BELFAM: 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.
BELFAM
Largest movements
- Stocks and contracts +€14,325
up €14,325 (+36.8%), from €38,950 to €53,275
- Cash -€10,976
down €10,976 (-49.1%), from €22,370 to €11,395
mainly Stocks and contracts (-€14,325) and Net result for the year (-€5,548)
- Tangible fixed assets -€2,153
down €2,153 (-15.2%), from €14,171 to €12,018
of which Plant, machinery and equipment: -€1,938
- Receivables within one year +€2,075
up €2,075 (+22.3%), from €9,327 to €11,402
of which Trade receivables: +€4,020
- Other debts +€7,433
up €7,433 (+39.7%), from €18,722 to €26,154
- Profit (loss) carried forward -€5,548
down €5,548 (-11.0%), from €50,590 to €45,042
- Trade debts +€4,734
new in 2025: €4,734
- Tax, wage and social debts -€2,229
down €2,229 (-67.1%), from €3,320 to €1,091
- Short-term financial debts -€1,118
down €1,118 (-52.5%), from €2,131 to €1,013
- Gross operating margin -€7,055
down €7,055, from €6,086 to -€969
- Taxes -€1,265
down €1,265, from €238 to -€1,027
- Financial charges -€685
down €685 (-35.4%), from €1,933 to €1,248
- Other operating charges +€455
up €455 (+60.4%), from €754 to €1,210
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 | €84,817 | €88,089 | +€3,272 | +3.9% |
| Fixed assets | 21/28 | €14,171 | €12,018 | -€2,153 | -15.2% |
| Tangible fixed assets | 22/27 | €14,171 | €12,018 | -€2,153 | -15.2% |
| Plant, machinery and equipment | 23 | €12,420 | €10,481 | -€1,938 | -15.6% |
| Furniture and vehicles | 24 | €1,751 | €1,536 | -€214 | -12.2% |
| Current assets | 29/58 | €70,647 | €76,072 | +€5,425 | +7.7% |
| Stocks and contracts in progress | 3 | €38,950 | €53,275 | +€14,325 | +36.8% |
| Stocks | 30/36 | €38,950 | €53,275 | +€14,325 | +36.8% |
| Amounts receivable within one year | 40/41 | €9,327 | €11,402 | +€2,075 | +22.3% |
| Trade receivables | 40 | €3,382 | €7,402 | +€4,020 | +119% |
| Other amounts receivable | 41 | €5,945 | €4,000 | -€1,945 | -32.7% |
| Cash at bank and in hand | 54/58 | €22,370 | €11,395 | -€10,976 | -49.1% |
| Total equity and liabilities | 10/49 | €84,817 | €88,089 | +€3,272 | +3.9% |
| Equity | 10/15 | €60,645 | €55,097 | -€5,548 | -9.1% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,590 | €45,042 | -€5,548 | -11.0% |
| Amounts payable | 17/49 | €24,172 | €32,992 | +€8,820 | +36.5% |
| Amounts payable within one year | 42/48 | €24,172 | €32,992 | +€8,820 | +36.5% |
| Financial debts | 43 | €2,131 | €1,013 | -€1,118 | -52.5% |
| Credit institutions | 430/8 | €2,131 | €1,013 | -€1,118 | -52.5% |
| Trade debts | 44 | - | €4,734 | +€4,734 | |
| Suppliers | 440/4 | - | €4,734 | +€4,734 | |
| Taxes, remuneration and social security | 45 | €3,320 | €1,091 | -€2,229 | -67.1% |
| Taxes | 450/3 | €3,320 | €1,091 | -€2,229 | -67.1% |
| Other amounts payable | 47/48 | €18,722 | €26,154 | +€7,433 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,148 | €3,148 | -€0 | 0.0% |
| Other operating charges | 640/8 | €754 | €1,210 | +€455 | +60.4% |
| Gross operating margin | 9900 | €6,086 | -€969 | -€7,055 | |
| Operating profit (loss) | 9901 | €2,184 | -€5,327 | -€7,510 | |
| Financial charges | 65/66B | €1,933 | €1,248 | -€685 | -35.4% |
| Recurring financial charges | 65 | €1,933 | €1,248 | -€685 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €250 | -€6,575 | -€6,825 | |
| Income taxes | 67/77 | €238 | -€1,027 | -€1,265 | |
| Profit (loss) for the period | 9904 | €13 | -€5,548 | -€5,560 | |
| Profit (loss) for the period to be appropriated | 9905 | €13 | -€5,548 | -€5,560 |
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 26 October 2026 via checked.be.