BEL AFRIQ: 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.
BEL AFRIQ
Largest movements
- Financial fixed assets +€322,977
up €322,977 (+1,195%), from €27,023 to €350,000
- Receivables within one year +€12,472
up €12,472 (+812%), from €1,535 to €14,008
of which Trade receivables: +€12,474
- Tangible fixed assets -€9,051
down €9,051 (-4.0%), from €227,523 to €218,472
- Cash +€8,711
up €8,711 (+102%), from €8,566 to €17,277
mainly Debts after one year (+€287,060) and Net result for the year (+€26,928)
- Debts after one year +€287,060
up €287,060 (+187%), from €153,774 to €440,834
- Reserves +€26,928
up €26,928 (+83.7%), from €32,189 to €59,117
of which Distributable reserves: +€26,928
- Trade debts +€25,166
up €25,166 (+296%), from €8,490 to €33,656
- Tax, wage and social debts -€8,024
down €8,024 (-49.0%), from €16,391 to €8,368
- Financial income +€1.1m
up €1.1m (+7,054,472%), from €15 to €1.1m
- Financial charges +€1.1m
up €1.1m (+18,273%), from €5,784 to €1.1m
of which Non-recurring financial charges: +€1.1m
- Gross operating margin -€9,552
down €9,552 (-20.3%), from €47,110 to €37,558
- Taxes -€5,204
down €5,204 (-41.0%), from €12,699 to €7,495
- Other operating charges -€2,812
down €2,812 (-39.5%), from €7,121 to €4,309
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 | €264,647 | €599,757 | +€335,109 | +127% |
| Fixed assets | 21/28 | €254,546 | €568,472 | +€313,926 | +123% |
| Tangible fixed assets | 22/27 | €227,523 | €218,472 | -€9,051 | -4.0% |
| Land and buildings | 22 | €227,523 | €218,472 | -€9,051 | -4.0% |
| Financial fixed assets | 28 | €27,023 | €350,000 | +€322,977 | +1,195% |
| Current assets | 29/58 | €10,102 | €31,285 | +€21,183 | +210% |
| Amounts receivable within one year | 40/41 | €1,535 | €14,008 | +€12,472 | +812% |
| Trade receivables | 40 | €1,526 | €14,000 | +€12,474 | +818% |
| Other amounts receivable | 41 | €9 | €8 | -€2 | -19.1% |
| Cash at bank and in hand | 54/58 | €8,566 | €17,277 | +€8,711 | +102% |
| Total equity and liabilities | 10/49 | €264,647 | €599,757 | +€335,109 | +127% |
| Equity | 10/15 | €50,789 | €77,717 | +€26,928 | +53.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,189 | €59,117 | +€26,928 | +83.7% |
| Tax-exempt reserves | 132 | €80 | €80 | = | 0.0% |
| Distributable reserves | 133 | €32,109 | €59,037 | +€26,928 | +83.9% |
| Amounts payable | 17/49 | €213,858 | €522,039 | +€308,181 | +144% |
| Amounts payable after more than one year | 17 | €153,774 | €440,834 | +€287,060 | +187% |
| Financial debts | 170/4 | €153,774 | €440,834 | +€287,060 | +187% |
| Amounts payable within one year | 42/48 | €60,084 | €81,205 | +€21,121 | +35.2% |
| Current portion of amounts payable after more than one year | 42 | €18,900 | €19,233 | +€334 | +1.8% |
| Trade debts | 44 | €8,490 | €33,656 | +€25,166 | +296% |
| Suppliers | 440/4 | €8,490 | €33,656 | +€25,166 | +296% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €16,391 | €8,368 | -€8,024 | -49.0% |
| Taxes | 450/3 | €16,391 | €8,368 | -€8,024 | -49.0% |
| Other amounts payable | 47/48 | €16,303 | €19,948 | +€3,644 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,051 | €9,051 | = | 0.0% |
| Other operating charges | 640/8 | €7,121 | €4,309 | -€2,812 | -39.5% |
| Gross operating margin | 9900 | €47,110 | €37,558 | -€9,552 | -20.3% |
| Operating profit (loss) | 9901 | €30,938 | €24,198 | -€6,740 | -21.8% |
| Financial income | 75/76B | €15 | €1,073,000 | +€1.1m | +7,054,472% |
| Recurring financial income | 75 | €15 | €1,073,000 | +€1.1m | +7,054,472% |
| Financial charges | 65/66B | €5,784 | €1,062,775 | +€1.1m | +18,273% |
| Recurring financial charges | 65 | €5,784 | €12,775 | +€6,991 | +121% |
| Non-recurring financial charges | 66B | - | €1,050,000 | +€1.1m | |
| Profit (loss) for the period before taxes | 9903 | €25,169 | €34,423 | +€9,254 | +36.8% |
| Income taxes | 67/77 | €12,699 | €7,495 | -€5,204 | -41.0% |
| Profit (loss) for the period | 9904 | €12,470 | €26,928 | +€14,459 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €12,470 | €26,928 | +€14,459 | +116% |
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 26 October 2026 via checked.be.