BELLEAQUA: what changed
What changed
BELLEAQUA
NACE 36.000, Water collection, treatment and supply
filed annual accounts (NBB)
Net result for the year
€165,392
2024 · €261,932-€96,540
Equity
€1.6m
2024 · €1.4m+€165,392
Cash
€139,511
2024 · €112,079+€27,432
Balance sheet total
€2.6m
2024 · €2.3m+€272,819
Largest movements
Assets
- Receivables within one year +€261,350
up €261,350 (+41.8%), from €625,258 to €886,608
of which Trade receivables: +€253,348
- Tangible fixed assets -€57,897
down €57,897 (-8.2%), from €705,994 to €648,097
of which Furniture and vehicles: -€46,821
- Stocks and contracts +€41,214
up €41,214 (+4.8%), from €864,208 to €905,422
- Cash +€27,432
up €27,432 (+24.5%), from €112,079 to €139,511
mainly Short-term financial debts (+€275,000) and Depreciation (+€185,896)
Equity and liabilities
- Short-term financial debts +€275,000
new in 2025: €275,000
- Reserves +€165,392
up €165,392 (+11.8%), from €1.4m to €1.6m
of which Distributable reserves: +€165,392
- Accrued charges and deferred income -€127,075
down €127,075 (-96.4%), from €131,856 to €4,781
- Tax, wage and social debts -€54,958
down €54,958 (-34.4%), from €159,619 to €104,661
of which Taxes: -€43,393
- Current portion of long-term debt +€38,028
up €38,028 (+49.0%), from €77,575 to €115,603
Income statement
- Gross operating margin -€100,851
down €100,851 (-6.3%), from €1.6m to €1.5m
- Financial charges -€48,223
down €48,223 (-57.8%), from €83,440 to €35,217
- Depreciation +€38,194
up €38,194 (+25.9%), from €147,703 to €185,896
- Staff costs +€17,372
up €17,372 (+1.7%), from €1.0m to €1.1m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€261,932
Gross operating margin
-€100,851
Staff costs
-€17,372
Depreciation
-€38,194
Other operating charges
+€2,457
Financial income
+€621
Financial charges
+€48,223
Taxes
+€8,576
Result 2025
€165,392
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€131,460
Investment
-€127,999
Financing
+€286,892
Cash 2024
€112,079
From operations (derived)
-€131,460
Net result for the year
+€165,392
Depreciation
+€185,896
Stocks and contracts
-€41,214
Receivables within one year
-€261,350
Deferred charges and accrued income
-€720
Trade debts
+€4,379
Tax, wage and social debts
-€54,958
Other debts
-€1,811
Accrued charges and deferred income
-€127,075
Investment (derived)
-€127,999
Investment in fixed assets (net)
-€127,999
Financing
+€286,892
Debts after one year
-€26,136
Current portion of long-term debt
+€38,028
Short-term financial debts
+€275,000
Cash 2025
€139,511
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,346,132 | €2,618,951 | +€272,819 | +11.6% |
| Fixed assets | 21/28 | €742,058 | €684,161 | -€57,897 | -7.8% |
| Tangible fixed assets | 22/27 | €705,994 | €648,097 | -€57,897 | -8.2% |
| Land and buildings | 22 | €138,857 | €109,915 | -€28,942 | -20.8% |
| Plant, machinery and equipment | 23 | €180,658 | €154,668 | -€25,990 | -14.4% |
| Furniture and vehicles | 24 | €176,035 | €129,215 | -€46,821 | -26.6% |
| Leasing and similar rights | 25 | €210,443 | €254,299 | +€43,856 | +20.8% |
| Financial fixed assets | 28 | €36,064 | €36,064 | = | 0.0% |
| Current assets | 29/58 | €1,604,075 | €1,934,790 | +€330,715 | +20.6% |
| Stocks and contracts in progress | 3 | €864,208 | €905,422 | +€41,214 | +4.8% |
| Stocks | 30/36 | €864,208 | €905,422 | +€41,214 | +4.8% |
| Amounts receivable within one year | 40/41 | €625,258 | €886,608 | +€261,350 | +41.8% |
| Trade receivables | 40 | €585,414 | €838,763 | +€253,348 | +43.3% |
| Other amounts receivable | 41 | €39,844 | €47,845 | +€8,001 | +20.1% |
| Cash at bank and in hand | 54/58 | €112,079 | €139,511 | +€27,432 | +24.5% |
| Deferred charges and accrued income | 490/1 | €2,530 | €3,249 | +€720 | +28.4% |
| Total equity and liabilities | 10/49 | €2,346,132 | €2,618,951 | +€272,819 | +11.6% |
| Equity | 10/15 | €1,424,972 | €1,590,364 | +€165,392 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,406,372 | €1,571,764 | +€165,392 | +11.8% |
| Non-distributable reserves | 130/1 | €25,710 | €25,710 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,710 | €25,710 | = | 0.0% |
| Distributable reserves | 133 | €1,380,662 | €1,546,054 | +€165,392 | +12.0% |
| Amounts payable | 17/49 | €921,160 | €1,028,587 | +€107,427 | +11.7% |
| Amounts payable after more than one year | 17 | €283,506 | €257,370 | -€26,136 | -9.2% |
| Financial debts | 170/4 | €283,506 | €257,370 | -€26,136 | -9.2% |
| Amounts payable within one year | 42/48 | €505,798 | €766,436 | +€260,638 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €77,575 | €115,603 | +€38,028 | +49.0% |
| Financial debts | 43 | - | €275,000 | +€275,000 | |
| Credit institutions | 430/8 | - | €275,000 | +€275,000 | |
| Trade debts | 44 | €266,679 | €271,058 | +€4,379 | +1.6% |
| Suppliers | 440/4 | €266,679 | €271,058 | +€4,379 | +1.6% |
| Taxes, remuneration and social security | 45 | €159,619 | €104,661 | -€54,958 | -34.4% |
| Taxes | 450/3 | €92,776 | €49,383 | -€43,393 | -46.8% |
| Remuneration and social security | 454/9 | €66,843 | €55,278 | -€11,564 | -17.3% |
| Other amounts payable | 47/48 | €1,924 | €113 | -€1,811 | -94.1% |
| Accrued charges and deferred income | 492/3 | €131,856 | €4,781 | -€127,075 | -96.4% |
| Non-recurring operating income | 76A | €67,000 | €0 | -€67,000 | -100% |
| Remuneration, social security and pensions | 62 | €1,044,234 | €1,061,606 | +€17,372 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €147,703 | €185,896 | +€38,194 | +25.9% |
| Other operating charges | 640/8 | €8,581 | €6,125 | -€2,457 | -28.6% |
| Gross operating margin | 9900 | €1,592,097 | €1,491,246 | -€100,851 | -6.3% |
| Operating profit (loss) | 9901 | €391,579 | €237,619 | -€153,960 | -39.3% |
| Financial income | 75/76B | €261 | €882 | +€621 | +238% |
| Recurring financial income | 75 | €261 | €882 | +€621 | +238% |
| Financial charges | 65/66B | €83,440 | €35,217 | -€48,223 | -57.8% |
| Recurring financial charges | 65 | €83,440 | €35,217 | -€48,223 | -57.8% |
| Profit (loss) for the period before taxes | 9903 | €308,399 | €203,283 | -€105,116 | -34.1% |
| Income taxes | 67/77 | €46,468 | €37,891 | -€8,576 | -18.5% |
| Profit (loss) for the period | 9904 | €261,932 | €165,392 | -€96,540 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €261,932 | €165,392 | -€96,540 | -36.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.