Bel-Art: 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.
Bel-Art
Largest movements
- Tangible fixed assets +€172,095
up €172,095 (+46.9%), from €366,761 to €538,856
of which Furniture and vehicles: +€185,097
- Cash +€68,066
up €68,066 (+7.0%), from €966,640 to €1.0m
mainly Net result for the year (+€213,400) and Debts after one year (+€83,671)
- Reserves +€200,000
up €200,000 (+39.1%), from €511,291 to €711,291
of which Distributable reserves: +€200,000
- Other debts -€90,000
down €90,000 (-50.0%), from €180,000 to €90,000
- Debts after one year +€83,671
up €83,671 (+3,593%), from €2,329 to €86,000
- Tax, wage and social debts +€37,089
up €37,089 (+24.1%), from €154,060 to €191,149
of which Taxes: +€36,487
- Gross operating margin -€45,409
down €45,409 (-5.9%), from €768,415 to €723,006
- Financial income +€30,969
up €30,969 (+35,894%), from €86 to €31,056
- Taxes -€27,429
down €27,429 (-23.2%), from €118,091 to €90,662
- Depreciation +€17,471
up €17,471 (+32.8%), from €53,216 to €70,686
- Staff costs +€14,055
up €14,055 (+4.3%), from €324,518 to €338,573
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 | €1,886,002 | €2,100,703 | +€214,702 | +11.4% |
| Fixed assets | 21/28 | €366,761 | €538,856 | +€172,095 | +46.9% |
| Tangible fixed assets | 22/27 | €366,761 | €538,856 | +€172,095 | +46.9% |
| Land and buildings | 22 | €303,697 | €296,742 | -€6,955 | -2.3% |
| Plant, machinery and equipment | 23 | €12,785 | €6,739 | -€6,046 | -47.3% |
| Furniture and vehicles | 24 | €50,279 | €235,376 | +€185,097 | +368% |
| Current assets | 29/58 | €1,519,241 | €1,561,847 | +€42,606 | +2.8% |
| Stocks and contracts in progress | 3 | €439,347 | €418,355 | -€20,992 | -4.8% |
| Stocks | 30/36 | €439,347 | €418,355 | -€20,992 | -4.8% |
| Amounts receivable within one year | 40/41 | €100,688 | €92,373 | -€8,315 | -8.3% |
| Trade receivables | 40 | €100,688 | €92,373 | -€8,315 | -8.3% |
| Cash at bank and in hand | 54/58 | €966,640 | €1,034,706 | +€68,066 | +7.0% |
| Deferred charges and accrued income | 490/1 | €12,566 | €16,414 | +€3,847 | +30.6% |
| Total equity and liabilities | 10/49 | €1,886,002 | €2,100,703 | +€214,702 | +11.4% |
| Equity | 10/15 | €1,391,391 | €1,604,791 | +€213,400 | +15.3% |
| Contributions | 10/11 | €410,000 | €410,000 | = | 0.0% |
| Capital | 10 | €410,000 | €410,000 | = | 0.0% |
| Issued capital | 100 | €410,000 | €410,000 | = | 0.0% |
| Revaluation surpluses | 12 | €9,721 | €9,721 | = | 0.0% |
| Reserves | 13 | €511,291 | €711,291 | +€200,000 | +39.1% |
| Non-distributable reserves | 130/1 | €43,100 | €43,100 | = | 0.0% |
| Legal reserve | 130 | €43,100 | €43,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €83,791 | €83,791 | = | 0.0% |
| Distributable reserves | 133 | €384,400 | €584,400 | +€200,000 | +52.0% |
| Profit (loss) carried forward | 14 | €460,379 | €473,779 | +€13,400 | +2.9% |
| Provisions and deferred taxes | 16 | €27,930 | €27,930 | = | 0.0% |
| Deferred taxes | 168 | €27,930 | €27,930 | = | 0.0% |
| Amounts payable | 17/49 | €466,681 | €467,982 | +€1,301 | +0.3% |
| Amounts payable after more than one year | 17 | €2,329 | €86,000 | +€83,671 | +3,593% |
| Financial debts | 170/4 | €2,329 | €86,000 | +€83,671 | +3,593% |
| Amounts payable within one year | 42/48 | €464,352 | €381,982 | -€82,370 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €35,945 | €20,005 | -€15,940 | -44.3% |
| Trade debts | 44 | €94,347 | €80,828 | -€13,519 | -14.3% |
| Suppliers | 440/4 | €94,347 | €80,828 | -€13,519 | -14.3% |
| Taxes, remuneration and social security | 45 | €154,060 | €191,149 | +€37,089 | +24.1% |
| Taxes | 450/3 | €120,069 | €156,557 | +€36,487 | +30.4% |
| Remuneration and social security | 454/9 | €33,991 | €34,592 | +€601 | +1.8% |
| Other amounts payable | 47/48 | €180,000 | €90,000 | -€90,000 | -50.0% |
| Remuneration, social security and pensions | 62 | €324,518 | €338,573 | +€14,055 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,216 | €70,686 | +€17,471 | +32.8% |
| Other operating charges | 640/8 | €25,380 | €28,477 | +€3,097 | +12.2% |
| Gross operating margin | 9900 | €768,415 | €723,006 | -€45,409 | -5.9% |
| Operating profit (loss) | 9901 | €365,301 | €285,270 | -€80,032 | -21.9% |
| Financial income | 75/76B | €86 | €31,056 | +€30,969 | +35,894% |
| Recurring financial income | 75 | €86 | €31,056 | +€30,969 | +35,894% |
| Financial charges | 65/66B | €11,754 | €12,263 | +€509 | +4.3% |
| Recurring financial charges | 65 | €11,603 | €12,263 | +€660 | +5.7% |
| Non-recurring financial charges | 66B | €151 | - | -€151 | |
| Profit (loss) for the period before taxes | 9903 | €353,633 | €304,062 | -€49,571 | -14.0% |
| Income taxes | 67/77 | €118,091 | €90,662 | -€27,429 | -23.2% |
| Profit (loss) for the period | 9904 | €235,542 | €213,400 | -€22,142 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €235,542 | €213,400 | -€22,142 | -9.4% |
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 14 October 2026 via checked.be.