VAN BELLINGHEN: 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 BELLINGHEN
Largest movements
- Cash +€116,612
up €116,612 (+25.5%), from €457,473 to €574,085
mainly Net result for the year (+€96,254) and Receivables within one year (+€21,281)
- Receivables within one year -€21,281
down €21,281 (-85.6%), from €24,853 to €3,572
of which Trade receivables: -€21,255
- Tangible fixed assets -€16,474
down €16,474 (-23.8%), from €69,188 to €52,713
of which Furniture and vehicles: -€12,168
- Receivables after one year +€11,737
up €11,737 (+4.9%), from €241,066 to €252,804
- Reserves +€96,254
up €96,254 (+13.3%), from €722,879 to €819,133
- Gross operating margin -€115,699
down €115,699 (-43.1%), from €268,741 to €153,042
- Taxes -€35,247
down €35,247 (-43.0%), from €81,897 to €46,650
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 | €802,414 | €887,302 | +€84,888 | +10.6% |
| Fixed assets | 21/28 | €69,188 | €52,713 | -€16,474 | -23.8% |
| Tangible fixed assets | 22/27 | €69,188 | €52,713 | -€16,474 | -23.8% |
| Plant, machinery and equipment | 23 | €3,912 | €2,253 | -€1,659 | -42.4% |
| Furniture and vehicles | 24 | €57,051 | €44,883 | -€12,168 | -21.3% |
| Other tangible fixed assets | 26 | €8,225 | €5,577 | -€2,647 | -32.2% |
| Current assets | 29/58 | €733,227 | €834,589 | +€101,362 | +13.8% |
| Amounts receivable after more than one year | 29 | €241,066 | €252,804 | +€11,737 | +4.9% |
| Other amounts receivable | 291 | €241,066 | €252,804 | +€11,737 | +4.9% |
| Amounts receivable within one year | 40/41 | €24,853 | €3,572 | -€21,281 | -85.6% |
| Trade receivables | 40 | €24,828 | €3,572 | -€21,255 | -85.6% |
| Other amounts receivable | 41 | €26 | - | -€26 | |
| Cash at bank and in hand | 54/58 | €457,473 | €574,085 | +€116,612 | +25.5% |
| Deferred charges and accrued income | 490/1 | €9,834 | €4,128 | -€5,707 | -58.0% |
| Total equity and liabilities | 10/49 | €802,414 | €887,302 | +€84,888 | +10.6% |
| Equity | 10/15 | €740,696 | €836,950 | +€96,254 | +13.0% |
| Contributions | 10/11 | €37,848 | €37,848 | = | 0.0% |
| Reserves | 13 | €722,879 | €819,133 | +€96,254 | +13.3% |
| Distributable reserves | 133 | €722,879 | €819,133 | +€96,254 | +13.3% |
| Profit (loss) carried forward | 14 | -€20,031 | -€20,031 | = | 0.0% |
| Amounts payable | 17/49 | €61,718 | €50,352 | -€11,367 | -18.4% |
| Amounts payable within one year | 42/48 | €60,344 | €49,519 | -€10,825 | -17.9% |
| Trade debts | 44 | €2,023 | €1,661 | -€362 | -17.9% |
| Suppliers | 440/4 | €2,023 | €1,661 | -€362 | -17.9% |
| Taxes, remuneration and social security | 45 | €36,172 | €30,161 | -€6,011 | -16.6% |
| Taxes | 450/3 | €36,172 | €30,161 | -€6,011 | -16.6% |
| Other amounts payable | 47/48 | €22,149 | €17,697 | -€4,452 | -20.1% |
| Accrued charges and deferred income | 492/3 | €1,374 | €833 | -€542 | -39.4% |
| Non-recurring operating income | 76A | €9,588 | - | -€9,588 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,500 | €20,482 | -€18 | -0.1% |
| Other operating charges | 640/8 | €821 | €779 | -€42 | -5.1% |
| Non-recurring operating charges | 66A | - | €175 | +€175 | |
| Gross operating margin | 9900 | €268,741 | €153,042 | -€115,699 | -43.1% |
| Operating profit (loss) | 9901 | €247,420 | €131,606 | -€115,814 | -46.8% |
| Financial income | 75/76B | €9,681 | €11,316 | +€1,634 | +16.9% |
| Recurring financial income | 75 | €9,681 | €11,316 | +€1,634 | +16.9% |
| Financial charges | 65/66B | €449 | €17 | -€432 | -96.1% |
| Recurring financial charges | 65 | €449 | €17 | -€432 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | €256,652 | €142,904 | -€113,747 | -44.3% |
| Income taxes | 67/77 | €81,897 | €46,650 | -€35,247 | -43.0% |
| Profit (loss) for the period | 9904 | €174,754 | €96,254 | -€78,500 | -44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €174,754 | €96,254 | -€78,500 | -44.9% |
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 17 October 2026 via checked.be.