Belleco: 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.
Belleco
Largest movements
- Tangible fixed assets +€445,767
up €445,767 (+2,133%), from €20,899 to €466,666
of which Land and buildings: +€446,691
- Cash -€77,393
down €77,393 (-39.7%), from €194,713 to €117,320
mainly Investment in fixed assets (net) (-€461,130) and Net result for the year (-€50,730)
- Intangible fixed assets -€6,424
down €6,424 (-21.1%), from €30,516 to €24,092
- Debts after one year +€372,208
new in 2025: €372,208
- Profit (loss) carried forward -€50,730
new in 2025: -€50,730
- Trade debts +€30,458
up €30,458 (+550%), from €5,541 to €35,998
- Tax, wage and social debts +€25,207
up €25,207 (+136%), from €18,590 to €43,797
of which Remuneration and social security: +€20,895
- Staff costs +€118,794
up €118,794 (+210%), from €56,588 to €175,382
- Gross operating margin +€114,908
up €114,908 (+180%), from €63,719 to €178,627
- Financial charges +€25,188
up €25,188 (+1,689%), from €1,491 to €26,679
- Depreciation +€17,814
up €17,814 (+448%), from €3,973 to €21,787
- Other operating charges +€5,509
up €5,509 (+7,869,700%), from €0 to €5,509
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 | €266,320 | €639,525 | +€373,205 | +140% |
| Fixed assets | 21/28 | €51,415 | €490,758 | +€439,342 | +854% |
| Intangible fixed assets | 21 | €30,516 | €24,092 | -€6,424 | -21.1% |
| Tangible fixed assets | 22/27 | €20,899 | €466,666 | +€445,767 | +2,133% |
| Land and buildings | 22 | - | €446,691 | +€446,691 | |
| Plant, machinery and equipment | 23 | €7,849 | €4,820 | -€3,029 | -38.6% |
| Furniture and vehicles | 24 | €1,400 | €6,001 | +€4,601 | +329% |
| Other tangible fixed assets | 26 | €11,650 | €9,154 | -€2,496 | -21.4% |
| Current assets | 29/58 | €214,905 | €148,768 | -€66,138 | -30.8% |
| Stocks and contracts in progress | 3 | €18,400 | €19,895 | +€1,495 | +8.1% |
| Stocks | 30/36 | €18,400 | €19,895 | +€1,495 | +8.1% |
| Amounts receivable within one year | 40/41 | €1,731 | €5,669 | +€3,938 | +227% |
| Trade receivables | 40 | €142 | €29 | -€114 | -79.8% |
| Other amounts receivable | 41 | €1,589 | €5,640 | +€4,051 | +255% |
| Cash at bank and in hand | 54/58 | €194,713 | €117,320 | -€77,393 | -39.7% |
| Deferred charges and accrued income | 490/1 | €61 | €5,883 | +€5,823 | +9,625% |
| Total equity and liabilities | 10/49 | €266,320 | €639,525 | +€373,205 | +140% |
| Equity | 10/15 | €226,666 | €175,937 | -€50,730 | -22.4% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €1,666 | €1,666 | = | 0.0% |
| Distributable reserves | 133 | €1,666 | €1,666 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€50,730 | -€50,730 | |
| Amounts payable | 17/49 | €39,654 | €463,589 | +€423,935 | +1,069% |
| Amounts payable after more than one year | 17 | - | €372,208 | +€372,208 | |
| Financial debts | 170/4 | - | €372,208 | +€372,208 | |
| Amounts payable within one year | 42/48 | €39,654 | €90,819 | +€51,165 | +129% |
| Trade debts | 44 | €5,541 | €35,998 | +€30,458 | +550% |
| Suppliers | 440/4 | €5,541 | €35,998 | +€30,458 | +550% |
| Taxes, remuneration and social security | 45 | €18,590 | €43,797 | +€25,207 | +136% |
| Taxes | 450/3 | €8,075 | €12,387 | +€4,312 | +53.4% |
| Remuneration and social security | 454/9 | €10,515 | €31,410 | +€20,895 | +199% |
| Other amounts payable | 47/48 | €15,523 | €11,024 | -€4,500 | -29.0% |
| Accrued charges and deferred income | 492/3 | - | €561 | +€561 | |
| Remuneration, social security and pensions | 62 | €56,588 | €175,382 | +€118,794 | +210% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,973 | €21,787 | +€17,814 | +448% |
| Other operating charges | 640/8 | €0 | €5,509 | +€5,509 | +7,869,700% |
| Gross operating margin | 9900 | €63,719 | €178,627 | +€114,908 | +180% |
| Operating profit (loss) | 9901 | €3,157 | -€24,052 | -€27,209 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,491 | €26,679 | +€25,188 | +1,689% |
| Recurring financial charges | 65 | €1,491 | €26,679 | +€25,188 | +1,689% |
| Profit (loss) for the period before taxes | 9903 | €1,666 | -€50,730 | -€52,396 | |
| Profit (loss) for the period | 9904 | €1,666 | -€50,730 | -€52,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,666 | -€50,730 | -€52,396 |
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 21 October 2026 via checked.be.