BELLEFIN: 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.
BELLEFIN
Largest movements
- Financial fixed assets +€216,900
up €216,900 (+232800.3%), from €93 to €216,993
- Receivables within one year -€125,150
down €125,150 (-90.5%), from €138,220 to €13,070
- Tangible fixed assets -€114,914
down €114,914 (-26.0%), from €442,753 to €327,839
of which Land and buildings: -€107,300
- Cash -€55,540
down €55,540 (-63.9%), from €86,853 to €31,313
mainly Debts after one year (-€135,655) and Investment in fixed assets (net) (-€122,691)
- Debts after one year -€135,655
down €135,655 (-36.0%), from €376,745 to €241,090
- Reserves +€67,137
up €67,137 (+65.8%), from €102,024 to €169,161
of which Distributable reserves: +€67,137
- Current portion of long-term debt -€7,900
down €7,900 (-28.7%), from €27,561 to €19,660
- Financial income +€126,600
up €126,600 (+105640.7%), from €120 to €126,720
of which Non-recurring financial income: +€125,791
- Gross operating margin -€64,346
down €64,346 (-99.2%), from €64,883 to €536
- Taxes +€19,262
up €19,262 (+7365.9%), from €262 to €19,523
- Depreciation -€12,956
down €12,956 (-38.5%), from €33,660 to €20,705
- Provisions +€10,000
no longer reported in 2025 (was -€10,000)
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 | €671,264 | €594,534 | -€76,730 | -11.4% |
| Fixed assets | 21/28 | €442,846 | €544,832 | +€101,986 | +23.0% |
| Tangible fixed assets | 22/27 | €442,753 | €327,839 | -€114,914 | -26.0% |
| Land and buildings | 22 | €428,132 | €320,832 | -€107,300 | -25.1% |
| Furniture and vehicles | 24 | €14,621 | €7,008 | -€7,613 | -52.1% |
| Financial fixed assets | 28 | €93 | €216,993 | +€216,900 | +232800.3% |
| Current assets | 29/58 | €228,418 | €49,702 | -€178,716 | -78.2% |
| Amounts receivable after more than one year | 29 | €2,844 | €1,231 | -€1,613 | -56.7% |
| Trade receivables | 290 | €2,844 | €1,231 | -€1,613 | -56.7% |
| Amounts receivable within one year | 40/41 | €138,220 | €13,070 | -€125,150 | -90.5% |
| Other amounts receivable | 41 | €138,220 | €13,070 | -€125,150 | -90.5% |
| Cash at bank and in hand | 54/58 | €86,853 | €31,313 | -€55,540 | -63.9% |
| Deferred charges and accrued income | 490/1 | €501 | €4,088 | +€3,587 | +715.5% |
| Total equity and liabilities | 10/49 | €671,264 | €594,534 | -€76,730 | -11.4% |
| Equity | 10/15 | €250,760 | €317,897 | +€67,137 | +26.8% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €102,024 | €169,161 | +€67,137 | +65.8% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €87,150 | €154,288 | +€67,137 | +77.0% |
| Amounts payable | 17/49 | €420,504 | €276,637 | -€143,867 | -34.2% |
| Amounts payable after more than one year | 17 | €376,745 | €241,090 | -€135,655 | -36.0% |
| Financial debts | 170/4 | €376,745 | €241,090 | -€135,655 | -36.0% |
| Amounts payable within one year | 42/48 | €43,629 | €35,353 | -€8,277 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €27,561 | €19,660 | -€7,900 | -28.7% |
| Trade debts | 44 | €2,012 | €2,379 | +€366 | +18.2% |
| Suppliers | 440/4 | €2,012 | €2,379 | +€366 | +18.2% |
| Other amounts payable | 47/48 | €14,056 | €13,314 | -€743 | -5.3% |
| Accrued charges and deferred income | 492/3 | €130 | €194 | +€64 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,660 | €20,705 | -€12,956 | -38.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,000 | - | +€10,000 | |
| Other operating charges | 640/8 | €6,384 | €7,077 | +€693 | +10.9% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €64,883 | €536 | -€64,346 | -99.2% |
| Operating profit (loss) | 9901 | €34,839 | -€27,345 | -€62,184 | |
| Financial income | 75/76B | €120 | €126,720 | +€126,600 | +105640.7% |
| Recurring financial income | 75 | €120 | €929 | +€809 | +675.0% |
| Non-recurring financial income | 76B | - | €125,791 | +€125,791 | |
| Financial charges | 65/66B | €8,952 | €12,714 | +€3,761 | +42.0% |
| Recurring financial charges | 65 | €8,952 | €12,714 | +€3,761 | +42.0% |
| Profit (loss) for the period before taxes | 9903 | €26,006 | €86,661 | +€60,655 | +233.2% |
| Income taxes | 67/77 | €262 | €19,523 | +€19,262 | +7365.9% |
| Profit (loss) for the period | 9904 | €25,745 | €67,137 | +€41,393 | +160.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,745 | €67,137 | +€41,393 | +160.8% |
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 2 October 2026 via checked.be.