Belle-Vue: 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-Vue
Largest movements
- Receivables within one year -€28,463
down €28,463 (-16.7%), from €170,363 to €141,900
of which Trade receivables: -€18,668
- Stocks and contracts +€5,656
up €5,656 (+127%), from €4,445 to €10,101
- Tax, wage and social debts -€20,758
down €20,758 (-26.5%), from €78,334 to €57,575
of which Remuneration and social security: -€18,061
- Profit (loss) carried forward +€8,315
up €8,315 (+7.5%), from -€110,438 to -€102,123
- Trade debts -€6,708
down €6,708 (-4.7%), from €142,373 to €135,665
- Staff costs -€110,982
down €110,982 (-18.9%), from €587,031 to €476,049
- Gross operating margin -€88,080
down €88,080 (-14.8%), from €594,504 to €506,424
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 | €428,430 | €410,927 | -€17,503 | -4.1% |
| Fixed assets | 21/28 | €86,323 | €89,281 | +€2,958 | +3.4% |
| Tangible fixed assets | 22/27 | €86,286 | €89,244 | +€2,958 | +3.4% |
| Plant, machinery and equipment | 23 | €15,198 | €19,116 | +€3,917 | +25.8% |
| Other tangible fixed assets | 26 | €71,088 | €70,128 | -€959 | -1.3% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €342,107 | €321,645 | -€20,461 | -6.0% |
| Stocks and contracts in progress | 3 | €4,445 | €10,101 | +€5,656 | +127% |
| Stocks | 30/36 | €4,445 | €10,101 | +€5,656 | +127% |
| Amounts receivable within one year | 40/41 | €170,363 | €141,900 | -€28,463 | -16.7% |
| Trade receivables | 40 | €143,219 | €124,551 | -€18,668 | -13.0% |
| Other amounts receivable | 41 | €27,144 | €17,349 | -€9,795 | -36.1% |
| Cash at bank and in hand | 54/58 | €166,613 | €169,587 | +€2,974 | +1.8% |
| Deferred charges and accrued income | 490/1 | €686 | €58 | -€629 | -91.6% |
| Total equity and liabilities | 10/49 | €428,430 | €410,927 | -€17,503 | -4.1% |
| Equity | 10/15 | €207,005 | €217,629 | +€10,624 | +5.1% |
| Contributions | 10/11 | €231,157 | €231,157 | = | 0.0% |
| Capital | 10 | €231,157 | €231,157 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,438 | -€102,123 | +€8,315 | +7.5% |
| Investment grants | 15 | €86,286 | €88,594 | +€2,308 | +2.7% |
| Amounts payable | 17/49 | €221,425 | €193,298 | -€28,127 | -12.7% |
| Amounts payable within one year | 42/48 | €220,707 | €193,240 | -€27,466 | -12.4% |
| Trade debts | 44 | €142,373 | €135,665 | -€6,708 | -4.7% |
| Suppliers | 440/4 | €142,373 | €135,665 | -€6,708 | -4.7% |
| Taxes, remuneration and social security | 45 | €78,334 | €57,575 | -€20,758 | -26.5% |
| Taxes | 450/3 | €14,571 | €11,873 | -€2,698 | -18.5% |
| Remuneration and social security | 454/9 | €63,763 | €45,702 | -€18,061 | -28.3% |
| Accrued charges and deferred income | 492/3 | €718 | €58 | -€660 | -92.0% |
| Remuneration, social security and pensions | 62 | €587,031 | €476,049 | -€110,982 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,181 | €17,772 | +€2,592 | +17.1% |
| Other operating charges | 640/8 | €781 | €3,181 | +€2,401 | +308% |
| Gross operating margin | 9900 | €594,504 | €506,424 | -€88,080 | -14.8% |
| Operating profit (loss) | 9901 | -€2,720 | €9,422 | +€12,141 | |
| Financial charges | 65/66B | €1,090 | €1,106 | +€16 | +1.5% |
| Recurring financial charges | 65 | €1,090 | €1,106 | +€16 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,810 | €8,315 | +€12,125 | |
| Profit (loss) for the period | 9904 | -€3,810 | €8,315 | +€12,125 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,810 | €8,315 | +€12,125 |
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.