BELFA INVEST: what changed
What changed
BELFA INVEST
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€169,437
2024 · -€36,664+€206,101
Equity
€12,711
2024 · -€156,726+€169,437
Cash
€3,560
2024 · €3,215+€345
Balance sheet total
€458,433
2024 · €1.2m-€712,241
Largest movements
Assets
- Tangible fixed assets -€717,708
down €717,708 (-61.6%), from €1.2m to €447,260
of which Land and buildings: -€616,678
Equity and liabilities
- Debts after one year -€538,215
down €538,215 (-60.2%), from €893,538 to €355,323
- Other debts -€313,679
down €313,679 (-100.0%), from €313,745 to €66
- Profit (loss) carried forward +€169,437
up €169,437, from -€162,926 to €6,511
- Current portion of long-term debt -€29,925
down €29,925 (-42.9%), from €69,736 to €39,810
Income statement
- Gross operating margin +€182,806
up €182,806 (+391%), from €46,714 to €229,520
- Depreciation -€23,589
down €23,589 (-49.4%), from €47,787 to €24,198
- Financial charges -€3,247
down €3,247 (-11.1%), from €29,179 to €25,933
- Taxes +€2,825
new in 2025: €2,825
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€36,664
Gross operating margin
+€182,806
Depreciation
+€23,589
Other operating charges
-€714
Financial charges
+€3,247
Taxes
-€2,825
Result 2025
€169,437
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€125,024
Investment
+€693,510
Financing
-€568,140
Cash 2024
€3,215
From operations (derived)
-€125,024
Net result for the year
+€169,437
Depreciation
+€24,198
Receivables within one year
-€5,112
Smaller working-capital items
+€776
Trade debts
-€7,521
Other debts
-€313,679
Accrued charges and deferred income
+€6,876
Investment (derived)
+€693,510
Investment in fixed assets (net)
+€693,510
Financing
-€568,140
Debts after one year
-€538,215
Current portion of long-term debt
-€29,925
Cash 2025
€3,560
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,170,674 | €458,433 | -€712,241 | -60.8% |
| Fixed assets | 21/28 | €1,164,967 | €447,260 | -€717,708 | -61.6% |
| Tangible fixed assets | 22/27 | €1,164,967 | €447,260 | -€717,708 | -61.6% |
| Land and buildings | 22 | €1,043,445 | €426,767 | -€616,678 | -59.1% |
| Plant, machinery and equipment | 23 | €121,523 | €20,492 | -€101,030 | -83.1% |
| Current assets | 29/58 | €5,707 | €11,174 | +€5,467 | +95.8% |
| Amounts receivable within one year | 40/41 | €2,188 | €7,300 | +€5,112 | +234% |
| Trade receivables | 40 | - | €5,107 | +€5,107 | |
| Other amounts receivable | 41 | €2,188 | €2,193 | +€5 | +0.2% |
| Cash at bank and in hand | 54/58 | €3,215 | €3,560 | +€345 | +10.7% |
| Deferred charges and accrued income | 490/1 | €304 | €314 | +€10 | +3.2% |
| Total equity and liabilities | 10/49 | €1,170,674 | €458,433 | -€712,241 | -60.8% |
| Equity | 10/15 | -€156,726 | €12,711 | +€169,437 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€162,926 | €6,511 | +€169,437 | |
| Amounts payable | 17/49 | €1,327,401 | €445,723 | -€881,678 | -66.4% |
| Amounts payable after more than one year | 17 | €893,538 | €355,323 | -€538,215 | -60.2% |
| Financial debts | 170/4 | €893,538 | €355,323 | -€538,215 | -60.2% |
| Amounts payable within one year | 42/48 | €394,855 | €44,515 | -€350,339 | -88.7% |
| Current portion of amounts payable after more than one year | 42 | €69,736 | €39,810 | -€29,925 | -42.9% |
| Trade debts | 44 | €7,521 | €0 | -€7,521 | -100% |
| Suppliers | 440/4 | €7,521 | €0 | -€7,521 | -100% |
| Taxes, remuneration and social security | 45 | €3,853 | €4,639 | +€786 | +20.4% |
| Taxes | 450/3 | €3,853 | €4,639 | +€786 | +20.4% |
| Other amounts payable | 47/48 | €313,745 | €66 | -€313,679 | -100.0% |
| Accrued charges and deferred income | 492/3 | €39,008 | €45,884 | +€6,876 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,787 | €24,198 | -€23,589 | -49.4% |
| Other operating charges | 640/8 | €6,412 | €7,127 | +€714 | +11.1% |
| Gross operating margin | 9900 | €46,714 | €229,520 | +€182,806 | +391% |
| Operating profit (loss) | 9901 | -€7,485 | €198,195 | +€205,680 | |
| Financial charges | 65/66B | €29,179 | €25,933 | -€3,247 | -11.1% |
| Recurring financial charges | 65 | €29,179 | €25,933 | -€3,247 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | -€36,664 | €172,262 | +€208,927 | |
| Income taxes | 67/77 | - | €2,825 | +€2,825 | |
| Profit (loss) for the period | 9904 | -€36,664 | €169,437 | +€206,101 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,664 | €169,437 | +€206,101 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.