BELVEDER: 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.
BELVEDER
Largest movements
- Tangible fixed assets -€26,753
down €26,753 (-11.8%), from €226,370 to €199,617
of which Land and buildings: -€14,874
- Cash +€11,572
up €11,572 (+79.5%), from €14,564 to €26,136
mainly Depreciation (+€27,842) and Accrued charges and deferred income (+€147)
- Profit (loss) carried forward -€6,617
down €6,617 (-64.5%), from €10,262 to €3,645
- Trade debts -€6,090
down €6,090 (-89.3%), from €6,817 to €728
- Depreciation +€1,294
up €1,294 (+4.9%), from €26,548 to €27,842
- Gross operating margin -€1,154
down €1,154 (-3.9%), from €29,241 to €28,087
- Financial charges -€1,115
down €1,115 (-64.0%), from €1,743 to €628
- Financial income -€1,014
down €1,014 (-93.3%), from €1,086 to €72
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 | €263,481 | €250,922 | -€12,559 | -4.8% |
| Fixed assets | 21/28 | €226,370 | €199,617 | -€26,753 | -11.8% |
| Tangible fixed assets | 22/27 | €226,370 | €199,617 | -€26,753 | -11.8% |
| Land and buildings | 22 | €184,150 | €169,277 | -€14,874 | -8.1% |
| Furniture and vehicles | 24 | €3,800 | €3,002 | -€798 | -21.0% |
| Other tangible fixed assets | 26 | €38,420 | €27,339 | -€11,081 | -28.8% |
| Current assets | 29/58 | €37,111 | €51,305 | +€14,194 | +38.2% |
| Amounts receivable within one year | 40/41 | €16,839 | €19,069 | +€2,230 | +13.2% |
| Other amounts receivable | 41 | €16,839 | €19,069 | +€2,230 | +13.2% |
| Cash at bank and in hand | 54/58 | €14,564 | €26,136 | +€11,572 | +79.5% |
| Deferred charges and accrued income | 490/1 | €5,708 | €6,100 | +€392 | +6.9% |
| Total equity and liabilities | 10/49 | €263,481 | €250,922 | -€12,559 | -4.8% |
| Equity | 10/15 | €254,219 | €247,602 | -€6,617 | -2.6% |
| Contributions | 10/11 | €67,500 | €67,500 | = | 0.0% |
| Capital | 10 | €67,500 | €67,500 | = | 0.0% |
| Issued capital | 100 | €67,500 | €67,500 | = | 0.0% |
| Reserves | 13 | €176,457 | €176,457 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,750 | €6,750 | = | 0.0% |
| Legal reserve | 130 | €6,750 | €6,750 | = | 0.0% |
| Distributable reserves | 133 | €169,707 | €169,707 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,262 | €3,645 | -€6,617 | -64.5% |
| Amounts payable | 17/49 | €9,262 | €3,319 | -€5,942 | -64.2% |
| Amounts payable within one year | 42/48 | €6,817 | €728 | -€6,090 | -89.3% |
| Trade debts | 44 | €6,817 | €728 | -€6,090 | -89.3% |
| Suppliers | 440/4 | €6,817 | €728 | -€6,090 | -89.3% |
| Accrued charges and deferred income | 492/3 | €2,444 | €2,591 | +€147 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,548 | €27,842 | +€1,294 | +4.9% |
| Other operating charges | 640/8 | €6,114 | €6,306 | +€192 | +3.1% |
| Gross operating margin | 9900 | €29,241 | €28,087 | -€1,154 | -3.9% |
| Operating profit (loss) | 9901 | -€3,421 | -€6,061 | -€2,641 | -77.2% |
| Financial income | 75/76B | €1,086 | €72 | -€1,014 | -93.3% |
| Recurring financial income | 75 | €1,086 | €72 | -€1,014 | -93.3% |
| Financial charges | 65/66B | €1,743 | €628 | -€1,115 | -64.0% |
| Recurring financial charges | 65 | €1,743 | €628 | -€1,115 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,077 | -€6,617 | -€2,539 | -62.3% |
| Profit (loss) for the period | 9904 | -€4,077 | -€6,617 | -€2,539 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,077 | -€6,617 | -€2,539 | -62.3% |
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 16 October 2026 via checked.be.