HULCHI BELLUNI: 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.
HULCHI BELLUNI
Largest movements
- Receivables within one year -€575,948
down €575,948 (-78.2%), from €736,582 to €160,635
- Trade debts -€1.1m
down €1.1m (-100.0%), from €1.1m to €439
- Profit (loss) carried forward +€505,768
no longer reported in 2025 (was -€505,768)
- Reserves -€17,189
down €17,189 (-16.0%), from €107,498 to €90,309
of which Tax-exempt reserves: -€33,750
- Tax, wage and social debts +€10,407
new in 2025: €10,407
- Gross operating margin +€594,816
up €594,816, from -€25,325 to €569,491
- Taxes +€75,407
new in 2025: €75,407
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 | €737,716 | €163,154 | -€574,562 | -77.9% |
| Fixed assets | 21/28 | €300 | - | -€300 | |
| Financial fixed assets | 28 | €300 | - | -€300 | |
| Current assets | 29/58 | €737,416 | €163,154 | -€574,262 | -77.9% |
| Amounts receivable within one year | 40/41 | €736,582 | €160,635 | -€575,948 | -78.2% |
| Trade receivables | 40 | €736,582 | €160,635 | -€575,948 | -78.2% |
| Cash at bank and in hand | 54/58 | €834 | €2,520 | +€1,686 | +202% |
| Total equity and liabilities | 10/49 | €737,716 | €163,154 | -€574,562 | -77.9% |
| Equity | 10/15 | -€336,271 | €152,309 | +€488,579 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €107,498 | €90,309 | -€17,189 | -16.0% |
| Non-distributable reserves | 130/1 | €60,200 | €60,200 | = | 0.0% |
| Legal reserve | 130 | €60,200 | €60,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,750 | - | -€33,750 | |
| Distributable reserves | 133 | €13,548 | €30,109 | +€16,561 | +122% |
| Profit (loss) carried forward | 14 | -€505,768 | - | +€505,768 | |
| Amounts payable | 17/49 | €1,073,986 | €10,846 | -€1.1m | -99.0% |
| Amounts payable within one year | 42/48 | €1,073,986 | €10,846 | -€1.1m | -99.0% |
| Trade debts | 44 | €1,073,986 | €439 | -€1.1m | -100.0% |
| Suppliers | 440/4 | €1,073,986 | €439 | -€1.1m | -100.0% |
| Taxes, remuneration and social security | 45 | - | €10,407 | +€10,407 | |
| Taxes | 450/3 | - | €10,407 | +€10,407 | |
| Non-recurring operating income | 76A | - | €820,470 | +€820,470 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,000 | +€4,000 | |
| Other operating charges | 640/8 | €634 | €1,178 | +€545 | +85.9% |
| Gross operating margin | 9900 | -€25,325 | €569,491 | +€594,816 | |
| Operating profit (loss) | 9901 | -€25,959 | €564,313 | +€590,272 | |
| Financial income | 75/76B | €7 | €0 | -€7 | -99.9% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -99.9% |
| Financial charges | 65/66B | €141 | €327 | +€186 | +132% |
| Recurring financial charges | 65 | €141 | €327 | +€186 | +132% |
| Profit (loss) for the period before taxes | 9903 | -€26,093 | €563,986 | +€590,078 | |
| Income taxes | 67/77 | - | €75,407 | +€75,407 | |
| Profit (loss) for the period | 9904 | -€26,093 | €488,579 | +€514,672 | |
| Transfer from tax-exempt reserves | 789 | - | €33,750 | +€33,750 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,093 | €522,329 | +€548,422 |
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.