Bellest: 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.
Bellest
Largest movements
- Receivables within one year -€129,415
down €129,415 (-67.8%), from €190,799 to €61,384
of which Other amounts receivable: -€137,960
- Tangible fixed assets -€49,159
down €49,159 (-10.1%), from €486,492 to €437,333
- Cash -€30,102
down €30,102 (-64.9%), from €46,416 to €16,314
mainly Other debts (-€96,316) and Trade debts (-€64,247)
- Other debts -€96,316
down €96,316 (-44.5%), from €216,392 to €120,076
- Trade debts -€64,247
down €64,247 (-58.4%), from €109,994 to €45,747
- Debts after one year -€36,700
down €36,700 (-17.4%), from €210,866 to €174,166
- Profit (loss) carried forward -€21,656
down €21,656 (-90.3%), from €23,983 to €2,327
- Accrued charges and deferred income +€14,938
up €14,938 (+2,200%), from €679 to €15,617
- Staff costs +€90,111
up €90,111 (+57.3%), from €157,374 to €247,485
- Gross operating margin +€41,294
up €41,294 (+15.4%), from €268,737 to €310,031
- Depreciation -€6,759
down €6,759 (-8.4%), from €80,768 to €74,009
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €747,185 | €535,067 | -€212,118 | -28.4% |
| Fixed assets | 21/28 | €486,492 | €437,333 | -€49,159 | -10.1% |
| Tangible fixed assets | 22/27 | €486,492 | €437,333 | -€49,159 | -10.1% |
| Land and buildings | 22 | €306,746 | €286,079 | -€20,667 | -6.7% |
| Plant, machinery and equipment | 23 | €155,354 | €135,800 | -€19,555 | -12.6% |
| Furniture and vehicles | 24 | €24,392 | €15,454 | -€8,937 | -36.6% |
| Current assets | 29/58 | €260,693 | €97,734 | -€162,959 | -62.5% |
| Stocks and contracts in progress | 3 | €6,178 | €3,796 | -€2,382 | -38.6% |
| Stocks | 30/36 | €6,178 | €3,796 | -€2,382 | -38.6% |
| Amounts receivable within one year | 40/41 | €190,799 | €61,384 | -€129,415 | -67.8% |
| Trade receivables | 40 | €10,227 | €18,773 | +€8,546 | +83.6% |
| Other amounts receivable | 41 | €180,572 | €42,611 | -€137,960 | -76.4% |
| Cash at bank and in hand | 54/58 | €46,416 | €16,314 | -€30,102 | -64.9% |
| Deferred charges and accrued income | 490/1 | €17,300 | €16,240 | -€1,060 | -6.1% |
| Total equity and liabilities | 10/49 | €747,185 | €535,067 | -€212,118 | -28.4% |
| Equity | 10/15 | €142,575 | €115,919 | -€26,656 | -18.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €100,000 | €95,000 | -€5,000 | -5.0% |
| Distributable reserves | 133 | €100,000 | €95,000 | -€5,000 | -5.0% |
| Profit (loss) carried forward | 14 | €23,983 | €2,327 | -€21,656 | -90.3% |
| Amounts payable | 17/49 | €604,610 | €419,148 | -€185,462 | -30.7% |
| Amounts payable after more than one year | 17 | €210,866 | €174,166 | -€36,700 | -17.4% |
| Financial debts | 170/4 | €210,866 | €174,166 | -€36,700 | -17.4% |
| Amounts payable within one year | 42/48 | €393,064 | €229,364 | -€163,700 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €37,400 | €36,700 | -€700 | -1.9% |
| Trade debts | 44 | €109,994 | €45,747 | -€64,247 | -58.4% |
| Suppliers | 440/4 | €109,994 | €45,747 | -€64,247 | -58.4% |
| Advances received on contracts in progress | 46 | €3,010 | €1,206 | -€1,804 | -59.9% |
| Taxes, remuneration and social security | 45 | €26,269 | €25,636 | -€633 | -2.4% |
| Taxes | 450/3 | €3,022 | €4,800 | +€1,778 | +58.8% |
| Remuneration and social security | 454/9 | €23,247 | €20,836 | -€2,411 | -10.4% |
| Other amounts payable | 47/48 | €216,392 | €120,076 | -€96,316 | -44.5% |
| Accrued charges and deferred income | 492/3 | €679 | €15,617 | +€14,938 | +2,200% |
| Remuneration, social security and pensions | 62 | €157,374 | €247,485 | +€90,111 | +57.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,768 | €74,009 | -€6,759 | -8.4% |
| Other operating charges | 640/8 | €8,949 | €9,771 | +€822 | +9.2% |
| Gross operating margin | 9900 | €268,737 | €310,031 | +€41,294 | +15.4% |
| Operating profit (loss) | 9901 | €21,647 | -€21,234 | -€42,881 | |
| Financial income | 75/76B | €3,393 | €2,058 | -€1,335 | -39.3% |
| Recurring financial income | 75 | €3,393 | €2,058 | -€1,335 | -39.3% |
| Financial charges | 65/66B | €6,317 | €7,480 | +€1,163 | +18.4% |
| Recurring financial charges | 65 | €6,317 | €7,480 | +€1,163 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €18,723 | -€26,656 | -€45,379 | |
| Income taxes | 67/77 | €1,667 | €0 | -€1,667 | -100% |
| Profit (loss) for the period | 9904 | €17,056 | -€26,656 | -€43,712 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,056 | -€26,656 | -€43,712 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.