Belle Pierre: 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 Pierre
Largest movements
- Receivables within one year -€2.5m
down €2.5m (-84.3%), from €3.0m to €471,436
of which Trade receivables: -€2.2m
- Cash +€39,211
up €39,211 (+29.7%), from €132,120 to €171,332
mainly Receivables within one year (+€2.5m) and Depreciation (+€1,961)
- Trade debts -€2.5m
down €2.5m (-76.7%), from €3.2m to €750,771
- Financial income +€29,330
up €29,330 (+773%), from €3,793 to €33,123
of which Financial income: +€16,159
- Gross operating margin +€24,028
up €24,028 (+74.5%), from -€32,258 to -€8,230
- Financial charges -€6,043
down €6,043 (-56.1%), from €10,765 to €4,722
- Staff costs -€5,453
down €5,453 (-11.8%), from €46,050 to €40,597
- Other operating charges -€493
down €493 (-28.9%), from €1,707 to €1,214
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 | €3,310,776 | €816,006 | -€2.5m | -75.4% |
| Fixed assets | 21/28 | €7,727 | €5,766 | -€1,961 | -25.4% |
| Tangible fixed assets | 22/27 | €7,727 | €5,766 | -€1,961 | -25.4% |
| Plant, machinery and equipment | 23 | €6,739 | €5,326 | -€1,413 | -21.0% |
| Furniture and vehicles | 24 | €988 | €440 | -€548 | -55.5% |
| Current assets | 29/58 | €3,303,048 | €810,240 | -€2.5m | -75.5% |
| Stocks and contracts in progress | 3 | €167,149 | €167,149 | = | 0.0% |
| Stocks | 30/36 | €167,149 | €167,149 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,003,577 | €471,436 | -€2.5m | -84.3% |
| Trade receivables | 40 | €2,450,071 | €277,676 | -€2.2m | -88.7% |
| Other amounts receivable | 41 | €553,506 | €193,760 | -€359,747 | -65.0% |
| Cash at bank and in hand | 54/58 | €132,120 | €171,332 | +€39,211 | +29.7% |
| Deferred charges and accrued income | 490/1 | €203 | €324 | +€122 | +60.0% |
| Total equity and liabilities | 10/49 | €3,310,776 | €816,006 | -€2.5m | -75.4% |
| Equity | 10/15 | €81,319 | €57,719 | -€23,600 | -29.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €197,192 | €197,192 | = | 0.0% |
| Distributable reserves | 133 | €197,192 | €197,192 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€122,073 | -€145,673 | -€23,600 | -19.3% |
| Amounts payable | 17/49 | €3,229,456 | €758,288 | -€2.5m | -76.5% |
| Amounts payable within one year | 42/48 | €3,229,291 | €758,288 | -€2.5m | -76.5% |
| Trade debts | 44 | €3,218,532 | €750,771 | -€2.5m | -76.7% |
| Suppliers | 440/4 | €3,218,532 | €750,771 | -€2.5m | -76.7% |
| Taxes, remuneration and social security | 45 | €10,698 | €7,455 | -€3,243 | -30.3% |
| Taxes | 450/3 | €1,067 | - | -€1,067 | |
| Remuneration and social security | 454/9 | €9,631 | €7,455 | -€2,176 | -22.6% |
| Other amounts payable | 47/48 | €62 | €62 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €165 | - | -€165 | |
| Remuneration, social security and pensions | 62 | €46,050 | €40,597 | -€5,453 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,572 | €1,961 | +€389 | +24.7% |
| Other operating charges | 640/8 | €1,707 | €1,214 | -€493 | -28.9% |
| Gross operating margin | 9900 | -€32,258 | -€8,230 | +€24,028 | +74.5% |
| Operating profit (loss) | 9901 | -€81,588 | -€52,002 | +€29,586 | +36.3% |
| Financial income | 75/76B | €3,793 | €33,123 | +€29,330 | +773% |
| Recurring financial income | 75 | €3,793 | €19,951 | +€16,159 | +426% |
| Non-recurring financial income | 76B | - | €13,172 | +€13,172 | |
| Financial charges | 65/66B | €10,765 | €4,722 | -€6,043 | -56.1% |
| Recurring financial charges | 65 | €10,765 | €4,722 | -€6,043 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | -€88,560 | -€23,600 | +€64,960 | +73.4% |
| Profit (loss) for the period | 9904 | -€88,560 | -€23,600 | +€64,960 | +73.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,560 | -€23,600 | +€64,960 | +73.4% |
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 17 October 2026 via checked.be.