Belvie: 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.
Belvie
Largest movements
- Cash -€47,169
down €47,169 (-33.4%), from €141,103 to €93,934
mainly Investment in fixed assets (net) (-€51,571) and Stocks and contracts (-€44,896)
- Tangible fixed assets +€46,200
up €46,200 (+487%), from €9,492 to €55,692
of which Other tangible fixed assets: +€41,798
- Stocks and contracts +€44,896
up €44,896 (+180%), from €24,982 to €69,878
- Receivables within one year +€35,457
up €35,457 (+110%), from €32,336 to €67,793
of which Other amounts receivable: +€23,138
- Receivables after one year -€5,700
down €5,700 (-4.7%), from €120,125 to €114,425
- Reserves +€63,540
up €63,540 (+24.8%), from €256,717 to €320,257
- Tax, wage and social debts +€10,086
up €10,086 (+52.3%), from €19,269 to €29,356
of which Taxes: +€10,236
- Gross operating margin -€15,416
down €15,416 (-13.9%), from €110,588 to €95,173
- Depreciation +€2,883
up €2,883 (+116%), from €2,488 to €5,371
- Taxes -€2,469
down €2,469 (-8.0%), from €30,838 to €28,369
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 | €332,901 | €406,479 | +€73,578 | +22.1% |
| Fixed assets | 21/28 | €9,492 | €55,692 | +€46,200 | +487% |
| Tangible fixed assets | 22/27 | €9,492 | €55,692 | +€46,200 | +487% |
| Plant, machinery and equipment | 23 | €6,731 | €6,106 | -€625 | -9.3% |
| Furniture and vehicles | 24 | €2,761 | €5,068 | +€2,308 | +83.6% |
| Other tangible fixed assets | 26 | - | €41,798 | +€41,798 | |
| Assets under construction and advance payments | 27 | - | €2,719 | +€2,719 | |
| Current assets | 29/58 | €323,409 | €350,787 | +€27,378 | +8.5% |
| Amounts receivable after more than one year | 29 | €120,125 | €114,425 | -€5,700 | -4.7% |
| Other amounts receivable | 291 | €120,125 | €114,425 | -€5,700 | -4.7% |
| Stocks and contracts in progress | 3 | €24,982 | €69,878 | +€44,896 | +180% |
| Stocks | 30/36 | €24,982 | €69,878 | +€44,896 | +180% |
| Amounts receivable within one year | 40/41 | €32,336 | €67,793 | +€35,457 | +110% |
| Trade receivables | 40 | €27,933 | €40,253 | +€12,319 | +44.1% |
| Other amounts receivable | 41 | €4,403 | €27,540 | +€23,138 | +526% |
| Cash at bank and in hand | 54/58 | €141,103 | €93,934 | -€47,169 | -33.4% |
| Deferred charges and accrued income | 490/1 | €4,863 | €4,757 | -€106 | -2.2% |
| Total equity and liabilities | 10/49 | €332,901 | €406,479 | +€73,578 | +22.1% |
| Equity | 10/15 | €305,317 | €368,857 | +€63,540 | +20.8% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €256,717 | €320,257 | +€63,540 | +24.8% |
| Distributable reserves | 133 | €256,717 | €320,257 | +€63,540 | +24.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,584 | €37,621 | +€10,038 | +36.4% |
| Amounts payable within one year | 42/48 | €27,460 | €37,025 | +€9,565 | +34.8% |
| Trade debts | 44 | €4,995 | €7,669 | +€2,674 | +53.5% |
| Suppliers | 440/4 | €4,995 | €7,669 | +€2,674 | +53.5% |
| Taxes, remuneration and social security | 45 | €19,269 | €29,356 | +€10,086 | +52.3% |
| Taxes | 450/3 | €19,119 | €29,356 | +€10,236 | +53.5% |
| Remuneration and social security | 454/9 | €150 | €0 | -€150 | -100% |
| Other amounts payable | 47/48 | €3,195 | €0 | -€3,195 | -100% |
| Accrued charges and deferred income | 492/3 | €124 | €597 | +€473 | +382% |
| Non-recurring operating income | 76A | €2,482 | €0 | -€2,482 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,488 | €5,371 | +€2,883 | +116% |
| Other operating charges | 640/8 | €4,399 | €4,008 | -€391 | -8.9% |
| Non-recurring operating charges | 66A | €13,190 | €0 | -€13,190 | -100% |
| Gross operating margin | 9900 | €110,588 | €95,173 | -€15,416 | -13.9% |
| Operating profit (loss) | 9901 | €90,511 | €85,794 | -€4,717 | -5.2% |
| Financial income | 75/76B | €6,671 | €6,458 | -€214 | -3.2% |
| Recurring financial income | 75 | €6,671 | €6,458 | -€214 | -3.2% |
| Financial charges | 65/66B | €555 | €342 | -€213 | -38.3% |
| Recurring financial charges | 65 | €555 | €342 | -€213 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €96,627 | €91,909 | -€4,718 | -4.9% |
| Income taxes | 67/77 | €30,838 | €28,369 | -€2,469 | -8.0% |
| Profit (loss) for the period | 9904 | €65,789 | €63,540 | -€2,249 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,789 | €63,540 | -€2,249 | -3.4% |
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 25 October 2026 via checked.be.