Belle: 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.
Belle
Largest movements
- Deferred charges and accrued income +€562,180
up €562,180 (+45574.5%), from €1,234 to €563,413
- Tangible fixed assets +€430,954
up €430,954 (+13.0%), from €3.3m to €3.7m
of which Land and buildings: +€438,232
- Financial fixed assets -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Debts after one year +€615,226
up €615,226 (+20.0%), from €3.1m to €3.7m
- Reserves +€181,601
up €181,601 (+118.6%), from €153,161 to €334,762
- Financial income +€298,244
up €298,244 (+16979.7%), from €1,756 to €300,000
- Depreciation +€44,065
up €44,065 (+29.1%), from €151,270 to €195,336
- Gross operating margin -€40,989
down €40,989 (-15.6%), from €263,008 to €222,020
- Financial charges +€23,878
up €23,878 (+41.5%), from €57,578 to €81,456
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 | €3,651,698 | €4,395,949 | +€744,252 | +20.4% |
| Fixed assets | 21/28 | €3,552,781 | €3,733,734 | +€180,954 | +5.1% |
| Tangible fixed assets | 22/27 | €3,302,781 | €3,733,734 | +€430,954 | +13.0% |
| Land and buildings | 22 | €3,289,047 | €3,727,279 | +€438,232 | +13.3% |
| Plant, machinery and equipment | 23 | €12,139 | €5,536 | -€6,603 | -54.4% |
| Furniture and vehicles | 24 | €1,595 | €920 | -€675 | -42.3% |
| Financial fixed assets | 28 | €250,000 | €0 | -€250,000 | -100.0% |
| Current assets | 29/58 | €98,917 | €662,215 | +€563,298 | +569.5% |
| Amounts receivable within one year | 40/41 | €92,147 | €93,429 | +€1,282 | +1.4% |
| Trade receivables | 40 | €61,663 | €73,009 | +€11,347 | +18.4% |
| Other amounts receivable | 41 | €30,485 | €20,420 | -€10,065 | -33.0% |
| Cash at bank and in hand | 54/58 | €5,537 | €5,373 | -€164 | -3.0% |
| Deferred charges and accrued income | 490/1 | €1,234 | €563,413 | +€562,180 | +45574.5% |
| Total equity and liabilities | 10/49 | €3,651,698 | €4,395,949 | +€744,252 | +20.4% |
| Equity | 10/15 | €276,911 | €458,512 | +€181,601 | +65.6% |
| Contributions | 10/11 | €123,750 | €123,750 | = | 0.0% |
| Reserves | 13 | €153,161 | €334,762 | +€181,601 | +118.6% |
| Distributable reserves | 133 | €153,161 | €334,762 | +€181,601 | +118.6% |
| Amounts payable | 17/49 | €3,374,787 | €3,937,438 | +€562,651 | +16.7% |
| Amounts payable after more than one year | 17 | €3,082,327 | €3,697,553 | +€615,226 | +20.0% |
| Financial debts | 170/4 | €3,082,327 | €3,697,553 | +€615,226 | +20.0% |
| Amounts payable within one year | 42/48 | €244,814 | €206,877 | -€37,937 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €159,211 | €161,374 | +€2,163 | +1.4% |
| Trade debts | 44 | €48,165 | €15,193 | -€32,972 | -68.5% |
| Suppliers | 440/4 | €48,165 | €15,193 | -€32,972 | -68.5% |
| Taxes, remuneration and social security | 45 | €32,365 | €25,411 | -€6,954 | -21.5% |
| Taxes | 450/3 | €25,663 | €16,551 | -€9,112 | -35.5% |
| Remuneration and social security | 454/9 | €6,702 | €8,860 | +€2,158 | +32.2% |
| Other amounts payable | 47/48 | €5,073 | €4,900 | -€174 | -3.4% |
| Accrued charges and deferred income | 492/3 | €47,646 | €33,007 | -€14,638 | -30.7% |
| Remuneration, social security and pensions | 62 | €60,331 | €61,413 | +€1,082 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,270 | €195,336 | +€44,065 | +29.1% |
| Other operating charges | 640/8 | €2,147 | €2,214 | +€67 | +3.1% |
| Gross operating margin | 9900 | €263,008 | €222,020 | -€40,989 | -15.6% |
| Operating profit (loss) | 9901 | €49,261 | -€36,943 | -€86,203 | |
| Financial income | 75/76B | €1,756 | €300,000 | +€298,244 | +16979.7% |
| Recurring financial income | 75 | €1,756 | €300,000 | +€298,244 | +16979.7% |
| Financial charges | 65/66B | €57,578 | €81,456 | +€23,878 | +41.5% |
| Recurring financial charges | 65 | €57,578 | €81,456 | +€23,878 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | -€6,561 | €181,601 | +€188,162 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€6,561 | €181,601 | +€188,162 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,561 | €181,601 | +€188,162 |
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 6 October 2026 via checked.be.