BELLEHAERT: 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.
BELLEHAERT
Largest movements
- Financial fixed assets +€500,000
up €500,000 (+21.8%), from €2.3m to €2.8m
of which Affiliated companies: +€2.8m
- Debts after one year +€1.3m
new in 2025: €1.3m
- Other debts -€768,903
down €768,903 (-56.9%), from €1.4m to €582,374
- Reserves -€69,735
down €69,735 (-8.2%), from €854,269 to €784,534
of which Distributable reserves: -€69,735
- Gross operating margin +€3,643
no longer reported in 2025 (was -€3,643)
- Services and other goods +€3,283
new in 2025: €3,283
- Financial charges -€679
down €679 (-1.0%), from €67,431 to €66,752
- Other operating charges +€584
up €584 (+115%), from €509 to €1,094
- Financial income -€449
down €449 (-24.3%), from €1,843 to €1,394
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 | €2,410,715 | €2,888,865 | +€478,150 | +19.8% |
| Fixed assets | 21/28 | €2,291,974 | €2,791,974 | +€500,000 | +21.8% |
| Financial fixed assets | 28 | €2,291,974 | €2,791,974 | +€500,000 | +21.8% |
| Affiliated companies | 280/1 | - | €2,791,974 | +€2.8m | |
| Participating interests | 280 | - | €2,791,974 | +€2.8m | |
| Companies linked by participating interests | 282/3 | - | €0 | = | |
| Participating interests | 282 | - | €0 | = | |
| Current assets | 29/58 | €118,741 | €96,891 | -€21,850 | -18.4% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €100,926 | €96,843 | -€4,083 | -4.0% |
| Trade receivables | 40 | €32,064 | €22,000 | -€10,064 | -31.4% |
| Other amounts receivable | 41 | €68,862 | €74,843 | +€5,981 | +8.7% |
| Cash at bank and in hand | 54/58 | €16,974 | €48 | -€16,926 | -99.7% |
| Deferred charges and accrued income | 490/1 | €841 | €0 | -€841 | -100% |
| Total equity and liabilities | 10/49 | €2,410,715 | €2,888,865 | +€478,150 | +19.8% |
| Equity | 10/15 | €1,047,406 | €977,671 | -€69,735 | -6.7% |
| Contributions | 10/11 | €193,137 | €193,137 | = | 0.0% |
| Reserves | 13 | €854,269 | €784,534 | -€69,735 | -8.2% |
| Tax-exempt reserves | 132 | €87,616 | €87,616 | = | 0.0% |
| Distributable reserves | 133 | €766,653 | €696,918 | -€69,735 | -9.1% |
| Amounts payable | 17/49 | €1,363,309 | €1,911,194 | +€547,885 | +40.2% |
| Amounts payable after more than one year | 17 | - | €1,328,819 | +€1.3m | |
| Other amounts payable | 178/9 | - | €1,328,819 | +€1.3m | |
| Amounts payable within one year | 42/48 | €1,353,677 | €582,374 | -€771,302 | -57.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,400 | €0 | -€2,400 | -100% |
| Suppliers | 440/4 | €2,400 | €0 | -€2,400 | -100% |
| Other amounts payable | 47/48 | €1,351,277 | €582,374 | -€768,903 | -56.9% |
| Accrued charges and deferred income | 492/3 | €9,632 | €0 | -€9,632 | -100% |
| Operating charges | 60/66A | - | €4,377 | +€4,377 | |
| Services and other goods | 61 | - | €3,283 | +€3,283 | |
| Other operating charges | 640/8 | €509 | €1,094 | +€584 | +115% |
| Gross operating margin | 9900 | -€3,643 | - | +€3,643 | |
| Operating profit (loss) | 9901 | -€4,152 | -€4,377 | -€225 | -5.4% |
| Financial income | 75/76B | €1,843 | €1,394 | -€449 | -24.3% |
| Recurring financial income | 75 | €1,843 | €1,394 | -€449 | -24.3% |
| Income from current assets | 751 | - | €1,394 | +€1,394 | |
| Other financial income | 752/9 | - | €0 | = | |
| Financial charges | 65/66B | €67,431 | €66,752 | -€679 | -1.0% |
| Recurring financial charges | 65 | €67,431 | €66,752 | -€679 | -1.0% |
| Debt charges | 650 | - | €66,287 | +€66,287 | |
| Other financial charges | 652/9 | - | €465 | +€465 | |
| Profit (loss) for the period before taxes | 9903 | -€69,740 | -€69,735 | +€6 | 0.0% |
| Profit (loss) for the period | 9904 | -€69,740 | -€69,735 | +€6 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,740 | -€69,735 | +€6 | 0.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.