Edwin Bellis: 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.
Edwin Bellis
Largest movements
- Receivables after one year -€30,000
down €30,000 (-20.7%), from €145,000 to €115,000
- Cash +€24,515
up €24,515 (+139.3%), from €17,605 to €42,120
mainly Receivables after one year (+€30,000) and Depreciation (+€23,647)
- Tangible fixed assets -€22,232
down €22,232 (-23.2%), from €95,750 to €73,518
of which Furniture and vehicles: -€22,002
- Receivables within one year -€11,434
no longer reported in 2025 (was €11,434)
- Reserves -€43,200
down €43,200 (-43.7%), from €98,860 to €55,660
- Other debts +€21,578
up €21,578 (+55.6%), from €38,804 to €60,382
- Debts after one year -€20,032
down €20,032 (-30.2%), from €66,312 to €46,280
- Trade debts +€4,849
up €4,849 (+58.8%), from €8,246 to €13,094
- Gross operating margin +€15,104
up €15,104 (+29.7%), from €50,885 to €65,988
- Taxes +€5,548
up €5,548 (+49.4%), from €11,220 to €16,769
- Depreciation +€1,894
up €1,894 (+8.7%), from €21,752 to €23,647
- Other operating charges +€1,756
up €1,756 (+137.9%), from €1,273 to €3,030
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 | €274,424 | €235,832 | -€38,592 | -14.1% |
| Fixed assets | 21/28 | €100,386 | €78,712 | -€21,674 | -21.6% |
| Tangible fixed assets | 22/27 | €95,750 | €73,518 | -€22,232 | -23.2% |
| Furniture and vehicles | 24 | €94,288 | €72,286 | -€22,002 | -23.3% |
| Other tangible fixed assets | 26 | €1,461 | €1,231 | -€230 | -15.7% |
| Financial fixed assets | 28 | €4,636 | €5,194 | +€558 | +12.0% |
| Current assets | 29/58 | €174,039 | €157,120 | -€16,918 | -9.7% |
| Amounts receivable after more than one year | 29 | €145,000 | €115,000 | -€30,000 | -20.7% |
| Other amounts receivable | 291 | €145,000 | €115,000 | -€30,000 | -20.7% |
| Amounts receivable within one year | 40/41 | €11,434 | - | -€11,434 | |
| Trade receivables | 40 | €11,434 | - | -€11,434 | |
| Cash at bank and in hand | 54/58 | €17,605 | €42,120 | +€24,515 | +139.3% |
| Total equity and liabilities | 10/49 | €274,424 | €235,832 | -€38,592 | -14.1% |
| Equity | 10/15 | €111,366 | €68,249 | -€43,116 | -38.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,860 | €55,660 | -€43,200 | -43.7% |
| Distributable reserves | 133 | €98,860 | €55,660 | -€43,200 | -43.7% |
| Profit (loss) carried forward | 14 | €106 | €189 | +€84 | +79.2% |
| Amounts payable | 17/49 | €163,059 | €167,583 | +€4,524 | +2.8% |
| Amounts payable after more than one year | 17 | €66,312 | €46,280 | -€20,032 | -30.2% |
| Financial debts | 170/4 | €66,312 | €46,280 | -€20,032 | -30.2% |
| Amounts payable within one year | 42/48 | €96,747 | €121,303 | +€24,556 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €28,406 | €29,198 | +€793 | +2.8% |
| Trade debts | 44 | €8,246 | €13,094 | +€4,849 | +58.8% |
| Suppliers | 440/4 | €8,246 | €13,094 | +€4,849 | +58.8% |
| Taxes, remuneration and social security | 45 | €21,292 | €18,628 | -€2,664 | -12.5% |
| Taxes | 450/3 | €21,292 | €18,628 | -€2,664 | -12.5% |
| Other amounts payable | 47/48 | €38,804 | €60,382 | +€21,578 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,752 | €23,647 | +€1,894 | +8.7% |
| Other operating charges | 640/8 | €1,273 | €3,030 | +€1,756 | +137.9% |
| Gross operating margin | 9900 | €50,885 | €65,988 | +€15,104 | +29.7% |
| Operating profit (loss) | 9901 | €27,859 | €39,312 | +€11,453 | +41.1% |
| Financial income | 75/76B | €2,262 | €2,337 | +€74 | +3.3% |
| Recurring financial income | 75 | €2,262 | €2,337 | +€74 | +3.3% |
| Financial charges | 65/66B | €3,843 | €3,497 | -€346 | -9.0% |
| Recurring financial charges | 65 | €3,843 | €3,497 | -€346 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €26,278 | €38,152 | +€11,874 | +45.2% |
| Income taxes | 67/77 | €11,220 | €16,769 | +€5,548 | +49.4% |
| Profit (loss) for the period | 9904 | €15,058 | €21,384 | +€6,326 | +42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,058 | €21,384 | +€6,326 | +42.0% |
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 10 October 2026 via checked.be.