BEL - TUFT: 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.
What changed
BEL - TUFT
NACE 13.930, Manufacture of textiles
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,144
2024 · -€3,081+€46,225
Equity
€463,028
2024 · €419,786+€43,242
Cash
€3,755
2024 · €14,148-€10,392
Balance sheet total
€2.4m
2024 · €2.2m+€134,836
Largest movements
Assets
- Stocks and contracts +€138,466
up €138,466 (+13.1%), from €1.1m to €1.2m
- Receivables within one year +€28,719
up €28,719 (+13.2%), from €217,785 to €246,504
of which Trade receivables: +€28,157
Equity and liabilities
- Trade debts +€142,903
up €142,903 (+43.2%), from €330,792 to €473,695
- Debts after one year -€105,669
down €105,669 (-9.9%), from €1.1m to €958,915
of which Financial debts: -€76,739
- Short-term financial debts +€59,441
up €59,441 (+25.3%), from €235,000 to €294,441
- Reserves +€43,242
up €43,242 (+17.4%), from €247,986 to €291,228
of which Tax-exempt reserves: +€45,975
- Tax, wage and social debts -€25,414
down €25,414 (-26.8%), from €94,937 to €69,523
of which Taxes: -€13,298
Income statement
- Staff costs -€42,150
down €42,150 (-11.5%), from €365,336 to €323,187
- Write-downs -€30,894
down €30,894, from €20,977 to -€9,917
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.
Result 2024
-€3,081
Gross operating margin
-€2,572
Staff costs
+€42,150
Depreciation
-€5,536
Write-downs
+€30,894
Other operating charges
-€4,657
Other operating items
-€2,202
Financial income
-€430
Financial charges
+€4,221
Taxes
+€3,108
Deferred taxes and other
-€18,750
Result 2025
€43,144
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€138,581
Investment
-€104,293
Financing
-€44,681
Cash 2024
€14,148
From operations (derived)
+€138,581
Net result for the year
+€43,144
Depreciation
+€119,044
Stocks and contracts
-€138,466
Receivables within one year
-€28,719
Deferred charges and accrued income
+€7,206
Provisions
+€16,026
Trade debts
+€142,903
Tax, wage and social debts
-€25,414
Other debts
+€3,908
Accrued charges and deferred income
-€1,049
Investment (derived)
-€104,293
Investment in fixed assets (net)
-€104,293
Financing
-€44,681
Debts after one year
-€105,669
Current portion of long-term debt
+€1,448
Short-term financial debts
+€59,441
Contributions, distributions and other
+€98
Cash 2025
€3,755
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,247,478 | €2,382,314 | +€134,836 | +6.0% |
| Fixed assets | 21/28 | €951,986 | €937,235 | -€14,751 | -1.5% |
| Tangible fixed assets | 22/27 | €841,936 | €827,185 | -€14,751 | -1.8% |
| Land and buildings | 22 | €630,078 | €586,788 | -€43,290 | -6.9% |
| Plant, machinery and equipment | 23 | €158,398 | €199,135 | +€40,737 | +25.7% |
| Furniture and vehicles | 24 | €53,024 | €40,826 | -€12,198 | -23.0% |
| Other tangible fixed assets | 26 | €436 | €436 | = | 0.0% |
| Financial fixed assets | 28 | €110,050 | €110,050 | = | 0.0% |
| Current assets | 29/58 | €1,295,492 | €1,445,079 | +€149,587 | +11.5% |
| Stocks and contracts in progress | 3 | €1,053,673 | €1,192,139 | +€138,466 | +13.1% |
| Stocks | 30/36 | €1,053,673 | €1,192,139 | +€138,466 | +13.1% |
| Amounts receivable within one year | 40/41 | €217,785 | €246,504 | +€28,719 | +13.2% |
| Trade receivables | 40 | €214,739 | €242,897 | +€28,157 | +13.1% |
| Other amounts receivable | 41 | €3,045 | €3,607 | +€562 | +18.4% |
| Cash at bank and in hand | 54/58 | €14,148 | €3,755 | -€10,392 | -73.5% |
