BELLAS: 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.
BELLAS
Largest movements
- Stocks and contracts -€32,748
down €32,748 (-55.5%), from €59,000 to €26,252
- Tangible fixed assets -€12,478
down €12,478 (-29.9%), from €41,790 to €29,312
of which Furniture and vehicles: -€13,738
- Cash -€9,186
down €9,186 (-31.1%), from €29,530 to €20,344
mainly Other debts (-€69,181) and Receivables within one year (-€8,951)
- Receivables within one year +€8,951
up €8,951 (+141%), from €6,344 to €15,295
- Financial fixed assets -€8,088
down €8,088 (-14.5%), from €55,605 to €47,517
- Other debts -€69,181
down €69,181 (-54.7%), from €126,468 to €57,287
- Profit (loss) carried forward +€19,912
up €19,912 (+20.3%), from -€98,117 to -€78,204
- Current portion of long-term debt -€2,959
down €2,959 (-100%), from €2,959 to €0
- Other operating charges +€41,931
up €41,931 (+34.8%), from €120,647 to €162,578
- Gross operating margin +€14,026
up €14,026 (+4.2%), from €331,367 to €345,393
- Taxes +€10,819
new in 2025: €10,819
- Depreciation -€4,537
down €4,537 (-22.3%), from €20,385 to €15,849
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 | €195,768 | €143,248 | -€52,520 | -26.8% |
| Fixed assets | 21/28 | €97,395 | €76,829 | -€20,565 | -21.1% |
| Tangible fixed assets | 22/27 | €41,790 | €29,312 | -€12,478 | -29.9% |
| Plant, machinery and equipment | 23 | €3,522 | €4,782 | +€1,260 | +35.8% |
| Furniture and vehicles | 24 | €38,268 | €24,530 | -€13,738 | -35.9% |
| Financial fixed assets | 28 | €55,605 | €47,517 | -€8,088 | -14.5% |
| Current assets | 29/58 | €98,373 | €66,418 | -€31,955 | -32.5% |
| Stocks and contracts in progress | 3 | €59,000 | €26,252 | -€32,748 | -55.5% |
| Stocks | 30/36 | €59,000 | €26,252 | -€32,748 | -55.5% |
| Amounts receivable within one year | 40/41 | €6,344 | €15,295 | +€8,951 | +141% |
| Trade receivables | 40 | €6,344 | €15,295 | +€8,951 | +141% |
| Cash at bank and in hand | 54/58 | €29,530 | €20,344 | -€9,186 | -31.1% |
| Deferred charges and accrued income | 490/1 | €3,499 | €4,527 | +€1,028 | +29.4% |
| Total equity and liabilities | 10/49 | €195,768 | €143,248 | -€52,520 | -26.8% |
| Equity | 10/15 | -€62,653 | -€42,741 | +€19,912 | +31.8% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Contributions outside capital | 11 | €20,451 | €20,451 | = | 0.0% |
| Other | 1109/19 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €15,012 | €15,012 | = | 0.0% |
| Distributable reserves | 133 | €15,012 | €15,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,117 | -€78,204 | +€19,912 | +20.3% |
| Amounts payable | 17/49 | €258,421 | €185,989 | -€72,432 | -28.0% |
| Amounts payable after more than one year | 17 | €64,000 | €64,000 | = | 0.0% |
| Financial debts | 170/4 | €64,000 | €64,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €193,924 | €121,856 | -€72,068 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €2,959 | €0 | -€2,959 | -100% |
| Trade debts | 44 | €10,316 | €12,025 | +€1,709 | +16.6% |
| Suppliers | 440/4 | €10,316 | €12,025 | +€1,709 | +16.6% |
| Taxes, remuneration and social security | 45 | €54,180 | €52,544 | -€1,637 | -3.0% |
| Taxes | 450/3 | €7,024 | €12,613 | +€5,589 | +79.6% |
| Remuneration and social security | 454/9 | €47,156 | €39,930 | -€7,225 | -15.3% |
| Other amounts payable | 47/48 | €126,468 | €57,287 | -€69,181 | -54.7% |
| Accrued charges and deferred income | 492/3 | €497 | €133 | -€364 | -73.2% |
| Remuneration, social security and pensions | 62 | €136,092 | €135,741 | -€351 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,385 | €15,849 | -€4,537 | -22.3% |
| Other operating charges | 640/8 | €120,647 | €162,578 | +€41,931 | +34.8% |
| Gross operating margin | 9900 | €331,367 | €345,393 | +€14,026 | +4.2% |
| Operating profit (loss) | 9901 | €54,243 | €31,225 | -€23,017 | -42.4% |
| Financial income | 75/76B | €0 | €99 | +€99 | +330,467% |
| Recurring financial income | 75 | €0 | €99 | +€99 | +330,467% |
| Financial charges | 65/66B | €833 | €593 | -€240 | -28.8% |
| Recurring financial charges | 65 | €833 | €593 | -€240 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €53,409 | €30,731 | -€22,678 | -42.5% |
| Income taxes | 67/77 | - | €10,819 | +€10,819 | |
| Profit (loss) for the period | 9904 | €53,409 | €19,912 | -€33,497 | -62.7% |
| Profit (loss) for the period to be appropriated | 9905 | €53,409 | €19,912 | -€33,497 | -62.7% |
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 15 October 2026 via checked.be.