BELVIDERE GROUP: 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.
BELVIDERE GROUP
Largest movements
- Cash +€15,849
up €15,849 (+45.5%), from €34,796 to €50,646
mainly Net result for the year (+€19,664) and Tax, wage and social debts (+€2,954)
- Receivables within one year -€2,390
down €2,390 (-27.8%), from €8,608 to €6,219
of which Trade receivables: -€5,486
- Deferred charges and accrued income -€1,247
down €1,247 (-86.7%), from €1,438 to €191
- Tangible fixed assets -€999
down €999 (-36.4%), from €2,740 to €1,742
- Reserves +€19,664
up €19,664 (+66.9%), from €29,406 to €49,070
- Trade debts -€9,283
down €9,283 (-63.2%), from €14,677 to €5,395
- Tax, wage and social debts +€2,954
up €2,954 (+2,080%), from €142 to €3,096
of which Taxes: +€2,954
- Other debts -€2,122
down €2,122 (-90.0%), from €2,358 to €236
- Gross operating margin -€13,796
down €13,796 (-33.9%), from €40,664 to €26,869
- Taxes -€2,983
down €2,983 (-34.5%), from €8,642 to €5,659
- Depreciation +€646
up €646 (+183%), from €353 to €999
- Write-downs +€409
new in 2025: €409
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 | €47,583 | €58,797 | +€11,214 | +23.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,740 | €1,742 | -€999 | -36.4% |
| Tangible fixed assets | 22/27 | €2,740 | €1,742 | -€999 | -36.4% |
| Furniture and vehicles | 24 | €2,740 | €1,742 | -€999 | -36.4% |
| Current assets | 29/58 | €44,842 | €57,055 | +€12,213 | +27.2% |
| Amounts receivable within one year | 40/41 | €8,608 | €6,219 | -€2,390 | -27.8% |
| Trade receivables | 40 | €8,146 | €2,660 | -€5,486 | -67.3% |
| Other amounts receivable | 41 | €462 | €3,558 | +€3,096 | +670% |
| Cash at bank and in hand | 54/58 | €34,796 | €50,646 | +€15,849 | +45.5% |
| Deferred charges and accrued income | 490/1 | €1,438 | €191 | -€1,247 | -86.7% |
| Total equity and liabilities | 10/49 | €47,583 | €58,797 | +€11,214 | +23.6% |
| Equity | 10/15 | €30,406 | €50,070 | +€19,664 | +64.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €29,406 | €49,070 | +€19,664 | +66.9% |
| Distributable reserves | 133 | €29,406 | €49,070 | +€19,664 | +66.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €17,177 | €8,727 | -€8,450 | -49.2% |
| Amounts payable within one year | 42/48 | €17,177 | €8,727 | -€8,450 | -49.2% |
| Trade debts | 44 | €14,677 | €5,395 | -€9,283 | -63.2% |
| Suppliers | 440/4 | €14,677 | €5,395 | -€9,283 | -63.2% |
| Taxes, remuneration and social security | 45 | €142 | €3,096 | +€2,954 | +2,080% |
| Taxes | 450/3 | €142 | €3,096 | +€2,954 | +2,080% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,358 | €236 | -€2,122 | -90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353 | €999 | +€646 | +183% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €409 | +€409 | |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €40,664 | €26,869 | -€13,796 | -33.9% |
| Operating profit (loss) | 9901 | €40,194 | €25,341 | -€14,853 | -37.0% |
| Financial income | 75/76B | €57 | €28 | -€29 | -50.6% |
| Recurring financial income | 75 | €57 | €28 | -€29 | -50.6% |
| Financial charges | 65/66B | €41 | €46 | +€4 | +9.8% |
| Recurring financial charges | 65 | €41 | €46 | +€4 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €40,209 | €25,323 | -€14,886 | -37.0% |
| Income taxes | 67/77 | €8,642 | €5,659 | -€2,983 | -34.5% |
| Profit (loss) for the period | 9904 | €31,567 | €19,664 | -€11,903 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,567 | €19,664 | -€11,903 | -37.7% |
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.