BELFEED: 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.
BELFEED
Largest movements
- Cash +€943,669
up €943,669 (+34.8%), from €2.7m to €3.7m
mainly Net result for the year (+€1.3m) and Trade debts (+€424,841)
- Receivables within one year +€500,909
up €500,909 (+54.3%), from €922,663 to €1.4m
of which Trade receivables: +€600,909
- Reserves +€1.0m
up €1.0m (+185.3%), from €545,189 to €1.6m
of which Distributable reserves: +€505,200
- Trade debts +€424,841
up €424,841 (+48.6%), from €874,746 to €1.3m
- Other debts -€59,323
down €59,323 (-13.3%), from €446,003 to €386,680
- Gross operating margin +€575,064
up €575,064 (+38.0%), from €1.5m to €2.1m
- Taxes +€141,695
up €141,695 (+49.7%), from €284,834 to €426,530
- Staff costs +€47,570
up €47,570 (+12.8%), from €371,193 to €418,762
- Financial income -€28,436
down €28,436 (-25.8%), from €110,409 to €81,974
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 | €3,741,503 | €5,159,980 | +€1.4m | +37.9% |
| Fixed assets | 21/28 | €101,324 | €68,889 | -€32,436 | -32.0% |
| Intangible fixed assets | 21 | €101,324 | €68,889 | -€32,436 | -32.0% |
| Current assets | 29/58 | €3,640,179 | €5,091,092 | +€1.5m | +39.9% |
| Stocks and contracts in progress | 3 | €3,857 | - | -€3,857 | |
| Stocks | 30/36 | €3,857 | - | -€3,857 | |
| Amounts receivable within one year | 40/41 | €922,663 | €1,423,572 | +€500,909 | +54.3% |
| Trade receivables | 40 | €822,663 | €1,423,572 | +€600,909 | +73.0% |
| Other amounts receivable | 41 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €2,713,271 | €3,656,939 | +€943,669 | +34.8% |
| Deferred charges and accrued income | 490/1 | €387 | €10,581 | +€10,193 | +2631.7% |
| Total equity and liabilities | 10/49 | €3,741,503 | €5,159,980 | +€1.4m | +37.9% |
| Equity | 10/15 | €1,366,075 | €2,376,475 | +€1.0m | +74.0% |
| Contributions | 10/11 | €820,886 | €820,886 | = | 0.0% |
| Capital | 10 | €820,886 | €820,886 | = | 0.0% |
| Issued capital | 100 | €820,886 | €820,886 | = | 0.0% |
| Reserves | 13 | €545,189 | €1,555,589 | +€1.0m | +185.3% |
| Non-distributable reserves | 130/1 | €82,089 | €82,089 | = | 0.0% |
| Legal reserve | 130 | €82,089 | €82,089 | = | 0.0% |
| Tax-exempt reserves | 132 | €463,100 | €968,300 | +€505,200 | +109.1% |
| Distributable reserves | 133 | - | €505,200 | +€505,200 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €845,480 | €845,480 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €845,480 | €845,480 | = | 0.0% |
| Other liabilities and charges | 164/5 | €845,480 | €845,480 | = | 0.0% |
| Amounts payable | 17/49 | €1,529,948 | €1,938,025 | +€408,077 | +26.7% |
| Amounts payable within one year | 42/48 | €1,524,026 | €1,934,740 | +€410,714 | +26.9% |
| Trade debts | 44 | €874,746 | €1,299,587 | +€424,841 | +48.6% |
| Suppliers | 440/4 | €874,746 | €1,299,587 | +€424,841 | +48.6% |
| Taxes, remuneration and social security | 45 | €203,277 | €248,473 | +€45,196 | +22.2% |
| Taxes | 450/3 | €48,881 | €151,624 | +€102,743 | +210.2% |
| Remuneration and social security | 454/9 | €154,396 | €96,849 | -€57,547 | -37.3% |
| Other amounts payable | 47/48 | €446,003 | €386,680 | -€59,323 | -13.3% |
| Accrued charges and deferred income | 492/3 | €5,922 | €3,285 | -€2,637 | -44.5% |
| Remuneration, social security and pensions | 62 | €371,193 | €418,762 | +€47,570 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,714 | €42,968 | -€13,746 | -24.2% |
| Other operating charges | 640/8 | €1,765 | €1,289 | -€476 | -27.0% |
| Gross operating margin | 9900 | €1,512,898 | €2,087,962 | +€575,064 | +38.0% |
| Operating profit (loss) | 9901 | €1,083,227 | €1,624,944 | +€541,717 | +50.0% |
| Financial income | 75/76B | €110,409 | €81,974 | -€28,436 | -25.8% |
| Recurring financial income | 75 | €110,409 | €81,974 | -€28,436 | -25.8% |
| Financial charges | 65/66B | €466 | €3,308 | +€2,841 | +609.1% |
| Recurring financial charges | 65 | €466 | €3,308 | +€2,841 | +609.1% |
| Profit (loss) for the period before taxes | 9903 | €1,193,169 | €1,703,610 | +€510,440 | +42.8% |
| Income taxes | 67/77 | €284,834 | €426,530 | +€141,695 | +49.7% |
| Profit (loss) for the period | 9904 | €908,335 | €1,277,080 | +€368,745 | +40.6% |
| Transfer to tax-exempt reserves | 689 | €463,100 | €505,200 | +€42,100 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €445,235 | €771,880 | +€326,645 | +73.4% |
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 9 October 2026 via checked.be.