BELLASTRUCTURA: 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.
BELLASTRUCTURA
Largest movements
- Receivables within one year +€99,888
up €99,888 (+873%), from €11,444 to €111,331
of which Trade receivables: +€51,597
- Tangible fixed assets +€32,771
up €32,771 (+2,129%), from €1,539 to €34,311
of which Furniture and vehicles: +€27,972
- Cash -€25,321
down €25,321 (-82.2%), from €30,820 to €5,498
mainly Receivables within one year (-€99,888) and Investment in fixed assets (net) (-€35,832)
- Profit (loss) carried forward +€35,352
up €35,352 (+184%), from €19,263 to €54,615
- Trade debts +€31,543
up €31,543 (+1,134%), from €2,783 to €34,326
- Debts after one year +€23,071
new in 2025: €23,071
- Tax, wage and social debts +€19,600
up €19,600 (+209%), from €9,363 to €28,963
of which Taxes: +€17,100
- Other debts -€6,582
no longer reported in 2025 (was €6,582)
- Gross operating margin +€25,170
up €25,170 (+96.9%), from €25,987 to €51,157
- Taxes +€4,013
up €4,013 (+72.7%), from €5,523 to €9,536
- Depreciation +€2,972
up €2,972 (+3,315%), from €90 to €3,061
- Financial charges +€1,491
up €1,491 (+138%), from €1,078 to €2,570
- Other operating charges +€604
up €604 (+1,806%), from €33 to €638
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 | €44,346 | €151,726 | +€107,380 | +242% |
| Fixed assets | 21/28 | €1,539 | €34,311 | +€32,771 | +2,129% |
| Tangible fixed assets | 22/27 | €1,539 | €34,311 | +€32,771 | +2,129% |
| Furniture and vehicles | 24 | - | €27,972 | +€27,972 | |
| Other tangible fixed assets | 26 | €1,539 | €6,338 | +€4,799 | +312% |
| Current assets | 29/58 | €42,807 | €117,415 | +€74,609 | +174% |
| Amounts receivable within one year | 40/41 | €11,444 | €111,331 | +€99,888 | +873% |
| Trade receivables | 40 | €9,600 | €61,197 | +€51,597 | +537% |
| Other amounts receivable | 41 | €1,844 | €50,135 | +€48,291 | +2,619% |
| Cash at bank and in hand | 54/58 | €30,820 | €5,498 | -€25,321 | -82.2% |
| Deferred charges and accrued income | 490/1 | €543 | €586 | +€43 | +7.8% |
| Total equity and liabilities | 10/49 | €44,346 | €151,726 | +€107,380 | +242% |
| Equity | 10/15 | €24,263 | €59,615 | +€35,352 | +146% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,263 | €54,615 | +€35,352 | +184% |
| Amounts payable | 17/49 | €20,083 | €92,111 | +€72,028 | +359% |
| Amounts payable after more than one year | 17 | - | €23,071 | +€23,071 | |
| Financial debts | 170/4 | - | €23,071 | +€23,071 | |
| Amounts payable within one year | 42/48 | €18,727 | €69,040 | +€50,312 | +269% |
| Current portion of amounts payable after more than one year | 42 | - | €5,751 | +€5,751 | |
| Trade debts | 44 | €2,783 | €34,326 | +€31,543 | +1,134% |
| Suppliers | 440/4 | €2,783 | €34,326 | +€31,543 | +1,134% |
| Taxes, remuneration and social security | 45 | €9,363 | €28,963 | +€19,600 | +209% |
| Taxes | 450/3 | €9,363 | €26,463 | +€17,100 | +183% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €6,582 | - | -€6,582 | |
| Accrued charges and deferred income | 492/3 | €1,356 | - | -€1,356 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90 | €3,061 | +€2,972 | +3,315% |
| Other operating charges | 640/8 | €33 | €638 | +€604 | +1,806% |
| Gross operating margin | 9900 | €25,987 | €51,157 | +€25,170 | +96.9% |
| Operating profit (loss) | 9901 | €25,864 | €47,458 | +€21,594 | +83.5% |
| Financial charges | 65/66B | €1,078 | €2,570 | +€1,491 | +138% |
| Recurring financial charges | 65 | €1,078 | €2,570 | +€1,491 | +138% |
| Profit (loss) for the period before taxes | 9903 | €24,786 | €44,888 | +€20,103 | +81.1% |
| Income taxes | 67/77 | €5,523 | €9,536 | +€4,013 | +72.7% |
| Profit (loss) for the period | 9904 | €19,263 | €35,352 | +€16,089 | +83.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,263 | €35,352 | +€16,089 | +83.5% |
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 20 October 2026 via checked.be.