Belles Vastgoed: 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.
Belles Vastgoed
Largest movements
- Tangible fixed assets +€538,501
up €538,501 (+3,205%), from €16,802 to €555,302
of which Land and buildings: +€497,849
- Receivables within one year +€46,096
up €46,096 (+1,198%), from €3,848 to €49,944
of which Other amounts receivable: +€48,794
- Cash +€41,329
up €41,329 (+27.0%), from €152,808 to €194,137
mainly Debts after one year (+€405,548) and Net result for the year (+€203,187)
- Debts after one year +€405,548
new in 2025: €405,548
- Profit (loss) carried forward +€203,187
up €203,187 (+135%), from €150,677 to €353,864
- Current portion of long-term debt +€22,741
new in 2025: €22,741
- Gross operating margin +€244,001
up €244,001 (+227%), from €107,298 to €351,298
- Depreciation +€69,380
up €69,380 (+712%), from €9,746 to €79,126
- Taxes +€43,865
up €43,865 (+207%), from €21,186 to €65,052
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 | €178,939 | €806,015 | +€627,076 | +350% |
| Fixed assets | 21/28 | €20,502 | €558,302 | +€537,801 | +2,623% |
| Tangible fixed assets | 22/27 | €16,802 | €555,302 | +€538,501 | +3,205% |
| Land and buildings | 22 | - | €497,849 | +€497,849 | |
| Plant, machinery and equipment | 23 | €3,599 | €2,701 | -€898 | -25.0% |
| Furniture and vehicles | 24 | €13,203 | €53,477 | +€40,274 | +305% |
| Assets under construction and advance payments | 27 | - | €1,275 | +€1,275 | |
| Financial fixed assets | 28 | €3,700 | €3,000 | -€700 | -18.9% |
| Current assets | 29/58 | €158,437 | €247,712 | +€89,275 | +56.3% |
| Amounts receivable within one year | 40/41 | €3,848 | €49,944 | +€46,096 | +1,198% |
| Trade receivables | 40 | €3,848 | €1,150 | -€2,698 | -70.1% |
| Other amounts receivable | 41 | - | €48,794 | +€48,794 | |
| Cash at bank and in hand | 54/58 | €152,808 | €194,137 | +€41,329 | +27.0% |
| Deferred charges and accrued income | 490/1 | €1,782 | €3,632 | +€1,850 | +104% |
| Total equity and liabilities | 10/49 | €178,939 | €806,015 | +€627,076 | +350% |
| Equity | 10/15 | €155,677 | €358,864 | +€203,187 | +131% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,677 | €353,864 | +€203,187 | +135% |
| Amounts payable | 17/49 | €23,262 | €447,151 | +€423,889 | +1,822% |
| Amounts payable after more than one year | 17 | - | €405,548 | +€405,548 | |
| Financial debts | 170/4 | - | €405,548 | +€405,548 | |
| Amounts payable within one year | 42/48 | €23,262 | €41,603 | +€18,341 | +78.8% |
| Current portion of amounts payable after more than one year | 42 | - | €22,741 | +€22,741 | |
| Trade debts | 44 | €2,385 | €6,013 | +€3,628 | +152% |
| Suppliers | 440/4 | €2,385 | €6,013 | +€3,628 | +152% |
| Taxes, remuneration and social security | 45 | €16,154 | €12,848 | -€3,305 | -20.5% |
| Taxes | 450/3 | €16,154 | €12,848 | -€3,305 | -20.5% |
| Other amounts payable | 47/48 | €4,723 | - | -€4,723 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,746 | €79,126 | +€69,380 | +712% |
| Other operating charges | 640/8 | €2,747 | €2,346 | -€401 | -14.6% |
| Gross operating margin | 9900 | €107,298 | €351,298 | +€244,001 | +227% |
| Operating profit (loss) | 9901 | €94,805 | €269,827 | +€175,021 | +185% |
| Financial income | 75/76B | - | €1,996 | +€1,996 | |
| Recurring financial income | 75 | - | €1,996 | +€1,996 | |
| Financial charges | 65/66B | €154 | €3,584 | +€3,431 | +2,233% |
| Recurring financial charges | 65 | €154 | €3,584 | +€3,431 | +2,233% |
| Profit (loss) for the period before taxes | 9903 | €94,652 | €268,239 | +€173,587 | +183% |
| Income taxes | 67/77 | €21,186 | €65,052 | +€43,865 | +207% |
| Profit (loss) for the period | 9904 | €73,465 | €203,187 | +€129,721 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €73,465 | €203,187 | +€129,721 | +177% |
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 17 October 2026 via checked.be.