B-FENCE: 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.
What changed
B-FENCE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€49,685
2024 · -€2.7m+€2.7m
Equity
€8.8m
2024 · €8.7m+€49,685
Cash
€501,003
2024 · €830,771-€329,768
Balance sheet total
€16.0m
2024 · €17.4m-€1.5m
Largest movements
Assets
- Financial fixed assets -€1.2m
down €1.2m (-7.3%), from €16.4m to €15.2m
- Cash -€329,768
down €329,768 (-39.7%), from €830,771 to €501,003
mainly Debts after one year (-€1.5m) and Receivables within one year (-€73,071)
Equity and liabilities
- Debts after one year -€1.5m
down €1.5m (-21.8%), from €7.1m to €5.5m
Income statement
- Financial charges -€2.7m
down €2.7m (-90.8%), from €3.0m to €278,119
of which Non-recurring financial charges: -€2.7m
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.
Result 2024
-€2.7m
Services and other goods
-€82
Other operating charges
-€1,424
Financial charges
+€2.7m
Taxes
-€3,880
Result 2025
€49,685
raises the resultlowers the result
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.
From operations
-€33,315
Investment
+€1.2m
Financing
-€1.5m
Cash 2024
€830,771
From operations (derived)
-€33,315
Net result for the year
+€49,685
Receivables within one year
-€73,071
Trade debts
-€2,089
Tax, wage and social debts
-€7,840
Investment (derived)
+€1.2m
Investment in fixed assets (net)
+€1.2m
Financing
-€1.5m
Debts after one year
-€1.5m
Current portion of long-term debt
+€49,056
Cash 2025
€501,003
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,416,061 | €15,959,364 | -€1.5m | -8.4% |
| Fixed assets | 21/28 | €16,400,000 | €15,200,000 | -€1.2m | -7.3% |
| Financial fixed assets | 28 | €16,400,000 | €15,200,000 | -€1.2m | -7.3% |
| Affiliated companies | 280/1 | €16,400,000 | €15,200,000 | -€1.2m | -7.3% |
| Participating interests | 280 | €16,400,000 | €15,200,000 | -€1.2m | -7.3% |
| Current assets | 29/58 | €1,016,061 | €759,364 | -€256,697 | -25.3% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €185,290 | €258,361 | +€73,071 | +39.4% |
| Trade receivables | 40 | €180,290 | €252,890 | +€72,600 | +40.3% |
| Other amounts receivable | 41 | €5,000 | €5,471 | +€471 | +9.4% |
| Cash at bank and in hand | 54/58 | €830,771 | €501,003 | -€329,768 | -39.7% |
| Total equity and liabilities | 10/49 | €17,416,061 | €15,959,364 | -€1.5m | -8.4% |
| Equity | 10/15 | €8,749,016 | €8,798,701 | +€49,685 | +0.6% |
| Contributions | 10/11 | €10,754,052 | €10,754,052 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€2,005,036 | -€1,955,351 | +€49,685 | +2.5% |
| Amounts payable | 17/49 | €8,667,045 | €7,160,662 | -€1.5m | -17.4% |
| Amounts payable after more than one year | 17 | €7,091,667 | €5,546,158 | -€1.5m | -21.8% |
| Financial debts | 170/4 | €7,091,667 | €5,546,158 | -€1.5m | -21.8% |
| Credit institutions | 173 | €3,718,257 | €3,106,744 | -€611,513 | -16.4% |
| Other loans | 174 | €3,373,410 | €2,439,414 | -€933,996 | -27.7% |
| Amounts payable within one year | 42/48 | €1,575,378 | €1,614,505 | +€39,127 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €1,496,453 | €1,545,509 | +€49,056 | +3.3% |
| Trade debts | 44 | €15,188 | €13,098 | -€2,089 | -13.8% |
| Suppliers | 440/4 | €15,188 | €13,098 | -€2,089 | -13.8% |
| Taxes, remuneration and social security | 45 | €43,737 | €35,897 | -€7,840 | -17.9% |
| Taxes | 450/3 | €43,737 | €35,897 | -€7,840 | -17.9% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Operating income | 70/76A | €468,000 | €468,000 | = | 0.0% |
| Turnover | 70 | €468,000 | €468,000 | = | 0.0% |
| Operating charges | 60/66A | €129,161 | €130,667 | +€1,506 | +1.2% |
| Services and other goods | 61 | €129,161 | €129,243 | +€82 | +0.1% |
| Other operating charges | 640/8 | €0 | €1,424 | +€1,424 | |
| Operating profit (loss) | 9901 | €338,839 | €337,333 | -€1,506 | -0.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Financial charges | 65/66B | €3,020,722 | €278,119 | -€2.7m | -90.8% |
| Recurring financial charges | 65 | €320,722 | €278,119 | -€42,603 | -13.3% |
| Debt charges | 650 | €320,245 | €277,588 | -€42,658 | -13.3% |
| Other financial charges | 652/9 | €476 | €531 | +€55 | +11.5% |
| Non-recurring financial charges | 66B | €2,700,000 | €0 | -€2.7m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€2,681,882 | €59,214 | +€2.7m | |
| Income taxes | 67/77 | €5,650 | €9,529 | +€3,880 | +68.7% |
| Taxes | 670/3 | €10,650 | €10,000 | -€650 | -6.1% |
| Tax adjustments and reversals of tax provisions | 77 | €5,000 | €471 | -€4,529 | -90.6% |
| Profit (loss) for the period | 9904 | -€2,687,532 | €49,685 | +€2.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,687,532 | €49,685 | +€2.7m |
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 23 October 2026 via checked.be.