BEFRED: 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.
BEFRED
Largest movements
- Cash -€67,209
down €67,209 (-71.3%), from €94,314 to €27,105
mainly Receivables within one year (-€54,770) and Net result for the year (-€45,692)
- Receivables within one year +€54,770
up €54,770 (+19.2%), from €285,195 to €339,965
of which Other amounts receivable: +€54,770
- Tangible fixed assets -€45,654
down €45,654 (-3.1%), from €1.5m to €1.4m
- Profit (loss) carried forward -€39,415
down €39,415 (-11.8%), from -€332,877 to -€372,292
- Trade debts -€35,731
down €35,731 (-91.7%), from €38,980 to €3,249
- Depreciation +€10,871
up €10,871 (+28.4%), from €38,332 to €49,203
- Staff costs -€5,285
down €5,285 (-28.7%), from €18,445 to €13,160
- Gross operating margin +€2,787
up €2,787 (+35.6%), from €7,833 to €10,621
- Financial income +€1,132
up €1,132 (+6.9%), from €16,470 to €17,602
- Other operating charges +€654
up €654 (+12.8%), from €5,112 to €5,766
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 | €1,888,573 | €1,810,618 | -€77,955 | -4.1% |
| Fixed assets | 21/28 | €1,490,931 | €1,441,568 | -€49,363 | -3.3% |
| Tangible fixed assets | 22/27 | €1,486,975 | €1,441,320 | -€45,654 | -3.1% |
| Land and buildings | 22 | €1,486,975 | €1,441,320 | -€45,654 | -3.1% |
| Financial fixed assets | 28 | €3,957 | €248 | -€3,709 | -93.7% |
| Current assets | 29/58 | €397,642 | €369,049 | -€28,592 | -7.2% |
| Amounts receivable within one year | 40/41 | €285,195 | €339,965 | +€54,770 | +19.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €285,195 | €339,965 | +€54,770 | +19.2% |
| Cash at bank and in hand | 54/58 | €94,314 | €27,105 | -€67,209 | -71.3% |
| Deferred charges and accrued income | 490/1 | €18,133 | €1,980 | -€16,153 | -89.1% |
| Total equity and liabilities | 10/49 | €1,888,573 | €1,810,618 | -€77,955 | -4.1% |
| Equity | 10/15 | €1,407,259 | €1,361,567 | -€45,692 | -3.2% |
| Contributions | 10/11 | €1,062,669 | €1,062,669 | = | 0.0% |
| Revaluation surpluses | 12 | €528,445 | €528,445 | = | 0.0% |
| Reserves | 13 | €149,021 | €142,744 | -€6,277 | -4.2% |
| Tax-exempt reserves | 132 | €122,486 | €116,209 | -€6,277 | -5.1% |
| Distributable reserves | 133 | €26,535 | €26,535 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€332,877 | -€372,292 | -€39,415 | -11.8% |
| Provisions and deferred taxes | 16 | €40,829 | €38,736 | -€2,092 | -5.1% |
| Deferred taxes | 168 | €40,829 | €38,736 | -€2,092 | -5.1% |
| Amounts payable | 17/49 | €440,486 | €410,314 | -€30,171 | -6.8% |
| Amounts payable within one year | 42/48 | €432,517 | €410,187 | -€22,330 | -5.2% |
| Trade debts | 44 | €38,980 | €3,249 | -€35,731 | -91.7% |
| Suppliers | 440/4 | €38,980 | €3,249 | -€35,731 | -91.7% |
| Taxes, remuneration and social security | 45 | €5,144 | €3,873 | -€1,271 | -24.7% |
| Taxes | 450/3 | €239 | €1,223 | +€984 | +412.5% |
| Remuneration and social security | 454/9 | €4,906 | €2,651 | -€2,255 | -46.0% |
| Other amounts payable | 47/48 | €388,393 | €403,065 | +€14,672 | +3.8% |
| Accrued charges and deferred income | 492/3 | €7,969 | €127 | -€7,842 | -98.4% |
| Remuneration, social security and pensions | 62 | €18,445 | €13,160 | -€5,285 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,332 | €49,203 | +€10,871 | +28.4% |
| Other operating charges | 640/8 | €5,112 | €5,766 | +€654 | +12.8% |
| Gross operating margin | 9900 | €7,833 | €10,621 | +€2,787 | +35.6% |
| Operating profit (loss) | 9901 | -€54,055 | -€57,508 | -€3,452 | -6.4% |
| Financial income | 75/76B | €16,470 | €17,602 | +€1,132 | +6.9% |
| Recurring financial income | 75 | €16,470 | €17,602 | +€1,132 | +6.9% |
| Financial charges | 65/66B | €7,918 | €7,986 | +€69 | +0.9% |
| Recurring financial charges | 65 | €7,918 | €7,986 | +€69 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€45,503 | -€47,891 | -€2,389 | -5.2% |
| Transfer from deferred taxes | 780 | €701 | €2,092 | +€1,391 | +198.3% |
| Income taxes | 67/77 | €30 | -€107 | -€137 | |
| Profit (loss) for the period | 9904 | -€44,831 | -€45,692 | -€860 | -1.9% |
| Transfer from tax-exempt reserves | 789 | €2,104 | €6,277 | +€4,173 | +198.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,727 | -€39,415 | +€3,313 | +7.8% |
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 8 October 2026 via checked.be.