BELLAM: 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.
BELLAM
Largest movements
- Receivables within one year +€195,392
up €195,392 (+223.2%), from €87,558 to €282,950
- Cash -€63,544
down €63,544 (-90.5%), from €70,215 to €6,671
mainly Debts after one year (-€380,871) and Receivables within one year (-€195,392)
- Tangible fixed assets -€45,993
down €45,993 (-13.3%), from €344,609 to €298,616
- Profit (loss) carried forward +€447,129
up €447,129 (+22.0%), from €2.0m to €2.5m
- Debts after one year -€380,871
down €380,871 (-25.3%), from €1.5m to €1.1m
- Gross operating margin +€115,045
up €115,045 (+64.3%), from €178,905 to €293,950
- Financial income +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Taxes +€30,612
up €30,612 (+146.5%), from €20,900 to €51,513
- Depreciation -€3,179
down €3,179 (-6.5%), from €49,172 to €45,993
- Financial charges +€2,996
up €2,996 (+7.8%), from €38,440 to €41,437
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 | €4,002,382 | €4,088,237 | +€85,855 | +2.1% |
| Fixed assets | 21/28 | €3,844,609 | €3,798,616 | -€45,993 | -1.2% |
| Tangible fixed assets | 22/27 | €344,609 | €298,616 | -€45,993 | -13.3% |
| Land and buildings | 22 | €344,609 | €298,616 | -€45,993 | -13.3% |
| Financial fixed assets | 28 | €3,500,000 | €3,500,000 | = | 0.0% |
| Current assets | 29/58 | €157,773 | €289,621 | +€131,848 | +83.6% |
| Amounts receivable within one year | 40/41 | €87,558 | €282,950 | +€195,392 | +223.2% |
| Other amounts receivable | 41 | €87,558 | €282,950 | +€195,392 | +223.2% |
| Cash at bank and in hand | 54/58 | €70,215 | €6,671 | -€63,544 | -90.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,002,382 | €4,088,237 | +€85,855 | +2.1% |
| Equity | 10/15 | €2,054,383 | €2,501,512 | +€447,129 | +21.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,033,923 | €2,481,052 | +€447,129 | +22.0% |
| Amounts payable | 17/49 | €1,947,999 | €1,586,725 | -€361,274 | -18.5% |
| Amounts payable after more than one year | 17 | €1,506,222 | €1,125,352 | -€380,871 | -25.3% |
| Financial debts | 170/4 | €1,506,222 | €1,125,352 | -€380,871 | -25.3% |
| Amounts payable within one year | 42/48 | €438,087 | €458,406 | +€20,319 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €372,236 | €380,871 | +€8,635 | +2.3% |
| Financial debts | 43 | €42,413 | €43,083 | +€670 | +1.6% |
| Credit institutions | 430/8 | €42,413 | €43,083 | +€670 | +1.6% |
| Trade debts | 44 | €1,831 | €2,039 | +€208 | +11.4% |
| Suppliers | 440/4 | €1,831 | €2,039 | +€208 | +11.4% |
| Taxes, remuneration and social security | 45 | €21,607 | €32,413 | +€10,806 | +50.0% |
| Taxes | 450/3 | €21,607 | €32,413 | +€10,806 | +50.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,689 | €2,968 | -€721 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,172 | €45,993 | -€3,179 | -6.5% |
| Other operating charges | 640/8 | €7,691 | €7,879 | +€188 | +2.4% |
| Gross operating margin | 9900 | €178,905 | €293,950 | +€115,045 | +64.3% |
| Operating profit (loss) | 9901 | €122,042 | €240,078 | +€118,036 | +96.7% |
| Financial income | 75/76B | €200,000 | €300,000 | +€100,000 | +50.0% |
| Recurring financial income | 75 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Financial charges | 65/66B | €38,440 | €41,437 | +€2,996 | +7.8% |
| Recurring financial charges | 65 | €38,440 | €41,437 | +€2,996 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €283,602 | €498,642 | +€215,040 | +75.8% |
| Income taxes | 67/77 | €20,900 | €51,513 | +€30,612 | +146.5% |
| Profit (loss) for the period | 9904 | €262,701 | €447,129 | +€184,428 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €262,701 | €447,129 | +€184,428 | +70.2% |
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.