Belliard 100: 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.
Belliard 100
Largest movements
- Cash +€632,704
up €632,704 (+46.9%), from €1.3m to €2.0m
mainly Other debts (+€734,169) and Depreciation (+€284,393)
- Tangible fixed assets -€201,055
down €201,055 (-1.8%), from €11.3m to €11.1m
- Deferred charges and accrued income -€177,685
down €177,685 (-98.1%), from €181,086 to €3,400
- Other debts +€734,169
up €734,169 (+13957.6%), from €5,260 to €739,429
- Profit (loss) carried forward -€502,379
down €502,379 (-100.0%), from €502,379 to €0
- Gross operating margin -€295,781
down €295,781 (-18.0%), from €1.6m to €1.3m
- Taxes -€86,255
down €86,255 (-46.5%), from €185,392 to €99,138
- Other operating charges +€51,484
up €51,484 (+12.0%), from €428,396 to €479,880
- Financial charges +€19,247
up €19,247 (+8.1%), from €237,222 to €256,469
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 | €12,826,788 | €13,090,501 | +€263,713 | +2.1% |
| Fixed assets | 21/28 | €11,291,681 | €11,090,626 | -€201,055 | -1.8% |
| Tangible fixed assets | 22/27 | €11,291,681 | €11,090,626 | -€201,055 | -1.8% |
| Land and buildings | 22 | €11,291,681 | €11,090,626 | -€201,055 | -1.8% |
| Current assets | 29/58 | €1,535,107 | €1,999,875 | +€464,767 | +30.3% |
| Amounts receivable within one year | 40/41 | €6,288 | €16,037 | +€9,749 | +155.0% |
| Trade receivables | 40 | €2,203 | €14,996 | +€12,793 | +580.7% |
| Other amounts receivable | 41 | €4,085 | €1,040 | -€3,045 | -74.5% |
| Cash at bank and in hand | 54/58 | €1,347,733 | €1,980,438 | +€632,704 | +46.9% |
| Deferred charges and accrued income | 490/1 | €181,086 | €3,400 | -€177,685 | -98.1% |
| Total equity and liabilities | 10/49 | €12,826,788 | €13,090,501 | +€263,713 | +2.1% |
| Equity | 10/15 | €1,214,379 | €712,000 | -€502,379 | -41.4% |
| Contributions | 10/11 | €712,000 | €712,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €502,379 | €0 | -€502,379 | -100.0% |
| Amounts payable | 17/49 | €11,612,409 | €12,378,501 | +€766,092 | +6.6% |
| Amounts payable after more than one year | 17 | €10,969,000 | €10,969,000 | = | 0.0% |
| Financial debts | 170/4 | €10,969,000 | €10,969,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,236 | €774,101 | +€740,866 | +2229.1% |
| Trade debts | 44 | €23,720 | €27,963 | +€4,242 | +17.9% |
| Suppliers | 440/4 | €23,720 | €27,963 | +€4,242 | +17.9% |
| Taxes, remuneration and social security | 45 | €4,255 | €6,710 | +€2,455 | +57.7% |
| Taxes | 450/3 | €4,255 | €6,710 | +€2,455 | +57.7% |
| Other amounts payable | 47/48 | €5,260 | €739,429 | +€734,169 | +13957.6% |
| Accrued charges and deferred income | 492/3 | €610,173 | €635,400 | +€25,226 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282,661 | €284,393 | +€1,732 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,058 | - | -€5,058 | |
| Other operating charges | 640/8 | €428,396 | €479,880 | +€51,484 | +12.0% |
| Gross operating margin | 9900 | €1,640,608 | €1,344,827 | -€295,781 | -18.0% |
| Operating profit (loss) | 9901 | €924,492 | €580,554 | -€343,938 | -37.2% |
| Financial income | 75/76B | - | €8,681 | +€8,681 | |
| Recurring financial income | 75 | - | €8,681 | +€8,681 | |
| Financial charges | 65/66B | €237,222 | €256,469 | +€19,247 | +8.1% |
| Recurring financial charges | 65 | €237,222 | €256,469 | +€19,247 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €687,270 | €332,767 | -€354,503 | -51.6% |
| Income taxes | 67/77 | €185,392 | €99,138 | -€86,255 | -46.5% |
| Profit (loss) for the period | 9904 | €501,878 | €233,629 | -€268,249 | -53.4% |
| Profit (loss) for the period to be appropriated | 9905 | €501,878 | €233,629 | -€268,249 | -53.4% |
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 12 October 2026 via checked.be.