BELLEFORTÉ: 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.
BELLEFORTÉ
Largest movements
- Stocks and contracts +€318,137
up €318,137 (+88.8%), from €358,093 to €676,230
- Cash +€109,783
up €109,783 (+4,540%), from €2,418 to €112,201
mainly Trade debts (+€269,398) and Contributions, distributions and other (+€200,001)
- Receivables within one year -€33,332
no longer reported in 2025 (was €33,332)
of which Trade receivables: -€31,925
- Trade debts +€269,398
up €269,398 (+5,387%), from €5,001 to €274,399
- Other debts -€200,062
down €200,062 (-47.0%), from €425,320 to €225,258
- Contributions +€200,000
up €200,000 (+1,850%), from €10,811 to €210,811
- Short-term financial debts +€120,175
new in 2025: €120,175
- Gross operating margin +€53,932
up €53,932, from -€30,241 to €23,691
- Financial charges +€18,702
up €18,702 (+3,864%), from €484 to €19,186
- Other operating charges -€822
down €822 (-38.9%), from €2,115 to €1,293
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 | €394,274 | €788,431 | +€394,157 | +100.0% |
| Formation expenses | 20 | €431 | - | -€431 | |
| Current assets | 29/58 | €393,843 | €788,431 | +€394,588 | +100% |
| Stocks and contracts in progress | 3 | €358,093 | €676,230 | +€318,137 | +88.8% |
| Stocks | 30/36 | €358,093 | €676,230 | +€318,137 | +88.8% |
| Amounts receivable within one year | 40/41 | €33,332 | - | -€33,332 | |
| Trade receivables | 40 | €31,925 | - | -€31,925 | |
| Other amounts receivable | 41 | €1,407 | - | -€1,407 | |
| Cash at bank and in hand | 54/58 | €2,418 | €112,201 | +€109,783 | +4,540% |
| Total equity and liabilities | 10/49 | €394,274 | €788,431 | +€394,157 | +100.0% |
| Equity | 10/15 | -€36,047 | €166,735 | +€202,782 | |
| Contributions | 10/11 | €10,811 | €210,811 | +€200,000 | +1,850% |
| Profit (loss) carried forward | 14 | -€46,858 | -€44,076 | +€2,782 | +5.9% |
| Amounts payable | 17/49 | €430,321 | €621,696 | +€191,375 | +44.5% |
| Amounts payable within one year | 42/48 | €430,321 | €621,303 | +€190,982 | +44.4% |
| Financial debts | 43 | - | €120,175 | +€120,175 | |
| Credit institutions | 430/8 | - | €120,175 | +€120,175 | |
| Trade debts | 44 | €5,001 | €274,399 | +€269,398 | +5,387% |
| Suppliers | 440/4 | €5,001 | €274,399 | +€269,398 | +5,387% |
| Taxes, remuneration and social security | 45 | - | €1,471 | +€1,471 | |
| Taxes | 450/3 | - | €1,471 | +€1,471 | |
| Other amounts payable | 47/48 | €425,320 | €225,258 | -€200,062 | -47.0% |
| Accrued charges and deferred income | 492/3 | - | €393 | +€393 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €449 | €431 | -€18 | -4.0% |
| Other operating charges | 640/8 | €2,115 | €1,293 | -€822 | -38.9% |
| Gross operating margin | 9900 | -€30,241 | €23,691 | +€53,932 | |
| Operating profit (loss) | 9901 | -€32,805 | €21,967 | +€54,772 | |
| Financial charges | 65/66B | €484 | €19,186 | +€18,702 | +3,864% |
| Recurring financial charges | 65 | €484 | €19,186 | +€18,702 | +3,864% |
| Profit (loss) for the period before taxes | 9903 | -€33,289 | €2,781 | +€36,070 | |
| Profit (loss) for the period | 9904 | -€33,289 | €2,781 | +€36,070 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,289 | €2,781 | +€36,070 |
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 14 October 2026 via checked.be.