TEN BELLINCK: what changed
TEN BELLINCK
Largest movements
- Tangible fixed assets -€21,894
down €21,894 (-32.2%), from €68,081 to €46,187
of which Leasing and similar rights: -€20,581
- Receivables within one year +€19,448
up €19,448 (+74.0%), from €26,292 to €45,740
of which Trade receivables: +€22,809
- Cash -€10,538
down €10,538 (-48.0%), from €21,933 to €11,395
mainly Receivables within one year (-€19,448) and Debts after one year (-€18,117)
- Deferred charges and accrued income -€5,111
down €5,111 (-61.7%), from €8,285 to €3,174
- Trade debts +€26,233
up €26,233 (+304%), from €8,618 to €34,850
- Debts after one year -€18,117
down €18,117 (-58.4%), from €31,036 to €12,919
- Other debts -€15,000
no longer reported in 2025 (was €15,000)
- Advances received -€7,512
no longer reported in 2025 (was €7,512)
- Reserves +€7,107
up €7,107 (+11.7%), from €60,565 to €67,672
of which Distributable reserves: +€7,107
- Staff costs +€20,916
up €20,916 (+72.4%), from €28,876 to €49,792
- Gross operating margin +€16,624
up €16,624 (+22.9%), from €72,690 to €89,314
- Depreciation -€2,078
down €2,078 (-8.7%), from €23,972 to €21,894
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €169,590 | €151,495 | -€18,095 | -10.7% |
| Fixed assets | 21/28 | €68,081 | €46,187 | -€21,894 | -32.2% |
| Tangible fixed assets | 22/27 | €68,081 | €46,187 | -€21,894 | -32.2% |
| Plant, machinery and equipment | 23 | €1,313 | - | -€1,313 | |
| Leasing and similar rights | 25 | €66,769 | €46,187 | -€20,581 | -30.8% |
| Current assets | 29/58 | €101,509 | €105,308 | +€3,799 | +3.7% |
| Stocks and contracts in progress | 3 | €45,000 | €45,000 | = | 0.0% |
| Stocks | 30/36 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,292 | €45,740 | +€19,448 | +74.0% |
| Trade receivables | 40 | €9,855 | €32,665 | +€22,809 | +231% |
| Other amounts receivable | 41 | €16,436 | €13,075 | -€3,361 | -20.4% |
| Cash at bank and in hand | 54/58 | €21,933 | €11,395 | -€10,538 | -48.0% |
| Deferred charges and accrued income | 490/1 | €8,285 | €3,174 | -€5,111 | -61.7% |
| Total equity and liabilities | 10/49 | €169,590 | €151,495 | -€18,095 | -10.7% |
| Equity | 10/15 | €70,565 | €77,672 | +€7,107 | +10.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Other | 1109/19 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €60,565 | €67,672 | +€7,107 | +11.7% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €59,565 | €66,672 | +€7,107 | +11.9% |
| Amounts payable | 17/49 | €99,025 | €73,823 | -€25,202 | -25.5% |
| Amounts payable after more than one year | 17 | €31,036 | €12,919 | -€18,117 | -58.4% |
| Financial debts | 170/4 | €31,036 | €12,919 | -€18,117 | -58.4% |
| Amounts payable within one year | 42/48 | €67,989 | €60,904 | -€7,085 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €29,053 | €24,803 | -€4,250 | -14.6% |
| Trade debts | 44 | €8,618 | €34,850 | +€26,233 | +304% |
| Suppliers | 440/4 | €8,618 | €34,850 | +€26,233 | +304% |
| Advances received on contracts in progress | 46 | €7,512 | - | -€7,512 | |
| Taxes, remuneration and social security | 45 | €7,806 | €1,251 | -€6,555 | -84.0% |
| Taxes | 450/3 | €1,331 | €1,251 | -€80 | -6.0% |
| Remuneration and social security | 454/9 | €6,475 | - | -€6,475 | |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Remuneration, social security and pensions | 62 | €28,876 | €49,792 | +€20,916 | +72.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,972 | €21,894 | -€2,078 | -8.7% |
| Other operating charges | 640/8 | €4,078 | €4,414 | +€336 | +8.2% |
| Gross operating margin | 9900 | €72,690 | €89,314 | +€16,624 | +22.9% |
| Operating profit (loss) | 9901 | €15,765 | €13,214 | -€2,550 | -16.2% |
| Financial income | 75/76B | €380 | €481 | +€101 | +26.5% |
| Recurring financial income | 75 | €380 | €481 | +€101 | +26.5% |
| Financial charges | 65/66B | €2,227 | €2,461 | +€234 | +10.5% |
| Recurring financial charges | 65 | €2,227 | €2,461 | +€234 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €13,917 | €11,234 | -€2,683 | -19.3% |
| Income taxes | 67/77 | €3,706 | €4,127 | +€421 | +11.4% |
| Profit (loss) for the period | 9904 | €10,211 | €7,107 | -€3,104 | -30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,211 | €7,107 | -€3,104 | -30.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.