BELLEMANS GEERT: 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.
BELLEMANS GEERT
Largest movements
- Cash -€54,834
down €54,834 (-15.2%), from €360,133 to €305,300
mainly Other debts (-€350,715) and Investment in fixed assets (net) (-€54,686)
- Tangible fixed assets -€45,461
down €45,461 (-5.6%), from €805,976 to €760,514
of which Furniture and vehicles: -€45,887
- Receivables within one year +€18,627
up €18,627 (+144%), from €12,942 to €31,569
of which Other amounts receivable: +€21,122
- Other debts -€350,715
down €350,715 (-99.9%), from €350,959 to €244
- Debts after one year +€303,563
up €303,563 (+127%), from €238,107 to €541,670
- Reserves -€40,109
down €40,109 (-8.2%), from €487,512 to €447,403
- Gross operating margin -€157,910
down €157,910 (-52.9%), from €298,383 to €140,473
- Staff costs -€42,988
down €42,988 (-67.7%), from €63,524 to €20,536
- Taxes -€31,615
down €31,615 (-84.9%), from €37,228 to €5,613
- Financial income +€4,037
up €4,037 (+125%), from €3,235 to €7,273
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 | €1,204,885 | €1,117,430 | -€87,455 | -7.3% |
| Fixed assets | 21/28 | €807,577 | €761,666 | -€45,911 | -5.7% |
| Intangible fixed assets | 21 | €1,218 | €768 | -€450 | -36.9% |
| Tangible fixed assets | 22/27 | €805,976 | €760,514 | -€45,461 | -5.6% |
| Land and buildings | 22 | €642,007 | €643,927 | +€1,920 | +0.3% |
| Plant, machinery and equipment | 23 | €8,837 | €7,343 | -€1,494 | -16.9% |
| Furniture and vehicles | 24 | €155,131 | €109,244 | -€45,887 | -29.6% |
| Financial fixed assets | 28 | €383 | €383 | = | 0.0% |
| Current assets | 29/58 | €397,309 | €355,765 | -€41,544 | -10.5% |
| Stocks and contracts in progress | 3 | €520 | €1,173 | +€653 | +126% |
| Stocks | 30/36 | €520 | €1,173 | +€653 | +126% |
| Amounts receivable within one year | 40/41 | €12,942 | €31,569 | +€18,627 | +144% |
| Trade receivables | 40 | €7,302 | €4,806 | -€2,496 | -34.2% |
| Other amounts receivable | 41 | €5,641 | €26,763 | +€21,122 | +374% |
| Cash at bank and in hand | 54/58 | €360,133 | €305,300 | -€54,834 | -15.2% |
| Deferred charges and accrued income | 490/1 | €23,713 | €17,723 | -€5,990 | -25.3% |
| Total equity and liabilities | 10/49 | €1,204,885 | €1,117,430 | -€87,455 | -7.3% |
| Equity | 10/15 | €506,112 | €466,003 | -€40,109 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €487,512 | €447,403 | -€40,109 | -8.2% |
| Distributable reserves | 133 | €487,512 | €447,403 | -€40,109 | -8.2% |
| Amounts payable | 17/49 | €698,773 | €651,427 | -€47,346 | -6.8% |
| Amounts payable after more than one year | 17 | €238,107 | €541,670 | +€303,563 | +127% |
| Financial debts | 170/4 | €238,107 | €541,670 | +€303,563 | +127% |
| Amounts payable within one year | 42/48 | €459,974 | €109,758 | -€350,216 | -76.1% |
| Current portion of amounts payable after more than one year | 42 | €79,176 | €80,437 | +€1,261 | +1.6% |
| Financial debts | 43 | - | €23 | +€23 | |
| Credit institutions | 430/8 | - | €23 | +€23 | |
| Trade debts | 44 | €8,752 | €5,160 | -€3,592 | -41.0% |
| Suppliers | 440/4 | €8,752 | €5,160 | -€3,592 | -41.0% |
| Advances received on contracts in progress | 46 | - | €2,000 | +€2,000 | |
| Taxes, remuneration and social security | 45 | €21,087 | €21,894 | +€807 | +3.8% |
| Taxes | 450/3 | €19,029 | €21,894 | +€2,865 | +15.1% |
| Remuneration and social security | 454/9 | €2,058 | - | -€2,058 | |
| Other amounts payable | 47/48 | €350,959 | €244 | -€350,715 | -99.9% |
| Accrued charges and deferred income | 492/3 | €693 | - | -€693 | |
| Non-recurring operating income | 76A | €63,392 | - | -€63,392 | |
| Remuneration, social security and pensions | 62 | €63,524 | €20,536 | -€42,988 | -67.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,915 | €100,597 | +€2,682 | +2.7% |
| Other operating charges | 640/8 | €4,322 | €2,319 | -€2,004 | -46.4% |
| Gross operating margin | 9900 | €298,383 | €140,473 | -€157,910 | -52.9% |
| Operating profit (loss) | 9901 | €132,621 | €17,020 | -€115,601 | -87.2% |
| Financial income | 75/76B | €3,235 | €7,273 | +€4,037 | +125% |
| Recurring financial income | 75 | €3,235 | €7,273 | +€4,037 | +125% |
| Financial charges | 65/66B | €10,893 | €8,564 | -€2,329 | -21.4% |
| Recurring financial charges | 65 | €10,893 | €8,564 | -€2,329 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €124,964 | €15,729 | -€109,235 | -87.4% |
| Income taxes | 67/77 | €37,228 | €5,613 | -€31,615 | -84.9% |
| Profit (loss) for the period | 9904 | €87,736 | €10,116 | -€77,619 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €87,736 | €10,116 | -€77,619 | -88.5% |
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 16 October 2026 via checked.be.