BELLUM: 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.
BELLUM
Largest movements
- Tangible fixed assets -€10,984
down €10,984 (-3.2%), from €338,845 to €327,861
of which Land and buildings: -€11,208
- Receivables within one year +€10,030
up €10,030 (+78.7%), from €12,742 to €22,772
of which Trade receivables: +€8,383
- Reserves +€30,000
up €30,000 (+20.7%), from €144,862 to €174,862
of which Distributable reserves: +€30,000
- Debts after one year -€23,470
down €23,470 (-27.2%), from €86,264 to €62,794
- Other debts -€10,558
down €10,558 (-15.6%), from €67,772 to €57,214
- Tax, wage and social debts +€4,680
up €4,680 (+75.1%), from €6,233 to €10,913
- Gross operating margin +€12,551
up €12,551 (+24.3%), from €51,754 to €64,305
- Taxes +€3,040
up €3,040 (+34.9%), from €8,709 to €11,749
- Depreciation +€1,580
up €1,580 (+12.4%), from €12,729 to €14,309
- Financial charges -€1,010
down €1,010 (-17.2%), from €5,876 to €4,866
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 | €360,949 | €360,673 | -€276 | -0.1% |
| Fixed assets | 21/28 | €339,043 | €328,059 | -€10,984 | -3.2% |
| Tangible fixed assets | 22/27 | €338,845 | €327,861 | -€10,984 | -3.2% |
| Land and buildings | 22 | €325,049 | €313,841 | -€11,208 | -3.4% |
| Furniture and vehicles | 24 | €13,795 | €14,020 | +€224 | +1.6% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €21,906 | €32,614 | +€10,708 | +48.9% |
| Amounts receivable within one year | 40/41 | €12,742 | €22,772 | +€10,030 | +78.7% |
| Trade receivables | 40 | €12,638 | €21,021 | +€8,383 | +66.3% |
| Other amounts receivable | 41 | €104 | €1,751 | +€1,647 | +1,590% |
| Cash at bank and in hand | 54/58 | €8,186 | €8,327 | +€141 | +1.7% |
| Deferred charges and accrued income | 490/1 | €978 | €1,515 | +€537 | +54.8% |
| Total equity and liabilities | 10/49 | €360,949 | €360,673 | -€276 | -0.1% |
| Equity | 10/15 | €173,281 | €201,649 | +€28,368 | +16.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €144,862 | €174,862 | +€30,000 | +20.7% |
| Tax-exempt reserves | 132 | €309 | €309 | = | 0.0% |
| Distributable reserves | 133 | €144,553 | €174,553 | +€30,000 | +20.8% |
| Profit (loss) carried forward | 14 | €16,019 | €14,387 | -€1,632 | -10.2% |
| Amounts payable | 17/49 | €187,668 | €159,024 | -€28,644 | -15.3% |
| Amounts payable after more than one year | 17 | €86,264 | €62,794 | -€23,470 | -27.2% |
| Financial debts | 170/4 | €86,264 | €62,794 | -€23,470 | -27.2% |
| Amounts payable within one year | 42/48 | €101,404 | €96,230 | -€5,174 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €24,171 | €25,407 | +€1,237 | +5.1% |
| Trade debts | 44 | €3,228 | €2,696 | -€532 | -16.5% |
| Suppliers | 440/4 | €3,228 | €2,696 | -€532 | -16.5% |
| Taxes, remuneration and social security | 45 | €6,233 | €10,913 | +€4,680 | +75.1% |
| Taxes | 450/3 | €6,233 | €10,913 | +€4,680 | +75.1% |
| Other amounts payable | 47/48 | €67,772 | €57,214 | -€10,558 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,729 | €14,309 | +€1,580 | +12.4% |
| Other operating charges | 640/8 | €1,470 | €1,513 | +€43 | +2.9% |
| Gross operating margin | 9900 | €51,754 | €64,305 | +€12,551 | +24.3% |
| Operating profit (loss) | 9901 | €37,555 | €48,483 | +€10,928 | +29.1% |
| Financial charges | 65/66B | €5,876 | €4,866 | -€1,010 | -17.2% |
| Recurring financial charges | 65 | €5,876 | €4,866 | -€1,010 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €31,679 | €43,617 | +€11,938 | +37.7% |
| Income taxes | 67/77 | €8,709 | €11,749 | +€3,040 | +34.9% |
| Profit (loss) for the period | 9904 | €22,970 | €31,868 | +€8,898 | +38.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,970 | €31,868 | +€8,898 | +38.7% |
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 13 October 2026 via checked.be.