BELFARM: 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.
BELFARM
Largest movements
- Tangible fixed assets +€240,014
up €240,014 (+37.8%), from €634,517 to €874,531
of which Plant, machinery and equipment: +€194,083
- Receivables within one year -€13,852
down €13,852 (-27.3%), from €50,805 to €36,953
of which Trade receivables: -€23,351
- Cash -€12,588
down €12,588 (-19.9%), from €63,240 to €50,652
mainly Investment in fixed assets (net) (-€334,842) and Debts after one year (-€27,500)
- Other debts +€147,387
up €147,387 (+58.7%), from €251,043 to €398,430
- Accrued charges and deferred income +€55,486
up €55,486 (+571%), from €9,712 to €65,198
- Debts after one year -€27,500
down €27,500 (-21.6%), from €127,500 to €100,000
- Trade debts +€15,140
up €15,140 (+50.3%), from €30,080 to €45,220
- Reserves +€14,298
up €14,298 (+6.2%), from €230,923 to €245,221
of which Distributable reserves: +€14,299
- Gross operating margin +€69,325
up €69,325 (+85.4%), from €81,154 to €150,479
- Financial income -€29,472
down €29,472 (-95.7%), from €30,785 to €1,313
- Depreciation +€27,699
up €27,699 (+41.3%), from €67,129 to €94,828
- Financial charges +€19,772
up €19,772 (+171%), from €11,560 to €31,332
- Other operating charges +€2,851
up €2,851 (+50.4%), from €5,654 to €8,505
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 | €756,080 | €967,618 | +€211,538 | +28.0% |
| Fixed assets | 21/28 | €634,517 | €874,531 | +€240,014 | +37.8% |
| Tangible fixed assets | 22/27 | €634,517 | €874,531 | +€240,014 | +37.8% |
| Land and buildings | 22 | €503,932 | €456,360 | -€47,572 | -9.4% |
| Plant, machinery and equipment | 23 | €124,756 | €318,839 | +€194,083 | +156% |
| Furniture and vehicles | 24 | €5,829 | €99,332 | +€93,503 | +1,604% |
| Current assets | 29/58 | €121,563 | €93,087 | -€28,476 | -23.4% |
| Amounts receivable within one year | 40/41 | €50,805 | €36,953 | -€13,852 | -27.3% |
| Trade receivables | 40 | €43,009 | €19,658 | -€23,351 | -54.3% |
| Other amounts receivable | 41 | €7,797 | €17,295 | +€9,499 | +122% |
| Cash at bank and in hand | 54/58 | €63,240 | €50,652 | -€12,588 | -19.9% |
| Deferred charges and accrued income | 490/1 | €7,517 | €5,482 | -€2,035 | -27.1% |
| Total equity and liabilities | 10/49 | €756,080 | €967,618 | +€211,538 | +28.0% |
| Equity | 10/15 | €305,598 | €319,896 | +€14,298 | +4.7% |
| Contributions | 10/11 | €74,675 | €74,675 | -€0 | 0.0% |
| Reserves | 13 | €230,923 | €245,221 | +€14,298 | +6.2% |
| Tax-exempt reserves | 132 | €131 | €131 | -€0 | -0.1% |
| Distributable reserves | 133 | €230,791 | €245,090 | +€14,299 | +6.2% |
| Amounts payable | 17/49 | €450,482 | €647,722 | +€197,240 | +43.8% |
| Amounts payable after more than one year | 17 | €127,500 | €100,000 | -€27,500 | -21.6% |
| Financial debts | 170/4 | €127,500 | €100,000 | -€27,500 | -21.6% |
| Amounts payable within one year | 42/48 | €313,269 | €482,524 | +€169,255 | +54.0% |
| Current portion of amounts payable after more than one year | 42 | €27,500 | €27,500 | +€0 | 0.0% |
| Trade debts | 44 | €30,080 | €45,220 | +€15,140 | +50.3% |
| Suppliers | 440/4 | €30,080 | €45,220 | +€15,140 | +50.3% |
| Taxes, remuneration and social security | 45 | €4,646 | €11,374 | +€6,728 | +145% |
| Taxes | 450/3 | €4,646 | €11,374 | +€6,728 | +145% |
| Other amounts payable | 47/48 | €251,043 | €398,430 | +€147,387 | +58.7% |
| Accrued charges and deferred income | 492/3 | €9,712 | €65,198 | +€55,486 | +571% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,129 | €94,828 | +€27,699 | +41.3% |
| Other operating charges | 640/8 | €5,654 | €8,505 | +€2,851 | +50.4% |
| Gross operating margin | 9900 | €81,154 | €150,479 | +€69,325 | +85.4% |
| Operating profit (loss) | 9901 | €8,371 | €47,146 | +€38,775 | +463% |
| Financial income | 75/76B | €30,785 | €1,313 | -€29,472 | -95.7% |
| Recurring financial income | 75 | €30,785 | €1,313 | -€29,472 | -95.7% |
| Financial charges | 65/66B | €11,560 | €31,332 | +€19,772 | +171% |
| Recurring financial charges | 65 | €11,560 | €31,332 | +€19,772 | +171% |
| Profit (loss) for the period before taxes | 9903 | €27,596 | €17,127 | -€10,469 | -37.9% |
| Income taxes | 67/77 | €3,695 | €2,828 | -€867 | -23.5% |
| Profit (loss) for the period | 9904 | €23,901 | €14,299 | -€9,602 | -40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,901 | €14,299 | -€9,602 | -40.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.