BALFREPHI: 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.
BALFREPHI
Largest movements
- Cash -€632,347
down €632,347 (-92.3%), from €685,326 to €52,979
mainly Contributions, distributions and other (-€1.0m) and Receivables within one year (-€526,894)
- Receivables within one year +€526,894
up €526,894 (+45.6%), from €1.2m to €1.7m
of which Other amounts receivable: +€552,513
- Financial fixed assets -€46,962
down €46,962 (-5.0%), from €948,098 to €901,136
- Other debts +€455,000
up €455,000 (+83.5%), from €545,000 to €1.0m
- Profit (loss) carried forward -€397,896
down €397,896 (-48.2%), from €825,904 to €428,008
- Reserves -€210,000
down €210,000 (-17.7%), from €1.2m to €973,567
- Debts after one year -€51,856
down €51,856 (-32.4%), from €159,962 to €108,105
- Financial income -€298,866
down €298,866 (-46.4%), from €644,183 to €345,317
- Taxes +€78,720
up €78,720, from -€46,259 to €32,461
- Gross operating margin -€9,509
down €9,509 (-8.7%), from €109,108 to €99,599
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,860,032 | €2,684,796 | -€175,236 | -6.1% |
| Fixed assets | 21/28 | €1,000,393 | €938,725 | -€61,669 | -6.2% |
| Tangible fixed assets | 22/27 | €52,295 | €37,588 | -€14,707 | -28.1% |
| Furniture and vehicles | 24 | €52,295 | €37,588 | -€14,707 | -28.1% |
| Financial fixed assets | 28 | €948,098 | €901,136 | -€46,962 | -5.0% |
| Current assets | 29/58 | €1,859,639 | €1,746,072 | -€113,567 | -6.1% |
| Amounts receivable within one year | 40/41 | €1,156,468 | €1,683,361 | +€526,894 | +45.6% |
| Trade receivables | 40 | €49,352 | €23,732 | -€25,619 | -51.9% |
| Other amounts receivable | 41 | €1,107,116 | €1,659,629 | +€552,513 | +49.9% |
| Cash at bank and in hand | 54/58 | €685,326 | €52,979 | -€632,347 | -92.3% |
| Deferred charges and accrued income | 490/1 | €17,844 | €9,731 | -€8,113 | -45.5% |
| Total equity and liabilities | 10/49 | €2,860,032 | €2,684,796 | -€175,236 | -6.1% |
| Equity | 10/15 | €2,073,923 | €1,466,028 | -€607,896 | -29.3% |
| Contributions | 10/11 | €64,452 | €64,452 | = | 0.0% |
| Outside capital | 11 | €64,452 | €64,452 | = | 0.0% |
| Other | 1109/19 | €64,452 | €64,452 | = | 0.0% |
| Reserves | 13 | €1,183,567 | €973,567 | -€210,000 | -17.7% |
| Distributable reserves | 133 | €1,183,567 | €973,567 | -€210,000 | -17.7% |
| Profit (loss) carried forward | 14 | €825,904 | €428,008 | -€397,896 | -48.2% |
| Amounts payable | 17/49 | €786,109 | €1,218,769 | +€432,660 | +55.0% |
| Amounts payable after more than one year | 17 | €159,962 | €108,105 | -€51,856 | -32.4% |
| Financial debts | 170/4 | €159,962 | €108,105 | -€51,856 | -32.4% |
| Amounts payable within one year | 42/48 | €626,147 | €1,110,664 | +€484,516 | +77.4% |
| Current portion of amounts payable after more than one year | 42 | €50,712 | €72,736 | +€22,023 | +43.4% |
| Trade debts | 44 | €489 | €628 | +€139 | +28.5% |
| Suppliers | 440/4 | €489 | €628 | +€139 | +28.5% |
| Taxes, remuneration and social security | 45 | €29,946 | €37,300 | +€7,354 | +24.6% |
| Taxes | 450/3 | €29,946 | €37,300 | +€7,354 | +24.6% |
| Other amounts payable | 47/48 | €545,000 | €1,000,000 | +€455,000 | +83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,707 | €14,707 | = | 0.0% |
| Other operating charges | 640/8 | €975 | €998 | +€24 | +2.4% |
| Gross operating margin | 9900 | €109,108 | €99,599 | -€9,509 | -8.7% |
| Operating profit (loss) | 9901 | €93,427 | €83,894 | -€9,533 | -10.2% |
| Financial income | 75/76B | €644,183 | €345,317 | -€298,866 | -46.4% |
| Recurring financial income | 75 | €644,183 | €345,317 | -€298,866 | -46.4% |
| Financial charges | 65/66B | €5,469 | €4,646 | -€823 | -15.1% |
| Recurring financial charges | 65 | €5,469 | €4,646 | -€823 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €732,141 | €424,565 | -€307,576 | -42.0% |
| Income taxes | 67/77 | -€46,259 | €32,461 | +€78,720 | |
| Profit (loss) for the period | 9904 | €778,400 | €392,104 | -€386,296 | -49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €778,400 | €392,104 | -€386,296 | -49.6% |
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 7 October 2026 via checked.be.