Dr Bellemans: 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.
Dr Bellemans
Largest movements
- Current investments +€42,126
up €42,126 (+247.5%), from €17,024 to €59,150
- Cash -€14,024
down €14,024 (-7.1%), from €196,412 to €182,387
mainly Contributions, distributions and other (-€144,309) and Current investments (-€42,126)
- Tangible fixed assets -€5,315
down €5,315 (-39.9%), from €13,328 to €8,013
- Receivables within one year -€5,185
no longer reported in 2025 (was €5,185)
- Deferred charges and accrued income +€3,533
up €3,533 (+6.1%), from €58,232 to €61,765
- Other debts +€27,229
up €27,229 (+19.0%), from €142,996 to €170,225
- Debts after one year -€5,381
no longer reported in 2025 (was €5,381)
- Gross operating margin +€58,704
up €58,704 (+41.9%), from €140,255 to €198,958
- Taxes +€15,432
up €15,432 (+50.5%), from €30,582 to €46,014
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.
Cash bridge derived
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 | €290,182 | €311,316 | +€21,134 | +7.3% |
| Fixed assets | 21/28 | €13,328 | €8,013 | -€5,315 | -39.9% |
| Tangible fixed assets | 22/27 | €13,328 | €8,013 | -€5,315 | -39.9% |
| Furniture and vehicles | 24 | €13,328 | €8,013 | -€5,315 | -39.9% |
| Current assets | 29/58 | €276,853 | €303,303 | +€26,450 | +9.6% |
| Amounts receivable within one year | 40/41 | €5,185 | - | -€5,185 | |
| Other amounts receivable | 41 | €5,185 | - | -€5,185 | |
| Current investments | 50/53 | €17,024 | €59,150 | +€42,126 | +247.5% |
| Cash at bank and in hand | 54/58 | €196,412 | €182,387 | -€14,024 | -7.1% |
| Deferred charges and accrued income | 490/1 | €58,232 | €61,765 | +€3,533 | +6.1% |
| Total equity and liabilities | 10/49 | €290,182 | €311,316 | +€21,134 | +7.3% |
| Equity | 10/15 | €117,273 | €117,273 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €114,273 | €114,273 | = | 0.0% |
| Distributable reserves | 133 | €114,273 | €114,273 | = | 0.0% |
| Amounts payable | 17/49 | €172,908 | €194,043 | +€21,134 | +12.2% |
| Amounts payable after more than one year | 17 | €5,381 | - | -€5,381 | |
| Financial debts | 170/4 | €5,381 | - | -€5,381 | |
| Amounts payable within one year | 42/48 | €167,250 | €193,869 | +€26,619 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €5,808 | €5,381 | -€427 | -7.4% |
| Trade debts | 44 | €55 | €1,525 | +€1,470 | +2672.7% |
| Suppliers | 440/4 | €55 | €1,525 | +€1,470 | +2672.7% |
| Taxes, remuneration and social security | 45 | €18,391 | €16,739 | -€1,652 | -9.0% |
| Taxes | 450/3 | €18,391 | €16,739 | -€1,652 | -9.0% |
| Other amounts payable | 47/48 | €142,996 | €170,225 | +€27,229 | +19.0% |
| Accrued charges and deferred income | 492/3 | €278 | €174 | -€104 | -37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,385 | €7,274 | -€111 | -1.5% |
| Other operating charges | 640/8 | €2,109 | €2,241 | +€132 | +6.3% |
| Gross operating margin | 9900 | €140,255 | €198,958 | +€58,704 | +41.9% |
| Operating profit (loss) | 9901 | €130,760 | €189,443 | +€58,682 | +44.9% |
| Financial income | 75/76B | €1,220 | €1,045 | -€175 | -14.3% |
| Recurring financial income | 75 | €1,220 | €1,045 | -€175 | -14.3% |
| Financial charges | 65/66B | €283 | €164 | -€119 | -42.0% |
| Recurring financial charges | 65 | €283 | €164 | -€119 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €131,697 | €190,324 | +€58,627 | +44.5% |
| Income taxes | 67/77 | €30,582 | €46,014 | +€15,432 | +50.5% |
| Profit (loss) for the period | 9904 | €101,115 | €144,309 | +€43,195 | +42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €101,115 | €144,309 | +€43,195 | +42.7% |
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 10 October 2026 via checked.be.