BEFAN: 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.
BEFAN
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+1,172%), from €146,761 to €1.9m
of which Other tangible fixed assets: +€1.8m
- Current investments -€983,265
down €983,265 (-19.7%), from €5.0m to €4.0m
- Debts after one year +€1.2m
up €1.2m (+341%), from €365,721 to €1.6m
- Other debts -€461,840
down €461,840 (-99.6%), from €463,500 to €1,660
- Financial income -€2.2m
down €2.2m (-91.2%), from €2.5m to €215,537
of which Non-recurring financial income: -€2.0m
- Taxes -€264,037
down €264,037 (-99.9%), from €264,401 to €364
- Depreciation +€221,281
up €221,281 (+633%), from €34,981 to €256,261
- Gross operating margin -€26,062
down €26,062, from €20,686 to -€5,376
- Financial charges +€2,014
up €2,014 (+6.6%), from €30,439 to €32,453
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 | €8,386,728 | €9,147,978 | +€761,250 | +9.1% |
| Fixed assets | 21/28 | €1,182,061 | €2,901,505 | +€1.7m | +145% |
| Tangible fixed assets | 22/27 | €146,761 | €1,866,205 | +€1.7m | +1,172% |
| Plant, machinery and equipment | 23 | €28,744 | €28,629 | -€116 | -0.4% |
| Furniture and vehicles | 24 | €118,017 | €86,247 | -€31,770 | -26.9% |
| Other tangible fixed assets | 26 | - | €1,751,329 | +€1.8m | |
| Financial fixed assets | 28 | €1,035,300 | €1,035,300 | = | 0.0% |
| Current assets | 29/58 | €7,204,668 | €6,246,473 | -€958,194 | -13.3% |
| Amounts receivable within one year | 40/41 | €1,947,779 | €1,976,864 | +€29,085 | +1.5% |
| Trade receivables | 40 | €10,011 | €22,072 | +€12,061 | +120% |
| Other amounts receivable | 41 | €1,937,768 | €1,954,793 | +€17,024 | +0.9% |
| Current investments | 50/53 | €5,000,000 | €4,016,735 | -€983,265 | -19.7% |
| Cash at bank and in hand | 54/58 | €242,129 | €249,211 | +€7,082 | +2.9% |
| Deferred charges and accrued income | 490/1 | €14,759 | €3,663 | -€11,096 | -75.2% |
| Total equity and liabilities | 10/49 | €8,386,728 | €9,147,978 | +€761,250 | +9.1% |
| Equity | 10/15 | €7,294,926 | €7,212,279 | -€82,646 | -1.1% |
| Contributions | 10/11 | €1,728,000 | €1,728,000 | = | 0.0% |
| Reserves | 13 | €5,539,020 | €5,464,020 | -€75,000 | -1.4% |
| Non-distributable reserves | 130/1 | €172,800 | €172,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €172,800 | €172,800 | = | 0.0% |
| Distributable reserves | 133 | €5,366,220 | €5,291,220 | -€75,000 | -1.4% |
| Profit (loss) carried forward | 14 | €27,906 | €20,259 | -€7,646 | -27.4% |
| Amounts payable | 17/49 | €1,091,803 | €1,935,699 | +€843,896 | +77.3% |
| Amounts payable after more than one year | 17 | €365,721 | €1,612,176 | +€1.2m | +341% |
| Financial debts | 170/4 | €365,721 | €1,612,176 | +€1.2m | +341% |
| Amounts payable within one year | 42/48 | €696,400 | €296,894 | -€399,506 | -57.4% |
| Current portion of amounts payable after more than one year | 42 | - | €73,337 | +€73,337 | |
| Trade debts | 44 | €20,754 | €10,847 | -€9,908 | -47.7% |
| Suppliers | 440/4 | €20,754 | €10,847 | -€9,908 | -47.7% |
| Taxes, remuneration and social security | 45 | €212,146 | €211,051 | -€1,095 | -0.5% |
| Taxes | 450/3 | €212,146 | €211,051 | -€1,095 | -0.5% |
| Other amounts payable | 47/48 | €463,500 | €1,660 | -€461,840 | -99.6% |
| Accrued charges and deferred income | 492/3 | €29,682 | €26,629 | -€3,053 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,981 | €256,261 | +€221,281 | +633% |
| Other operating charges | 640/8 | €1,612 | €2,069 | +€458 | +28.4% |
| Gross operating margin | 9900 | €20,686 | -€5,376 | -€26,062 | |
| Operating profit (loss) | 9901 | -€15,906 | -€263,707 | -€247,801 | -1,558% |
| Financial income | 75/76B | €2,462,457 | €215,537 | -€2.2m | -91.2% |
| Recurring financial income | 75 | €492,767 | €215,537 | -€277,230 | -56.3% |
| Non-recurring financial income | 76B | €1,969,690 | - | -€2.0m | |
| Financial charges | 65/66B | €30,439 | €32,453 | +€2,014 | +6.6% |
| Recurring financial charges | 65 | €30,439 | €32,453 | +€2,014 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €2,416,112 | -€80,623 | -€2.5m | |
| Income taxes | 67/77 | €264,401 | €364 | -€264,037 | -99.9% |
| Profit (loss) for the period | 9904 | €2,151,711 | -€80,986 | -€2.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,151,711 | -€80,986 | -€2.2m |
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 28 October 2026 via checked.be.