BELFAGEMED: 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.
BELFAGEMED
Largest movements
- Cash -€18,853
down €18,853 (-45.7%), from €41,210 to €22,357
mainly Other debts (-€27,834) and Net result for the year (-€19,542)
- Intangible fixed assets -€6,000
down €6,000 (-11.9%), from €50,500 to €44,500
- Tangible fixed assets -€4,194
down €4,194 (-19.7%), from €21,286 to €17,092
of which Furniture and vehicles: -€4,085
- Receivables within one year +€2,800
new in 2025: €2,800
- Other debts -€27,834
down €27,834 (-48.9%), from €56,865 to €29,030
- Profit (loss) carried forward -€19,542
down €19,542, from €16,293 to -€3,248
- Debts after one year +€15,319
up €15,319 (+97.0%), from €15,796 to €31,115
- Current portion of long-term debt +€5,926
up €5,926 (+118%), from €5,036 to €10,962
- Gross operating margin -€40,085
down €40,085, from €34,021 to -€6,063
- Taxes -€4,970
down €4,970 (-98.1%), from €5,068 to €98
- Financial charges +€441
up €441 (+46.6%), from €948 to €1,389
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 | €114,137 | €88,004 | -€26,133 | -22.9% |
| Fixed assets | 21/28 | €71,786 | €61,592 | -€10,194 | -14.2% |
| Intangible fixed assets | 21 | €50,500 | €44,500 | -€6,000 | -11.9% |
| Tangible fixed assets | 22/27 | €21,286 | €17,092 | -€4,194 | -19.7% |
| Land and buildings | 22 | €980 | €871 | -€109 | -11.1% |
| Furniture and vehicles | 24 | €20,306 | €16,221 | -€4,085 | -20.1% |
| Current assets | 29/58 | €42,352 | €26,412 | -€15,940 | -37.6% |
| Amounts receivable within one year | 40/41 | - | €2,800 | +€2,800 | |
| Other amounts receivable | 41 | - | €2,800 | +€2,800 | |
| Cash at bank and in hand | 54/58 | €41,210 | €22,357 | -€18,853 | -45.7% |
| Deferred charges and accrued income | 490/1 | €1,141 | €1,255 | +€114 | +10.0% |
| Total equity and liabilities | 10/49 | €114,137 | €88,004 | -€26,133 | -22.9% |
| Equity | 10/15 | €32,893 | €13,352 | -€19,542 | -59.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,600 | €13,600 | = | 0.0% |
| Distributable reserves | 133 | €13,600 | €13,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,293 | -€3,248 | -€19,542 | |
| Amounts payable | 17/49 | €81,244 | €74,653 | -€6,592 | -8.1% |
| Amounts payable after more than one year | 17 | €15,796 | €31,115 | +€15,319 | +97.0% |
| Financial debts | 170/4 | €15,796 | €31,115 | +€15,319 | +97.0% |
| Amounts payable within one year | 42/48 | €65,448 | €43,538 | -€21,910 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €5,036 | €10,962 | +€5,926 | +118% |
| Trade debts | 44 | €548 | €648 | +€100 | +18.2% |
| Suppliers | 440/4 | €548 | €648 | +€100 | +18.2% |
| Taxes, remuneration and social security | 45 | €3,000 | €2,898 | -€102 | -3.4% |
| Taxes | 450/3 | €3,000 | €2,898 | -€102 | -3.4% |
| Other amounts payable | 47/48 | €56,865 | €29,030 | -€27,834 | -48.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,325 | €11,592 | +€267 | +2.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €34,021 | -€6,063 | -€40,085 | |
| Operating profit (loss) | 9901 | €22,309 | -€18,055 | -€40,364 | |
| Financial charges | 65/66B | €948 | €1,389 | +€441 | +46.6% |
| Recurring financial charges | 65 | €948 | €1,389 | +€441 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €21,361 | -€19,444 | -€40,805 | |
| Income taxes | 67/77 | €5,068 | €98 | -€4,970 | -98.1% |
| Profit (loss) for the period | 9904 | €16,293 | -€19,542 | -€35,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,293 | -€19,542 | -€35,835 |
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 14 October 2026 via checked.be.