Bellefee: what changed
Two fiscal 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.
Bellefee
Largest movements
- Current investments -€1.1m
no longer reported in 2025 (was €1.1m)
- Receivables within one year +€917,985
up €917,985 (+52.3%), from €1.8m to €2.7m
of which Other amounts receivable: +€521,393
- Receivables after one year -€703,011
no longer reported in 2025 (was €703,011)
- Tangible fixed assets -€509,756
down €509,756 (-17.6%), from €2.9m to €2.4m
of which Plant, machinery and equipment: -€490,090
- Financial fixed assets +€170,077
up €170,077 (+1.7%), from €10.0m to €10.2m
- Debts after one year -€1.2m
down €1.2m (-10.7%), from €11.4m to €10.1m
- Other debts +€1.2m
up €1.2m (+1038.7%), from €115,000 to €1.3m
- Reserves -€678,774
down €678,774 (-58.3%), from €1.2m to €484,970
of which Distributable reserves: -€630,000
- Profit (loss) carried forward -€490,429
down €490,429 (-99.3%), from €493,812 to €3,384
- Gross operating margin +€97,843
up €97,843 (+14.6%), from €670,679 to €768,522
- Taxes +€20,273
up €20,273 (+88.7%), from €22,867 to €43,140
- Other operating charges +€12,813
up €12,813 (+7.5%), from €171,889 to €184,702
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.
Cash bridge derived
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 | €16,862,456 | €15,651,188 | -€1.2m | -7.2% |
| Fixed assets | 21/28 | €12,890,890 | €12,551,212 | -€339,679 | -2.6% |
| Tangible fixed assets | 22/27 | €2,897,761 | €2,388,005 | -€509,756 | -17.6% |
| Land and buildings | 22 | €1,410,076 | €1,390,410 | -€19,666 | -1.4% |
| Plant, machinery and equipment | 23 | €1,487,685 | €997,595 | -€490,090 | -32.9% |
| Financial fixed assets | 28 | €9,993,130 | €10,163,207 | +€170,077 | +1.7% |
| Current assets | 29/58 | €3,971,566 | €3,099,976 | -€871,590 | -21.9% |
| Amounts receivable after more than one year | 29 | €703,011 | - | -€703,011 | |
| Trade receivables | 290 | €703,011 | - | -€703,011 | |
| Amounts receivable within one year | 40/41 | €1,755,039 | €2,673,024 | +€917,985 | +52.3% |
| Trade receivables | 40 | €673,933 | €1,070,525 | +€396,592 | +58.8% |
| Other amounts receivable | 41 | €1,081,106 | €1,602,499 | +€521,393 | +48.2% |
| Current investments | 50/53 | €1,100,000 | - | -€1.1m | |
| Cash at bank and in hand | 54/58 | €413,516 | €426,952 | +€13,436 | +3.2% |
| Total equity and liabilities | 10/49 | €16,862,456 | €15,651,188 | -€1.2m | -7.2% |
| Equity | 10/15 | €3,595,773 | €2,426,571 | -€1.2m | -32.5% |
| Contributions | 10/11 | €549,949 | €549,949 | = | 0.0% |
| Capital | 10 | €549,949 | €549,949 | = | 0.0% |
| Issued capital | 100 | €549,949 | €549,949 | = | 0.0% |
| Revaluation surpluses | 12 | €1,388,268 | €1,388,268 | = | 0.0% |
| Reserves | 13 | €1,163,744 | €484,970 | -€678,774 | -58.3% |
| Non-distributable reserves | 130/1 | €364,995 | €364,995 | = | 0.0% |
| Legal reserve | 130 | €54,995 | €54,995 | = | 0.0% |
| Reserves not available under the articles | 1311 | €310,000 | €310,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €148,055 | €99,281 | -€48,774 | -32.9% |
| Distributable reserves | 133 | €650,694 | €20,694 | -€630,000 | -96.8% |
| Profit (loss) carried forward | 14 | €493,812 | €3,384 | -€490,429 | -99.3% |
| Provisions and deferred taxes | 16 | €74,352 | €58,094 | -€16,258 | -21.9% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €25,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €25,000 | €25,000 | = | 0.0% |
| Deferred taxes | 168 | €49,352 | €33,094 | -€16,258 | -32.9% |
| Amounts payable | 17/49 | €13,192,332 | €13,166,523 | -€25,808 | -0.2% |
| Amounts payable after more than one year | 17 | €11,351,907 | €10,133,375 | -€1.2m | -10.7% |
| Financial debts | 170/4 | €11,351,907 | €10,133,375 | -€1.2m | -10.7% |
| Amounts payable within one year | 42/48 | €1,399,439 | €2,588,620 | +€1.2m | +85.0% |
| Current portion of amounts payable after more than one year | 42 | €1,192,634 | €1,218,532 | +€25,898 | +2.2% |
| Trade debts | 44 | €47,431 | €13,977 | -€33,454 | -70.5% |
| Suppliers | 440/4 | €47,431 | €13,977 | -€33,454 | -70.5% |
| Taxes, remuneration and social security | 45 | €44,374 | €46,611 | +€2,237 | +5.0% |
| Taxes | 450/3 | €44,374 | €46,611 | +€2,237 | +5.0% |
| Other amounts payable | 47/48 | €115,000 | €1,309,500 | +€1.2m | +1038.7% |
| Accrued charges and deferred income | 492/3 | €440,986 | €444,528 | +€3,542 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €505,183 | €509,756 | +€4,573 | +0.9% |
| Other operating charges | 640/8 | €171,889 | €184,702 | +€12,813 | +7.5% |
| Non-recurring operating charges | 66A | €75 | - | -€75 | |
| Gross operating margin | 9900 | €670,679 | €768,522 | +€97,843 | +14.6% |
| Operating profit (loss) | 9901 | -€6,467 | €74,065 | +€80,532 | |
| Financial income | 75/76B | €424,031 | €426,864 | +€2,833 | +0.7% |
| Recurring financial income | 75 | €424,031 | €426,864 | +€2,833 | +0.7% |
| Financial charges | 65/66B | €340,637 | €338,249 | -€2,389 | -0.7% |
| Recurring financial charges | 65 | €340,637 | €338,249 | -€2,389 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €76,927 | €162,680 | +€85,753 | +111.5% |
| Transfer from deferred taxes | 780 | €16,258 | €16,258 | = | 0.0% |
| Income taxes | 67/77 | €22,867 | €43,140 | +€20,273 | +88.7% |
| Profit (loss) for the period | 9904 | €70,318 | €135,798 | +€65,480 | +93.1% |
| Transfer from tax-exempt reserves | 789 | €48,774 | €48,774 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €119,092 | €184,571 | +€65,480 | +55.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.