BELLINKO: 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.
BELLINKO
Largest movements
- Stocks and contracts -€179,170
down €179,170 (-52.4%), from €341,635 to €162,465
- Cash -€39,278
down €39,278 (-34.1%), from €115,068 to €75,790
mainly Short-term financial debts (-€150,000) and Advances received (-€101,000)
- Tangible fixed assets -€14,583
down €14,583 (-7.2%), from €203,212 to €188,629
of which Plant, machinery and equipment: -€25,212
- Short-term financial debts -€150,000
down €150,000 (-50.0%), from €300,000 to €150,000
- Advances received -€101,000
down €101,000 (-91.8%), from €110,000 to €9,000
- Tax, wage and social debts +€11,852
up €11,852 (+829.2%), from €1,429 to €13,282
- Reserves +€10,000
up €10,000 (+32.8%), from €30,500 to €40,500
- Debts after one year -€9,313
down €9,313 (-54.9%), from €16,950 to €7,636
- Financial charges +€6,722
up €6,722 (+49.5%), from €13,581 to €20,303
- Depreciation +€4,404
up €4,404 (+8.6%), from €51,365 to €55,769
- Gross operating margin +€2,835
up €2,835 (+2.2%), from €129,661 to €132,496
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 | €742,577 | €506,384 | -€236,193 | -31.8% |
| Fixed assets | 21/28 | €203,212 | €188,629 | -€14,583 | -7.2% |
| Tangible fixed assets | 22/27 | €203,212 | €188,629 | -€14,583 | -7.2% |
| Land and buildings | 22 | €47,068 | €74,974 | +€27,907 | +59.3% |
| Plant, machinery and equipment | 23 | €85,967 | €60,756 | -€25,212 | -29.3% |
| Furniture and vehicles | 24 | €27,160 | €15,156 | -€12,004 | -44.2% |
| Other tangible fixed assets | 26 | €43,017 | €37,744 | -€5,274 | -12.3% |
| Current assets | 29/58 | €539,365 | €317,755 | -€221,610 | -41.1% |
| Stocks and contracts in progress | 3 | €341,635 | €162,465 | -€179,170 | -52.4% |
| Stocks | 30/36 | €341,635 | €162,465 | -€179,170 | -52.4% |
| Amounts receivable within one year | 40/41 | €59,264 | €55,800 | -€3,463 | -5.8% |
| Trade receivables | 40 | €19,281 | €53,809 | +€34,528 | +179.1% |
| Other amounts receivable | 41 | €39,982 | €1,991 | -€37,991 | -95.0% |
| Cash at bank and in hand | 54/58 | €115,068 | €75,790 | -€39,278 | -34.1% |
| Deferred charges and accrued income | 490/1 | €23,398 | €23,699 | +€301 | +1.3% |
| Total equity and liabilities | 10/49 | €742,577 | €506,384 | -€236,193 | -31.8% |
| Equity | 10/15 | €201,119 | €211,893 | +€10,774 | +5.4% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €30,500 | €40,500 | +€10,000 | +32.8% |
| Distributable reserves | 133 | €30,500 | €40,500 | +€10,000 | +32.8% |
| Profit (loss) carried forward | 14 | €2,019 | €2,793 | +€774 | +38.4% |
| Amounts payable | 17/49 | €541,458 | €294,491 | -€246,967 | -45.6% |
| Amounts payable after more than one year | 17 | €16,950 | €7,636 | -€9,313 | -54.9% |
| Financial debts | 170/4 | €16,950 | €7,636 | -€9,313 | -54.9% |
| Amounts payable within one year | 42/48 | €484,422 | €244,563 | -€239,859 | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €13,117 | €9,313 | -€3,804 | -29.0% |
| Financial debts | 43 | €300,000 | €150,000 | -€150,000 | -50.0% |
| Credit institutions | 430/8 | €300,000 | €150,000 | -€150,000 | -50.0% |
| Trade debts | 44 | €22,999 | €32,148 | +€9,148 | +39.8% |
| Suppliers | 440/4 | €22,999 | €32,148 | +€9,148 | +39.8% |
| Advances received on contracts in progress | 46 | €110,000 | €9,000 | -€101,000 | -91.8% |
| Taxes, remuneration and social security | 45 | €1,429 | €13,282 | +€11,852 | +829.2% |
| Taxes | 450/3 | €1,429 | €13,282 | +€11,852 | +829.2% |
| Other amounts payable | 47/48 | €36,876 | €30,821 | -€6,055 | -16.4% |
| Accrued charges and deferred income | 492/3 | €40,087 | €42,292 | +€2,205 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,365 | €55,769 | +€4,404 | +8.6% |
| Other operating charges | 640/8 | €9,144 | €10,075 | +€931 | +10.2% |
| Gross operating margin | 9900 | €129,661 | €132,496 | +€2,835 | +2.2% |
| Operating profit (loss) | 9901 | €69,152 | €66,652 | -€2,500 | -3.6% |
| Financial income | 75/76B | €91 | €273 | +€182 | +200.3% |
| Recurring financial income | 75 | €91 | €273 | +€182 | +200.3% |
| Financial charges | 65/66B | €13,581 | €20,303 | +€6,722 | +49.5% |
| Recurring financial charges | 65 | €13,581 | €20,303 | +€6,722 | +49.5% |
| Profit (loss) for the period before taxes | 9903 | €55,662 | €46,622 | -€9,040 | -16.2% |
| Income taxes | 67/77 | €6,429 | €5,848 | -€581 | -9.0% |
| Profit (loss) for the period | 9904 | €49,233 | €40,774 | -€8,459 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €49,233 | €40,774 | -€8,459 | -17.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.