BELLEMAR: 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.
BELLEMAR
Largest movements
- Receivables within one year +€26,793
up €26,793 (+38.1%), from €70,325 to €97,117
of which Other amounts receivable: +€22,636
- Tangible fixed assets -€5,370
down €5,370 (-77.8%), from €6,898 to €1,528
of which Furniture and vehicles: -€4,007
- Reserves +€22,117
up €22,117 (+47.2%), from €46,830 to €68,948
- Short-term financial debts +€4,486
up €4,486 (+75.2%), from €5,968 to €10,454
- Tax, wage and social debts -€1,751
down €1,751 (-10.5%), from €16,757 to €15,006
of which Remuneration and social security: -€1,500
- Current portion of long-term debt -€1,748
down €1,748 (-100%), from €1,748 to €0
- Gross operating margin +€8,056
up €8,056 (+30.2%), from €26,657 to €34,713
- Taxes +€4,670
up €4,670 (+110%), from €4,263 to €8,933
- Financial income +€4,463
new in 2025: €4,463
- Other operating charges -€647
down €647 (-40.1%), from €1,615 to €968
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 | €77,449 | €99,408 | +€21,958 | +28.4% |
| Fixed assets | 21/28 | €6,948 | €1,578 | -€5,370 | -77.3% |
| Tangible fixed assets | 22/27 | €6,898 | €1,528 | -€5,370 | -77.8% |
| Plant, machinery and equipment | 23 | €1,727 | €364 | -€1,363 | -78.9% |
| Furniture and vehicles | 24 | €5,171 | €1,164 | -€4,007 | -77.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €70,502 | €97,830 | +€27,328 | +38.8% |
| Amounts receivable within one year | 40/41 | €70,325 | €97,117 | +€26,793 | +38.1% |
| Trade receivables | 40 | €364 | €4,521 | +€4,157 | +1,142% |
| Other amounts receivable | 41 | €69,961 | €92,597 | +€22,636 | +32.4% |
| Cash at bank and in hand | 54/58 | - | €600 | +€600 | |
| Deferred charges and accrued income | 490/1 | €177 | €113 | -€64 | -36.4% |
| Total equity and liabilities | 10/49 | €77,449 | €99,408 | +€21,958 | +28.4% |
| Equity | 10/15 | €51,830 | €73,948 | +€22,117 | +42.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,830 | €68,948 | +€22,117 | +47.2% |
| Distributable reserves | 133 | €46,830 | €68,948 | +€22,117 | +47.2% |
| Amounts payable | 17/49 | €25,619 | €25,460 | -€159 | -0.6% |
| Amounts payable within one year | 42/48 | €25,619 | €25,460 | -€159 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €1,748 | €0 | -€1,748 | -100% |
| Financial debts | 43 | €5,968 | €10,454 | +€4,486 | +75.2% |
| Credit institutions | 430/8 | €5,968 | €10,454 | +€4,486 | +75.2% |
| Trade debts | 44 | €313 | €0 | -€313 | -100% |
| Suppliers | 440/4 | €313 | €0 | -€313 | -100% |
| Taxes, remuneration and social security | 45 | €16,757 | €15,006 | -€1,751 | -10.5% |
| Taxes | 450/3 | €15,257 | €15,006 | -€251 | -1.6% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts payable | 47/48 | €832 | €0 | -€832 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,617 | €5,370 | -€247 | -4.4% |
| Other operating charges | 640/8 | €1,615 | €968 | -€647 | -40.1% |
| Gross operating margin | 9900 | €26,657 | €34,713 | +€8,056 | +30.2% |
| Operating profit (loss) | 9901 | €19,425 | €28,375 | +€8,950 | +46.1% |
| Financial income | 75/76B | - | €4,463 | +€4,463 | |
| Recurring financial income | 75 | - | €4,463 | +€4,463 | |
| Financial charges | 65/66B | €1,985 | €1,788 | -€198 | -10.0% |
| Recurring financial charges | 65 | €1,985 | €1,788 | -€198 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €17,440 | €31,050 | +€13,611 | +78.0% |
| Income taxes | 67/77 | €4,263 | €8,933 | +€4,670 | +110% |
| Profit (loss) for the period | 9904 | €13,177 | €22,117 | +€8,941 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,177 | €22,117 | +€8,941 | +67.9% |
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 14 October 2026 via checked.be.