5 Bel’Vue: 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.
5 Bel’Vue
Largest movements
- Tangible fixed assets +€8,154
up €8,154 (+71.2%), from €11,450 to €19,604
of which Other tangible fixed assets: +€9,773
- Cash -€5,124
down €5,124 (-71.4%), from €7,178 to €2,054
mainly Trade debts (-€12,758) and Investment in fixed assets (net) (-€12,277)
- Deferred charges and accrued income +€862
up €862 (+49.3%), from €1,748 to €2,610
- Receivables within one year -€593
down €593 (-21.5%), from €2,756 to €2,163
of which Other amounts receivable: -€981
- Stocks and contracts +€473
new in 2025: €473
- Other debts +€15,988
up €15,988 (+366%), from €4,369 to €20,356
- Trade debts -€12,758
down €12,758 (-95.2%), from €13,407 to €649
- Reserves +€315
up €315 (+25.6%), from €1,230 to €1,545
- Depreciation +€3,555
up €3,555 (+421%), from €844 to €4,399
- Gross operating margin +€2,730
up €2,730 (+92.9%), from €2,939 to €5,669
- Other operating charges +€155
up €155 (+37.1%), from €419 to €575
- Taxes -€67
down €67 (-15.3%), from €436 to €369
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 | €24,453 | €27,948 | +€3,495 | +14.3% |
| Formation expenses | 20 | €1,320 | €1,044 | -€276 | -20.9% |
| Fixed assets | 21/28 | €11,450 | €19,604 | +€8,154 | +71.2% |
| Tangible fixed assets | 22/27 | €11,450 | €19,604 | +€8,154 | +71.2% |
| Plant, machinery and equipment | 23 | - | €1,183 | +€1,183 | |
| Furniture and vehicles | 24 | €11,450 | €8,648 | -€2,802 | -24.5% |
| Other tangible fixed assets | 26 | - | €9,773 | +€9,773 | |
| Current assets | 29/58 | €11,683 | €7,300 | -€4,383 | -37.5% |
| Stocks and contracts in progress | 3 | - | €473 | +€473 | |
| Stocks | 30/36 | - | €473 | +€473 | |
| Amounts receivable within one year | 40/41 | €2,756 | €2,163 | -€593 | -21.5% |
| Trade receivables | 40 | €1,588 | €1,977 | +€389 | +24.5% |
| Other amounts receivable | 41 | €1,168 | €187 | -€981 | -84.0% |
| Cash at bank and in hand | 54/58 | €7,178 | €2,054 | -€5,124 | -71.4% |
| Deferred charges and accrued income | 490/1 | €1,748 | €2,610 | +€862 | +49.3% |
| Total equity and liabilities | 10/49 | €24,453 | €27,948 | +€3,495 | +14.3% |
| Equity | 10/15 | €6,230 | €6,545 | +€315 | +5.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,230 | €1,545 | +€315 | +25.6% |
| Distributable reserves | 133 | €1,230 | €1,545 | +€315 | +25.6% |
| Amounts payable | 17/49 | €18,223 | €21,403 | +€3,180 | +17.5% |
| Amounts payable within one year | 42/48 | €18,211 | €21,403 | +€3,192 | +17.5% |
| Trade debts | 44 | €13,407 | €649 | -€12,758 | -95.2% |
| Suppliers | 440/4 | €13,407 | €649 | -€12,758 | -95.2% |
| Taxes, remuneration and social security | 45 | €436 | €398 | -€38 | -8.7% |
| Taxes | 450/3 | €436 | €398 | -€38 | -8.7% |
| Other amounts payable | 47/48 | €4,369 | €20,356 | +€15,988 | +366% |
| Accrued charges and deferred income | 492/3 | €12 | - | -€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €844 | €4,399 | +€3,555 | +421% |
| Other operating charges | 640/8 | €419 | €575 | +€155 | +37.1% |
| Gross operating margin | 9900 | €2,939 | €5,669 | +€2,730 | +92.9% |
| Operating profit (loss) | 9901 | €1,676 | €696 | -€980 | -58.5% |
| Financial charges | 65/66B | €11 | €12 | +€1 | +12.7% |
| Recurring financial charges | 65 | €11 | €12 | +€1 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €1,665 | €684 | -€982 | -58.9% |
| Income taxes | 67/77 | €436 | €369 | -€67 | -15.3% |
| Profit (loss) for the period | 9904 | €1,230 | €315 | -€915 | -74.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,230 | €315 | -€915 | -74.4% |
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 31 October 2026 via checked.be.