BELVEDERE1: 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.
BELVEDERE1
Largest movements
- Cash +€2,145
up €2,145 (+7.6%), from €28,308 to €30,453
mainly Net result for the year (+€3,383) and Other debts (+€99)
- Receivables within one year +€467
up €467 (+6.3%), from €7,458 to €7,925
- Profit (loss) carried forward +€3,383
up €3,383 (+11.4%), from -€29,657 to -€26,274
- Trade debts -€901
down €901 (-98.8%), from €912 to €11
- Gross operating margin +€1,281
up €1,281 (+55.9%), from €2,292 to €3,574
- Other operating charges -€387
no longer reported in 2025 (was €387)
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 | €36,915 | €39,528 | +€2,612 | +7.1% |
| Fixed assets | 21/28 | €1,150 | €1,150 | = | 0.0% |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €35,766 | €38,378 | +€2,612 | +7.3% |
| Amounts receivable within one year | 40/41 | €7,458 | €7,925 | +€467 | +6.3% |
| Trade receivables | 40 | €7,458 | €7,925 | +€467 | +6.3% |
| Cash at bank and in hand | 54/58 | €28,308 | €30,453 | +€2,145 | +7.6% |
| Total equity and liabilities | 10/49 | €36,915 | €39,528 | +€2,612 | +7.1% |
| Equity | 10/15 | -€9,197 | -€5,814 | +€3,383 | +36.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Contributions outside capital | 11 | €20,460 | €20,460 | = | 0.0% |
| Share premium | 1100/10 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,657 | -€26,274 | +€3,383 | +11.4% |
| Amounts payable | 17/49 | €46,112 | €45,342 | -€770 | -1.7% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €36,112 | €35,342 | -€770 | -2.1% |
| Trade debts | 44 | €912 | €11 | -€901 | -98.8% |
| Suppliers | 440/4 | €912 | €11 | -€901 | -98.8% |
| Taxes, remuneration and social security | 45 | €332 | €364 | +€32 | +9.5% |
| Taxes | 450/3 | €332 | €364 | +€32 | +9.5% |
| Other amounts payable | 47/48 | €34,868 | €34,967 | +€99 | +0.3% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €2,292 | €3,574 | +€1,281 | +55.9% |
| Operating profit (loss) | 9901 | €1,905 | €3,574 | +€1,669 | +87.6% |
| Financial charges | 65/66B | €161 | €191 | +€30 | +18.7% |
| Recurring financial charges | 65 | €161 | €191 | +€30 | +18.7% |
| Profit (loss) for the period before taxes | 9903 | €1,744 | €3,383 | +€1,639 | +94.0% |
| Profit (loss) for the period | 9904 | €1,744 | €3,383 | +€1,639 | +94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,744 | €3,383 | +€1,639 | +94.0% |
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 20 October 2026 via checked.be.