| Deferred charges and accrued income | 490/1 | €9,887 | €2,681 | -€7,206 | -72.9% |
| Total equity and liabilities | 10/49 | €2,247,478 | €2,382,314 | +€134,836 | +6.0% |
| Equity | 10/15 | €419,786 | €463,028 | +€43,242 | +10.3% |
| Contributions | 10/11 | €171,800 | €171,800 | = | 0.0% |
| Reserves | 13 | €247,986 | €291,228 | +€43,242 | +17.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €85,063 | €131,037 | +€45,975 | +54.0% |
| Distributable reserves | 133 | €162,923 | €160,191 | -€2,732 | -1.7% |
| Provisions and deferred taxes | 16 | €22,666 | €38,692 | +€16,026 | +70.7% |
| Deferred taxes | 168 | €22,666 | €38,692 | +€16,026 | +70.7% |
| Amounts payable | 17/49 | €1,805,026 | €1,880,594 | +€75,568 | +4.2% |
| Amounts payable after more than one year | 17 | €1,064,584 | €958,915 | -€105,669 | -9.9% |
| Financial debts | 170/4 | €530,805 | €454,066 | -€76,739 | -14.5% |
| Other amounts payable | 178/9 | €533,779 | €504,849 | -€28,930 | -5.4% |
| Amounts payable within one year | 42/48 | €736,020 | €918,306 | +€182,285 | +24.8% |
| Current portion of amounts payable after more than one year | 42 | €75,291 | €76,739 | +€1,448 | +1.9% |
| Financial debts | 43 | €235,000 | €294,441 | +€59,441 | +25.3% |
| Credit institutions | 430/8 | €235,000 | €294,441 | +€59,441 | +25.3% |
| Trade debts | 44 | €330,792 | €473,695 | +€142,903 | +43.2% |
| Suppliers | 440/4 | €330,792 | €473,695 | +€142,903 | +43.2% |
| Taxes, remuneration and social security | 45 | €94,937 | €69,523 | -€25,414 | -26.8% |
| Taxes | 450/3 | €32,156 | €18,858 | -€13,298 | -41.4% |
| Remuneration and social security | 454/9 | €62,781 | €50,664 | -€12,117 | -19.3% |
| Other amounts payable | 47/48 | €0 | €3,908 | +€3,908 | |
| Accrued charges and deferred income | 492/3 | €4,422 | €3,373 | -€1,049 | -23.7% |
| Non-recurring operating income | 76A | €62,291 | €76,000 | +€13,709 | +22.0% |
| Remuneration, social security and pensions | 62 | €365,336 | €323,187 | -€42,150 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,508 | €119,044 | +€5,536 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,977 | -€9,917 | -€30,894 | |
| Other operating charges | 640/8 | €41,453 | €46,110 | +€4,657 | +11.2% |
| Non-recurring operating charges | 66A | €2,874 | €5,077 | +€2,202 | +76.6% |
| Gross operating margin | 9900 | €578,629 | €576,057 | -€2,572 | -0.4% |
| Operating profit (loss) | 9901 | €34,481 | €92,557 | +€58,076 | +168% |
| Financial income | 75/76B | €472 | €42 | -€430 | -91.0% |
| Recurring financial income | 75 | €472 | €42 | -€430 | -91.0% |
| Financial charges | 65/66B | €32,559 | €28,338 | -€4,221 | -13.0% |
| Recurring financial charges | 65 | €32,559 | €28,338 | -€4,221 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €2,395 | €64,262 | +€61,867 | +2,583% |
| Transfer from deferred taxes | 780 | €2,725 | €2,725 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €18,750 | +€18,750 | |
| Income taxes | 67/77 | €8,200 | €5,092 | -€3,108 | -37.9% |
| Profit (loss) for the period | 9904 | -€3,081 | €43,144 | +€46,225 | |
| Transfer from tax-exempt reserves | 789 | €10,276 | €10,276 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €56,250 | +€56,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,194 | -€2,830 | -€10,025 |
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 19 October 2026 via checked.be.