BELLI'ART: what changed
BELLI'ART
Largest movements
- Tangible fixed assets -€80,672
down €80,672 (-8.8%), from €916,363 to €835,691
of which Land and buildings: -€43,964
- Cash -€71,607
down €71,607 (-8.7%), from €818,540 to €746,933
mainly Contributions, distributions and other (-€785,299) and Trade debts (-€55,532)
- Receivables within one year +€48,784
up €48,784 (+65.0%), from €75,104 to €123,889
of which Trade receivables: +€41,339
- Other debts +€619,396
up €619,396 (+114%), from €543,995 to €1.2m
- Profit (loss) carried forward -€439,953
down €439,953 (-100%), from €439,953 to €0
- Reserves -€179,306
down €179,306 (-100%), from €179,306 to €0
- Trade debts -€55,532
down €55,532 (-53.6%), from €103,693 to €48,161
- Debts after one year -€41,157
down €41,157 (-8.7%), from €470,740 to €429,583
- Gross operating margin -€389,814
down €389,814 (-43.4%), from €897,967 to €508,154
- Taxes -€90,758
down €90,758 (-61.4%), from €147,793 to €57,035
- Staff costs -€31,619
down €31,619 (-15.5%), from €203,800 to €172,181
- Depreciation +€12,254
up €12,254 (+12.4%), from €99,144 to €111,398
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,829,754 | €1,725,990 | -€103,764 | -5.7% |
| Fixed assets | 21/28 | €916,363 | €835,691 | -€80,672 | -8.8% |
| Tangible fixed assets | 22/27 | €916,363 | €835,691 | -€80,672 | -8.8% |
| Land and buildings | 22 | €778,343 | €734,379 | -€43,964 | -5.6% |
| Plant, machinery and equipment | 23 | €44,778 | €40,630 | -€4,148 | -9.3% |
| Furniture and vehicles | 24 | €93,241 | €60,682 | -€32,560 | -34.9% |
| Current assets | 29/58 | €913,391 | €890,299 | -€23,092 | -2.5% |
| Stocks and contracts in progress | 3 | €15,320 | €10,867 | -€4,453 | -29.1% |
| Stocks | 30/36 | €15,320 | €10,867 | -€4,453 | -29.1% |
| Amounts receivable within one year | 40/41 | €75,104 | €123,889 | +€48,784 | +65.0% |
| Trade receivables | 40 | €4,409 | €45,747 | +€41,339 | +938% |
| Other amounts receivable | 41 | €70,696 | €78,142 | +€7,446 | +10.5% |
| Cash at bank and in hand | 54/58 | €818,540 | €746,933 | -€71,607 | -8.7% |
| Deferred charges and accrued income | 490/1 | €4,426 | €8,610 | +€4,184 | +94.5% |
| Total equity and liabilities | 10/49 | €1,829,754 | €1,725,990 | -€103,764 | -5.7% |
| Equity | 10/15 | €637,859 | €18,600 | -€619,259 | -97.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,306 | €0 | -€179,306 | -100% |
| Distributable reserves | 133 | €179,306 | €0 | -€179,306 | -100% |
| Profit (loss) carried forward | 14 | €439,953 | €0 | -€439,953 | -100% |
| Amounts payable | 17/49 | €1,191,895 | €1,707,390 | +€515,496 | +43.3% |
| Amounts payable after more than one year | 17 | €470,740 | €429,583 | -€41,157 | -8.7% |
| Financial debts | 170/4 | €470,740 | €429,583 | -€41,157 | -8.7% |
| Amounts payable within one year | 42/48 | €719,242 | €1,276,349 | +€557,108 | +77.5% |
| Current portion of amounts payable after more than one year | 42 | €40,643 | €41,157 | +€514 | +1.3% |
| Trade debts | 44 | €103,693 | €48,161 | -€55,532 | -53.6% |
| Suppliers | 440/4 | €103,693 | €48,161 | -€55,532 | -53.6% |
| Taxes, remuneration and social security | 45 | €30,911 | €23,640 | -€7,270 | -23.5% |
| Taxes | 450/3 | €3,696 | €0 | -€3,696 | -100% |
| Remuneration and social security | 454/9 | €27,215 | €23,640 | -€3,575 | -13.1% |
| Other amounts payable | 47/48 | €543,995 | €1,163,391 | +€619,396 | +114% |
| Accrued charges and deferred income | 492/3 | €1,913 | €1,458 | -€455 | -23.8% |
| Remuneration, social security and pensions | 62 | €203,800 | €172,181 | -€31,619 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,144 | €111,398 | +€12,254 | +12.4% |
| Other operating charges | 640/8 | €2,577 | €2,052 | -€525 | -20.4% |
| Gross operating margin | 9900 | €897,967 | €508,154 | -€389,814 | -43.4% |
| Operating profit (loss) | 9901 | €592,446 | €222,523 | -€369,923 | -62.4% |
| Financial income | 75/76B | €2,484 | €7,234 | +€4,749 | +191% |
| Recurring financial income | 75 | €2,484 | €7,234 | +€4,749 | +191% |
| Financial charges | 65/66B | €7,184 | €6,682 | -€502 | -7.0% |
| Recurring financial charges | 65 | €7,184 | €6,682 | -€502 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €587,746 | €223,074 | -€364,671 | -62.0% |
| Income taxes | 67/77 | €147,793 | €57,035 | -€90,758 | -61.4% |
| Profit (loss) for the period | 9904 | €439,953 | €166,040 | -€273,914 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €439,953 | €166,040 | -€273,914 | -62.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.