BELAFARM: 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.
BELAFARM
Largest movements
- Intangible fixed assets -€28,352
down €28,352 (-45.5%), from €62,352 to €34,001
- Cash +€18,929
up €18,929 (+11663.0%), from €162 to €19,091
mainly Depreciation (+€44,546) and Tax, wage and social debts (+€14,003)
- Stocks and contracts +€9,782
up €9,782 (+17.3%), from €56,627 to €66,409
- Debts after one year -€18,318
down €18,318 (-22.9%), from €80,039 to €61,721
- Tax, wage and social debts +€14,003
up €14,003 (+8.0%), from €174,057 to €188,059
of which Taxes: +€8,102
- Short-term financial debts +€6,916
up €6,916 (+63.7%), from €10,863 to €17,779
- Trade debts -€4,237
down €4,237 (-3.7%), from €114,448 to €110,212
- Taxes -€38,609
down €38,609 (-99.4%), from €38,841 to €232
- Gross operating margin +€26,666
up €26,666 (+35.9%), from €74,187 to €100,853
- Financial charges -€9,869
down €9,869 (-48.7%), from €20,247 to €10,379
of which Financial charges: -€11,597
- Staff costs +€6,113
up €6,113 (+17.5%), from €34,991 to €41,103
- Depreciation -€2,929
down €2,929 (-6.2%), from €47,475 to €44,546
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 | €294,474 | €292,531 | -€1,943 | -0.7% |
| Fixed assets | 21/28 | €180,398 | €152,422 | -€27,976 | -15.5% |
| Intangible fixed assets | 21 | €62,352 | €34,001 | -€28,352 | -45.5% |
| Tangible fixed assets | 22/27 | €116,996 | €117,147 | +€150 | +0.1% |
| Land and buildings | 22 | €107,341 | €102,964 | -€4,377 | -4.1% |
| Plant, machinery and equipment | 23 | €6,504 | €328 | -€6,176 | -95.0% |
| Furniture and vehicles | 24 | €3,151 | €13,855 | +€10,704 | +339.7% |
| Financial fixed assets | 28 | €1,050 | €1,275 | +€225 | +21.4% |
| Current assets | 29/58 | €114,075 | €140,108 | +€26,033 | +22.8% |
| Stocks and contracts in progress | 3 | €56,627 | €66,409 | +€9,782 | +17.3% |
| Stocks | 30/36 | €56,627 | €66,409 | +€9,782 | +17.3% |
| Amounts receivable within one year | 40/41 | €57,041 | €54,122 | -€2,918 | -5.1% |
| Trade receivables | 40 | €57,041 | €33,612 | -€23,429 | -41.1% |
| Other amounts receivable | 41 | - | €20,511 | +€20,511 | |
| Cash at bank and in hand | 54/58 | €162 | €19,091 | +€18,929 | +11663.0% |
| Deferred charges and accrued income | 490/1 | €245 | €485 | +€240 | +97.8% |
| Total equity and liabilities | 10/49 | €294,474 | €292,531 | -€1,943 | -0.7% |
| Equity | 10/15 | -€103,698 | -€103,558 | +€140 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,958 | -€117,818 | +€140 | +0.1% |
| Amounts payable | 17/49 | €398,172 | €396,089 | -€2,083 | -0.5% |
| Amounts payable after more than one year | 17 | €80,039 | €61,721 | -€18,318 | -22.9% |
| Financial debts | 170/4 | €80,039 | €61,721 | -€18,318 | -22.9% |
| Amounts payable within one year | 42/48 | €318,133 | €334,368 | +€16,235 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €18,011 | €18,318 | +€307 | +1.7% |
| Financial debts | 43 | €10,863 | €17,779 | +€6,916 | +63.7% |
| Credit institutions | 430/8 | €10,863 | €17,779 | +€6,916 | +63.7% |
| Trade debts | 44 | €114,448 | €110,212 | -€4,237 | -3.7% |
| Suppliers | 440/4 | €114,448 | €110,212 | -€4,237 | -3.7% |
| Taxes, remuneration and social security | 45 | €174,057 | €188,059 | +€14,003 | +8.0% |
| Taxes | 450/3 | €116,164 | €124,266 | +€8,102 | +7.0% |
| Remuneration and social security | 454/9 | €57,893 | €63,794 | +€5,901 | +10.2% |
| Other amounts payable | 47/48 | €754 | - | -€754 | |
| Remuneration, social security and pensions | 62 | €34,991 | €41,103 | +€6,113 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,475 | €44,546 | -€2,929 | -6.2% |
| Other operating charges | 640/8 | €3,230 | €4,149 | +€919 | +28.4% |
| Non-recurring operating charges | 66A | - | €400 | +€400 | |
| Gross operating margin | 9900 | €74,187 | €100,853 | +€26,666 | +35.9% |
| Operating profit (loss) | 9901 | -€11,509 | €10,655 | +€22,163 | |
| Financial income | 75/76B | - | €96 | +€96 | |
| Recurring financial income | 75 | - | €96 | +€96 | |
| Financial charges | 65/66B | €20,247 | €10,379 | -€9,869 | -48.7% |
| Recurring financial charges | 65 | €20,247 | €8,651 | -€11,597 | -57.3% |
| Non-recurring financial charges | 66B | - | €1,728 | +€1,728 | |
| Profit (loss) for the period before taxes | 9903 | -€31,756 | €372 | +€32,128 | |
| Income taxes | 67/77 | €38,841 | €232 | -€38,609 | -99.4% |
| Profit (loss) for the period | 9904 | -€70,597 | €140 | +€70,737 | |
| Profit (loss) for the period to be appropriated | 9905 | -€70,597 | €140 | +€70,737 |
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.