BELLAND: what changed
Two fiscal 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.
BELLAND
Largest movements
- Tangible fixed assets +€112,065
up €112,065 (+1178.4%), from €9,510 to €121,575
of which Land and buildings: +€109,010
- Cash +€36,506
up €36,506 (+5630.9%), from €648 to €37,154
mainly Debts after one year (+€85,907) and Depreciation (+€32,355)
- Receivables within one year -€28,502
down €28,502 (-100.0%), from €28,507 to €5
of which Trade receivables: -€28,500
- Intangible fixed assets -€4,425
down €4,425 (-34.1%), from €12,985 to €8,560
- Debts after one year +€85,907
new in 2025: €85,907
- Other debts +€12,342
up €12,342 (+53.7%), from €22,991 to €35,333
- Reserves +€9,400
up €9,400 (+193.8%), from €4,850 to €14,250
- Trade debts +€6,192
up €6,192 (+125.4%), from €4,939 to €11,131
- Tax, wage and social debts +€4,062
up €4,062 (+49.4%), from €8,231 to €12,293
- Gross operating margin +€39,303
up €39,303 (+213.3%), from €18,426 to €57,729
- Depreciation +€20,012
up €20,012 (+162.1%), from €12,343 to €32,355
- Taxes +€8,943
new in 2025: €8,943
- Financial charges +€1,399
up €1,399 (+46.4%), from €3,015 to €4,414
- Other operating charges -€780
down €780 (-59.6%), from €1,309 to €528
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 | €57,473 | €173,525 | +€116,052 | +201.9% |
| Formation expenses | 20 | €1,777 | €852 | -€925 | -52.1% |
| Fixed assets | 21/28 | €22,495 | €130,135 | +€107,641 | +478.5% |
| Intangible fixed assets | 21 | €12,985 | €8,560 | -€4,425 | -34.1% |
| Tangible fixed assets | 22/27 | €9,510 | €121,575 | +€112,065 | +1178.4% |
| Land and buildings | 22 | - | €109,010 | +€109,010 | |
| Plant, machinery and equipment | 23 | - | €703 | +€703 | |
| Furniture and vehicles | 24 | €9,188 | €11,704 | +€2,516 | +27.4% |
| Other tangible fixed assets | 26 | €322 | €158 | -€164 | -51.0% |
| Current assets | 29/58 | €33,201 | €42,538 | +€9,337 | +28.1% |
| Amounts receivable within one year | 40/41 | €28,507 | €5 | -€28,502 | -100.0% |
| Trade receivables | 40 | €28,500 | - | -€28,500 | |
| Other amounts receivable | 41 | €7 | €5 | -€2 | -32.9% |
| Cash at bank and in hand | 54/58 | €648 | €37,154 | +€36,506 | +5630.9% |
| Deferred charges and accrued income | 490/1 | €4,046 | €5,379 | +€1,332 | +32.9% |
| Total equity and liabilities | 10/49 | €57,473 | €173,525 | +€116,052 | +201.9% |
| Equity | 10/15 | €16,625 | €26,098 | +€9,473 | +57.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €4,850 | €14,250 | +€9,400 | +193.8% |
| Distributable reserves | 133 | €4,850 | €14,250 | +€9,400 | +193.8% |
| Profit (loss) carried forward | 14 | €1,775 | €1,848 | +€73 | +4.1% |
| Amounts payable | 17/49 | €40,848 | €147,426 | +€106,579 | +260.9% |
| Amounts payable after more than one year | 17 | - | €85,907 | +€85,907 | |
| Financial debts | 170/4 | - | €85,907 | +€85,907 | |
| Amounts payable within one year | 42/48 | €40,848 | €61,519 | +€20,671 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €4,687 | €2,762 | -€1,924 | -41.1% |
| Trade debts | 44 | €4,939 | €11,131 | +€6,192 | +125.4% |
| Suppliers | 440/4 | €4,939 | €11,131 | +€6,192 | +125.4% |
| Taxes, remuneration and social security | 45 | €8,231 | €12,293 | +€4,062 | +49.4% |
| Taxes | 450/3 | €8,231 | €12,293 | +€4,062 | +49.4% |
| Other amounts payable | 47/48 | €22,991 | €35,333 | +€12,342 | +53.7% |
| Non-recurring operating income | 76A | - | €2,124 | +€2,124 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,343 | €32,355 | +€20,012 | +162.1% |
| Other operating charges | 640/8 | €1,309 | €528 | -€780 | -59.6% |
| Non-recurring operating charges | 66A | - | €2,124 | +€2,124 | |
| Gross operating margin | 9900 | €18,426 | €57,729 | +€39,303 | +213.3% |
| Operating profit (loss) | 9901 | €4,774 | €22,721 | +€17,947 | +375.9% |
| Financial income | 75/76B | €3 | €110 | +€107 | +3565.3% |
| Recurring financial income | 75 | €3 | €110 | +€107 | +3565.3% |
| Financial charges | 65/66B | €3,015 | €4,414 | +€1,399 | +46.4% |
| Recurring financial charges | 65 | €3,015 | €4,414 | +€1,399 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | €1,762 | €18,417 | +€16,654 | +945.1% |
| Income taxes | 67/77 | - | €8,943 | +€8,943 | |
| Profit (loss) for the period | 9904 | €1,762 | €9,473 | +€7,711 | +437.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,762 | €9,473 | +€7,711 | +437.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.