BEFISCO: 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.
BEFISCO
Largest movements
- Receivables within one year +€5,680
up €5,680 (+6.4%), from €89,237 to €94,917
of which Other amounts receivable: +€4,765
- Tangible fixed assets -€2,381
down €2,381 (-5.0%), from €47,694 to €45,313
of which Other tangible fixed assets: -€2,381
- Reserves +€3,759
up €3,759 (+10.5%), from €35,933 to €39,692
of which Distributable reserves: +€3,760
- Trade debts -€2,019
down €2,019 (-18.8%), from €10,753 to €8,734
- Tax, wage and social debts +€1,932
up €1,932 (+69.0%), from €2,798 to €4,730
- Gross operating margin +€1,593
up €1,593 (+14.0%), from €11,376 to €12,969
- Other operating charges +€1,533
up €1,533 (+57.1%), from €2,683 to €4,216
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 | €137,410 | €141,133 | +€3,723 | +2.7% |
| Fixed assets | 21/28 | €47,694 | €45,313 | -€2,381 | -5.0% |
| Tangible fixed assets | 22/27 | €47,694 | €45,313 | -€2,381 | -5.0% |
| Land and buildings | 22 | €39,819 | €39,819 | = | 0.0% |
| Other tangible fixed assets | 26 | €7,875 | €5,494 | -€2,381 | -30.2% |
| Current assets | 29/58 | €89,716 | €95,820 | +€6,104 | +6.8% |
| Amounts receivable within one year | 40/41 | €89,237 | €94,917 | +€5,680 | +6.4% |
| Trade receivables | 40 | €7,893 | €8,808 | +€915 | +11.6% |
| Other amounts receivable | 41 | €81,344 | €86,109 | +€4,765 | +5.9% |
| Cash at bank and in hand | 54/58 | €39 | €59 | +€20 | +51.3% |
| Deferred charges and accrued income | 490/1 | €440 | €844 | +€404 | +91.8% |
| Total equity and liabilities | 10/49 | €137,410 | €141,133 | +€3,723 | +2.7% |
| Equity | 10/15 | €123,514 | €127,273 | +€3,759 | +3.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | - | -€62,000 | |
| Issued capital | 100 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €35,933 | €39,692 | +€3,759 | +10.5% |
| Non-distributable reserves | 130/1 | €4,173 | €4,172 | -€1 | 0.0% |
| Other | 1319 | €4,173 | €4,172 | -€1 | 0.0% |
| Distributable reserves | 133 | €31,760 | €35,520 | +€3,760 | +11.8% |
| Profit (loss) carried forward | 14 | €25,581 | €25,581 | = | 0.0% |
| Amounts payable | 17/49 | €13,896 | €13,860 | -€36 | -0.3% |
| Amounts payable after more than one year | 17 | €345 | - | -€345 | |
| Financial debts | 170/4 | €345 | - | -€345 | |
| Amounts payable within one year | 42/48 | €13,551 | €13,860 | +€309 | +2.3% |
| Financial debts | 43 | - | €396 | +€396 | |
| Credit institutions | 430/8 | - | €396 | +€396 | |
| Trade debts | 44 | €10,753 | €8,734 | -€2,019 | -18.8% |
| Suppliers | 440/4 | €10,753 | €8,734 | -€2,019 | -18.8% |
| Taxes, remuneration and social security | 45 | €2,798 | €4,730 | +€1,932 | +69.0% |
| Taxes | 450/3 | €2,798 | €4,730 | +€1,932 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,382 | €2,381 | -€1 | 0.0% |
| Other operating charges | 640/8 | €2,683 | €4,216 | +€1,533 | +57.1% |
| Gross operating margin | 9900 | €11,376 | €12,969 | +€1,593 | +14.0% |
| Operating profit (loss) | 9901 | €6,311 | €6,372 | +€61 | +1.0% |
| Financial charges | 65/66B | €786 | €912 | +€126 | +16.0% |
| Recurring financial charges | 65 | €786 | €912 | +€126 | +16.0% |
| Non-recurring financial charges | 66B | - | €912 | +€912 | |
| Profit (loss) for the period before taxes | 9903 | €5,525 | €5,460 | -€65 | -1.2% |
| Income taxes | 67/77 | €1,713 | €1,701 | -€12 | -0.7% |
| Profit (loss) for the period | 9904 | €3,812 | €3,759 | -€53 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,812 | €3,759 | -€53 | -1.4% |
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.