BELLEVUE: 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.
What changed
BELLEVUE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€186,625
2024 · €394,285-€580,910
Equity
€45.6m
2024 · €45.7m-€186,625
Cash
€120,150
2024 · €35,408+€84,742
Balance sheet total
€54.5m
2024 · €51.9m+€2.6m
Largest movements
Assets
- Receivables within one year +€946,739
up €946,739 (+5.0%), from €19.1m to €20.1m
of which Other amounts receivable: +€946,739
- Receivables after one year +€868,000
up €868,000 (+28.9%), from €3.0m to €3.9m
- Tangible fixed assets +€739,192
up €739,192 (+12.0%), from €6.1m to €6.9m
of which Land and buildings: +€563,142
Equity and liabilities
- Short-term financial debts +€1.2m
up €1.2m (+82.9%), from €1.5m to €2.7m
- Debts after one year +€776,481
up €776,481 (+29.8%), from €2.6m to €3.4m
Income statement
- Taxes +€256,372
up €256,372, from -€3,826 to €252,545
- Financial charges +€136,985
up €136,985 (+80.2%), from €170,792 to €307,777
- Depreciation +€120,317
up €120,317 (+80.0%), from €150,441 to €270,758
- Gross operating margin -€52,767
down €52,767 (-9.3%), from €568,520 to €515,753
- Other operating charges +€33,517
up €33,517 (+470%), from €7,136 to €40,653
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.
Result 2024
€394,285
Gross operating margin
-€52,767
Staff costs
-€313
Depreciation
-€120,317
Other operating charges
-€33,517
Financial income
+€19,360
Financial charges
-€136,985
Taxes
-€256,372
Result 2025
-€186,625
raises the resultlowers the result
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.
From operations
-€921,183
Investment
-€1.0m
Financing
+€2.0m
Cash 2024
€35,408
From operations (derived)
-€921,183
Net result for the year
-€186,625
Depreciation
+€270,758
Receivables after one year
-€868,000
Receivables within one year
-€946,739
Deferred charges and accrued income
-€1,093
Trade debts
+€463,152
Tax, wage and social debts
-€25,760
Other debts
+€373,124
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
+€2.0m
Debts after one year
+€776,481
Current portion of long-term debt
-€4,003
Short-term financial debts
+€1.2m
Cash 2025
€120,150
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,897,351 | €54,537,118 | +€2.6m | +5.1% |
| Fixed assets | 21/28 | €29,746,932 | €30,486,124 | +€739,192 | +2.5% |
| Tangible fixed assets | 22/27 | €6,136,732 | €6,875,923 | +€739,192 | +12.0% |
| Land and buildings | 22 | €5,967,984 | €6,531,126 | +€563,142 | +9.4% |
| Plant, machinery and equipment | 23 | €4,573 | €217,777 | +€213,204 | +4,663% |
| Furniture and vehicles | 24 | €117,245 | €101,656 | -€15,589 | -13.3% |
| Other tangible fixed assets | 26 | €46,930 | €25,365 | -€21,565 | -46.0% |
| Financial fixed assets | 28 | €23,610,201 | €23,610,201 | = | 0.0% |
| Current assets | 29/58 | €22,150,419 | €24,050,994 | +€1.9m | +8.6% |
| Amounts receivable after more than one year | 29 | €3,000,000 | €3,868,000 | +€868,000 | +28.9% |
| Other amounts receivable | 291 | €3,000,000 | €3,868,000 | +€868,000 | +28.9% |
| Amounts receivable within one year | 40/41 | €19,112,775 | €20,059,515 | +€946,739 | +5.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €19,112,775 | €20,059,515 | +€946,739 | +5.0% |
| Cash at bank and in hand | 54/58 | €35,408 | €120,150 | +€84,742 | +239% |
| Deferred charges and accrued income | 490/1 | €2,236 | €3,329 | +€1,093 | +48.9% |
| Total equity and liabilities | 10/49 | €51,897,351 | €54,537,118 | +€2.6m | +5.1% |
| Equity | 10/15 | €45,741,250 | €45,554,625 | -€186,625 | -0.4% |
| Contributions | 10/11 | €9,134,700 | €9,134,700 | = | 0.0% |
| Capital | 10 | €9,134,700 | €9,134,700 | = | 0.0% |
| Issued capital | 100 | €9,134,700 | €9,134,700 | = | 0.0% |
| Revaluation surpluses | 12 | €840,000 | €840,000 | = | 0.0% |
| Reserves | 13 | €35,766,550 | €35,579,925 | -€186,625 | -0.5% |
| Non-distributable reserves | 130/1 | €913,470 | €913,470 | = | 0.0% |
| Legal reserve | 130 | €913,470 | €913,470 | = | 0.0% |
| Distributable reserves | 133 | €34,853,080 | €34,666,455 | -€186,625 | -0.5% |
| Amounts payable | 17/49 | €6,156,101 | €8,982,493 | +€2.8m | +45.9% |
| Amounts payable after more than one year | 17 | €2,602,480 | €3,378,961 | +€776,481 | +29.8% |
| Financial debts | 170/4 | €2,602,480 | €3,378,961 | +€776,481 | +29.8% |
| Amounts payable within one year | 42/48 | €3,553,621 | €5,603,532 | +€2.0m | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €245,158 | €241,155 | -€4,003 | -1.6% |
| Financial debts | 43 | €1,500,000 | €2,743,397 | +€1.2m | +82.9% |
| Credit institutions | 430/8 | €1,500,000 | €2,743,397 | +€1.2m | +82.9% |
| Trade debts | 44 | €92,792 | €555,945 | +€463,152 | +499% |
| Suppliers | 440/4 | €92,792 | €555,945 | +€463,152 | +499% |
| Taxes, remuneration and social security | 45 | €69,762 | €44,002 | -€25,760 | -36.9% |
| Taxes | 450/3 | €69,762 | €44,002 | -€25,760 | -36.9% |
| Other amounts payable | 47/48 | €1,645,909 | €2,019,033 | +€373,124 | +22.7% |
| Remuneration, social security and pensions | 62 | -€313 | €0 | +€313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,441 | €270,758 | +€120,317 | +80.0% |
| Other operating charges | 640/8 | €7,136 | €40,653 | +€33,517 | +470% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €568,520 | €515,753 | -€52,767 | -9.3% |
| Operating profit (loss) | 9901 | €411,255 | €204,342 | -€206,913 | -50.3% |
| Financial income | 75/76B | €149,995 | €169,355 | +€19,360 | +12.9% |
| Recurring financial income | 75 | €149,995 | €169,355 | +€19,360 | +12.9% |
| Financial charges | 65/66B | €170,792 | €307,777 | +€136,985 | +80.2% |
| Recurring financial charges | 65 | €170,792 | €307,777 | +€136,985 | +80.2% |
| Profit (loss) for the period before taxes | 9903 | €390,458 | €65,920 | -€324,538 | -83.1% |
| Income taxes | 67/77 | -€3,826 | €252,545 | +€256,372 | |
| Profit (loss) for the period | 9904 | €394,285 | -€186,625 | -€580,910 | |
| Profit (loss) for the period to be appropriated | 9905 | €394,285 | -€186,625 | -€580,910 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.