Van Belleghem Projects: 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.
Van Belleghem Projects
Largest movements
- Cash +€23,725
up €23,725 (+349%), from €6,790 to €30,515
mainly Net result for the year (+€27,074) and Depreciation (+€21,851)
- Tangible fixed assets -€20,658
down €20,658 (-27.4%), from €75,396 to €54,738
of which Furniture and vehicles: -€13,202
- Stocks and contracts +€14,928
new in 2025: €14,928
- Receivables within one year +€7,038
up €7,038 (+26.1%), from €26,991 to €34,029
of which Trade receivables: +€6,236
- Reserves +€26,215
up €26,215 (+1,413%), from €1,856 to €28,071
- Debts after one year -€10,555
down €10,555 (-15.1%), from €69,772 to €59,217
of which Financial debts: -€24,488
- Current portion of long-term debt +€4,089
up €4,089 (+20.0%), from €20,400 to €24,488
- Trade debts +€3,569
up €3,569 (+47.2%), from €7,558 to €11,127
- Tax, wage and social debts +€1,448
up €1,448 (+563%), from €257 to €1,705
- Gross operating margin +€29,478
up €29,478 (+99.5%), from €29,627 to €59,105
- Taxes +€5,990
up €5,990 (+411%), from €1,458 to €7,448
- Depreciation -€1,067
down €1,067 (-4.7%), from €22,918 to €21,851
- Financial charges -€659
down €659 (-27.1%), from €2,431 to €1,772
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 | €110,701 | €135,467 | +€24,766 | +22.4% |
| Formation expenses | 20 | €619 | €426 | -€193 | -31.2% |
| Fixed assets | 21/28 | €75,397 | €54,738 | -€20,659 | -27.4% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -12.0% |
| Tangible fixed assets | 22/27 | €75,396 | €54,738 | -€20,658 | -27.4% |
| Plant, machinery and equipment | 23 | €11,206 | €8,824 | -€2,383 | -21.3% |
| Furniture and vehicles | 24 | €47,927 | €34,725 | -€13,202 | -27.5% |
| Leasing and similar rights | 25 | €16,263 | €11,188 | -€5,074 | -31.2% |
| Current assets | 29/58 | €34,685 | €80,303 | +€45,618 | +132% |
| Stocks and contracts in progress | 3 | - | €14,928 | +€14,928 | |
| Stocks | 30/36 | - | €14,928 | +€14,928 | |
| Amounts receivable within one year | 40/41 | €26,991 | €34,029 | +€7,038 | +26.1% |
| Trade receivables | 40 | €20,305 | €26,541 | +€6,236 | +30.7% |
| Other amounts receivable | 41 | €6,686 | €7,489 | +€803 | +12.0% |
| Cash at bank and in hand | 54/58 | €6,790 | €30,515 | +€23,725 | +349% |
| Deferred charges and accrued income | 490/1 | €904 | €831 | -€73 | -8.1% |
| Total equity and liabilities | 10/49 | €110,701 | €135,467 | +€24,766 | +22.4% |
| Equity | 10/15 | €11,856 | €38,071 | +€26,215 | +221% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,856 | €28,071 | +€26,215 | +1,413% |
| Distributable reserves | 133 | €1,856 | €28,071 | +€26,215 | +1,413% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €98,845 | €97,396 | -€1,449 | -1.5% |
| Amounts payable after more than one year | 17 | €69,772 | €59,217 | -€10,555 | -15.1% |
| Financial debts | 170/4 | €35,439 | €10,951 | -€24,488 | -69.1% |
| Other amounts payable | 178/9 | €34,333 | €48,266 | +€13,933 | +40.6% |
| Amounts payable within one year | 42/48 | €29,073 | €38,180 | +€9,106 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €20,400 | €24,488 | +€4,089 | +20.0% |
| Trade debts | 44 | €7,558 | €11,127 | +€3,569 | +47.2% |
| Suppliers | 440/4 | €7,558 | €11,127 | +€3,569 | +47.2% |
| Taxes, remuneration and social security | 45 | €257 | €1,705 | +€1,448 | +563% |
| Taxes | 450/3 | €257 | €1,705 | +€1,448 | +563% |
| Other amounts payable | 47/48 | €859 | €859 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,918 | €21,851 | -€1,067 | -4.7% |
| Other operating charges | 640/8 | €816 | €1,008 | +€192 | +23.5% |
| Gross operating margin | 9900 | €29,627 | €59,105 | +€29,478 | +99.5% |
| Operating profit (loss) | 9901 | €5,893 | €36,246 | +€30,353 | +515% |
| Financial income | 75/76B | €14 | €49 | +€34 | +236% |
| Recurring financial income | 75 | €14 | €49 | +€34 | +236% |
| Financial charges | 65/66B | €2,431 | €1,772 | -€659 | -27.1% |
| Recurring financial charges | 65 | €2,431 | €1,772 | -€659 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €3,477 | €34,523 | +€31,046 | +893% |
| Income taxes | 67/77 | €1,458 | €7,448 | +€5,990 | +411% |
| Profit (loss) for the period | 9904 | €2,018 | €27,074 | +€25,056 | +1,241% |
| Profit (loss) for the period to be appropriated | 9905 | €2,018 | €27,074 | +€25,056 | +1,241% |
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.