Belle Epoque: 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.
Belle Epoque
Largest movements
- Tangible fixed assets -€7,311
down €7,311 (-7.8%), from €93,193 to €85,883
of which Furniture and vehicles: -€10,266
- Receivables within one year +€2,331
up €2,331 (+50.2%), from €4,640 to €6,971
of which Other amounts receivable: +€1,592
- Cash +€1,334
up €1,334 (+31.7%), from €4,214 to €5,548
mainly Depreciation (+€18,317) and Other debts (+€4,965)
- Profit (loss) carried forward -€5,419
down €5,419 (-293%), from -€1,851 to -€7,270
- Other debts +€4,965
up €4,965 (+5.3%), from €92,840 to €97,805
- Debts after one year -€2,260
no longer reported in 2025 (was €2,260)
- Tax, wage and social debts -€1,122
down €1,122 (-40.7%), from €2,754 to €1,632
- Gross operating margin -€2,504
down €2,504 (-14.8%), from €16,900 to €14,396
- Depreciation +€2,084
up €2,084 (+12.8%), from €16,233 to €18,317
- Financial charges +€305
up €305 (+63.7%), from €479 to €785
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 | €104,015 | €99,546 | -€4,468 | -4.3% |
| Fixed assets | 21/28 | €93,193 | €85,883 | -€7,311 | -7.8% |
| Tangible fixed assets | 22/27 | €93,193 | €85,883 | -€7,311 | -7.8% |
| Land and buildings | 22 | €65,847 | €72,301 | +€6,453 | +9.8% |
| Plant, machinery and equipment | 23 | €11,303 | €7,805 | -€3,498 | -30.9% |
| Furniture and vehicles | 24 | €16,043 | €5,776 | -€10,266 | -64.0% |
| Current assets | 29/58 | €10,821 | €13,664 | +€2,843 | +26.3% |
| Stocks and contracts in progress | 3 | €1,329 | €797 | -€532 | -40.0% |
| Stocks | 30/36 | €1,329 | €797 | -€532 | -40.0% |
| Amounts receivable within one year | 40/41 | €4,640 | €6,971 | +€2,331 | +50.2% |
| Trade receivables | 40 | €2,000 | €2,739 | +€739 | +37.0% |
| Other amounts receivable | 41 | €2,640 | €4,232 | +€1,592 | +60.3% |
| Cash at bank and in hand | 54/58 | €4,214 | €5,548 | +€1,334 | +31.7% |
| Deferred charges and accrued income | 490/1 | €638 | €348 | -€290 | -45.4% |
| Total equity and liabilities | 10/49 | €104,015 | €99,546 | -€4,468 | -4.3% |
| Equity | 10/15 | €2,149 | -€3,270 | -€5,419 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,851 | -€7,270 | -€5,419 | -293% |
| Amounts payable | 17/49 | €101,866 | €102,816 | +€950 | +0.9% |
| Amounts payable after more than one year | 17 | €2,260 | - | -€2,260 | |
| Financial debts | 170/4 | €2,260 | - | -€2,260 | |
| Amounts payable within one year | 42/48 | €99,606 | €102,816 | +€3,211 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €3,568 | €2,717 | -€851 | -23.8% |
| Trade debts | 44 | €444 | €662 | +€218 | +49.1% |
| Suppliers | 440/4 | €444 | €662 | +€218 | +49.1% |
| Taxes, remuneration and social security | 45 | €2,754 | €1,632 | -€1,122 | -40.7% |
| Taxes | 450/3 | €2,754 | €1,632 | -€1,122 | -40.7% |
| Other amounts payable | 47/48 | €92,840 | €97,805 | +€4,965 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,233 | €18,317 | +€2,084 | +12.8% |
| Other operating charges | 640/8 | €778 | €740 | -€38 | -4.9% |
| Gross operating margin | 9900 | €16,900 | €14,396 | -€2,504 | -14.8% |
| Operating profit (loss) | 9901 | -€111 | -€4,661 | -€4,549 | -4,086% |
| Financial income | 75/76B | €0 | €27 | +€26 | +22,058% |
| Recurring financial income | 75 | €0 | €27 | +€26 | +22,058% |
| Financial charges | 65/66B | €479 | €785 | +€305 | +63.7% |
| Recurring financial charges | 65 | €479 | €785 | +€305 | +63.7% |
| Profit (loss) for the period before taxes | 9903 | -€591 | -€5,419 | -€4,828 | -818% |
| Profit (loss) for the period | 9904 | -€591 | -€5,419 | -€4,828 | -818% |
| Profit (loss) for the period to be appropriated | 9905 | -€591 | -€5,419 | -€4,828 | -818% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.