BELLEGRO: 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.
BELLEGRO
Largest movements
- Cash +€132,427
up €132,427 (+76.0%), from €174,227 to €306,654
mainly Net result for the year (+€321,450) and Other debts (+€132,669)
- Tangible fixed assets -€7,954
down €7,954 (-32.2%), from €24,697 to €16,744
of which Furniture and vehicles: -€6,508
- Other debts +€132,669
up €132,669 (+43.6%), from €304,089 to €436,758
- Gross operating margin +€73,809
up €73,809 (+19.5%), from €378,486 to €452,295
- Taxes +€19,202
up €19,202 (+22.7%), from €84,453 to €103,656
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 | €335,696 | €464,863 | +€129,167 | +38.5% |
| Fixed assets | 21/28 | €24,697 | €16,744 | -€7,954 | -32.2% |
| Tangible fixed assets | 22/27 | €24,697 | €16,744 | -€7,954 | -32.2% |
| Land and buildings | 22 | €1,068 | €918 | -€150 | -14.0% |
| Plant, machinery and equipment | 23 | €538 | €107 | -€431 | -80.0% |
| Furniture and vehicles | 24 | €21,389 | €14,882 | -€6,508 | -30.4% |
| Other tangible fixed assets | 26 | €1,702 | €837 | -€865 | -50.8% |
| Current assets | 29/58 | €310,998 | €448,119 | +€137,121 | +44.1% |
| Amounts receivable within one year | 40/41 | €128,000 | €132,594 | +€4,594 | +3.6% |
| Other amounts receivable | 41 | €128,000 | €132,594 | +€4,594 | +3.6% |
| Cash at bank and in hand | 54/58 | €174,227 | €306,654 | +€132,427 | +76.0% |
| Deferred charges and accrued income | 490/1 | €8,771 | €8,871 | +€100 | +1.1% |
| Total equity and liabilities | 10/49 | €335,696 | €464,863 | +€129,167 | +38.5% |
| Equity | 10/15 | €600 | €600 | = | 0.0% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Amounts payable | 17/49 | €335,096 | €464,263 | +€129,167 | +38.5% |
| Amounts payable within one year | 42/48 | €333,538 | €463,178 | +€129,640 | +38.9% |
| Trade debts | 44 | €1,619 | €1,119 | -€500 | -30.9% |
| Suppliers | 440/4 | €1,619 | €1,119 | -€500 | -30.9% |
| Taxes, remuneration and social security | 45 | €27,830 | €25,301 | -€2,529 | -9.1% |
| Taxes | 450/3 | €24,155 | €20,928 | -€3,228 | -13.4% |
| Remuneration and social security | 454/9 | €3,675 | €4,373 | +€698 | +19.0% |
| Other amounts payable | 47/48 | €304,089 | €436,758 | +€132,669 | +43.6% |
| Accrued charges and deferred income | 492/3 | €1,558 | €1,085 | -€473 | -30.3% |
| Remuneration, social security and pensions | 62 | €19,412 | €18,050 | -€1,362 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,619 | €7,954 | -€666 | -7.7% |
| Other operating charges | 640/8 | €672 | €882 | +€210 | +31.2% |
| Gross operating margin | 9900 | €378,486 | €452,295 | +€73,809 | +19.5% |
| Operating profit (loss) | 9901 | €349,783 | €425,410 | +€75,627 | +21.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €203 | €304 | +€101 | +49.6% |
| Recurring financial charges | 65 | €203 | €304 | +€101 | +49.6% |
| Profit (loss) for the period before taxes | 9903 | €349,581 | €425,106 | +€75,525 | +21.6% |
| Income taxes | 67/77 | €84,453 | €103,656 | +€19,202 | +22.7% |
| Profit (loss) for the period | 9904 | €265,127 | €321,450 | +€56,323 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €265,127 | €321,450 | +€56,323 | +21.2% |
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.