BELLOLI: 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.
BELLOLI
Largest movements
- Receivables within one year +€116,291
up €116,291 (+227.9%), from €51,016 to €167,307
of which Trade receivables: +€115,272
- Cash -€81,717
down €81,717 (-33.6%), from €243,468 to €161,751
mainly Receivables within one year (-€116,291) and Contributions, distributions and other (-€50,000)
- Stocks and contracts +€10,852
up €10,852 (+2.8%), from €381,242 to €392,094
- Tangible fixed assets -€10,606
down €10,606 (-18.9%), from €56,013 to €45,407
of which Plant, machinery and equipment: -€5,714
- Trade debts +€29,985
up €29,985 (+57.7%), from €51,980 to €81,965
- Reserves +€22,007
up €22,007 (+3.9%), from €564,667 to €586,675
of which Distributable reserves: +€22,007
- Current portion of long-term debt -€18,367
down €18,367 (-100.0%), from €18,367 to €0
- Gross operating margin +€17,079
up €17,079 (+4.5%), from €375,575 to €392,654
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €757,796 | €796,561 | +€38,765 | +5.1% |
| Fixed assets | 21/28 | €56,013 | €45,407 | -€10,606 | -18.9% |
| Tangible fixed assets | 22/27 | €56,013 | €45,407 | -€10,606 | -18.9% |
| Land and buildings | 22 | €475 | €113 | -€362 | -76.2% |
| Plant, machinery and equipment | 23 | €45,527 | €39,813 | -€5,714 | -12.5% |
| Furniture and vehicles | 24 | €10,012 | €5,481 | -€4,531 | -45.3% |
| Current assets | 29/58 | €701,783 | €751,154 | +€49,371 | +7.0% |
| Stocks and contracts in progress | 3 | €381,242 | €392,094 | +€10,852 | +2.8% |
| Stocks | 30/36 | €381,242 | €392,094 | +€10,852 | +2.8% |
| Amounts receivable within one year | 40/41 | €51,016 | €167,307 | +€116,291 | +227.9% |
| Trade receivables | 40 | €51,016 | €166,288 | +€115,272 | +226.0% |
| Other amounts receivable | 41 | €0 | €1,019 | +€1,019 | |
| Cash at bank and in hand | 54/58 | €243,468 | €161,751 | -€81,717 | -33.6% |
| Deferred charges and accrued income | 490/1 | €26,057 | €30,002 | +€3,945 | +15.1% |
| Total equity and liabilities | 10/49 | €757,796 | €796,561 | +€38,765 | +5.1% |
| Equity | 10/15 | €583,259 | €605,267 | +€22,007 | +3.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €564,667 | €586,675 | +€22,007 | +3.9% |
| Tax-exempt reserves | 132 | €9,162 | €9,162 | = | 0.0% |
| Distributable reserves | 133 | €555,505 | €577,512 | +€22,007 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €174,537 | €191,294 | +€16,757 | +9.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €174,537 | €191,294 | +€16,757 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €18,367 | €0 | -€18,367 | -100.0% |
| Financial debts | 43 | €76 | €76 | = | 0.0% |
| Credit institutions | 430/8 | €76 | €76 | = | 0.0% |
| Trade debts | 44 | €51,980 | €81,965 | +€29,985 | +57.7% |
| Suppliers | 440/4 | €51,980 | €81,965 | +€29,985 | +57.7% |
| Taxes, remuneration and social security | 45 | €53,998 | €59,253 | +€5,255 | +9.7% |
| Taxes | 450/3 | €35,057 | €26,231 | -€8,827 | -25.2% |
| Remuneration and social security | 454/9 | €18,941 | €33,022 | +€14,082 | +74.3% |
| Other amounts payable | 47/48 | €50,115 | €50,000 | -€115 | -0.2% |
| Non-recurring operating income | 76A | - | €32,186 | +€32,186 | |
| Remuneration, social security and pensions | 62 | €305,305 | €304,007 | -€1,297 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,645 | €10,606 | -€2,038 | -16.1% |
| Other operating charges | 640/8 | €4,111 | €3,674 | -€437 | -10.6% |
| Gross operating margin | 9900 | €375,575 | €392,654 | +€17,079 | +4.5% |
| Operating profit (loss) | 9901 | €53,515 | €74,366 | +€20,850 | +39.0% |
| Financial income | 75/76B | €13,515 | €13,087 | -€428 | -3.2% |
| Recurring financial income | 75 | €13,515 | €13,087 | -€428 | -3.2% |
| Financial charges | 65/66B | €5,768 | €3,007 | -€2,761 | -47.9% |
| Recurring financial charges | 65 | €5,768 | €3,007 | -€2,761 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | €61,262 | €84,446 | +€23,184 | +37.8% |
| Income taxes | 67/77 | €9,300 | €12,438 | +€3,138 | +33.7% |
| Profit (loss) for the period | 9904 | €51,962 | €72,007 | +€20,045 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,962 | €72,007 | +€20,045 | +38.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.