Bellade: 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.
Bellade
Largest movements
- Receivables within one year +€537,956
up €537,956 (+6,125%), from €8,783 to €546,740
- Cash -€51,522
down €51,522 (-26.9%), from €191,315 to €139,793
mainly Receivables within one year (-€537,956) and Trade debts (-€38,646)
- Tangible fixed assets -€9,116
down €9,116 (-36.4%), from €25,035 to €15,919
- Advances received +€456,004
new in 2025: €456,004
- Reserves +€64,742
up €64,742 (+157%), from €41,170 to €105,911
- Trade debts -€38,646
down €38,646 (-32.5%), from €119,020 to €80,374
- Gross operating margin +€82,647
up €82,647 (+117%), from €70,528 to €153,176
- Staff costs +€42,453
up €42,453 (+345%), from €12,320 to €54,773
- Taxes +€7,684
up €7,684 (+54.4%), from €14,128 to €21,812
- Depreciation +€6,800
up €6,800 (+294%), from €2,316 to €9,116
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 | €229,038 | €707,596 | +€478,558 | +209% |
| Fixed assets | 21/28 | €25,035 | €15,919 | -€9,116 | -36.4% |
| Tangible fixed assets | 22/27 | €25,035 | €15,919 | -€9,116 | -36.4% |
| Furniture and vehicles | 24 | €25,035 | €15,919 | -€9,116 | -36.4% |
| Current assets | 29/58 | €204,004 | €691,677 | +€487,674 | +239% |
| Amounts receivable within one year | 40/41 | €8,783 | €546,740 | +€537,956 | +6,125% |
| Trade receivables | 40 | €8,783 | €546,740 | +€537,956 | +6,125% |
| Cash at bank and in hand | 54/58 | €191,315 | €139,793 | -€51,522 | -26.9% |
| Deferred charges and accrued income | 490/1 | €3,906 | €5,145 | +€1,240 | +31.7% |
| Total equity and liabilities | 10/49 | €229,038 | €707,596 | +€478,558 | +209% |
| Equity | 10/15 | €46,170 | €110,911 | +€64,742 | +140% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,170 | €105,911 | +€64,742 | +157% |
| Distributable reserves | 133 | €41,170 | €105,911 | +€64,742 | +157% |
| Amounts payable | 17/49 | €182,869 | €596,685 | +€413,816 | +226% |
| Amounts payable after more than one year | 17 | €19,369 | €14,571 | -€4,798 | -24.8% |
| Financial debts | 170/4 | €19,369 | €14,571 | -€4,798 | -24.8% |
| Amounts payable within one year | 42/48 | €163,500 | €582,113 | +€418,614 | +256% |
| Current portion of amounts payable after more than one year | 42 | €4,628 | €4,798 | +€170 | +3.7% |
| Trade debts | 44 | €119,020 | €80,374 | -€38,646 | -32.5% |
| Suppliers | 440/4 | €119,020 | €80,374 | -€38,646 | -32.5% |
| Advances received on contracts in progress | 46 | - | €456,004 | +€456,004 | |
| Taxes, remuneration and social security | 45 | €38,852 | €39,735 | +€883 | +2.3% |
| Taxes | 450/3 | €38,852 | €37,304 | -€1,548 | -4.0% |
| Remuneration and social security | 454/9 | - | €2,431 | +€2,431 | |
| Other amounts payable | 47/48 | €1,000 | €1,203 | +€203 | +20.3% |
| Remuneration, social security and pensions | 62 | €12,320 | €54,773 | +€42,453 | +345% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,316 | €9,116 | +€6,800 | +294% |
| Other operating charges | 640/8 | €259 | €856 | +€597 | +230% |
| Gross operating margin | 9900 | €70,528 | €153,176 | +€82,647 | +117% |
| Operating profit (loss) | 9901 | €55,632 | €88,430 | +€32,798 | +59.0% |
| Financial income | 75/76B | - | €157 | +€157 | |
| Recurring financial income | 75 | - | €157 | +€157 | |
| Financial charges | 65/66B | €575 | €2,033 | +€1,459 | +254% |
| Recurring financial charges | 65 | €575 | €2,033 | +€1,459 | +254% |
| Profit (loss) for the period before taxes | 9903 | €55,058 | €86,554 | +€31,496 | +57.2% |
| Income taxes | 67/77 | €14,128 | €21,812 | +€7,684 | +54.4% |
| Profit (loss) for the period | 9904 | €40,930 | €64,742 | +€23,811 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,930 | €64,742 | +€23,811 | +58.2% |
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 19 October 2026 via checked.be.