BELFAS: what changed
Two fiscal 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.
BELFAS
Largest movements
- Receivables within one year -€114,959
down €114,959 (-97.2%), from €118,210 to €3,251
of which Trade receivables: -€114,921
- Stocks and contracts +€53,009
new in 2025: €53,009
- Current investments -€35,173
down €35,173 (-47.8%), from €73,572 to €38,399
- Cash +€23,266
up €23,266 (+1045.0%), from €2,226 to €25,493
mainly Receivables within one year (+€114,959) and Trade debts (+€65,652)
- Other debts -€150,250
down €150,250 (-63.5%), from €236,750 to €86,500
- Trade debts +€65,652
up €65,652 (+181.9%), from €36,096 to €101,748
- Profit (loss) carried forward +€9,203
up €9,203 (+6.9%), from -€133,157 to -€123,954
- Gross operating margin -€216,220
down €216,220 (-96.2%), from €224,684 to €8,463
- Financial charges -€31,191
down €31,191, from €29,719 to -€1,472
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.
Cash bridge derived
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 | €195,465 | €121,002 | -€74,463 | -38.1% |
| Fixed assets | 21/28 | €1,457 | €851 | -€606 | -41.6% |
| Tangible fixed assets | 22/27 | €1,457 | €851 | -€606 | -41.6% |
| Furniture and vehicles | 24 | €1,457 | €851 | -€606 | -41.6% |
| Current assets | 29/58 | €194,008 | €120,152 | -€73,857 | -38.1% |
| Stocks and contracts in progress | 3 | - | €53,009 | +€53,009 | |
| Stocks | 30/36 | - | €53,009 | +€53,009 | |
| Amounts receivable within one year | 40/41 | €118,210 | €3,251 | -€114,959 | -97.2% |
| Trade receivables | 40 | €118,172 | €3,251 | -€114,921 | -97.2% |
| Other amounts receivable | 41 | €38 | €0 | -€38 | -100.0% |
| Current investments | 50/53 | €73,572 | €38,399 | -€35,173 | -47.8% |
| Cash at bank and in hand | 54/58 | €2,226 | €25,493 | +€23,266 | +1045.0% |
| Total equity and liabilities | 10/49 | €195,465 | €121,002 | -€74,463 | -38.1% |
| Equity | 10/15 | -€77,381 | -€68,178 | +€9,203 | +11.9% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€133,157 | -€123,954 | +€9,203 | +6.9% |
| Amounts payable | 17/49 | €272,846 | €189,180 | -€83,666 | -30.7% |
| Amounts payable within one year | 42/48 | €272,846 | €189,180 | -€83,666 | -30.7% |
| Trade debts | 44 | €36,096 | €101,748 | +€65,652 | +181.9% |
| Suppliers | 440/4 | €36,096 | €101,748 | +€65,652 | +181.9% |
| Taxes, remuneration and social security | 45 | - | €932 | +€932 | |
| Taxes | 450/3 | - | €932 | +€932 | |
| Other amounts payable | 47/48 | €236,750 | €86,500 | -€150,250 | -63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €361 | €606 | +€245 | +67.9% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Non-recurring operating charges | 66A | €22,137 | €0 | -€22,137 | -100.0% |
| Gross operating margin | 9900 | €224,684 | €8,463 | -€216,220 | -96.2% |
| Operating profit (loss) | 9901 | €202,070 | €7,731 | -€194,339 | -96.2% |
| Financial charges | 65/66B | €29,719 | -€1,472 | -€31,191 | |
| Recurring financial charges | 65 | €29,719 | -€1,472 | -€31,191 | |
| Profit (loss) for the period before taxes | 9903 | €172,351 | €9,203 | -€163,148 | -94.7% |
| Profit (loss) for the period | 9904 | €172,351 | €9,203 | -€163,148 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €172,351 | €9,203 | -€163,148 | -94.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.