Bellina: 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.
Bellina
Largest movements
- Tangible fixed assets +€39,795
up €39,795 (+203%), from €19,566 to €59,361
of which Leasing and similar rights: +€39,520
- Receivables within one year +€6,731
new in 2025: €6,731
- Cash -€6,189
down €6,189 (-35.3%), from €17,509 to €11,320
mainly Investment in fixed assets (net) (-€44,813) and Receivables within one year (-€6,731)
- Formation expenses -€886
down €886 (-23.3%), from €3,805 to €2,919
- Debts after one year +€30,482
new in 2025: €30,482
- Current portion of long-term debt +€7,874
new in 2025: €7,874
- Other debts -€6,690
down €6,690 (-63.0%), from €10,619 to €3,929
- Advances received +€3,815
new in 2025: €3,815
- Trade debts +€2,197
up €2,197 (+62.8%), from €3,497 to €5,694
- Financial charges +€2,462
up €2,462 (+91.0%), from €2,705 to €5,167
of which Financial charges: +€2,462
- Other operating charges +€2,429
up €2,429 (+513%), from €473 to €2,902
- Depreciation +€2,297
up €2,297 (+63.7%), from €3,608 to €5,905
- Taxes -€1,476
down €1,476 (-73.9%), from €1,997 to €521
- Gross operating margin +€713
up €713 (+4.6%), from €15,349 to €16,062
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 | €42,017 | €81,392 | +€39,375 | +93.7% |
| Formation expenses | 20 | €3,805 | €2,919 | -€886 | -23.3% |
| Fixed assets | 21/28 | €19,566 | €59,361 | +€39,795 | +203% |
| Tangible fixed assets | 22/27 | €19,566 | €59,361 | +€39,795 | +203% |
| Land and buildings | 22 | €6,314 | - | -€6,314 | |
| Plant, machinery and equipment | 23 | - | €3,216 | +€3,216 | |
| Leasing and similar rights | 25 | - | €39,520 | +€39,520 | |
| Assets under construction and advance payments | 27 | €13,252 | €16,625 | +€3,373 | +25.5% |
| Current assets | 29/58 | €18,646 | €19,113 | +€467 | +2.5% |
| Stocks and contracts in progress | 3 | €1,050 | €950 | -€100 | -9.5% |
| Stocks | 30/36 | €1,050 | €950 | -€100 | -9.5% |
| Amounts receivable within one year | 40/41 | - | €6,731 | +€6,731 | |
| Other amounts receivable | 41 | - | €6,731 | +€6,731 | |
| Cash at bank and in hand | 54/58 | €17,509 | €11,320 | -€6,189 | -35.3% |
| Deferred charges and accrued income | 490/1 | €87 | €112 | +€25 | +28.7% |
| Total equity and liabilities | 10/49 | €42,017 | €81,392 | +€39,375 | +93.7% |
| Equity | 10/15 | €21,615 | €23,215 | +€1,601 | +7.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €6,615 | €8,215 | +€1,601 | +24.2% |
| Distributable reserves | 133 | €6,615 | €8,215 | +€1,601 | +24.2% |
| Amounts payable | 17/49 | €20,402 | €58,176 | +€37,774 | +185% |
| Amounts payable after more than one year | 17 | - | €30,482 | +€30,482 | |
| Financial debts | 170/4 | - | €30,482 | +€30,482 | |
| Amounts payable within one year | 42/48 | €19,977 | €27,270 | +€7,292 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | - | €7,874 | +€7,874 | |
| Trade debts | 44 | €3,497 | €5,694 | +€2,197 | +62.8% |
| Suppliers | 440/4 | €3,497 | €5,694 | +€2,197 | +62.8% |
| Advances received on contracts in progress | 46 | - | €3,815 | +€3,815 | |
| Taxes, remuneration and social security | 45 | €5,862 | €5,958 | +€96 | +1.6% |
| Taxes | 450/3 | €5,862 | €5,958 | +€96 | +1.6% |
| Other amounts payable | 47/48 | €10,619 | €3,929 | -€6,690 | -63.0% |
| Accrued charges and deferred income | 492/3 | €425 | €425 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,608 | €5,905 | +€2,297 | +63.7% |
| Other operating charges | 640/8 | €473 | €2,902 | +€2,429 | +513% |
| Gross operating margin | 9900 | €15,349 | €16,062 | +€713 | +4.6% |
| Operating profit (loss) | 9901 | €11,268 | €7,255 | -€4,013 | -35.6% |
| Financial income | 75/76B | €49 | €33 | -€16 | -31.8% |
| Recurring financial income | 75 | €49 | €33 | -€16 | -31.8% |
| Non-recurring financial income | 76B | €49 | €33 | -€16 | -31.8% |
| Financial charges | 65/66B | €2,705 | €5,167 | +€2,462 | +91.0% |
| Recurring financial charges | 65 | €2,705 | €5,167 | +€2,462 | +91.0% |
| Non-recurring financial charges | 66B | €2,705 | - | -€2,705 | |
| Profit (loss) for the period before taxes | 9903 | €8,612 | €2,121 | -€6,490 | -75.4% |
| Income taxes | 67/77 | €1,997 | €521 | -€1,476 | -73.9% |
| Profit (loss) for the period | 9904 | €6,615 | €1,601 | -€5,014 | -75.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,615 | €1,601 | -€5,014 | -75.8% |
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 15 October 2026 via checked.be.