LUCA BELLINI: 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.
LUCA BELLINI
Largest movements
- Receivables within one year -€3,538
down €3,538 (-80.9%), from €4,373 to €836
of which Trade receivables: -€3,215
- Cash -€355
down €355 (-9.1%), from €3,895 to €3,540
mainly Trade debts (-€3,538) and Net result for the year (-€967)
- Formation expenses -€286
down €286 (-46.0%), from €622 to €336
- Tangible fixed assets -€191
down €191 (-42.5%), from €449 to €258
- Trade debts -€3,538
no longer reported in 2025 (was €3,538)
- Profit (loss) carried forward -€967
down €967 (-43.6%), from -€2,216 to -€3,182
- Other debts +€135
up €135 (+4.5%), from €3,018 to €3,152
- Gross operating margin +€2,827
up €2,827 (+93.5%), from -€3,022 to -€196
- Financial charges -€184
down €184 (-69.7%), from €264 to €80
- Other operating charges -€34
down €34 (-13.6%), from €247 to €214
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 | €9,340 | €4,970 | -€4,370 | -46.8% |
| Formation expenses | 20 | €622 | €336 | -€286 | -46.0% |
| Fixed assets | 21/28 | €449 | €258 | -€191 | -42.5% |
| Tangible fixed assets | 22/27 | €449 | €258 | -€191 | -42.5% |
| Plant, machinery and equipment | 23 | €449 | €258 | -€191 | -42.5% |
| Current assets | 29/58 | €8,268 | €4,376 | -€3,893 | -47.1% |
| Amounts receivable within one year | 40/41 | €4,373 | €836 | -€3,538 | -80.9% |
| Trade receivables | 40 | €4,051 | €836 | -€3,215 | -79.4% |
| Other amounts receivable | 41 | €322 | - | -€322 | |
| Cash at bank and in hand | 54/58 | €3,895 | €3,540 | -€355 | -9.1% |
| Total equity and liabilities | 10/49 | €9,340 | €4,970 | -€4,370 | -46.8% |
| Equity | 10/15 | €2,784 | €1,818 | -€967 | -34.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,216 | -€3,182 | -€967 | -43.6% |
| Amounts payable | 17/49 | €6,555 | €3,152 | -€3,403 | -51.9% |
| Amounts payable within one year | 42/48 | €6,555 | €3,152 | -€3,403 | -51.9% |
| Trade debts | 44 | €3,538 | - | -€3,538 | |
| Suppliers | 440/4 | €3,538 | - | -€3,538 | |
| Other amounts payable | 47/48 | €3,018 | €3,152 | +€135 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €477 | €477 | = | 0.0% |
| Other operating charges | 640/8 | €247 | €214 | -€34 | -13.6% |
| Gross operating margin | 9900 | -€3,022 | -€196 | +€2,827 | +93.5% |
| Operating profit (loss) | 9901 | -€3,747 | -€887 | +€2,860 | +76.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €264 | €80 | -€184 | -69.7% |
| Recurring financial charges | 65 | €264 | €80 | -€184 | -69.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,011 | -€967 | +€3,045 | +75.9% |
| Profit (loss) for the period | 9904 | -€4,011 | -€967 | +€3,045 | +75.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,011 | -€967 | +€3,045 | +75.9% |
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 20 October 2026 via checked.be.