 | -52.8% |
| Operating profit (loss) | 9901 | €524,997 | €223,813 | -€301,184 | -57.4% |
| Financial income | 75/76B | €64,805 | €114,342 | +€49,537 | +76.4% |
| Recurring financial income | 75 | €64,805 | €114,342 | +€49,537 | +76.4% |
| Financial charges | 65/66B | €26,014 | €1,437,447 | +€1.4m | +5,426% |
| Recurring financial charges | 65 | €26,014 | €33,051 | +€7,036 | +27.0% |
| Non-recurring financial charges | 66B | - | €1,404,396 | +€1.4m | |
| Profit (loss) for the period before taxes | 9903 | €563,788 | -€1,099,292 | -€1.7m | |
| Income taxes | 67/77 | €136,622 | €59,910 | -€76,712 | -56.1% |
| Profit (loss) for the period | 9904 | €427,165 | -€1,159,202 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €427,165 | -€1,159,202 | -€1.6m |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.