Bellerophontes: 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.
Bellerophontes
Largest movements
- Stocks and contracts +€24,692
up €24,692 (+52.5%), from €47,058 to €71,750
- Tangible fixed assets -€18,751
down €18,751 (-5.8%), from €321,324 to €302,573
of which Furniture and vehicles: -€10,769
- Receivables within one year +€9,169
up €9,169 (+136%), from €6,743 to €15,912
of which Trade receivables: +€9,491
- Cash -€8,991
down €8,991 (-55.8%), from €16,118 to €7,127
mainly Investment in fixed assets (net) (-€28,484) and Stocks and contracts (-€24,692)
- Trade debts +€24,785
up €24,785 (+61.4%), from €40,389 to €65,174
- Debts after one year -€13,000
down €13,000 (-50.5%), from €25,750 to €12,750
- Other debts -€7,865
down €7,865 (-11.2%), from €70,205 to €62,340
- Gross operating margin +€6,198
up €6,198 (+14.0%), from €44,379 to €50,577
- Depreciation +€4,598
up €4,598 (+10.8%), from €42,637 to €47,235
- Financial charges -€589
down €589 (-26.3%), from €2,236 to €1,647
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 | €397,225 | €401,763 | +€4,538 | +1.1% |
| Fixed assets | 21/28 | €321,324 | €302,573 | -€18,751 | -5.8% |
| Tangible fixed assets | 22/27 | €321,324 | €302,573 | -€18,751 | -5.8% |
| Land and buildings | 22 | €125,409 | €120,181 | -€5,228 | -4.2% |
| Plant, machinery and equipment | 23 | €164,199 | €161,445 | -€2,754 | -1.7% |
| Furniture and vehicles | 24 | €31,716 | €20,947 | -€10,769 | -34.0% |
| Current assets | 29/58 | €75,901 | €99,190 | +€23,289 | +30.7% |
| Stocks and contracts in progress | 3 | €47,058 | €71,750 | +€24,692 | +52.5% |
| Stocks | 30/36 | €47,058 | €71,750 | +€24,692 | +52.5% |
| Amounts receivable within one year | 40/41 | €6,743 | €15,912 | +€9,169 | +136% |
| Trade receivables | 40 | - | €9,491 | +€9,491 | |
| Other amounts receivable | 41 | €6,743 | €6,421 | -€322 | -4.8% |
| Current investments | 50/53 | €4,401 | €4,401 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,118 | €7,127 | -€8,991 | -55.8% |
| Deferred charges and accrued income | 490/1 | €1,581 | - | -€1,581 | |
| Total equity and liabilities | 10/49 | €397,225 | €401,763 | +€4,538 | +1.1% |
| Equity | 10/15 | €242,410 | €243,283 | +€873 | +0.4% |
| Contributions | 10/11 | €181,000 | €181,000 | = | 0.0% |
| Reserves | 13 | €62,751 | €61,410 | -€1,341 | -2.1% |
| Distributable reserves | 133 | €62,751 | €61,410 | -€1,341 | -2.1% |
| Profit (loss) carried forward | 14 | -€1,341 | €873 | +€2,214 | |
| Amounts payable | 17/49 | €154,815 | €158,480 | +€3,665 | +2.4% |
| Amounts payable after more than one year | 17 | €25,750 | €12,750 | -€13,000 | -50.5% |
| Financial debts | 170/4 | €25,750 | €12,750 | -€13,000 | -50.5% |
| Amounts payable within one year | 42/48 | €129,065 | €145,730 | +€16,665 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €17,771 | €14,200 | -€3,571 | -20.1% |
| Trade debts | 44 | €40,389 | €65,174 | +€24,785 | +61.4% |
| Suppliers | 440/4 | €40,389 | €65,174 | +€24,785 | +61.4% |
| Taxes, remuneration and social security | 45 | €700 | €4,016 | +€3,316 | +474% |
| Remuneration and social security | 454/9 | €700 | €4,016 | +€3,316 | +474% |
| Other amounts payable | 47/48 | €70,205 | €62,340 | -€7,865 | -11.2% |
| Remuneration, social security and pensions | 62 | €37 | - | -€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,637 | €47,235 | +€4,598 | +10.8% |
| Other operating charges | 640/8 | €810 | €835 | +€25 | +3.1% |
| Gross operating margin | 9900 | €44,379 | €50,577 | +€6,198 | +14.0% |
| Operating profit (loss) | 9901 | €895 | €2,507 | +€1,612 | +180% |
| Financial income | 75/76B | - | €94 | +€94 | |
| Recurring financial income | 75 | - | €94 | +€94 | |
| Financial charges | 65/66B | €2,236 | €1,647 | -€589 | -26.3% |
| Recurring financial charges | 65 | €2,236 | €1,647 | -€589 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,341 | €954 | +€2,295 | |
| Income taxes | 67/77 | - | €81 | +€81 | |
| Profit (loss) for the period | 9904 | -€1,341 | €873 | +€2,214 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,341 | €873 | +€2,214 |
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 30 October 2026 via checked.be.