Dr. J. Bellon: 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. J. Bellon
Largest movements
- Current investments +€904,584
up €904,584 (+44.3%), from €2.0m to €2.9m
- Tangible fixed assets -€236,934
down €236,934 (-92.9%), from €255,091 to €18,157
of which Land and buildings: -€217,941
- Cash -€157,998
down €157,998 (-67.0%), from €235,773 to €77,775
mainly Current investments (-€904,584) and Tax, wage and social debts (-€41,022)
- Deferred charges and accrued income -€123,472
down €123,472 (-54.7%), from €225,858 to €102,386
- Reserves +€417,793
up €417,793 (+17.2%), from €2.4m to €2.9m
- Tax, wage and social debts -€41,022
down €41,022 (-69.3%), from €59,159 to €18,136
of which Taxes: -€41,022
- Financial income +€48,013
up €48,013 (+133%), from €36,055 to €84,068
- Gross operating margin -€41,834
down €41,834 (-6.8%), from €611,053 to €569,218
- Depreciation -€8,399
down €8,399 (-32.9%), from €25,562 to €17,163
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 | €2,757,646 | €3,143,814 | +€386,168 | +14.0% |
| Fixed assets | 21/28 | €255,111 | €18,176 | -€236,934 | -92.9% |
| Tangible fixed assets | 22/27 | €255,091 | €18,157 | -€236,934 | -92.9% |
| Land and buildings | 22 | €217,941 | €0 | -€217,941 | -100% |
| Furniture and vehicles | 24 | €37,149 | €18,157 | -€18,993 | -51.1% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €2,502,536 | €3,125,638 | +€623,102 | +24.9% |
| Amounts receivable within one year | 40/41 | €11 | €0 | -€11 | -100% |
| Trade receivables | 40 | €11 | €0 | -€11 | -100% |
| Current investments | 50/53 | €2,040,893 | €2,945,477 | +€904,584 | +44.3% |
| Cash at bank and in hand | 54/58 | €235,773 | €77,775 | -€157,998 | -67.0% |
| Deferred charges and accrued income | 490/1 | €225,858 | €102,386 | -€123,472 | -54.7% |
| Total equity and liabilities | 10/49 | €2,757,646 | €3,143,814 | +€386,168 | +14.0% |
| Equity | 10/15 | €2,433,727 | €2,851,520 | +€417,793 | +17.2% |
| Reserves | 13 | €2,433,727 | €2,851,520 | +€417,793 | +17.2% |
| Distributable reserves | 133 | €2,433,727 | €2,851,520 | +€417,793 | +17.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €323,919 | €292,294 | -€31,624 | -9.8% |
| Amounts payable within one year | 42/48 | €323,919 | €292,294 | -€31,624 | -9.8% |
| Trade debts | 44 | €645 | €203 | -€442 | -68.5% |
| Suppliers | 440/4 | €645 | €203 | -€442 | -68.5% |
| Taxes, remuneration and social security | 45 | €59,159 | €18,136 | -€41,022 | -69.3% |
| Taxes | 450/3 | €55,659 | €14,636 | -€41,022 | -73.7% |
| Remuneration and social security | 454/9 | €3,500 | €3,500 | = | 0.0% |
| Other amounts payable | 47/48 | €264,115 | €273,955 | +€9,840 | +3.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,562 | €17,163 | -€8,399 | -32.9% |
| Other operating charges | 640/8 | €5,263 | €5,493 | +€229 | +4.4% |
| Non-recurring operating charges | 66A | - | €429 | +€429 | |
| Gross operating margin | 9900 | €611,053 | €569,218 | -€41,834 | -6.8% |
| Operating profit (loss) | 9901 | €580,227 | €546,134 | -€34,094 | -5.9% |
| Financial income | 75/76B | €36,055 | €84,068 | +€48,013 | +133% |
| Recurring financial income | 75 | €36,055 | €84,068 | +€48,013 | +133% |
| Financial charges | 65/66B | €20,081 | €21,336 | +€1,254 | +6.2% |
| Recurring financial charges | 65 | €20,081 | €21,336 | +€1,254 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €596,201 | €608,866 | +€12,665 | +2.1% |
| Income taxes | 67/77 | €185,246 | €191,073 | +€5,828 | +3.1% |
| Profit (loss) for the period | 9904 | €410,955 | €417,793 | +€6,837 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €410,955 | €417,793 | +€6,837 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.