BELLIVO: 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.
BELLIVO
Largest movements
- Financial fixed assets +€2.9m
up €2.9m (+56.0%), from €5.1m to €8.0m
- Current investments -€2.9m
no longer reported in 2025 (was €2.9m)
- Receivables within one year +€1.1m
up €1.1m (+4.2%), from €25.8m to €26.9m
- Reserves +€17.2m
up €17.2m (+1,821%), from €943,000 to €18.1m
of which Distributable reserves: +€17.1m
- Profit (loss) carried forward -€16.1m
no longer reported in 2025 (was €16.1m)
- Financial income -€268,321
down €268,321 (-16.2%), from €1.7m to €1.4m
of which Non-recurring financial income: -€270,907
- Taxes +€7,175
up €7,175 (+2.8%), from €258,771 to €265,946
- Financial charges +€2,178
up €2,178 (+34.7%), from €6,283 to €8,461
- Other operating charges +€1,742
up €1,742 (+25.6%), from €6,809 to €8,551
- Gross operating margin -€1,691
down €1,691 (-73.1%), from -€2,313 to -€4,004
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 | €35,046,425 | €35,975,458 | +€929,033 | +2.7% |
| Fixed assets | 21/28 | €5,141,074 | €8,020,904 | +€2.9m | +56.0% |
| Financial fixed assets | 28 | €5,141,074 | €8,020,904 | +€2.9m | +56.0% |
| Current assets | 29/58 | €29,905,351 | €27,954,554 | -€2.0m | -6.5% |
| Amounts receivable within one year | 40/41 | €25,790,444 | €26,867,939 | +€1.1m | +4.2% |
| Other amounts receivable | 41 | €25,790,444 | €26,867,939 | +€1.1m | +4.2% |
| Current investments | 50/53 | €2,879,830 | - | -€2.9m | |
| Cash at bank and in hand | 54/58 | €202,408 | €1,816 | -€200,592 | -99.1% |
| Deferred charges and accrued income | 490/1 | €1,032,668 | €1,084,799 | +€52,131 | +5.0% |
| Total equity and liabilities | 10/49 | €35,046,425 | €35,975,458 | +€929,033 | +2.7% |
| Equity | 10/15 | €34,871,018 | €35,968,694 | +€1.1m | +3.1% |
| Contributions | 10/11 | €17,850,000 | €17,850,000 | = | 0.0% |
| Capital | 10 | €17,850,000 | €17,850,000 | = | 0.0% |
| Issued capital | 100 | €17,850,000 | €17,850,000 | = | 0.0% |
| Reserves | 13 | €943,000 | €18,118,694 | +€17.2m | +1,821% |
| Non-distributable reserves | 130/1 | €943,000 | €998,000 | +€55,000 | +5.8% |
| Legal reserve | 130 | €943,000 | €998,000 | +€55,000 | +5.8% |
| Distributable reserves | 133 | - | €17,120,694 | +€17.1m | |
| Profit (loss) carried forward | 14 | €16,078,018 | - | -€16.1m | |
| Amounts payable | 17/49 | €175,406 | €6,764 | -€168,642 | -96.1% |
| Amounts payable within one year | 42/48 | €175,406 | €6,764 | -€168,642 | -96.1% |
| Trade debts | 44 | - | €2,110 | +€2,110 | |
| Suppliers | 440/4 | - | €2,110 | +€2,110 | |
| Taxes, remuneration and social security | 45 | €174,708 | €3,955 | -€170,752 | -97.7% |
| Taxes | 450/3 | €174,708 | €3,955 | -€170,752 | -97.7% |
| Other amounts payable | 47/48 | €699 | €699 | = | 0.0% |
| Other operating charges | 640/8 | €6,809 | €8,551 | +€1,742 | +25.6% |
| Gross operating margin | 9900 | -€2,313 | -€4,004 | -€1,691 | -73.1% |
| Operating profit (loss) | 9901 | -€9,122 | -€12,554 | -€3,432 | -37.6% |
| Financial income | 75/76B | €1,652,959 | €1,384,638 | -€268,321 | -16.2% |
| Recurring financial income | 75 | €1,382,052 | €1,384,638 | +€2,586 | +0.2% |
| Non-recurring financial income | 76B | €270,907 | - | -€270,907 | |
| Financial charges | 65/66B | €6,283 | €8,461 | +€2,178 | +34.7% |
| Recurring financial charges | 65 | €6,283 | €8,461 | +€2,178 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €1,637,554 | €1,363,622 | -€273,932 | -16.7% |
| Income taxes | 67/77 | €258,771 | €265,946 | +€7,175 | +2.8% |
| Profit (loss) for the period | 9904 | €1,378,783 | €1,097,676 | -€281,107 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,378,783 | €1,097,676 | -€281,107 | -20.4% |
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 15 October 2026 via checked.be.