LUC 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.
LUC BELLEMANS
Largest movements
- Cash +€129,854
up €129,854 (+94.8%), from €136,959 to €266,813
mainly Net result for the year (+€89,299) and Current investments (+€37,786)
- Current investments -€37,786
down €37,786 (-8.1%), from €465,432 to €427,646
- Reserves +€87,500
up €87,500 (+18.5%), from €472,802 to €560,302
- Gross operating margin +€31,478
up €31,478 (+37.3%), from €84,491 to €115,970
- Taxes +€14,587
up €14,587 (+53.4%), from €27,320 to €41,907
- Financial income +€5,027
up €5,027 (+39.0%), from €12,881 to €17,908
- Financial charges -€4,693
down €4,693 (-83.2%), from €5,640 to €947
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 | €613,516 | €704,984 | +€91,468 | +14.9% |
| Fixed assets | 21/28 | €25 | €25 | = | 0.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €613,491 | €704,959 | +€91,468 | +14.9% |
| Amounts receivable within one year | 40/41 | €10,801 | €10,500 | -€301 | -2.8% |
| Trade receivables | 40 | €10,801 | €10,500 | -€301 | -2.8% |
| Current investments | 50/53 | €465,432 | €427,646 | -€37,786 | -8.1% |
| Cash at bank and in hand | 54/58 | €136,959 | €266,813 | +€129,854 | +94.8% |
| Deferred charges and accrued income | 490/1 | €298 | - | -€298 | |
| Total equity and liabilities | 10/49 | €613,516 | €704,984 | +€91,468 | +14.9% |
| Equity | 10/15 | €601,109 | €690,408 | +€89,299 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €472,802 | €560,302 | +€87,500 | +18.5% |
| Distributable reserves | 133 | €472,802 | €560,302 | +€87,500 | +18.5% |
| Profit (loss) carried forward | 14 | €109,707 | €111,506 | +€1,799 | +1.6% |
| Amounts payable | 17/49 | €12,407 | €14,576 | +€2,170 | +17.5% |
| Amounts payable within one year | 42/48 | €12,407 | €14,576 | +€2,170 | +17.5% |
| Trade debts | 44 | €1,111 | €934 | -€177 | -15.9% |
| Suppliers | 440/4 | €1,111 | €934 | -€177 | -15.9% |
| Taxes, remuneration and social security | 45 | €11,295 | €13,642 | +€2,347 | +20.8% |
| Taxes | 450/3 | €11,295 | €13,642 | +€2,347 | +20.8% |
| Other operating charges | 640/8 | €1,618 | €1,725 | +€107 | +6.6% |
| Gross operating margin | 9900 | €84,491 | €115,970 | +€31,478 | +37.3% |
| Operating profit (loss) | 9901 | €82,873 | €114,245 | +€31,372 | +37.9% |
| Financial income | 75/76B | €12,881 | €17,908 | +€5,027 | +39.0% |
| Recurring financial income | 75 | €12,881 | €17,908 | +€5,027 | +39.0% |
| Financial charges | 65/66B | €5,640 | €947 | -€4,693 | -83.2% |
| Recurring financial charges | 65 | €5,640 | €947 | -€4,693 | -83.2% |
| Profit (loss) for the period before taxes | 9903 | €90,114 | €131,206 | +€41,092 | +45.6% |
| Income taxes | 67/77 | €27,320 | €41,907 | +€14,587 | +53.4% |
| Profit (loss) for the period | 9904 | €62,794 | €89,299 | +€26,504 | +42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,794 | €89,299 | +€26,504 | +42.2% |
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 16 October 2026 via checked.be.