Belle K: 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 K
Largest movements
- Receivables within one year +€17,199
up €17,199, from €0 to €17,199
of which Other amounts receivable: +€13,766
- Tangible fixed assets -€3,146
down €3,146 (-6.7%), from €47,041 to €43,895
of which Other tangible fixed assets: -€8,388
- Trade debts +€9,139
up €9,139 (+159.9%), from €5,714 to €14,853
- Profit (loss) carried forward +€4,409
up €4,409, from -€1,051 to €3,358
- Other debts -€2,361
down €2,361 (-60.8%), from €3,883 to €1,523
- Debts after one year +€2,254
up €2,254 (+14.1%), from €15,987 to €18,241
- Tax, wage and social debts +€814
up €814 (+12.4%), from €6,586 to €7,400
of which Taxes: +€1,020
- Gross operating margin +€5,893
up €5,893 (+30.3%), from €19,463 to €25,356
- Other operating charges +€2,035
up €2,035 (+264.2%), from €770 to €2,806
- Financial charges -€1,987
down €1,987 (-42.7%), from €4,651 to €2,664
- Taxes +€1,421
up €1,421 (+160.7%), from €884 to €2,305
- Depreciation +€1,300
up €1,300 (+11.1%), from €11,761 to €13,061
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 | €49,788 | €64,211 | +€14,424 | +29.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €49,041 | €45,895 | -€3,146 | -6.4% |
| Tangible fixed assets | 22/27 | €47,041 | €43,895 | -€3,146 | -6.7% |
| Plant, machinery and equipment | 23 | €10,409 | €8,332 | -€2,077 | -20.0% |
| Furniture and vehicles | 24 | - | €7,319 | +€7,319 | |
| Other tangible fixed assets | 26 | €36,632 | €28,244 | -€8,388 | -22.9% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €747 | €18,316 | +€17,570 | +2353.0% |
| Stocks and contracts in progress | 3 | €747 | €1,008 | +€261 | +35.0% |
| Stocks | 30/36 | €747 | €1,008 | +€261 | +35.0% |
| Amounts receivable within one year | 40/41 | €0 | €17,199 | +€17,199 | |
| Trade receivables | 40 | €0 | €3,433 | +€3,433 | |
| Other amounts receivable | 41 | - | €13,766 | +€13,766 | |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | - | €110 | +€110 | |
| Total equity and liabilities | 10/49 | €49,788 | €64,211 | +€14,424 | +29.0% |
| Equity | 10/15 | €3,949 | €8,358 | +€4,409 | +111.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,051 | €3,358 | +€4,409 | |
| Amounts payable | 17/49 | €45,838 | €55,853 | +€10,015 | +21.8% |
| Amounts payable after more than one year | 17 | €15,987 | €18,241 | +€2,254 | +14.1% |
| Financial debts | 170/4 | €15,987 | €18,241 | +€2,254 | +14.1% |
| Amounts payable within one year | 42/48 | €29,761 | €37,612 | +€7,852 | +26.4% |
| Financial debts | 43 | €13,258 | €13,516 | +€259 | +2.0% |
| Credit institutions | 430/8 | €12,302 | €12,110 | -€192 | -1.6% |
| Other loans | 439 | €955 | €1,406 | +€451 | +47.2% |
| Trade debts | 44 | €5,714 | €14,853 | +€9,139 | +159.9% |
| Suppliers | 440/4 | €5,714 | €14,853 | +€9,139 | +159.9% |
| Advances received on contracts in progress | 46 | €320 | €320 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,586 | €7,400 | +€814 | +12.4% |
| Taxes | 450/3 | €5,410 | €6,429 | +€1,020 | +18.9% |
| Remuneration and social security | 454/9 | €1,176 | €971 | -€205 | -17.5% |
| Other amounts payable | 47/48 | €3,883 | €1,523 | -€2,361 | -60.8% |
| Accrued charges and deferred income | 492/3 | €91 | €0 | -€91 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | €547 | +€547 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,761 | €13,061 | +€1,300 | +11.1% |
| Other operating charges | 640/8 | €770 | €2,806 | +€2,035 | +264.2% |
| Non-recurring operating charges | 66A | €311 | €0 | -€311 | -100.0% |
| Gross operating margin | 9900 | €19,463 | €25,356 | +€5,893 | +30.3% |
| Operating profit (loss) | 9901 | €6,620 | €8,943 | +€2,322 | +35.1% |
| Financial income | 75/76B | €112 | €435 | +€322 | +286.8% |
| Recurring financial income | 75 | €112 | €435 | +€322 | +286.8% |
| Financial charges | 65/66B | €4,651 | €2,664 | -€1,987 | -42.7% |
| Recurring financial charges | 65 | €4,651 | €2,664 | -€1,987 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €2,082 | €6,714 | +€4,632 | +222.5% |
| Income taxes | 67/77 | €884 | €2,305 | +€1,421 | +160.7% |
| Profit (loss) for the period | 9904 | €1,197 | €4,409 | +€3,212 | +268.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,197 | €4,409 | +€3,212 | +268.2% |
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 12 October 2026 via checked.be.