BELLESTORM: what changed
Two fiscal 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.
BELLESTORM
Largest movements
- Tangible fixed assets +€121,463
up €121,463 (+50.8%), from €238,964 to €360,427
of which Land and buildings: +€218,073
- Receivables within one year -€12,221
down €12,221 (-29.0%), from €42,104 to €29,883
of which Trade receivables: -€19,417
- Cash -€11,289
down €11,289 (-15.8%), from €71,354 to €60,065
mainly Investment in fixed assets (net) (-€147,875) and Contributions, distributions and other (-€15,799)
- Current investments +€10,317
up €10,317 (+23.2%), from €44,452 to €54,770
- Debts after one year +€113,939
up €113,939 (+60.2%), from €189,351 to €303,290
- Current portion of long-term debt +€14,100
up €14,100 (+76.3%), from €18,477 to €32,577
- Tax, wage and social debts -€12,313
down €12,313 (-63.2%), from €19,477 to €7,164
of which Taxes: -€14,313
- Gross operating margin +€8,286
up €8,286 (+14.7%), from €56,481 to €64,767
- Depreciation +€5,073
up €5,073 (+23.8%), from €21,338 to €26,412
- Financial charges +€4,968
up €4,968 (+48.3%), from €10,276 to €15,244
- Taxes -€3,331
down €3,331 (-45.2%), from €7,362 to €4,031
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.
Cash bridge derived
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 | €397,942 | €506,535 | +€108,594 | +27.3% |
| Fixed assets | 21/28 | €238,964 | €360,427 | +€121,463 | +50.8% |
| Tangible fixed assets | 22/27 | €238,964 | €360,427 | +€121,463 | +50.8% |
| Land and buildings | 22 | €93,452 | €311,525 | +€218,073 | +233.4% |
| Plant, machinery and equipment | 23 | - | €7,349 | +€7,349 | |
| Furniture and vehicles | 24 | €58,537 | €41,553 | -€16,984 | -29.0% |
| Assets under construction and advance payments | 27 | €86,975 | €0 | -€86,975 | -100.0% |
| Current assets | 29/58 | €158,977 | €146,108 | -€12,869 | -8.1% |
| Amounts receivable within one year | 40/41 | €42,104 | €29,883 | -€12,221 | -29.0% |
| Trade receivables | 40 | €37,082 | €17,665 | -€19,417 | -52.4% |
| Other amounts receivable | 41 | €5,022 | €12,218 | +€7,196 | +143.3% |
| Current investments | 50/53 | €44,452 | €54,770 | +€10,317 | +23.2% |
| Cash at bank and in hand | 54/58 | €71,354 | €60,065 | -€11,289 | -15.8% |
| Deferred charges and accrued income | 490/1 | €1,066 | €1,390 | +€324 | +30.3% |
| Total equity and liabilities | 10/49 | €397,942 | €506,535 | +€108,594 | +27.3% |
| Equity | 10/15 | €118,236 | €119,199 | +€963 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,636 | €100,599 | +€963 | +1.0% |
| Distributable reserves | 133 | €99,636 | €100,599 | +€963 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €279,706 | €387,337 | +€107,631 | +38.5% |
| Amounts payable after more than one year | 17 | €189,351 | €303,290 | +€113,939 | +60.2% |
| Financial debts | 170/4 | €189,351 | €303,290 | +€113,939 | +60.2% |
| Amounts payable within one year | 42/48 | €84,949 | €78,339 | -€6,610 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €18,477 | €32,577 | +€14,100 | +76.3% |
| Trade debts | 44 | €13,741 | €9,497 | -€4,244 | -30.9% |
| Suppliers | 440/4 | €13,741 | €9,497 | -€4,244 | -30.9% |
| Taxes, remuneration and social security | 45 | €19,477 | €7,164 | -€12,313 | -63.2% |
| Taxes | 450/3 | €19,477 | €5,164 | -€14,313 | -73.5% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €33,254 | €29,101 | -€4,153 | -12.5% |
| Accrued charges and deferred income | 492/3 | €5,406 | €5,708 | +€302 | +5.6% |
| Non-recurring operating income | 76A | €16 | €69 | +€53 | +324.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,338 | €26,412 | +€5,073 | +23.8% |
| Other operating charges | 640/8 | €3,263 | €2,773 | -€491 | -15.0% |
| Gross operating margin | 9900 | €56,481 | €64,767 | +€8,286 | +14.7% |
| Operating profit (loss) | 9901 | €31,879 | €35,583 | +€3,703 | +11.6% |
| Financial income | 75/76B | €446 | €454 | +€8 | +1.9% |
| Recurring financial income | 75 | €446 | €454 | +€8 | +1.9% |
| Financial charges | 65/66B | €10,276 | €15,244 | +€4,968 | +48.3% |
| Recurring financial charges | 65 | €10,276 | €15,244 | +€4,968 | +48.3% |
| Profit (loss) for the period before taxes | 9903 | €22,049 | €20,793 | -€1,256 | -5.7% |
| Income taxes | 67/77 | €7,362 | €4,031 | -€3,331 | -45.2% |
| Profit (loss) for the period | 9904 | €14,687 | €16,762 | +€2,075 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,687 | €16,762 | +€2,075 | +14.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.