BELLI CAPELLI: 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.
BELLI CAPELLI
Largest movements
- Tangible fixed assets +€35,348
up €35,348 (+114%), from €31,079 to €66,427
of which Other tangible fixed assets: +€38,006
- Cash -€4,681
down €4,681 (-28.5%), from €16,436 to €11,754
mainly Investment in fixed assets (net) (-€44,257) and Trade debts (-€4,976)
- Receivables within one year -€2,811
down €2,811 (-45.4%), from €6,189 to €3,378
of which Other amounts receivable: -€2,710
- Debts after one year +€28,114
new in 2025: €28,114
- Current portion of long-term debt +€6,299
new in 2025: €6,299
- Trade debts -€4,976
down €4,976 (-95.3%), from €5,224 to €247
- Tax, wage and social debts -€1,257
down €1,257 (-23.4%), from €5,379 to €4,122
of which Taxes: -€1,257
- Gross operating margin +€11,541
up €11,541 (+417%), from €2,765 to €14,306
- Depreciation +€5,770
up €5,770 (+184%), from €3,139 to €8,909
- Other operating charges -€2,988
down €2,988 (-43.3%), from €6,896 to €3,908
- Financial charges +€400
up €400 (+43.0%), from €928 to €1,328
- Financial income +€203
up €203 (+230%), from €88 to €291
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 | €56,928 | €85,424 | +€28,496 | +50.1% |
| Fixed assets | 21/28 | €31,079 | €66,427 | +€35,348 | +114% |
| Tangible fixed assets | 22/27 | €31,079 | €66,427 | +€35,348 | +114% |
| Plant, machinery and equipment | 23 | €6,456 | €4,854 | -€1,601 | -24.8% |
| Furniture and vehicles | 24 | €1,569 | €512 | -€1,057 | -67.4% |
| Other tangible fixed assets | 26 | €23,055 | €61,061 | +€38,006 | +165% |
| Current assets | 29/58 | €25,849 | €18,997 | -€6,852 | -26.5% |
| Stocks and contracts in progress | 3 | €3,022 | €3,653 | +€632 | +20.9% |
| Stocks | 30/36 | €3,022 | €3,653 | +€632 | +20.9% |
| Amounts receivable within one year | 40/41 | €6,189 | €3,378 | -€2,811 | -45.4% |
| Trade receivables | 40 | €101 | - | -€101 | |
| Other amounts receivable | 41 | €6,088 | €3,378 | -€2,710 | -44.5% |
| Cash at bank and in hand | 54/58 | €16,436 | €11,754 | -€4,681 | -28.5% |
| Deferred charges and accrued income | 490/1 | €202 | €211 | +€9 | +4.3% |
| Total equity and liabilities | 10/49 | €56,928 | €85,424 | +€28,496 | +50.1% |
| Equity | 10/15 | €46,325 | €46,641 | +€316 | +0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €40,125 | €40,441 | +€316 | +0.8% |
| Distributable reserves | 133 | €40,125 | €40,441 | +€316 | +0.8% |
| Amounts payable | 17/49 | €10,603 | €38,783 | +€28,180 | +266% |
| Amounts payable after more than one year | 17 | - | €28,114 | +€28,114 | |
| Financial debts | 170/4 | - | €28,114 | +€28,114 | |
| Amounts payable within one year | 42/48 | €10,603 | €10,668 | +€66 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | - | €6,299 | +€6,299 | |
| Trade debts | 44 | €5,224 | €247 | -€4,976 | -95.3% |
| Suppliers | 440/4 | €5,224 | €247 | -€4,976 | -95.3% |
| Taxes, remuneration and social security | 45 | €5,379 | €4,122 | -€1,257 | -23.4% |
| Taxes | 450/3 | €3,279 | €2,022 | -€1,257 | -38.3% |
| Remuneration and social security | 454/9 | €2,100 | €2,100 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,139 | €8,909 | +€5,770 | +184% |
| Other operating charges | 640/8 | €6,896 | €3,908 | -€2,988 | -43.3% |
| Gross operating margin | 9900 | €2,765 | €14,306 | +€11,541 | +417% |
| Operating profit (loss) | 9901 | -€7,270 | €1,490 | +€8,759 | |
| Financial income | 75/76B | €88 | €291 | +€203 | +230% |
| Recurring financial income | 75 | €88 | €291 | +€203 | +230% |
| Financial charges | 65/66B | €928 | €1,328 | +€400 | +43.0% |
| Recurring financial charges | 65 | €928 | €1,328 | +€400 | +43.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,110 | €453 | +€8,563 | |
| Income taxes | 67/77 | €128 | €137 | +€9 | +6.8% |
| Profit (loss) for the period | 9904 | -€8,238 | €316 | +€8,554 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,238 | €316 | +€8,554 |
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 31 October 2026 via checked.be.