BELLEMANS: 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.
BELLEMANS
Largest movements
- Cash -€35,836
down €35,836 (-80.6%), from €44,442 to €8,606
mainly Short-term financial debts (-€42,938) and Receivables within one year (-€23,283)
- Receivables within one year +€23,283
up €23,283 (+61.4%), from €37,932 to €61,215
of which Trade receivables: +€30,958
- Stocks and contracts -€17,460
down €17,460 (-18.4%), from €94,861 to €77,400
of which Contracts in progress: -€12,000
- Tangible fixed assets -€8,136
down €8,136 (-43.8%), from €18,562 to €10,425
of which Furniture and vehicles: -€7,205
- Short-term financial debts -€42,938
down €42,938 (-53.1%), from €80,792 to €37,854
- Reserves +€7,561
up €7,561 (+8.5%), from €88,479 to €96,039
of which Distributable reserves: +€7,561
- Current portion of long-term debt -€4,245
down €4,245 (-91.6%), from €4,635 to €389
- Gross operating margin +€18,300
up €18,300 (+194.6%), from €9,404 to €27,704
- Taxes +€3,271
up €3,271 (+950.7%), from €344 to €3,615
- Financial charges -€861
down €861 (-13.1%), from €6,556 to €5,696
- Other operating charges +€661
up €661 (+32.4%), from €2,040 to €2,701
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 | €195,888 | €157,738 | -€38,149 | -19.5% |
| Fixed assets | 21/28 | €18,654 | €10,518 | -€8,136 | -43.6% |
| Tangible fixed assets | 22/27 | €18,562 | €10,425 | -€8,136 | -43.8% |
| Land and buildings | 22 | €7,394 | €7,394 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,901 | €970 | -€931 | -49.0% |
| Furniture and vehicles | 24 | €9,267 | €2,062 | -€7,205 | -77.7% |
| Financial fixed assets | 28 | €92 | €92 | = | 0.0% |
| Current assets | 29/58 | €177,234 | €147,221 | -€30,013 | -16.9% |
| Stocks and contracts in progress | 3 | €94,861 | €77,400 | -€17,460 | -18.4% |
| Stocks | 30/36 | €82,861 | €77,400 | -€5,460 | -6.6% |
| Contracts in progress | 37 | €12,000 | €0 | -€12,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €37,932 | €61,215 | +€23,283 | +61.4% |
| Trade receivables | 40 | €0 | €30,958 | +€30,958 | |
| Other amounts receivable | 41 | €37,932 | €30,256 | -€7,675 | -20.2% |
| Cash at bank and in hand | 54/58 | €44,442 | €8,606 | -€35,836 | -80.6% |
| Total equity and liabilities | 10/49 | €195,888 | €157,738 | -€38,149 | -19.5% |
| Equity | 10/15 | €94,676 | €102,237 | +€7,561 | +8.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €88,479 | €96,039 | +€7,561 | +8.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €86,619 | €94,180 | +€7,561 | +8.7% |
| Amounts payable | 17/49 | €101,212 | €55,501 | -€45,710 | -45.2% |
| Amounts payable after more than one year | 17 | €389 | €0 | -€389 | -100.0% |
| Financial debts | 170/4 | €389 | €0 | -€389 | -100.0% |
| Amounts payable within one year | 42/48 | €100,822 | €55,501 | -€45,321 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €4,635 | €389 | -€4,245 | -91.6% |
| Financial debts | 43 | €80,792 | €37,854 | -€42,938 | -53.1% |
| Credit institutions | 430/8 | €80,792 | €37,854 | -€42,938 | -53.1% |
| Trade debts | 44 | €15,396 | €17,258 | +€1,862 | +12.1% |
| Suppliers | 440/4 | €15,396 | €17,258 | +€1,862 | +12.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,911 | €8,136 | +€225 | +2.8% |
| Other operating charges | 640/8 | €2,040 | €2,701 | +€661 | +32.4% |
| Gross operating margin | 9900 | €9,404 | €27,704 | +€18,300 | +194.6% |
| Operating profit (loss) | 9901 | -€546 | €16,868 | +€17,414 | |
| Financial income | 75/76B | €1 | €3 | +€2 | +225.0% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +225.0% |
| Financial charges | 65/66B | €6,556 | €5,696 | -€861 | -13.1% |
| Recurring financial charges | 65 | €6,556 | €5,696 | -€861 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€7,102 | €11,175 | +€18,277 | |
| Income taxes | 67/77 | €344 | €3,615 | +€3,271 | +950.7% |
| Profit (loss) for the period | 9904 | -€7,446 | €7,561 | +€15,007 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,446 | €7,561 | +€15,007 |
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 1 October 2026 via checked.be.