BELFASS: 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.
BELFASS
Largest movements
- Cash -€12,352
down €12,352 (-9.5%), from €129,587 to €117,235
mainly Net result for the year (-€26,340) and Trade debts (-€4,509)
- Profit (loss) carried forward -€26,340
down €26,340 (-13.2%), from €199,232 to €172,892
- Other debts +€20,000
new in 2025: €20,000
- Trade debts -€4,509
down €4,509 (-83.6%), from €5,396 to €886
- Gross operating margin -€2,510
down €2,510, from €749 to -€1,761
- Depreciation -€724
no longer reported in 2025 (was €724)
- Other operating charges +€400
new in 2025: €400
- Financial charges +€90
up €90 (+6.4%), from €1,401 to €1,491
- Staff costs -€69
down €69 (-0.3%), from €22,757 to €22,688
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 | €259,610 | €249,729 | -€9,880 | -3.8% |
| Fixed assets | 21/28 | €7,429 | €7,429 | = | 0.0% |
| Financial fixed assets | 28 | €7,429 | €7,429 | = | 0.0% |
| Current assets | 29/58 | €252,181 | €242,301 | -€9,880 | -3.9% |
| Stocks and contracts in progress | 3 | €26,153 | €28,332 | +€2,179 | +8.3% |
| Stocks | 30/36 | €26,153 | €28,332 | +€2,179 | +8.3% |
| Amounts receivable within one year | 40/41 | €6,777 | €7,069 | +€293 | +4.3% |
| Trade receivables | 40 | €306 | €154 | -€151 | -49.6% |
| Other amounts receivable | 41 | €6,471 | €6,915 | +€444 | +6.9% |
| Current investments | 50/53 | €89,664 | €89,664 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €129,587 | €117,235 | -€12,352 | -9.5% |
| Total equity and liabilities | 10/49 | €259,610 | €249,729 | -€9,880 | -3.8% |
| Equity | 10/15 | €249,173 | €222,833 | -€26,340 | -10.6% |
| Contributions | 10/11 | €43,381 | €43,381 | = | 0.0% |
| Reserves | 13 | €6,559 | €6,559 | = | 0.0% |
| Distributable reserves | 133 | €6,559 | €6,559 | = | 0.0% |
| Profit (loss) carried forward | 14 | €199,232 | €172,892 | -€26,340 | -13.2% |
| Amounts payable | 17/49 | €10,437 | €26,897 | +€16,460 | +158% |
| Amounts payable within one year | 42/48 | €10,437 | €26,897 | +€16,460 | +158% |
| Trade debts | 44 | €5,396 | €886 | -€4,509 | -83.6% |
| Suppliers | 440/4 | €5,396 | €886 | -€4,509 | -83.6% |
| Taxes, remuneration and social security | 45 | €5,041 | €6,010 | +€970 | +19.2% |
| Taxes | 450/3 | €111 | €281 | +€171 | +154% |
| Remuneration and social security | 454/9 | €4,930 | €5,729 | +€799 | +16.2% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €22,757 | €22,688 | -€69 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €724 | - | -€724 | |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €749 | -€1,761 | -€2,510 | |
| Operating profit (loss) | 9901 | -€22,733 | -€24,849 | -€2,116 | -9.3% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €1,401 | €1,491 | +€90 | +6.4% |
| Recurring financial charges | 65 | €1,401 | €1,491 | +€90 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | -€24,116 | -€26,340 | -€2,224 | -9.2% |
| Profit (loss) for the period | 9904 | -€24,116 | -€26,340 | -€2,224 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,116 | -€26,340 | -€2,224 | -9.2% |
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 15 October 2026 via checked.be.