BELLUCCI: 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.
BELLUCCI
Largest movements
- Receivables within one year +€188,189
up €188,189 (+7.4%), from €2.6m to €2.7m
of which Trade receivables: +€182,483
- Stocks and contracts +€110,069
up €110,069 (+8.4%), from €1.3m to €1.4m
- Deferred charges and accrued income -€108,093
down €108,093 (-46.4%), from €232,931 to €124,838
- Trade debts +€381,968
up €381,968 (+32.2%), from €1.2m to €1.6m
- Other debts -€202,913
down €202,913 (-93.2%), from €217,690 to €14,777
- Accrued charges and deferred income -€132,048
down €132,048 (-25.7%), from €514,425 to €382,378
- Reserves +€107,066
up €107,066 (+4.7%), from €2.3m to €2.4m
- Gross operating margin -€224,115
down €224,115 (-31.4%), from €714,343 to €490,228
- Financial charges +€148,789
up €148,789 (+151.7%), from €98,073 to €246,862
- Financial income -€60,360
down €60,360 (-40.0%), from €150,895 to €90,534
- Taxes -€56,060
down €56,060 (-56.4%), from €99,443 to €43,383
- Staff costs -€32,033
down €32,033 (-15.6%), from €205,114 to €173,080
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 | €4,593,412 | €4,721,000 | +€127,588 | +2.8% |
| Fixed assets | 21/28 | €60,517 | €42,058 | -€18,459 | -30.5% |
| Intangible fixed assets | 21 | €7,931 | €11,768 | +€3,837 | +48.4% |
| Tangible fixed assets | 22/27 | €8,815 | €11,593 | +€2,778 | +31.5% |
| Plant, machinery and equipment | 23 | €3,090 | €7,754 | +€4,664 | +150.9% |
| Furniture and vehicles | 24 | €5,725 | €3,839 | -€1,886 | -32.9% |
| Financial fixed assets | 28 | €43,771 | €18,697 | -€25,074 | -57.3% |
| Current assets | 29/58 | €4,532,895 | €4,678,942 | +€146,047 | +3.2% |
| Stocks and contracts in progress | 3 | €1,314,118 | €1,424,187 | +€110,069 | +8.4% |
| Stocks | 30/36 | €1,314,118 | €1,424,187 | +€110,069 | +8.4% |
| Amounts receivable within one year | 40/41 | €2,550,777 | €2,738,966 | +€188,189 | +7.4% |
| Trade receivables | 40 | €2,544,685 | €2,727,168 | +€182,483 | +7.2% |
| Other amounts receivable | 41 | €6,092 | €11,798 | +€5,705 | +93.6% |
| Cash at bank and in hand | 54/58 | €435,068 | €390,950 | -€44,118 | -10.1% |
| Deferred charges and accrued income | 490/1 | €232,931 | €124,838 | -€108,093 | -46.4% |
| Total equity and liabilities | 10/49 | €4,593,412 | €4,721,000 | +€127,588 | +2.8% |
| Equity | 10/15 | €2,286,408 | €2,393,474 | +€107,066 | +4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,267,808 | €2,374,874 | +€107,066 | +4.7% |
| Distributable reserves | 133 | €2,267,808 | €2,374,874 | +€107,066 | +4.7% |
| Amounts payable | 17/49 | €2,307,004 | €2,327,526 | +€20,522 | +0.9% |
| Amounts payable after more than one year | 17 | €350,000 | €350,000 | = | 0.0% |
| Other amounts payable | 178/9 | €350,000 | €350,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,442,579 | €1,595,148 | +€152,570 | +10.6% |
| Trade debts | 44 | €1,185,029 | €1,566,997 | +€381,968 | +32.2% |
| Suppliers | 440/4 | €1,185,029 | €1,566,997 | +€381,968 | +32.2% |
| Advances received on contracts in progress | 46 | €4,855 | - | -€4,855 | |
| Taxes, remuneration and social security | 45 | €35,005 | €13,374 | -€21,630 | -61.8% |
| Taxes | 450/3 | €4,972 | - | -€4,972 | |
| Remuneration and social security | 454/9 | €30,032 | €13,374 | -€16,658 | -55.5% |
| Other amounts payable | 47/48 | €217,690 | €14,777 | -€202,913 | -93.2% |
| Accrued charges and deferred income | 492/3 | €514,425 | €382,378 | -€132,048 | -25.7% |
| Remuneration, social security and pensions | 62 | €205,114 | €173,080 | -€32,033 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,689 | €8,302 | +€3,613 | +77.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,401 | - | +€9,401 | |
| Other operating charges | 640/8 | €5,529 | €2,068 | -€3,461 | -62.6% |
| Gross operating margin | 9900 | €714,343 | €490,228 | -€224,115 | -31.4% |
| Operating profit (loss) | 9901 | €508,412 | €306,777 | -€201,636 | -39.7% |
| Financial income | 75/76B | €150,895 | €90,534 | -€60,360 | -40.0% |
| Recurring financial income | 75 | €150,895 | €90,534 | -€60,360 | -40.0% |
| Financial charges | 65/66B | €98,073 | €246,862 | +€148,789 | +151.7% |
| Recurring financial charges | 65 | €98,073 | €246,862 | +€148,789 | +151.7% |
| Profit (loss) for the period before taxes | 9903 | €561,234 | €150,449 | -€410,785 | -73.2% |
| Income taxes | 67/77 | €99,443 | €43,383 | -€56,060 | -56.4% |
| Profit (loss) for the period | 9904 | €461,791 | €107,066 | -€354,725 | -76.8% |
| Profit (loss) for the period to be appropriated | 9905 | €461,791 | €107,066 | -€354,725 | -76.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.