VAN BELLINGHEN: what changed
Two fiscal 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
- Receivables within one year -€33,808
down €33,808 (-40.4%), from €83,595 to €49,787
of which Trade receivables: -€34,419
- Stocks and contracts +€19,861
up €19,861 (+34.8%), from €57,138 to €76,998
- Tangible fixed assets -€13,051
down €13,051 (-7.3%), from €179,896 to €166,845
of which Leasing and similar rights: -€10,502
- Cash -€5,414
down €5,414 (-38.2%), from €14,165 to €8,751
mainly Current portion of long-term debt (-€26,723) and Stocks and contracts (-€19,861)
- Current portion of long-term debt -€26,723
down €26,723 (-63.0%), from €42,425 to €15,702
- Other debts +€15,411
up €15,411 (+112.5%), from €13,700 to €29,111
- Debts after one year -€8,813
down €8,813 (-21.5%), from €40,925 to €32,113
- Tax, wage and social debts -€7,325
down €7,325 (-74.0%), from €9,903 to €2,578
of which Remuneration and social security: -€6,325
- Trade debts -€5,933
down €5,933 (-28.8%), from €20,628 to €14,695
- Gross operating margin -€38,168
down €38,168 (-30.0%), from €127,141 to €88,973
- Staff costs -€18,117
down €18,117 (-26.2%), from €69,215 to €51,098
- Taxes -€2,799
down €2,799 (-78.2%), from €3,578 to €779
- Financial income -€1,586
down €1,586 (-96.0%), from €1,653 to €67
of which Non-recurring financial income: -€1,653
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.
Cash bridge derived
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 | €347,541 | €316,405 | -€31,137 | -9.0% |
| Fixed assets | 21/28 | €187,520 | €174,469 | -€13,051 | -7.0% |
| Tangible fixed assets | 22/27 | €179,896 | €166,845 | -€13,051 | -7.3% |
| Land and buildings | 22 | €89,933 | €85,902 | -€4,032 | -4.5% |
| Plant, machinery and equipment | 23 | €29,694 | €24,393 | -€5,301 | -17.9% |
| Furniture and vehicles | 24 | - | €6,783 | +€6,783 | |
| Leasing and similar rights | 25 | €60,269 | €49,767 | -€10,502 | -17.4% |
| Financial fixed assets | 28 | €7,624 | €7,624 | = | 0.0% |
| Current assets | 29/58 | €160,022 | €141,936 | -€18,086 | -11.3% |
| Stocks and contracts in progress | 3 | €57,138 | €76,998 | +€19,861 | +34.8% |
| Stocks | 30/36 | €57,138 | €76,998 | +€19,861 | +34.8% |
| Amounts receivable within one year | 40/41 | €83,595 | €49,787 | -€33,808 | -40.4% |
| Trade receivables | 40 | €71,373 | €36,954 | -€34,419 | -48.2% |
| Other amounts receivable | 41 | €12,222 | €12,833 | +€611 | +5.0% |
| Cash at bank and in hand | 54/58 | €14,165 | €8,751 | -€5,414 | -38.2% |
| Deferred charges and accrued income | 490/1 | €5,124 | €6,400 | +€1,276 | +24.9% |
| Total equity and liabilities | 10/49 | €347,541 | €316,405 | -€31,137 | -9.0% |
| Equity | 10/15 | €219,879 | €222,207 | +€2,328 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €75,909 | €75,909 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €74,049 | €74,049 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,370 | €127,698 | +€2,328 | +1.9% |
| Amounts payable | 17/49 | €127,663 | €94,198 | -€33,464 | -26.2% |
| Amounts payable after more than one year | 17 | €40,925 | €32,113 | -€8,813 | -21.5% |
| Financial debts | 170/4 | €40,925 | €32,113 | -€8,813 | -21.5% |
| Amounts payable within one year | 42/48 | €86,655 | €62,086 | -€24,569 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €42,425 | €15,702 | -€26,723 | -63.0% |
| Trade debts | 44 | €20,628 | €14,695 | -€5,933 | -28.8% |
| Suppliers | 440/4 | €20,628 | €14,695 | -€5,933 | -28.8% |
| Taxes, remuneration and social security | 45 | €9,903 | €2,578 | -€7,325 | -74.0% |
| Taxes | 450/3 | €3,578 | €2,578 | -€1,000 | -28.0% |
| Remuneration and social security | 454/9 | €6,325 | - | -€6,325 | |
| Other amounts payable | 47/48 | €13,700 | €29,111 | +€15,411 | +112.5% |
| Accrued charges and deferred income | 492/3 | €82 | - | -€82 | |
| Remuneration, social security and pensions | 62 | €69,215 | €51,098 | -€18,117 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,954 | €30,244 | +€290 | +1.0% |
| Other operating charges | 640/8 | €807 | €1,634 | +€827 | +102.5% |
| Gross operating margin | 9900 | €127,141 | €88,973 | -€38,168 | -30.0% |
| Operating profit (loss) | 9901 | €27,165 | €5,997 | -€21,168 | -77.9% |
| Financial income | 75/76B | €1,653 | €67 | -€1,586 | -96.0% |
| Recurring financial income | 75 | €0 | €67 | +€67 | +666700.0% |
| Non-recurring financial income | 76B | €1,653 | - | -€1,653 | |
| Financial charges | 65/66B | €3,489 | €2,957 | -€533 | -15.3% |
| Recurring financial charges | 65 | €3,489 | €2,957 | -€533 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €25,328 | €3,106 | -€22,222 | -87.7% |
| Income taxes | 67/77 | €3,578 | €779 | -€2,799 | -78.2% |
| Profit (loss) for the period | 9904 | €21,751 | €2,328 | -€19,423 | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,751 | €2,328 | -€19,423 | -89.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.