BELLINCO: what changed
Two fiscal 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.
What changed
BELLINCO
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€24,812
2024 · €137,844-€113,032
Equity
€12.3m
2024 · €13.0m-€686,738
Cash
€33,973
2024 · €57,474-€23,501
Balance sheet total
€13.9m
2024 · €14.3m-€428,356
Largest movements
Assets
- Tangible fixed assets -€530,114
down €530,114 (-74.6%), from €710,903 to €180,789
of which Land and buildings: -€710,903
- Financial fixed assets +€173,512
up €173,512 (+1.3%), from €13.0m to €13.2m
of which Affiliated companies: +€175,000
Equity and liabilities
- Profit (loss) carried forward -€8.1m
down €8.1m (-100.0%), from €8.1m to €0
- Reserves +€7.4m
up €7.4m (+158.9%), from €4.7m to €12.1m
of which Distributable reserves: +€7.4m
- Other debts +€253,035
up €253,035 (+29.7%), from €852,869 to €1.1m
Income statement
- Turnover -€136,506
down €136,506 (-46.7%), from €292,471 to €155,965
- Taxes -€43,582
down €43,582 (-52.8%), from €82,534 to €38,952
of which Taxes: -€43,550
- Services and other goods +€36,570
up €36,570 (+179.6%), from €20,361 to €56,931
- Other operating charges -€10,544
down €10,544 (-46.0%), from €22,933 to €12,389
- Financial charges -€3,783
down €3,783 (-8.7%), from €43,422 to €39,639
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.
Result 2024
€137,844
Turnover
-€136,506
Services and other goods
-€36,570
Depreciation
-€333
Other operating charges
+€10,544
Other operating items
+€1
Financial income
+€2,466
Financial charges
+€3,783
Taxes
+€43,582
Result 2025
€24,812
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.
From operations
+€331,781
Investment
+€356,269
Financing
-€711,549
Cash 2024
€57,474
From operations (derived)
+€331,781
Net result for the year
+€24,812
Depreciation
+€333
Receivables after one year
+€32,895
Receivables within one year
+€15,359
Smaller working-capital items
-€1,611
Trade debts
+€9,558
Tax, wage and social debts
-€2,600
Other debts
+€253,035
Investment (derived)
+€356,269
Investment in fixed assets (net)
+€356,269
Financing
-€711,549
Contributions, distributions and other
-€711,549
Not broken down
-€2
Cash 2025
€33,973
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,342,126 | €13,913,770 | -€428,356 | -3.0% |
| Fixed assets | 21/28 | €13,749,699 | €13,393,097 | -€356,602 | -2.6% |
| Tangible fixed assets | 22/27 | €710,903 | €180,789 | -€530,114 | -74.6% |
| Land and buildings | 22 | €710,903 | €0 | -€710,903 | -100.0% |
| Furniture and vehicles | 24 | - | €180,789 | +€180,789 | |
| Financial fixed assets | 28 | €13,038,796 | €13,212,308 | +€173,512 | +1.3% |
| Affiliated companies | 280/1 | €13,037,308 | €13,212,308 | +€175,000 | +1.3% |
| Participating interests | 280 | €11,125,553 | €11,125,553 | +€0 | 0.0% |
| Amounts receivable | 281 | €1,911,755 | €2,086,755 | +€175,000 | +9.2% |
| Other financial fixed assets | 284/8 | €1,487 | €0 | -€1,487 | -100.0% |
| Shares | 284 | €1,487 | €0 | -€1,487 | -100.0% |
| Current assets | 29/58 | €592,427 | €520,673 | -€71,754 | -12.1% |
| Amounts receivable after more than one year | 29 | €457,895 | €425,000 | -€32,895 | -7.2% |
| Other amounts receivable | 291 | €457,895 | €425,000 | -€32,895 | -7.2% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €77,058 | €61,699 | -€15,359 | -19.9% |
