BEFRA BELGIUM: 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.
BEFRA BELGIUM
Largest movements
- Tangible fixed assets +€254,699
up €254,699 (+108%), from €236,839 to €491,538
of which Land and buildings: +€175,782
- Current investments +€214,156
up €214,156 (+1,070%), from €20,005 to €234,161
- Cash -€92,387
down €92,387 (-23.3%), from €396,771 to €304,383
mainly Investment in fixed assets (net) (-€276,469) and Current investments (-€214,156)
- Receivables within one year -€57,628
down €57,628 (-23.6%), from €243,783 to €186,155
of which Trade receivables: -€54,889
- Stocks and contracts +€39,865
up €39,865 (+17.0%), from €234,731 to €274,596
- Reserves +€148,815
up €148,815 (+19.2%), from €774,515 to €923,330
- Debts after one year +€121,380
up €121,380 (+77.2%), from €157,157 to €278,538
- Other debts +€84,565
up €84,565 (+228%), from €37,079 to €121,644
- Contributions -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Trade debts +€20,862
up €20,862 (+23.7%), from €88,169 to €109,031
- Gross operating margin -€113,303
down €113,303 (-22.5%), from €504,111 to €390,808
- Taxes -€44,738
down €44,738 (-30.0%), from €148,964 to €104,226
- Depreciation +€10,526
up €10,526 (+93.6%), from €11,243 to €21,769
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 | €1,141,522 | €1,501,108 | +€359,586 | +31.5% |
| Fixed assets | 21/28 | €236,839 | €491,538 | +€254,699 | +108% |
| Tangible fixed assets | 22/27 | €236,839 | €491,538 | +€254,699 | +108% |
| Land and buildings | 22 | €217,534 | €393,316 | +€175,782 | +80.8% |
| Plant, machinery and equipment | 23 | €4,811 | €21,127 | +€16,316 | +339% |
| Furniture and vehicles | 24 | €14,494 | €77,095 | +€62,601 | +432% |
| Current assets | 29/58 | €904,683 | €1,009,570 | +€104,887 | +11.6% |
| Stocks and contracts in progress | 3 | €234,731 | €274,596 | +€39,865 | +17.0% |
| Stocks | 30/36 | €234,731 | €274,596 | +€39,865 | +17.0% |
| Amounts receivable within one year | 40/41 | €243,783 | €186,155 | -€57,628 | -23.6% |
| Trade receivables | 40 | €238,429 | €183,540 | -€54,889 | -23.0% |
| Other amounts receivable | 41 | €5,354 | €2,615 | -€2,739 | -51.2% |
| Current investments | 50/53 | €20,005 | €234,161 | +€214,156 | +1,070% |
| Cash at bank and in hand | 54/58 | €396,771 | €304,383 | -€92,387 | -23.3% |
| Deferred charges and accrued income | 490/1 | €9,393 | €10,275 | +€882 | +9.4% |
| Total equity and liabilities | 10/49 | €1,141,522 | €1,501,108 | +€359,586 | +31.5% |
| Equity | 10/15 | €824,515 | €948,330 | +€123,815 | +15.0% |
| Contributions | 10/11 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Reserves | 13 | €774,515 | €923,330 | +€148,815 | +19.2% |
| Distributable reserves | 133 | €774,515 | €923,330 | +€148,815 | +19.2% |
| Amounts payable | 17/49 | €317,008 | €552,778 | +€235,771 | +74.4% |
| Amounts payable after more than one year | 17 | €157,157 | €278,538 | +€121,380 | +77.2% |
| Financial debts | 170/4 | €157,157 | €278,538 | +€121,380 | +77.2% |
| Amounts payable within one year | 42/48 | €158,366 | €273,449 | +€115,083 | +72.7% |
| Current portion of amounts payable after more than one year | 42 | - | €15,272 | +€15,272 | |
| Trade debts | 44 | €88,169 | €109,031 | +€20,862 | +23.7% |
| Suppliers | 440/4 | €88,169 | €109,031 | +€20,862 | +23.7% |
| Taxes, remuneration and social security | 45 | €33,117 | €27,501 | -€5,616 | -17.0% |
| Taxes | 450/3 | €33,117 | €27,501 | -€5,616 | -17.0% |
| Other amounts payable | 47/48 | €37,079 | €121,644 | +€84,565 | +228% |
| Accrued charges and deferred income | 492/3 | €1,485 | €792 | -€693 | -46.7% |
| Non-recurring operating income | 76A | - | €7,302 | +€7,302 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,243 | €21,769 | +€10,526 | +93.6% |
| Other operating charges | 640/8 | €1,954 | €2,099 | +€145 | +7.4% |
| Non-recurring operating charges | 66A | - | €96 | +€96 | |
| Gross operating margin | 9900 | €504,111 | €390,808 | -€113,303 | -22.5% |
| Operating profit (loss) | 9901 | €490,914 | €366,843 | -€124,071 | -25.3% |
| Financial income | 75/76B | €273 | €1,505 | +€1,231 | +451% |
| Recurring financial income | 75 | €273 | €1,505 | +€1,231 | +451% |
| Financial charges | 65/66B | €8,659 | €12,258 | +€3,599 | +41.6% |
| Recurring financial charges | 65 | €8,659 | €12,258 | +€3,599 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €482,528 | €356,089 | -€126,439 | -26.2% |
| Income taxes | 67/77 | €148,964 | €104,226 | -€44,738 | -30.0% |
| Profit (loss) for the period | 9904 | €333,564 | €251,863 | -€81,701 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €333,564 | €251,863 | -€81,701 | -24.5% |
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 1 November 2026 via checked.be.