BELFAR: 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.
BELFAR
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€250,341
down €250,341, from €245,002 to -€5,339
- Financial charges -€3,416
down €3,416 (-23.3%), from €14,637 to €11,221
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 | €4,354,568 | €4,336,625 | -€17,942 | -0.4% |
| Fixed assets | 21/28 | €4,066,983 | €4,066,983 | = | 0.0% |
| Financial fixed assets | 28 | €4,066,983 | €4,066,983 | = | 0.0% |
| Current assets | 29/58 | €287,585 | €269,643 | -€17,942 | -6.2% |
| Amounts receivable after more than one year | 29 | €207,326 | €207,326 | = | 0.0% |
| Other amounts receivable | 291 | €207,326 | €207,326 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,666 | €2,204 | -€31,462 | -93.5% |
| Trade receivables | 40 | €0 | €487 | +€487 | |
| Other amounts receivable | 41 | €33,666 | €1,717 | -€31,949 | -94.9% |
| Cash at bank and in hand | 54/58 | €46,593 | €60,112 | +€13,520 | +29.0% |
| Total equity and liabilities | 10/49 | €4,354,568 | €4,336,625 | -€17,942 | -0.4% |
| Equity | 10/15 | €3,178,032 | €3,160,505 | -€17,527 | -0.6% |
| Contributions | 10/11 | €483,392 | €483,392 | = | 0.0% |
| Capital | 10 | €483,392 | €483,392 | = | 0.0% |
| Issued capital | 100 | €483,392 | €483,392 | = | 0.0% |
| Revaluation surpluses | 12 | €871,770 | €871,770 | = | 0.0% |
| Reserves | 13 | €1,822,870 | €1,805,343 | -€17,527 | -1.0% |
| Non-distributable reserves | 130/1 | €48,339 | €48,339 | = | 0.0% |
| Legal reserve | 130 | €48,339 | €48,339 | = | 0.0% |
| Distributable reserves | 133 | €1,774,531 | €1,757,003 | -€17,527 | -1.0% |
| Amounts payable | 17/49 | €1,176,536 | €1,176,121 | -€415 | 0.0% |
| Amounts payable within one year | 42/48 | €1,176,536 | €1,176,121 | -€415 | 0.0% |
| Taxes, remuneration and social security | 45 | €11,171 | €0 | -€11,171 | -100% |
| Taxes | 450/3 | €11,171 | €0 | -€11,171 | -100% |
| Other amounts payable | 47/48 | €1,165,365 | €1,176,121 | +€10,756 | +0.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €993 | €968 | -€26 | -2.6% |
| Gross operating margin | 9900 | €245,002 | -€5,339 | -€250,341 | |
| Operating profit (loss) | 9901 | €244,009 | -€6,307 | -€250,315 | |
| Financial charges | 65/66B | €14,637 | €11,221 | -€3,416 | -23.3% |
| Recurring financial charges | 65 | €14,637 | €11,221 | -€3,416 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €229,372 | -€17,527 | -€246,900 | |
| Profit (loss) for the period | 9904 | €229,372 | -€17,527 | -€246,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €229,372 | -€17,527 | -€246,900 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.