BELLE EPOQUE 69: 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 EPOQUE 69
NACE 66.300, Activities auxiliary to financial services and insurance activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8,451
2024 · €17,765-€26,215
Equity
€1.7m
2024 · €1.7m-€8,451
Cash
€10,895
2024 · €4,316+€6,578
Balance sheet total
€2.0m
2024 · €2.0m-€28,627
Largest movements
Assets
- Tangible fixed assets -€22,491
down €22,491 (-1.2%), from €1.9m to €1.8m
of which Land and buildings: -€22,491
Equity and liabilities
- Short-term financial debts +€100,000
new in 2025: €100,000
- Debts after one year -€99,213
down €99,213 (-33.7%), from €294,265 to €195,052
Income statement
- Financial charges +€20,926
up €20,926 (+341%), from €6,142 to €27,068
- Gross operating margin -€11,263
down €11,263 (-15.7%), from €71,625 to €60,362
- Taxes -€6,225
down €6,225 (-66.2%), from €9,406 to €3,181
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
€17,765
Gross operating margin
-€11,263
Depreciation
-€367
Other operating charges
+€117
Financial charges
-€20,926
Taxes
+€6,225
Result 2025
-€8,451
raises the resultlowers the result
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
+€15,485
Investment
+€6,972
Financing
-€15,880
Cash 2024
€4,316
From operations (derived)
+€15,485
Net result for the year
-€8,451
Depreciation
+€33,511
Receivables within one year
-€4,901
Deferred charges and accrued income
-€378
Tax, wage and social debts
-€4,211
Other debts
-€85
Investment (derived)
+€6,972
Investment in fixed assets (net)
-€11,021
Current investments
+€17,993
Financing
-€15,880
Debts after one year
-€99,213
Current portion of long-term debt
-€16,667
Short-term financial debts
+€100,000
Cash 2025
€10,895
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,020,047 | €1,991,420 | -€28,627 | -1.4% |
| Fixed assets | 21/28 | €1,873,409 | €1,850,919 | -€22,491 | -1.2% |
| Tangible fixed assets | 22/27 | €1,872,409 | €1,849,919 | -€22,491 | -1.2% |
| Land and buildings | 22 | €1,389,023 | €1,366,532 | -€22,491 | -1.6% |
| Other tangible fixed assets | 26 | €483,386 | €483,386 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €146,637 | €140,501 | -€6,136 | -4.2% |
| Amounts receivable within one year | 40/41 | €448 | €5,350 | +€4,901 | +1,093% |
| Other amounts receivable | 41 | €448 | €5,350 | +€4,901 | +1,093% |
| Current investments | 50/53 | €141,872 | €123,879 | -€17,993 | -12.7% |
| Cash at bank and in hand | 54/58 | €4,316 | €10,895 | +€6,578 | +152% |
| Deferred charges and accrued income | 490/1 | - | €378 | +€378 | |
| Total equity and liabilities | 10/49 | €2,020,047 | €1,991,420 | -€28,627 | -1.4% |
| Equity | 10/15 | €1,703,218 | €1,694,767 | -€8,451 | -0.5% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €1,672,218 | €1,663,767 | -€8,451 | -0.5% |
| Non-distributable reserves | 130/1 | €3,100 | - | -€3,100 | |
| Reserves not available under the articles | 1311 | €3,100 | - | -€3,100 | |
| Distributable reserves | 133 | €1,669,118 | €1,663,767 | -€5,351 | -0.3% |
| Amounts payable | 17/49 | €316,829 | €296,653 | -€20,176 | -6.4% |
| Amounts payable after more than one year | 17 | €294,265 | €195,052 | -€99,213 | -33.7% |
| Financial debts | 170/4 | €294,265 | €195,052 | -€99,213 | -33.7% |
| Amounts payable within one year | 42/48 | €22,564 | €101,600 | +€79,037 | +350% |
| Current portion of amounts payable after more than one year | 42 | €16,667 | - | -€16,667 | |
| Financial debts | 43 | - | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | - | €100,000 | +€100,000 | |
| Taxes, remuneration and social security | 45 | €5,812 | €1,600 | -€4,211 | -72.5% |
| Taxes | 450/3 | €5,812 | €1,600 | -€4,211 | -72.5% |
| Other amounts payable | 47/48 | €85 | - | -€85 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,144 | €33,511 | +€367 | +1.1% |
| Other operating charges | 640/8 | €5,168 | €5,052 | -€117 | -2.3% |
| Gross operating margin | 9900 | €71,625 | €60,362 | -€11,263 | -15.7% |
| Operating profit (loss) | 9901 | €33,313 | €21,798 | -€11,514 | -34.6% |
| Financial charges | 65/66B | €6,142 | €27,068 | +€20,926 | +341% |
| Recurring financial charges | 65 | €6,142 | €27,068 | +€20,926 | +341% |
| Profit (loss) for the period before taxes | 9903 | €27,171 | -€5,270 | -€32,440 | |
| Income taxes | 67/77 | €9,406 | €3,181 | -€6,225 | -66.2% |
| Profit (loss) for the period | 9904 | €17,765 | -€8,451 | -€26,215 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,765 | -€8,451 | -€26,215 |
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.