Rolf Belleflamme: 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.
Rolf Belleflamme
Largest movements
- Stocks and contracts +€105,830
up €105,830 (+464%), from €22,807 to €128,637
- Receivables within one year -€28,886
down €28,886 (-21.1%), from €136,589 to €107,703
of which Other amounts receivable: -€31,921
- Cash -€16,812
down €16,812 (-7.8%), from €214,680 to €197,868
mainly Stocks and contracts (-€105,830) and Contributions, distributions and other (-€103,985)
- Tangible fixed assets -€9,672
down €9,672 (-23.1%), from €41,788 to €32,117
of which Furniture and vehicles: -€11,593
- Other debts +€68,325
up €68,325 (+145%), from €47,118 to €115,444
- Reserves -€21,203
down €21,203 (-7.0%), from €303,586 to €282,383
- Tax, wage and social debts +€13,562
up €13,562 (+1,507%), from €900 to €14,462
- Debts after one year -€9,328
down €9,328 (-49.1%), from €19,009 to €9,681
- Gross operating margin +€45,701
up €45,701 (+56.4%), from €81,102 to €126,803
- Taxes +€14,209
up €14,209 (+71.8%), from €19,803 to €34,012
- Financial income -€1,753
down €1,753 (-23.5%), from €7,462 to €5,710
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 | €421,420 | €470,471 | +€49,051 | +11.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €41,788 | €32,117 | -€9,672 | -23.1% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €41,788 | €32,117 | -€9,672 | -23.1% |
| Land and buildings | 22 | €3,877 | €3,446 | -€431 | -11.1% |
| Plant, machinery and equipment | 23 | €4,161 | €6,513 | +€2,352 | +56.5% |
| Furniture and vehicles | 24 | €33,751 | €22,158 | -€11,593 | -34.3% |
| Current assets | 29/58 | €379,631 | €438,354 | +€58,722 | +15.5% |
| Stocks and contracts in progress | 3 | €22,807 | €128,637 | +€105,830 | +464% |
| Stocks | 30/36 | €22,807 | €128,637 | +€105,830 | +464% |
| Amounts receivable within one year | 40/41 | €136,589 | €107,703 | -€28,886 | -21.1% |
| Trade receivables | 40 | €9,046 | €12,081 | +€3,035 | +33.5% |
| Other amounts receivable | 41 | €127,543 | €95,622 | -€31,921 | -25.0% |
| Cash at bank and in hand | 54/58 | €214,680 | €197,868 | -€16,812 | -7.8% |
| Deferred charges and accrued income | 490/1 | €5,555 | €4,145 | -€1,410 | -25.4% |
| Total equity and liabilities | 10/49 | €421,420 | €470,471 | +€49,051 | +11.6% |
| Equity | 10/15 | €336,411 | €315,207 | -€21,203 | -6.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €303,586 | €282,383 | -€21,203 | -7.0% |
| Distributable reserves | 133 | €303,586 | €282,383 | -€21,203 | -7.0% |
| Profit (loss) carried forward | 14 | €20,425 | €20,425 | = | 0.0% |
| Amounts payable | 17/49 | €85,009 | €155,263 | +€70,254 | +82.6% |
| Amounts payable after more than one year | 17 | €19,009 | €9,681 | -€9,328 | -49.1% |
| Financial debts | 170/4 | €19,009 | €9,681 | -€9,328 | -49.1% |
| Amounts payable within one year | 42/48 | €63,001 | €142,497 | +€79,496 | +126% |
| Current portion of amounts payable after more than one year | 42 | €8,988 | €9,328 | +€340 | +3.8% |
| Financial debts | 43 | €4,483 | - | -€4,483 | |
| Credit institutions | 430/8 | €4,483 | - | -€4,483 | |
| Trade debts | 44 | €1,513 | €3,264 | +€1,751 | +116% |
| Suppliers | 440/4 | €1,513 | €3,264 | +€1,751 | +116% |
| Taxes, remuneration and social security | 45 | €900 | €14,462 | +€13,562 | +1,507% |
| Taxes | 450/3 | €900 | €14,462 | +€13,562 | +1,507% |
| Other amounts payable | 47/48 | €47,118 | €115,444 | +€68,325 | +145% |
| Accrued charges and deferred income | 492/3 | €2,999 | €3,085 | +€86 | +2.9% |
| Non-recurring operating income | 76A | €557 | €544 | -€12 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,314 | €13,479 | +€164 | +1.2% |
| Other operating charges | 640/8 | €968 | €893 | -€76 | -7.8% |
| Gross operating margin | 9900 | €81,102 | €126,803 | +€45,701 | +56.4% |
| Operating profit (loss) | 9901 | €66,819 | €112,432 | +€45,613 | +68.3% |
| Financial income | 75/76B | €7,462 | €5,710 | -€1,753 | -23.5% |
| Recurring financial income | 75 | €7,462 | €5,710 | -€1,753 | -23.5% |
| Financial charges | 65/66B | €2,373 | €1,348 | -€1,025 | -43.2% |
| Recurring financial charges | 65 | €2,373 | €1,348 | -€1,025 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | €71,908 | €116,794 | +€44,885 | +62.4% |
| Income taxes | 67/77 | €19,803 | €34,012 | +€14,209 | +71.8% |
| Profit (loss) for the period | 9904 | €52,106 | €82,782 | +€30,676 | +58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €52,106 | €82,782 | +€30,676 | +58.9% |
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 28 October 2026 via checked.be.