Belle Epoque SP: 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 SP
Largest movements
- Tangible fixed assets +€471,550
up €471,550 (+22.7%), from €2.1m to €2.6m
of which Land and buildings: +€442,326
- Receivables within one year +€175,941
up €175,941 (+20.4%), from €862,222 to €1.0m
of which Trade receivables: +€155,497
- Cash -€111,334
down €111,334 (-64.7%), from €172,140 to €60,807
mainly Investment in fixed assets (net) (-€630,156) and Receivables within one year (-€175,941)
- Reserves +€214,391
up €214,391 (+22.9%), from €937,778 to €1.2m
of which Distributable reserves: +€212,531
- Current portion of long-term debt +€132,299
up €132,299 (+74.5%), from €177,546 to €309,846
- Debts after one year +€126,376
up €126,376 (+10.5%), from €1.2m to €1.3m
- Tax, wage and social debts +€60,568
up €60,568 (+116%), from €52,247 to €112,815
of which Taxes: +€49,755
- Gross operating margin +€240,162
up €240,162 (+38.9%), from €617,234 to €857,395
- Taxes +€52,728
up €52,728 (+42.2%), from €124,989 to €177,717
- Financial charges +€41,247
up €41,247 (+147%), from €27,970 to €69,217
- Depreciation +€38,588
up €38,588 (+32.2%), from €120,018 to €158,607
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 | €3,126,541 | €3,666,435 | +€539,894 | +17.3% |
| Fixed assets | 21/28 | €2,078,983 | €2,550,533 | +€471,550 | +22.7% |
| Tangible fixed assets | 22/27 | €2,078,958 | €2,550,508 | +€471,550 | +22.7% |
| Land and buildings | 22 | €2,044,368 | €2,486,694 | +€442,326 | +21.6% |
| Plant, machinery and equipment | 23 | €20,123 | €16,836 | -€3,287 | -16.3% |
| Furniture and vehicles | 24 | €14,468 | €46,978 | +€32,511 | +225% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €1,047,558 | €1,115,902 | +€68,344 | +6.5% |
| Amounts receivable within one year | 40/41 | €862,222 | €1,038,163 | +€175,941 | +20.4% |
| Trade receivables | 40 | €135,053 | €290,550 | +€155,497 | +115% |
| Other amounts receivable | 41 | €727,169 | €747,613 | +€20,444 | +2.8% |
| Cash at bank and in hand | 54/58 | €172,140 | €60,807 | -€111,334 | -64.7% |
| Deferred charges and accrued income | 490/1 | €13,196 | €16,932 | +€3,736 | +28.3% |
| Total equity and liabilities | 10/49 | €3,126,541 | €3,666,435 | +€539,894 | +17.3% |
| Equity | 10/15 | €1,124,297 | €1,338,688 | +€214,391 | +19.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €937,778 | €1,152,169 | +€214,391 | +22.9% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €937,778 | €1,150,309 | +€212,531 | +22.7% |
| Profit (loss) carried forward | 14 | €180,320 | €180,320 | = | 0.0% |
| Amounts payable | 17/49 | €2,002,244 | €2,327,747 | +€325,503 | +16.3% |
| Amounts payable after more than one year | 17 | €1,206,919 | €1,333,295 | +€126,376 | +10.5% |
| Financial debts | 170/4 | €1,206,919 | €1,333,295 | +€126,376 | +10.5% |
| Amounts payable within one year | 42/48 | €795,325 | €994,452 | +€199,127 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €177,546 | €309,846 | +€132,299 | +74.5% |
| Financial debts | 43 | - | €294 | +€294 | |
| Credit institutions | 430/8 | - | €294 | +€294 | |
| Trade debts | 44 | €4,806 | €29,239 | +€24,433 | +508% |
| Suppliers | 440/4 | €4,806 | €29,239 | +€24,433 | +508% |
| Taxes, remuneration and social security | 45 | €52,247 | €112,815 | +€60,568 | +116% |
| Taxes | 450/3 | €40,922 | €90,676 | +€49,755 | +122% |
| Remuneration and social security | 454/9 | €11,326 | €22,139 | +€10,813 | +95.5% |
| Other amounts payable | 47/48 | €560,726 | €542,259 | -€18,467 | -3.3% |
| Remuneration, social security and pensions | 62 | €94,999 | €98,601 | +€3,602 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,018 | €158,607 | +€38,588 | +32.2% |
| Other operating charges | 640/8 | €14,441 | €19,642 | +€5,201 | +36.0% |
| Gross operating margin | 9900 | €617,234 | €857,395 | +€240,162 | +38.9% |
| Operating profit (loss) | 9901 | €387,775 | €580,546 | +€192,771 | +49.7% |
| Financial income | 75/76B | €10,985 | €11,377 | +€392 | +3.6% |
| Recurring financial income | 75 | €10,985 | €11,377 | +€392 | +3.6% |
| Financial charges | 65/66B | €27,970 | €69,217 | +€41,247 | +147% |
| Recurring financial charges | 65 | €27,970 | €69,217 | +€41,247 | +147% |
| Profit (loss) for the period before taxes | 9903 | €370,789 | €522,706 | +€151,916 | +41.0% |
| Income taxes | 67/77 | €124,989 | €177,717 | +€52,728 | +42.2% |
| Profit (loss) for the period | 9904 | €245,801 | €344,989 | +€99,189 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €245,801 | €344,989 | +€99,189 | +40.4% |
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 27 October 2026 via checked.be.