Belvedère Projects: 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.
Belvedère Projects
Largest movements
- Cash -€12,175
down €12,175 (-36.5%), from €33,353 to €21,178
mainly Net result for the year (-€25,479) and Trade debts (-€3,859)
- Current investments -€10,000
down €10,000 (-1.8%), from €550,000 to €540,000
- Profit (loss) carried forward -€25,479
down €25,479 (-13.1%), from -€194,295 to -€219,775
- Financial income -€5,444
down €5,444 (-27.4%), from €19,833 to €14,389
- Financial charges -€3,238
down €3,238 (-11.4%), from €28,329 to €25,092
- Gross operating margin -€2,271
down €2,271 (-190%), from -€1,195 to -€3,466
- Other operating charges +€366
up €366 (+13.5%), from €2,721 to €3,087
- Taxes +€72
up €72 (+27.7%), from €260 to €332
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 | €853,150 | €819,863 | -€33,287 | -3.9% |
| Fixed assets | 21/28 | €219,173 | €211,282 | -€7,891 | -3.6% |
| Tangible fixed assets | 22/27 | €219,173 | €211,282 | -€7,891 | -3.6% |
| Land and buildings | 22 | €219,173 | €211,282 | -€7,891 | -3.6% |
| Current assets | 29/58 | €633,977 | €608,580 | -€25,397 | -4.0% |
| Stocks and contracts in progress | 3 | €40,432 | €40,432 | = | 0.0% |
| Stocks | 30/36 | €40,432 | €40,432 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,884 | €6,651 | -€3,233 | -32.7% |
| Trade receivables | 40 | - | €687 | +€687 | |
| Other amounts receivable | 41 | €9,884 | €5,964 | -€3,920 | -39.7% |
| Current investments | 50/53 | €550,000 | €540,000 | -€10,000 | -1.8% |
| Cash at bank and in hand | 54/58 | €33,353 | €21,178 | -€12,175 | -36.5% |
| Deferred charges and accrued income | 490/1 | €309 | €320 | +€11 | +3.6% |
| Total equity and liabilities | 10/49 | €853,150 | €819,863 | -€33,287 | -3.9% |
| Equity | 10/15 | €466,937 | €441,458 | -€25,479 | -5.5% |
| Reserves | 13 | €661,233 | €661,233 | = | 0.0% |
| Distributable reserves | 133 | €661,233 | €661,233 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,295 | -€219,775 | -€25,479 | -13.1% |
| Amounts payable | 17/49 | €386,213 | €378,405 | -€7,808 | -2.0% |
| Amounts payable after more than one year | 17 | €351,624 | €351,624 | = | 0.0% |
| Financial debts | 170/4 | €351,624 | €351,624 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,388 | €1,886 | -€4,503 | -70.5% |
| Trade debts | 44 | €5,744 | €1,886 | -€3,859 | -67.2% |
| Suppliers | 440/4 | €5,744 | €1,886 | -€3,859 | -67.2% |
| Taxes, remuneration and social security | 45 | €644 | €0 | -€644 | -100% |
| Taxes | 450/3 | €644 | €0 | -€644 | -100% |
| Accrued charges and deferred income | 492/3 | €28,200 | €24,895 | -€3,305 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,891 | €7,891 | = | 0.0% |
| Other operating charges | 640/8 | €2,721 | €3,087 | +€366 | +13.5% |
| Gross operating margin | 9900 | -€1,195 | -€3,466 | -€2,271 | -190% |
| Operating profit (loss) | 9901 | -€11,807 | -€14,444 | -€2,638 | -22.3% |
| Financial income | 75/76B | €19,833 | €14,389 | -€5,444 | -27.4% |
| Recurring financial income | 75 | €19,833 | €14,389 | -€5,444 | -27.4% |
| Financial charges | 65/66B | €28,329 | €25,092 | -€3,238 | -11.4% |
| Recurring financial charges | 65 | €28,329 | €25,092 | -€3,238 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | -€20,304 | -€25,147 | -€4,843 | -23.9% |
| Income taxes | 67/77 | €260 | €332 | +€72 | +27.7% |
| Profit (loss) for the period | 9904 | -€20,564 | -€25,479 | -€4,916 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,564 | -€25,479 | -€4,916 | -23.9% |
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.