BELFAGEST: 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.
BELFAGEST
Largest movements
- Cash +€727,156
up €727,156 (+375%), from €194,029 to €921,185
mainly Net result for the year (+€438,535) and Current investments (+€268,220)
- Current investments -€268,220
down €268,220 (-100%), from €268,220 to €0
- Tangible fixed assets -€51,981
down €51,981 (-12.5%), from €416,539 to €364,558
of which Land and buildings: -€44,337
- Receivables within one year +€34,693
up €34,693 (+45.1%), from €76,955 to €111,648
of which Other amounts receivable: +€20,832
- Other debts +€193,265
up €193,265 (+235%), from €82,352 to €275,618
- Reserves +€154,578
up €154,578 (+30.6%), from €505,935 to €660,513
of which Tax-exempt reserves: +€320,504
- Provisions +€80,126
new in 2025: €80,126
- Tax, wage and social debts +€27,947
up €27,947 (+41.7%), from €66,981 to €94,928
of which Taxes: +€27,500
- Gross operating margin +€446,842
up €446,842 (+110%), from €407,933 to €854,775
- Staff costs +€24,104
up €24,104 (+10.9%), from €222,142 to €246,247
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 | €955,793 | €1,400,406 | +€444,613 | +46.5% |
| Fixed assets | 21/28 | €416,589 | €364,607 | -€51,981 | -12.5% |
| Tangible fixed assets | 22/27 | €416,539 | €364,558 | -€51,981 | -12.5% |
| Land and buildings | 22 | €401,037 | €356,700 | -€44,337 | -11.1% |
| Plant, machinery and equipment | 23 | €4,462 | €0 | -€4,462 | -100% |
| Furniture and vehicles | 24 | €11,040 | €7,858 | -€3,182 | -28.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €539,204 | €1,035,798 | +€496,594 | +92.1% |
| Amounts receivable within one year | 40/41 | €76,955 | €111,648 | +€34,693 | +45.1% |
| Trade receivables | 40 | €62,282 | €76,143 | +€13,861 | +22.3% |
| Other amounts receivable | 41 | €14,673 | €35,505 | +€20,832 | +142% |
| Current investments | 50/53 | €268,220 | €0 | -€268,220 | -100% |
| Cash at bank and in hand | 54/58 | €194,029 | €921,185 | +€727,156 | +375% |
| Deferred charges and accrued income | 490/1 | - | €2,965 | +€2,965 | |
| Total equity and liabilities | 10/49 | €955,793 | €1,400,406 | +€444,613 | +46.5% |
| Equity | 10/15 | €733,201 | €887,779 | +€154,578 | +21.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €505,935 | €660,513 | +€154,578 | +30.6% |
| Non-distributable reserves | 130/1 | €2,062 | €2,062 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,062 | €2,062 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,750 | €349,254 | +€320,504 | +1,115% |
| Distributable reserves | 133 | €475,123 | €309,197 | -€165,926 | -34.9% |
| Profit (loss) carried forward | 14 | €208,674 | €208,674 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €80,126 | +€80,126 | |
| Deferred taxes | 168 | - | €80,126 | +€80,126 | |
| Amounts payable | 17/49 | €222,592 | €432,501 | +€209,908 | +94.3% |
| Amounts payable after more than one year | 17 | €47,216 | €34,040 | -€13,177 | -27.9% |
| Financial debts | 170/4 | €47,216 | €34,040 | -€13,177 | -27.9% |
| Amounts payable within one year | 42/48 | €175,376 | €398,461 | +€223,085 | +127% |
| Current portion of amounts payable after more than one year | 42 | €12,934 | €13,177 | +€243 | +1.9% |
| Trade debts | 44 | €13,109 | €14,739 | +€1,630 | +12.4% |
| Suppliers | 440/4 | €13,109 | €14,739 | +€1,630 | +12.4% |
| Taxes, remuneration and social security | 45 | €66,981 | €94,928 | +€27,947 | +41.7% |
| Taxes | 450/3 | €44,279 | €71,779 | +€27,500 | +62.1% |
| Remuneration and social security | 454/9 | €22,702 | €23,149 | +€447 | +2.0% |
| Other amounts payable | 47/48 | €82,352 | €275,618 | +€193,265 | +235% |
| Non-recurring operating income | 76A | - | €414,445 | +€414,445 | |
| Remuneration, social security and pensions | 62 | €222,142 | €246,247 | +€24,104 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,131 | €29,513 | -€4,618 | -13.5% |
| Other operating charges | 640/8 | €6,226 | €6,306 | +€80 | +1.3% |
| Gross operating margin | 9900 | €407,933 | €854,775 | +€446,842 | +110% |
| Operating profit (loss) | 9901 | €145,434 | €572,709 | +€427,275 | +294% |
| Financial income | 75/76B | €3,714 | €1,052 | -€2,662 | -71.7% |
| Recurring financial income | 75 | €3,714 | €1,052 | -€2,662 | -71.7% |
| Financial charges | 65/66B | €1,532 | €1,152 | -€380 | -24.8% |
| Recurring financial charges | 65 | €1,532 | €1,152 | -€380 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €147,616 | €572,609 | +€424,993 | +288% |
| Transfer from deferred taxes | 780 | - | €2,763 | +€2,763 | |
| Transfer to deferred taxes | 680 | - | €82,889 | +€82,889 | |
| Income taxes | 67/77 | €46,041 | €53,949 | +€7,908 | +17.2% |
| Profit (loss) for the period | 9904 | €101,575 | €438,535 | +€336,959 | +332% |
| Transfer from tax-exempt reserves | 789 | - | €11,052 | +€11,052 | |
| Transfer to tax-exempt reserves | 689 | - | €331,556 | +€331,556 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,575 | €118,031 | +€16,456 | +16.2% |
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 13 October 2026 via checked.be.