BELLEGARDE: 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.
BELLEGARDE
Largest movements
- Tangible fixed assets +€62,338
up €62,338 (+6.2%), from €1.0m to €1.1m
- Cash -€49,588
down €49,588 (-98.2%), from €50,503 to €915
mainly Investment in fixed assets (net) (-€89,855) and Trade debts (-€31,437)
- Receivables within one year +€13,190
up €13,190 (+38.5%), from €34,268 to €47,458
of which Other amounts receivable: +€10,494
- Debts after one year +€40,514
up €40,514 (+68.5%), from €59,154 to €99,669
- Trade debts -€31,437
down €31,437 (-67.3%), from €46,715 to €15,278
- Current portion of long-term debt +€15,336
up €15,336 (+54.9%), from €27,922 to €43,257
- Tax, wage and social debts -€14,520
down €14,520 (-86.9%), from €16,714 to €2,194
- Gross operating margin +€18,144
up €18,144 (+24.8%), from €73,024 to €91,168
- Depreciation +€10,995
up €10,995 (+66.5%), from €16,523 to €27,517
- Other operating charges +€4,148
up €4,148 (+59.1%), from €7,022 to €11,170
- Taxes -€2,367
down €2,367 (-20.1%), from €11,754 to €9,386
- Financial charges +€1,566
up €1,566 (+27.8%), from €5,638 to €7,204
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 | €1,095,732 | €1,122,759 | +€27,027 | +2.5% |
| Fixed assets | 21/28 | €1,010,960 | €1,073,298 | +€62,338 | +6.2% |
| Tangible fixed assets | 22/27 | €1,010,960 | €1,073,298 | +€62,338 | +6.2% |
| Land and buildings | 22 | €1,010,960 | €1,073,298 | +€62,338 | +6.2% |
| Current assets | 29/58 | €84,772 | €49,460 | -€35,311 | -41.7% |
| Amounts receivable within one year | 40/41 | €34,268 | €47,458 | +€13,190 | +38.5% |
| Trade receivables | 40 | €34,268 | €36,965 | +€2,696 | +7.9% |
| Other amounts receivable | 41 | - | €10,494 | +€10,494 | |
| Cash at bank and in hand | 54/58 | €50,503 | €915 | -€49,588 | -98.2% |
| Deferred charges and accrued income | 490/1 | - | €1,087 | +€1,087 | |
| Total equity and liabilities | 10/49 | €1,095,732 | €1,122,759 | +€27,027 | +2.5% |
| Equity | 10/15 | €924,242 | €930,133 | +€5,891 | +0.6% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Revaluation surpluses | 12 | €770,313 | €770,313 | = | 0.0% |
| Reserves | 13 | €10,557 | €10,557 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | - | -€7,437 | |
| Reserves not available under the articles | 1311 | €7,437 | - | -€7,437 | |
| Tax-exempt reserves | 132 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €145 | €7,582 | +€7,437 | +5,122% |
| Profit (loss) carried forward | 14 | €69,004 | €74,895 | +€5,891 | +8.5% |
| Amounts payable | 17/49 | €171,490 | €192,626 | +€21,136 | +12.3% |
| Amounts payable after more than one year | 17 | €59,154 | €99,669 | +€40,514 | +68.5% |
| Financial debts | 170/4 | €59,154 | €99,669 | +€40,514 | +68.5% |
| Amounts payable within one year | 42/48 | €112,335 | €92,957 | -€19,378 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €27,922 | €43,257 | +€15,336 | +54.9% |
| Trade debts | 44 | €46,715 | €15,278 | -€31,437 | -67.3% |
| Suppliers | 440/4 | €46,715 | €15,278 | -€31,437 | -67.3% |
| Advances received on contracts in progress | 46 | - | €700 | +€700 | |
| Taxes, remuneration and social security | 45 | €16,714 | €2,194 | -€14,520 | -86.9% |
| Taxes | 450/3 | €16,714 | €2,194 | -€14,520 | -86.9% |
| Other amounts payable | 47/48 | €20,985 | €31,527 | +€10,542 | +50.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,523 | €27,517 | +€10,995 | +66.5% |
| Other operating charges | 640/8 | €7,022 | €11,170 | +€4,148 | +59.1% |
| Gross operating margin | 9900 | €73,024 | €91,168 | +€18,144 | +24.8% |
| Operating profit (loss) | 9901 | €49,479 | €52,481 | +€3,002 | +6.1% |
| Financial charges | 65/66B | €5,638 | €7,204 | +€1,566 | +27.8% |
| Recurring financial charges | 65 | €5,638 | €7,204 | +€1,566 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €43,841 | €45,277 | +€1,435 | +3.3% |
| Income taxes | 67/77 | €11,754 | €9,386 | -€2,367 | -20.1% |
| Profit (loss) for the period | 9904 | €32,088 | €35,891 | +€3,803 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,088 | €35,891 | +€3,803 | +11.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.