BELLE: 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.
What changed
BELLE
NACE 68.310, Real estate agency activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€82,977
2024 · €86,696-€3,719
Equity
€604,189
2024 · €521,211+€82,977
Cash
€249,248
2024 · €189,806+€59,443
Balance sheet total
€936,076
2024 · €870,617+€65,460
Largest movements
Assets
- Cash +€59,443
up €59,443 (+31.3%), from €189,806 to €249,248
mainly Net result for the year (+€82,977) and Depreciation (+€42,877)
Equity and liabilities
- Reserves +€82,977
up €82,977 (+20.6%), from €402,611 to €485,589
- Tax, wage and social debts -€12,962
down €12,962 (-44.0%), from €29,463 to €16,500
of which Taxes: -€12,790
Income statement
- Gross operating margin +€14,322
up €14,322 (+7.0%), from €205,391 to €219,713
- Financial income -€8,362
down €8,362 (-75.6%), from €11,065 to €2,702
- Other operating charges +€2,751
up €2,751 (+48.3%), from €5,693 to €8,444
- Taxes +€2,679
up €2,679 (+5.7%), from €46,682 to €49,361
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.
Result 2024
€86,696
Gross operating margin
+€14,322
Staff costs
+€72
Depreciation
-€1,318
Other operating charges
-€2,751
Other operating items
-€4,557
Financial income
-€8,362
Financial charges
+€1,555
Taxes
-€2,679
Result 2025
€82,977
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€108,106
Investment
-€46,053
Financing
-€2,610
Cash 2024
€189,806
From operations (derived)
+€108,106
Net result for the year
+€82,977
Depreciation
+€42,877
Receivables within one year
+€1,486
Deferred charges and accrued income
-€4,327
Trade debts
-€7,575
Tax, wage and social debts
-€12,962
Other debts
+€2,114
Accrued charges and deferred income
+€3,515
Investment (derived)
-€46,053
Investment in fixed assets (net)
-€37,414
Current investments
-€8,639
Financing
-€2,610
Debts after one year
+€2,850
Current portion of long-term debt
-€5,460
Cash 2025
€249,248
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €870,617 | €936,076 | +€65,460 | +7.5% |
| Fixed assets | 21/28 | €421,815 | €416,352 | -€5,463 | -1.3% |
| Intangible fixed assets | 21 | €741 | €148 | -€593 | -80.1% |
| Tangible fixed assets | 22/27 | €421,074 | €416,204 | -€4,869 | -1.2% |
| Land and buildings | 22 | €346,056 | €332,960 | -€13,096 | -3.8% |
| Furniture and vehicles | 24 | €70,969 | €79,752 | +€8,783 | +12.4% |
| Other tangible fixed assets | 26 | €4,049 | €3,492 | -€557 | -13.7% |
| Current assets | 29/58 | €448,802 | €519,724 | +€70,922 | +15.8% |
| Amounts receivable within one year | 40/41 | €3,942 | €2,455 | -€1,486 | -37.7% |
| Trade receivables | 40 | €3,484 | €1,997 | -€1,486 | -42.7% |
| Other amounts receivable | 41 | €458 | €458 | = | 0.0% |
| Current investments | 50/53 | €250,000 | €258,639 | +€8,639 | +3.5% |
| Cash at bank and in hand | 54/58 | €189,806 | €249,248 | +€59,443 | +31.3% |
| Deferred charges and accrued income | 490/1 | €5,055 | €9,382 | +€4,327 | +85.6% |
| Total equity and liabilities | 10/49 | €870,617 | €936,076 | +€65,460 | +7.5% |
| Equity | 10/15 | €521,211 | €604,189 | +€82,977 | +15.9% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €402,611 | €485,589 | +€82,977 | +20.6% |
| Distributable reserves | 133 | €402,611 | €485,589 | +€82,977 | +20.6% |
| Amounts payable | 17/49 | €349,405 | €331,888 | -€17,517 | -5.0% |
| Amounts payable after more than one year | 17 | €201,114 | €203,964 | +€2,850 | +1.4% |
| Financial debts | 170/4 | €201,114 | €203,964 | +€2,850 | +1.4% |
| Amounts payable within one year | 42/48 | €148,291 | €124,408 | -€23,882 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €47,928 | €42,467 | -€5,460 | -11.4% |
| Trade debts | 44 | €23,123 | €15,549 | -€7,575 | -32.8% |
| Suppliers | 440/4 | €23,123 | €15,549 | -€7,575 | -32.8% |
| Taxes, remuneration and social security | 45 | €29,463 | €16,500 | -€12,962 | -44.0% |
| Taxes | 450/3 | €24,956 | €12,166 | -€12,790 | -51.3% |
| Remuneration and social security | 454/9 | €4,507 | €4,335 | -€172 | -3.8% |
| Other amounts payable | 47/48 | €47,777 | €49,892 | +€2,114 | +4.4% |
| Accrued charges and deferred income | 492/3 | - | €3,515 | +€3,515 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €26,217 | €26,145 | -€72 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,559 | €42,877 | +€1,318 | +3.2% |
| Other operating charges | 640/8 | €5,693 | €8,444 | +€2,751 | +48.3% |
| Non-recurring operating charges | 66A | - | €4,557 | +€4,557 | |
| Gross operating margin | 9900 | €205,391 | €219,713 | +€14,322 | +7.0% |
| Operating profit (loss) | 9901 | €131,922 | €137,690 | +€5,768 | +4.4% |
| Financial income | 75/76B | €11,065 | €2,702 | -€8,362 | -75.6% |
| Recurring financial income | 75 | €11,065 | €2,702 | -€8,362 | -75.6% |
| Financial charges | 65/66B | €9,608 | €8,053 | -€1,555 | -16.2% |
| Recurring financial charges | 65 | €9,608 | €8,053 | -€1,555 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €133,379 | €132,338 | -€1,040 | -0.8% |
| Income taxes | 67/77 | €46,682 | €49,361 | +€2,679 | +5.7% |
| Profit (loss) for the period | 9904 | €86,696 | €82,977 | -€3,719 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,696 | €82,977 | -€3,719 | -4.3% |
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 24 October 2026 via checked.be.