Bellini & Partners: 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.
Bellini & Partners
Largest movements
- Cash +€17,264
up €17,264 (+365%), from €4,728 to €21,992
mainly Net result for the year (+€54,407) and Depreciation (+€16,510)
- Intangible fixed assets -€13,053
down €13,053 (-42.7%), from €30,597 to €17,544
- Receivables within one year +€1,609
up €1,609 (+11.0%), from €14,597 to €16,206
of which Trade receivables: +€2,315
- Profit (loss) carried forward +€54,407
up €54,407 (+46.4%), from -€117,227 to -€62,820
- Trade debts -€35,530
down €35,530 (-32.7%), from €108,607 to €73,077
- Debts after one year -€10,014
down €10,014 (-100%), from €10,014 to €0
- Tax, wage and social debts -€3,785
down €3,785 (-46.9%), from €8,062 to €4,277
of which Remuneration and social security: -€5,188
- Other debts +€616
new in 2025: €616
- Gross operating margin +€129,800
up €129,800 (+1,036%), from €12,524 to €142,324
- Staff costs +€30,570
up €30,570 (+78.3%), from €39,038 to €69,608
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 | €51,285 | €57,164 | +€5,879 | +11.5% |
| Formation expenses | 20 | €564 | €264 | -€300 | -53.2% |
| Fixed assets | 21/28 | €31,386 | €18,212 | -€13,174 | -42.0% |
| Intangible fixed assets | 21 | €30,597 | €17,544 | -€13,053 | -42.7% |
| Tangible fixed assets | 22/27 | €389 | €268 | -€121 | -31.1% |
| Plant, machinery and equipment | 23 | €389 | €268 | -€121 | -31.1% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €19,335 | €38,688 | +€19,353 | +100% |
| Amounts receivable within one year | 40/41 | €14,597 | €16,206 | +€1,609 | +11.0% |
| Trade receivables | 40 | €13,364 | €15,679 | +€2,315 | +17.3% |
| Other amounts receivable | 41 | €1,233 | €527 | -€706 | -57.3% |
| Cash at bank and in hand | 54/58 | €4,728 | €21,992 | +€17,264 | +365% |
| Deferred charges and accrued income | 490/1 | €10 | €490 | +€480 | +4,974% |
| Total equity and liabilities | 10/49 | €51,285 | €57,164 | +€5,879 | +11.5% |
| Equity | 10/15 | -€85,227 | -€30,820 | +€54,407 | +63.8% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,227 | -€62,820 | +€54,407 | +46.4% |
| Amounts payable | 17/49 | €136,513 | €87,984 | -€48,528 | -35.5% |
| Amounts payable after more than one year | 17 | €10,014 | €0 | -€10,014 | -100% |
| Financial debts | 170/4 | €10,014 | €0 | -€10,014 | -100% |
| Amounts payable within one year | 42/48 | €126,472 | €87,984 | -€38,487 | -30.4% |
| Current portion of amounts payable after more than one year | 42 | €9,803 | €10,014 | +€212 | +2.2% |
| Trade debts | 44 | €108,607 | €73,077 | -€35,530 | -32.7% |
| Suppliers | 440/4 | €108,607 | €73,077 | -€35,530 | -32.7% |
| Taxes, remuneration and social security | 45 | €8,062 | €4,277 | -€3,785 | -46.9% |
| Taxes | 450/3 | €1,334 | €2,737 | +€1,403 | +105% |
| Remuneration and social security | 454/9 | €6,728 | €1,540 | -€5,188 | -77.1% |
| Other amounts payable | 47/48 | - | €616 | +€616 | |
| Accrued charges and deferred income | 492/3 | €26 | €0 | -€26 | -100% |
| Non-recurring operating income | 76A | - | €1,414 | +€1,414 | |
| Remuneration, social security and pensions | 62 | €39,038 | €69,608 | +€30,570 | +78.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,421 | €16,510 | +€89 | +0.5% |
| Other operating charges | 640/8 | €634 | €1,134 | +€500 | +78.9% |
| Non-recurring operating charges | 66A | €16,415 | €0 | -€16,415 | -100% |
| Gross operating margin | 9900 | €12,524 | €142,324 | +€129,800 | +1,036% |
| Operating profit (loss) | 9901 | -€59,983 | €55,073 | +€115,056 | |
| Financial income | 75/76B | €23 | €0 | -€23 | -99.1% |
| Recurring financial income | 75 | €23 | €0 | -€23 | -99.1% |
| Financial charges | 65/66B | €792 | €523 | -€270 | -34.1% |
| Recurring financial charges | 65 | €792 | €523 | -€270 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | -€60,753 | €54,550 | +€115,303 | |
| Income taxes | 67/77 | €0 | €143 | +€143 | |
| Profit (loss) for the period | 9904 | -€60,753 | €54,407 | +€115,160 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,753 | €54,407 | +€115,160 |
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 26 October 2026 via checked.be.