BELLATECHNICS: 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.
BELLATECHNICS
Largest movements
- Stocks and contracts +€46,061
new in 2025: €46,061
of which Contracts in progress: +€46,061
- Cash -€31,080
down €31,080 (-86.5%), from €35,925 to €4,845
mainly Stocks and contracts (-€46,061) and Current portion of long-term debt (-€10,000)
- Receivables within one year -€21,563
down €21,563 (-88.3%), from €24,414 to €2,851
of which Trade receivables: -€11,407
- Tangible fixed assets -€1,627
down €1,627 (-21.0%), from €7,762 to €6,135
- Reserves +€10,862
up €10,862 (+43.3%), from €25,088 to €35,950
- Current portion of long-term debt -€10,000
no longer reported in 2025 (was €10,000)
- Trade debts -€7,694
no longer reported in 2025 (was €7,694)
- Accrued charges and deferred income -€1,123
no longer reported in 2025 (was €1,123)
- Depreciation +€2,407
up €2,407 (+78.0%), from €3,086 to €5,493
- Gross operating margin -€1,428
down €1,428 (-6.2%), from €23,196 to €21,768
- Financial charges -€1,118
down €1,118 (-93.5%), from €1,196 to €78
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 | €73,628 | €65,415 | -€8,213 | -11.2% |
| Fixed assets | 21/28 | €7,762 | €6,135 | -€1,627 | -21.0% |
| Tangible fixed assets | 22/27 | €7,762 | €6,135 | -€1,627 | -21.0% |
| Plant, machinery and equipment | 23 | €7,762 | €6,135 | -€1,627 | -21.0% |
| Current assets | 29/58 | €65,866 | €59,280 | -€6,586 | -10.0% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Trade receivables | 290 | - | €0 | = | |
| Stocks and contracts in progress | 3 | - | €46,061 | +€46,061 | |
| Stocks | 30/36 | - | €0 | = | |
| Contracts in progress | 37 | - | €46,061 | +€46,061 | |
| Amounts receivable within one year | 40/41 | €24,414 | €2,851 | -€21,563 | -88.3% |
| Trade receivables | 40 | €14,258 | €2,851 | -€11,407 | -80.0% |
| Other amounts receivable | 41 | €10,156 | €0 | -€10,156 | -100.0% |
| Current investments | 50/53 | €5,441 | €5,441 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €35,925 | €4,845 | -€31,080 | -86.5% |
| Deferred charges and accrued income | 490/1 | €85 | €82 | -€3 | -3.8% |
| Total equity and liabilities | 10/49 | €73,628 | €65,415 | -€8,213 | -11.2% |
| Equity | 10/15 | €30,088 | €40,950 | +€10,862 | +36.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,088 | €35,950 | +€10,862 | +43.3% |
| Distributable reserves | 133 | €25,088 | €35,950 | +€10,862 | +43.3% |
| Amounts payable | 17/49 | €43,540 | €24,465 | -€19,075 | -43.8% |
| Amounts payable after more than one year | 17 | €14,000 | €14,000 | = | 0.0% |
| Financial debts | 170/4 | €14,000 | €14,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €28,417 | €10,465 | -€17,952 | -63.2% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | - | -€10,000 | |
| Trade debts | 44 | €7,694 | - | -€7,694 | |
| Suppliers | 440/4 | €7,694 | - | -€7,694 | |
| Taxes, remuneration and social security | 45 | €1,464 | €1,207 | -€257 | -17.6% |
| Taxes | 450/3 | €1,464 | €1,207 | -€257 | -17.6% |
| Other amounts payable | 47/48 | €9,258 | €9,258 | -€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,123 | - | -€1,123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,086 | €5,493 | +€2,407 | +78.0% |
| Other operating charges | 640/8 | €141 | €286 | +€146 | +103.6% |
| Gross operating margin | 9900 | €23,196 | €21,768 | -€1,428 | -6.2% |
| Operating profit (loss) | 9901 | €19,969 | €15,989 | -€3,980 | -19.9% |
| Financial income | 75/76B | €167 | €182 | +€15 | +9.3% |
| Recurring financial income | 75 | €167 | €182 | +€15 | +9.3% |
| Financial charges | 65/66B | €1,196 | €78 | -€1,118 | -93.5% |
| Recurring financial charges | 65 | €1,196 | €78 | -€1,118 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | €18,940 | €16,093 | -€2,847 | -15.0% |
| Income taxes | 67/77 | €4,982 | €5,175 | +€193 | +3.9% |
| Profit (loss) for the period | 9904 | €13,958 | €10,918 | -€3,040 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,958 | €10,918 | -€3,040 | -21.8% |
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.