Belle-Maison: 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-Maison
Largest movements
- Cash -€59,049
down €59,049 (-63.8%), from €92,590 to €33,541
mainly Deferred charges and accrued income (-€49,969) and Tax, wage and social debts (-€15,855)
- Deferred charges and accrued income +€49,969
up €49,969 (+680%), from €7,347 to €57,316
- Tangible fixed assets -€21,898
down €21,898 (-48.3%), from €45,367 to €23,469
of which Plant, machinery and equipment: -€14,760
- Tax, wage and social debts -€15,855
down €15,855 (-23.8%), from €66,698 to €50,843
of which Taxes: -€15,684
- Accrued charges and deferred income -€11,069
down €11,069 (-83.5%), from €13,253 to €2,183
- Profit (loss) carried forward -€4,975
down €4,975 (-9.9%), from €50,063 to €45,088
- Gross operating margin -€123,291
down €123,291 (-73.9%), from €166,898 to €43,607
- Taxes -€47,248
down €47,248 (-99.5%), from €47,481 to €234
- Staff costs +€3,143
up €3,143 (+90.8%), from €3,460 to €6,604
- Depreciation +€2,664
up €2,664 (+11.2%), from €23,747 to €26,411
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 | €379,590 | €348,352 | -€31,238 | -8.2% |
| Fixed assets | 21/28 | €45,767 | €23,869 | -€21,898 | -47.8% |
| Tangible fixed assets | 22/27 | €45,367 | €23,469 | -€21,898 | -48.3% |
| Plant, machinery and equipment | 23 | €32,093 | €17,332 | -€14,760 | -46.0% |
| Furniture and vehicles | 24 | €13,274 | €6,136 | -€7,138 | -53.8% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €333,823 | €324,483 | -€9,340 | -2.8% |
| Amounts receivable within one year | 40/41 | €233,886 | €233,625 | -€260 | -0.1% |
| Trade receivables | 40 | €232,833 | €207,047 | -€25,786 | -11.1% |
| Other amounts receivable | 41 | €1,053 | €26,579 | +€25,526 | +2,424% |
| Cash at bank and in hand | 54/58 | €92,590 | €33,541 | -€59,049 | -63.8% |
| Deferred charges and accrued income | 490/1 | €7,347 | €57,316 | +€49,969 | +680% |
| Total equity and liabilities | 10/49 | €379,590 | €348,352 | -€31,238 | -8.2% |
| Equity | 10/15 | €55,063 | €50,088 | -€4,975 | -9.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,063 | €45,088 | -€4,975 | -9.9% |
| Amounts payable | 17/49 | €324,527 | €298,263 | -€26,263 | -8.1% |
| Amounts payable within one year | 42/48 | €311,274 | €296,080 | -€15,194 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €2,383 | €3,387 | +€1,004 | +42.1% |
| Trade debts | 44 | €242,193 | €241,850 | -€343 | -0.1% |
| Suppliers | 440/4 | €242,193 | €241,850 | -€343 | -0.1% |
| Taxes, remuneration and social security | 45 | €66,698 | €50,843 | -€15,855 | -23.8% |
| Taxes | 450/3 | €56,059 | €40,375 | -€15,684 | -28.0% |
| Remuneration and social security | 454/9 | €10,639 | €10,468 | -€171 | -1.6% |
| Accrued charges and deferred income | 492/3 | €13,253 | €2,183 | -€11,069 | -83.5% |
| Remuneration, social security and pensions | 62 | €3,460 | €6,604 | +€3,143 | +90.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,747 | €26,411 | +€2,664 | +11.2% |
| Other operating charges | 640/8 | €428 | €926 | +€499 | +117% |
| Non-recurring operating charges | 66A | - | €184 | +€184 | |
| Gross operating margin | 9900 | €166,898 | €43,607 | -€123,291 | -73.9% |
| Operating profit (loss) | 9901 | €139,262 | €9,481 | -€129,781 | -93.2% |
| Financial income | 75/76B | €53 | €36 | -€16 | -31.0% |
| Recurring financial income | 75 | €53 | €36 | -€16 | -31.0% |
| Financial charges | 65/66B | €205 | €789 | +€584 | +285% |
| Recurring financial charges | 65 | €205 | €789 | +€584 | +285% |
| Profit (loss) for the period before taxes | 9903 | €139,110 | €8,729 | -€130,381 | -93.7% |
| Income taxes | 67/77 | €47,481 | €234 | -€47,248 | -99.5% |
| Profit (loss) for the period | 9904 | €91,629 | €8,495 | -€83,134 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €91,629 | €8,495 | -€83,134 | -90.7% |
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 20 October 2026 via checked.be.