BELLFORT: 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.
BELLFORT
Largest movements
- Receivables within one year -€92,448
down €92,448 (-28.7%), from €321,579 to €229,132
of which Trade receivables: -€82,018
- Tangible fixed assets -€7,673
down €7,673 (-47.5%), from €16,154 to €8,480
of which Furniture and vehicles: -€6,637
- Trade debts -€91,450
down €91,450 (-46.9%), from €194,784 to €103,334
- Short-term financial debts -€16,445
down €16,445 (-33.2%), from €49,501 to €33,056
- Other debts +€9,879
up €9,879 (+306%), from €3,227 to €13,106
- Tax, wage and social debts -€5,797
down €5,797 (-34.1%), from €17,000 to €11,203
- Gross operating margin -€43,453
down €43,453 (-51.8%), from €83,847 to €40,394
- Depreciation -€12,365
down €12,365 (-50.0%), from €24,731 to €12,366
- Taxes -€9,096
down €9,096 (-57.6%), from €15,799 to €6,703
- Financial charges -€6,351
down €6,351 (-27.2%), from €23,342 to €16,991
- Other operating charges -€6,043
down €6,043 (-54.1%), from €11,160 to €5,117
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 | €340,754 | €237,612 | -€103,142 | -30.3% |
| Fixed assets | 21/28 | €16,154 | €8,480 | -€7,673 | -47.5% |
| Tangible fixed assets | 22/27 | €16,154 | €8,480 | -€7,673 | -47.5% |
| Plant, machinery and equipment | 23 | €2,632 | €1,595 | -€1,037 | -39.4% |
| Furniture and vehicles | 24 | €13,522 | €6,885 | -€6,637 | -49.1% |
| Current assets | 29/58 | €324,601 | €229,132 | -€95,469 | -29.4% |
| Amounts receivable within one year | 40/41 | €321,579 | €229,132 | -€92,448 | -28.7% |
| Trade receivables | 40 | €291,220 | €209,202 | -€82,018 | -28.2% |
| Other amounts receivable | 41 | €30,359 | €19,929 | -€10,430 | -34.4% |
| Cash at bank and in hand | 54/58 | €3,021 | - | -€3,021 | |
| Total equity and liabilities | 10/49 | €340,754 | €237,612 | -€103,142 | -30.3% |
| Equity | 10/15 | €76,242 | €76,312 | +€70 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,642 | €57,712 | +€70 | +0.1% |
| Amounts payable | 17/49 | €264,512 | €161,300 | -€103,213 | -39.0% |
| Amounts payable within one year | 42/48 | €264,512 | €160,700 | -€103,813 | -39.2% |
| Financial debts | 43 | €49,501 | €33,056 | -€16,445 | -33.2% |
| Credit institutions | 430/8 | €49,501 | €33,056 | -€16,445 | -33.2% |
| Trade debts | 44 | €194,784 | €103,334 | -€91,450 | -46.9% |
| Suppliers | 440/4 | €194,784 | €103,334 | -€91,450 | -46.9% |
| Taxes, remuneration and social security | 45 | €17,000 | €11,203 | -€5,797 | -34.1% |
| Taxes | 450/3 | €17,000 | €11,203 | -€5,797 | -34.1% |
| Other amounts payable | 47/48 | €3,227 | €13,106 | +€9,879 | +306% |
| Accrued charges and deferred income | 492/3 | - | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,731 | €12,366 | -€12,365 | -50.0% |
| Other operating charges | 640/8 | €11,160 | €5,117 | -€6,043 | -54.1% |
| Gross operating margin | 9900 | €83,847 | €40,394 | -€43,453 | -51.8% |
| Operating profit (loss) | 9901 | €47,956 | €22,911 | -€25,045 | -52.2% |
| Financial income | 75/76B | €9 | €854 | +€845 | +9,508% |
| Recurring financial income | 75 | €9 | €854 | +€845 | +9,508% |
| Financial charges | 65/66B | €23,342 | €16,991 | -€6,351 | -27.2% |
| Recurring financial charges | 65 | €23,342 | €16,991 | -€6,351 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | €24,623 | €6,774 | -€17,849 | -72.5% |
| Income taxes | 67/77 | €15,799 | €6,703 | -€9,096 | -57.6% |
| Profit (loss) for the period | 9904 | €8,824 | €70 | -€8,753 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,824 | €70 | -€8,753 | -99.2% |
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 20 October 2026 via checked.be.