BELLTON: 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.
BELLTON
Largest movements
- Receivables within one year -€188,823
down €188,823 (-29.3%), from €644,756 to €455,933
of which Trade receivables: -€188,937
- Cash +€85,197
up €85,197 (+29.6%), from €287,691 to €372,888
mainly Other debts (+€275,193) and Receivables within one year (+€188,823)
- Tangible fixed assets +€27,570
up €27,570 (+6.5%), from €422,168 to €449,737
of which Furniture and vehicles: +€46,948
- Stocks and contracts +€17,783
up €17,783 (+42.4%), from €41,913 to €59,696
of which Contracts in progress: +€22,400
- Other debts +€275,193
up €275,193 (+1,343%), from €20,498 to €295,692
- Reserves -€220,679
down €220,679 (-21.7%), from €1.0m to €796,572
- Trade debts -€53,510
down €53,510 (-40.6%), from €131,774 to €78,264
- Tax, wage and social debts -€47,267
down €47,267 (-66.4%), from €71,151 to €23,884
of which Taxes: -€51,080
- Gross operating margin +€35,452
up €35,452 (+15.0%), from €236,639 to €272,090
- Depreciation +€10,066
up €10,066 (+39.7%), from €25,328 to €35,394
- Taxes +€8,725
up €8,725 (+19.9%), from €43,893 to €52,617
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 | €1,400,181 | €1,345,627 | -€54,554 | -3.9% |
| Fixed assets | 21/28 | €423,513 | €451,082 | +€27,570 | +6.5% |
| Tangible fixed assets | 22/27 | €422,168 | €449,737 | +€27,570 | +6.5% |
| Land and buildings | 22 | €377,750 | €358,495 | -€19,255 | -5.1% |
| Furniture and vehicles | 24 | €44,170 | €91,119 | +€46,948 | +106% |
| Other tangible fixed assets | 26 | €247 | €124 | -€124 | -50.0% |
| Financial fixed assets | 28 | €1,345 | €1,345 | = | 0.0% |
| Current assets | 29/58 | €976,669 | €894,545 | -€82,124 | -8.4% |
| Stocks and contracts in progress | 3 | €41,913 | €59,696 | +€17,783 | +42.4% |
| Stocks | 30/36 | €29,413 | €24,796 | -€4,617 | -15.7% |
| Contracts in progress | 37 | €12,500 | €34,900 | +€22,400 | +179% |
| Amounts receivable within one year | 40/41 | €644,756 | €455,933 | -€188,823 | -29.3% |
| Trade receivables | 40 | €638,525 | €449,589 | -€188,937 | -29.6% |
| Other amounts receivable | 41 | €6,230 | €6,344 | +€114 | +1.8% |
| Cash at bank and in hand | 54/58 | €287,691 | €372,888 | +€85,197 | +29.6% |
| Deferred charges and accrued income | 490/1 | €2,309 | €6,028 | +€3,719 | +161% |
| Total equity and liabilities | 10/49 | €1,400,181 | €1,345,627 | -€54,554 | -3.9% |
| Equity | 10/15 | €1,047,251 | €826,572 | -€220,679 | -21.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,017,251 | €796,572 | -€220,679 | -21.7% |
| Distributable reserves | 133 | €1,017,251 | €796,572 | -€220,679 | -21.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €352,931 | €519,056 | +€166,125 | +47.1% |
| Amounts payable after more than one year | 17 | €112,783 | €101,765 | -€11,017 | -9.8% |
| Financial debts | 170/4 | €112,783 | €101,765 | -€11,017 | -9.8% |
| Amounts payable within one year | 42/48 | €236,717 | €413,070 | +€176,353 | +74.5% |
| Current portion of amounts payable after more than one year | 42 | €10,705 | €11,017 | +€312 | +2.9% |
| Financial debts | 43 | €2,589 | €4,213 | +€1,624 | +62.7% |
| Credit institutions | 430/8 | €2,589 | €4,213 | +€1,624 | +62.7% |
| Trade debts | 44 | €131,774 | €78,264 | -€53,510 | -40.6% |
| Suppliers | 440/4 | €131,774 | €78,264 | -€53,510 | -40.6% |
| Taxes, remuneration and social security | 45 | €71,151 | €23,884 | -€47,267 | -66.4% |
| Taxes | 450/3 | €64,762 | €13,682 | -€51,080 | -78.9% |
| Remuneration and social security | 454/9 | €6,389 | €10,202 | +€3,813 | +59.7% |
| Other amounts payable | 47/48 | €20,498 | €295,692 | +€275,193 | +1,343% |
| Accrued charges and deferred income | 492/3 | €3,431 | €4,220 | +€789 | +23.0% |
| Remuneration, social security and pensions | 62 | €51,504 | €51,951 | +€448 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,328 | €35,394 | +€10,066 | +39.7% |
| Other operating charges | 640/8 | €2,995 | €3,672 | +€677 | +22.6% |
| Gross operating margin | 9900 | €236,639 | €272,090 | +€35,452 | +15.0% |
| Operating profit (loss) | 9901 | €156,812 | €181,073 | +€24,262 | +15.5% |
| Financial income | 75/76B | €518 | €26 | -€492 | -94.9% |
| Recurring financial income | 75 | €518 | €26 | -€492 | -94.9% |
| Financial charges | 65/66B | €6,390 | €6,955 | +€565 | +8.8% |
| Recurring financial charges | 65 | €6,390 | €6,955 | +€565 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €150,939 | €174,144 | +€23,205 | +15.4% |
| Income taxes | 67/77 | €43,893 | €52,617 | +€8,725 | +19.9% |
| Profit (loss) for the period | 9904 | €107,046 | €121,527 | +€14,481 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107,046 | €121,527 | +€14,481 | +13.5% |
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 24 October 2026 via checked.be.