M.S BELLA: 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.
M.S BELLA
Largest movements
- Cash +€34,970
up €34,970 (+218%), from €16,070 to €51,041
mainly Net result for the year (+€37,984) and Depreciation (+€22,486)
- Stocks and contracts +€17,151
up €17,151 (+712%), from €2,409 to €19,559
- Tangible fixed assets -€4,180
down €4,180 (-7.4%), from €56,750 to €52,570
of which Other tangible fixed assets: -€12,597
- Financial fixed assets -€3,900
down €3,900 (-59.1%), from €6,604 to €2,704
- Profit (loss) carried forward +€37,984
up €37,984, from -€32,302 to €5,682
- Debts after one year -€8,151
down €8,151 (-44.2%), from €18,432 to €10,281
- Other debts +€8,085
up €8,085 (+22.0%), from €36,734 to €44,818
- Trade debts +€7,025
up €7,025 (+28.7%), from €24,510 to €31,536
- Current portion of long-term debt -€4,561
no longer reported in 2025 (was €4,561)
- Staff costs +€20,850
up €20,850 (+40.5%), from €51,468 to €72,319
- Gross operating margin +€13,861
up €13,861 (+11.2%), from €123,434 to €137,294
- Financial charges -€7,586
down €7,586 (-97.2%), from €7,805 to €219
of which Financial charges: -€4,573
- Taxes +€2,909
new in 2025: €2,909
- Depreciation +€1,816
up €1,816 (+8.8%), from €20,670 to €22,486
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 | €84,389 | €128,981 | +€44,592 | +52.8% |
| Fixed assets | 21/28 | €63,354 | €55,273 | -€8,080 | -12.8% |
| Tangible fixed assets | 22/27 | €56,750 | €52,570 | -€4,180 | -7.4% |
| Plant, machinery and equipment | 23 | - | €1,066 | +€1,066 | |
| Furniture and vehicles | 24 | €16,897 | €24,248 | +€7,351 | +43.5% |
| Other tangible fixed assets | 26 | €39,853 | €27,256 | -€12,597 | -31.6% |
| Financial fixed assets | 28 | €6,604 | €2,704 | -€3,900 | -59.1% |
| Current assets | 29/58 | €21,036 | €73,708 | +€52,672 | +250% |
| Stocks and contracts in progress | 3 | €2,409 | €19,559 | +€17,151 | +712% |
| Stocks | 30/36 | €2,409 | €19,559 | +€17,151 | +712% |
| Amounts receivable within one year | 40/41 | €2,476 | €3,108 | +€632 | +25.5% |
| Trade receivables | 40 | €2,319 | €2,454 | +€135 | +5.8% |
| Other amounts receivable | 41 | €157 | €654 | +€497 | +317% |
| Cash at bank and in hand | 54/58 | €16,070 | €51,041 | +€34,970 | +218% |
| Deferred charges and accrued income | 490/1 | €82 | - | -€82 | |
| Total equity and liabilities | 10/49 | €84,389 | €128,981 | +€44,592 | +52.8% |
| Equity | 10/15 | -€12,302 | €25,682 | +€37,984 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,302 | €5,682 | +€37,984 | |
| Amounts payable | 17/49 | €96,691 | €103,299 | +€6,608 | +6.8% |
| Amounts payable after more than one year | 17 | €18,432 | €10,281 | -€8,151 | -44.2% |
| Financial debts | 170/4 | €18,432 | €10,281 | -€8,151 | -44.2% |
| Amounts payable within one year | 42/48 | €78,259 | €93,018 | +€14,759 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €4,561 | - | -€4,561 | |
| Trade debts | 44 | €24,510 | €31,536 | +€7,025 | +28.7% |
| Suppliers | 440/4 | €24,510 | €31,536 | +€7,025 | +28.7% |
| Taxes, remuneration and social security | 45 | €12,454 | €16,664 | +€4,209 | +33.8% |
| Taxes | 450/3 | €2,475 | €2,909 | +€434 | +17.5% |
| Remuneration and social security | 454/9 | €9,980 | €13,755 | +€3,776 | +37.8% |
| Other amounts payable | 47/48 | €36,734 | €44,818 | +€8,085 | +22.0% |
| Remuneration, social security and pensions | 62 | €51,468 | €72,319 | +€20,850 | +40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,670 | €22,486 | +€1,816 | +8.8% |
| Other operating charges | 640/8 | €387 | €1,385 | +€997 | +257% |
| Non-recurring operating charges | 66A | €1,177 | - | -€1,177 | |
| Gross operating margin | 9900 | €123,434 | €137,294 | +€13,861 | +11.2% |
| Operating profit (loss) | 9901 | €49,731 | €41,105 | -€8,626 | -17.3% |
| Financial income | 75/76B | €1 | €7 | +€6 | +725% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +725% |
| Financial charges | 65/66B | €7,805 | €219 | -€7,586 | -97.2% |
| Recurring financial charges | 65 | €4,792 | €219 | -€4,573 | -95.4% |
| Non-recurring financial charges | 66B | €3,013 | - | -€3,013 | |
| Profit (loss) for the period before taxes | 9903 | €41,927 | €40,893 | -€1,034 | -2.5% |
| Income taxes | 67/77 | - | €2,909 | +€2,909 | |
| Profit (loss) for the period | 9904 | €41,927 | €37,984 | -€3,943 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €41,927 | €37,984 | -€3,943 | -9.4% |
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 15 October 2026 via checked.be.