| Trade receivables | 40 | - | €16,470 | +€16,470 | |
| Other amounts receivable | 41 | €77,058 | €45,229 | -€31,829 | -41.3% |
| Cash at bank and in hand | 54/58 | €57,474 | €33,973 | -€23,501 | -40.9% |
| Total equity and liabilities | 10/49 | €14,342,126 | €13,913,770 | -€428,356 | -3.0% |
| Equity | 10/15 | €12,982,298 | €12,295,560 | -€686,738 | -5.3% |
| Contributions | 10/11 | €250,000 | €236,352 | -€13,648 | -5.5% |
| Capital | 10 | €250,000 | €236,352 | -€13,648 | -5.5% |
| Issued capital | 100 | €250,000 | €236,352 | -€13,648 | -5.5% |
| Reserves | 13 | €4,657,948 | €12,057,806 | +€7.4m | +158.9% |
| Non-distributable reserves | 130/1 | €25,000 | €23,635 | -€1,365 | -5.5% |
| Legal reserve | 130 | €25,000 | €23,635 | -€1,365 | -5.5% |
| Tax-exempt reserves | 132 | €17,184 | €17,184 | -€0 | 0.0% |
| Distributable reserves | 133 | €4,615,764 | €12,016,987 | +€7.4m | +160.3% |
| Profit (loss) carried forward | 14 | €8,072,715 | €0 | -€8.1m | -100.0% |
| Investment grants | 15 | €1,634 | €1,403 | -€231 | -14.2% |
| Provisions and deferred taxes | 16 | €842 | €0 | -€842 | -100.0% |
| Deferred taxes | 168 | €842 | €0 | -€842 | -100.0% |
| Amounts payable | 17/49 | €1,358,986 | €1,618,209 | +€259,223 | +19.1% |
| Amounts payable within one year | 42/48 | €1,355,621 | €1,615,614 | +€259,993 | +19.2% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €152 | €9,710 | +€9,558 | +6308.0% |
| Suppliers | 440/4 | €152 | €9,710 | +€9,558 | +6308.0% |
| Taxes, remuneration and social security | 45 | €2,600 | €0 | -€2,600 | -100.0% |
| Taxes | 450/3 | €2,600 | €0 | -€2,600 | -100.0% |
| Other amounts payable | 47/48 | €852,869 | €1,105,904 | +€253,035 | +29.7% |
| Accrued charges and deferred income | 492/3 | €3,366 | €2,596 | -€770 | -22.9% |
| Operating income | 70/76A | €292,471 | €155,965 | -€136,506 | -46.7% |
| Turnover | 70 | €292,471 | €155,965 | -€136,506 | -46.7% |
| Operating charges | 60/66A | €43,294 | €69,652 | +€26,358 | +60.9% |
| Services and other goods | 61 | €20,361 | €56,931 | +€36,570 | +179.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €333 | +€333 | |
| Other operating charges | 640/8 | €22,933 | €12,389 | -€10,544 | -46.0% |
| Operating profit (loss) | 9901 | €249,176 | €86,313 | -€162,863 | -65.4% |
| Financial income | 75/76B | €14,624 | €17,090 | +€2,466 | +16.9% |
| Recurring financial income | 75 | €14,624 | €17,090 | +€2,466 | +16.9% |
| Income from current assets | 751 | €14,624 | €17,090 | +€2,466 | +16.9% |
| Financial charges | 65/66B | €43,422 | €39,639 | -€3,783 | -8.7% |
| Recurring financial charges | 65 | €43,422 | €39,639 | -€3,783 | -8.7% |
| Debt charges | 650 | €39,587 | €35,377 | -€4,210 | -10.6% |
| Other financial charges | 652/9 | €3,835 | €4,262 | +€427 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €220,378 | €63,764 | -€156,614 | -71.1% |
| Income taxes | 67/77 | €82,534 | €38,952 | -€43,582 | -52.8% |
| Taxes | 670/3 | €82,600 | €39,050 | -€43,550 | -52.7% |
| Tax adjustments and reversals of tax provisions | 77 | €66 | €98 | +€32 | +48.2% |
| Profit (loss) for the period | 9904 | €137,844 | €24,812 | -€113,032 | -82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €137,844 | €24,812 | -€113,032 | -82.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.