BELVADI: 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.
BELVADI
Largest movements
- Tangible fixed assets -€13,497
down €13,497 (-7.8%), from €172,883 to €159,385
- Cash +€6,945
up €6,945 (+66.5%), from €10,436 to €17,381
mainly Depreciation (+€13,497) and Other debts (+€1,043)
- Reserves -€8,306
down €8,306 (-11.5%), from €71,946 to €63,641
- Gross operating margin +€2,175
up €2,175 (+30.0%), from €7,248 to €9,423
- Other operating charges +€1,166
up €1,166 (+38.0%), from €3,070 to €4,237
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 | €183,319 | €176,781 | -€6,538 | -3.6% |
| Fixed assets | 21/28 | €172,883 | €159,385 | -€13,497 | -7.8% |
| Tangible fixed assets | 22/27 | €172,883 | €159,385 | -€13,497 | -7.8% |
| Land and buildings | 22 | €172,883 | €159,385 | -€13,497 | -7.8% |
| Current assets | 29/58 | €10,436 | €17,396 | +€6,960 | +66.7% |
| Amounts receivable within one year | 40/41 | €0 | €15 | +€15 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €10,436 | €17,381 | +€6,945 | +66.5% |
| Total equity and liabilities | 10/49 | €183,319 | €176,781 | -€6,538 | -3.6% |
| Equity | 10/15 | €171,946 | €163,641 | -€8,306 | -4.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €71,946 | €63,641 | -€8,306 | -11.5% |
| Distributable reserves | 133 | €71,946 | €63,641 | -€8,306 | -11.5% |
| Amounts payable | 17/49 | €11,373 | €13,141 | +€1,768 | +15.5% |
| Amounts payable after more than one year | 17 | €1,450 | €1,450 | = | 0.0% |
| Other amounts payable | 178/9 | €1,450 | €1,450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,923 | €10,966 | +€1,043 | +10.5% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €9,923 | €10,966 | +€1,043 | +10.5% |
| Accrued charges and deferred income | 492/3 | - | €725 | +€725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,497 | €13,497 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,070 | €4,237 | +€1,166 | +38.0% |
| Gross operating margin | 9900 | €7,248 | €9,423 | +€2,175 | +30.0% |
| Operating profit (loss) | 9901 | -€9,319 | -€8,311 | +€1,008 | +10.8% |
| Financial income | 75/76B | €17 | €50 | +€33 | +194% |
| Recurring financial income | 75 | €17 | €50 | +€33 | +194% |
| Financial charges | 65/66B | €45 | €45 | -€0 | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | -€0 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,347 | -€8,306 | +€1,042 | +11.1% |
| Income taxes | 67/77 | €5 | €0 | -€5 | -100% |
| Profit (loss) for the period | 9904 | -€9,352 | -€8,306 | +€1,047 | +11.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,352 | -€8,306 | +€1,047 | +11.2% |
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 17 October 2026 via checked.be.