Bellus Development: 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.
Bellus Development
Largest movements
- Stocks and contracts +€805,975
up €805,975 (+109.2%), from €738,151 to €1.5m
- Current portion of long-term debt +€555,000
new in 2025: €555,000
- Other debts +€420,518
up €420,518 (+209.5%), from €200,704 to €621,222
- Debts after one year -€172,962
down €172,962 (-31.2%), from €555,000 to €382,038
- Gross operating margin +€2,912
up €2,912 (+50.9%), from -€5,721 to -€2,809
- Other operating charges -€743
down €743 (-34.8%), from €2,135 to €1,392
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 | €764,092 | €1,560,714 | +€796,622 | +104.3% |
| Current assets | 29/58 | €764,092 | €1,560,714 | +€796,622 | +104.3% |
| Stocks and contracts in progress | 3 | €738,151 | €1,544,126 | +€805,975 | +109.2% |
| Stocks | 30/36 | €738,151 | €1,544,126 | +€805,975 | +109.2% |
| Amounts receivable within one year | 40/41 | - | €946 | +€946 | |
| Other amounts receivable | 41 | - | €946 | +€946 | |
| Cash at bank and in hand | 54/58 | €25,127 | €15,401 | -€9,726 | -38.7% |
| Deferred charges and accrued income | 490/1 | €814 | €242 | -€572 | -70.3% |
| Total equity and liabilities | 10/49 | €764,092 | €1,560,714 | +€796,622 | +104.3% |
| Equity | 10/15 | -€4,979 | -€9,320 | -€4,341 | -87.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,979 | -€12,320 | -€4,341 | -54.4% |
| Amounts payable | 17/49 | €769,070 | €1,570,034 | +€800,964 | +104.1% |
| Amounts payable after more than one year | 17 | €555,000 | €382,038 | -€172,962 | -31.2% |
| Financial debts | 170/4 | €555,000 | €382,038 | -€172,962 | -31.2% |
| Amounts payable within one year | 42/48 | €214,063 | €1,187,996 | +€973,933 | +455.0% |
| Current portion of amounts payable after more than one year | 42 | - | €555,000 | +€555,000 | |
| Trade debts | 44 | €13,359 | €11,773 | -€1,585 | -11.9% |
| Suppliers | 440/4 | €13,359 | €11,773 | -€1,585 | -11.9% |
| Other amounts payable | 47/48 | €200,704 | €621,222 | +€420,518 | +209.5% |
| Accrued charges and deferred income | 492/3 | €8 | €0 | -€8 | -100.0% |
| Other operating charges | 640/8 | €2,135 | €1,392 | -€743 | -34.8% |
| Gross operating margin | 9900 | -€5,721 | -€2,809 | +€2,912 | +50.9% |
| Operating profit (loss) | 9901 | -€7,856 | -€4,201 | +€3,655 | +46.5% |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €123 | €164 | +€41 | +33.6% |
| Recurring financial charges | 65 | €123 | €164 | +€41 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | -€7,979 | -€4,341 | +€3,638 | +45.6% |
| Profit (loss) for the period | 9904 | -€7,979 | -€4,341 | +€3,638 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,979 | -€4,341 | +€3,638 | +45.6% |
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 28 September 2026 via checked.be.