BELFI: 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.
What changed
BELFI
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€164,481
2024 · -€83,600+€248,081
Equity
€3.3m
2024 · €2.7m+€574,753
Cash
€12,679
2024 · €5,728+€6,951
Balance sheet total
€4.7m
2024 · €7.6m-€2.9m
Largest movements
Assets
- Tangible fixed assets -€5.0m
down €5.0m (-88.4%), from €5.6m to €653,029
of which Leasing and similar rights: -€5.2m
- Receivables within one year +€2.2m
up €2.2m (+271%), from €801,155 to €3.0m
of which Other amounts receivable: +€2.2m
- Deferred charges and accrued income -€86,458
down €86,458 (-98.9%), from €87,428 to €970
Equity and liabilities
- Debts after one year -€3.5m
down €3.5m (-95.8%), from €3.6m to €152,962
- Tax, wage and social debts +€1.2m
up €1.2m (+3,085%), from €38,008 to €1.2m
of which Taxes: +€1.2m
- Provisions -€815,824
down €815,824 (-100%), from €815,824 to €0
- Revaluation surpluses +€410,272
new in 2025: €410,272
- Current portion of long-term debt -€221,129
down €221,129 (-78.1%), from €283,076 to €61,947
Income statement
- Taxes +€915,295
up €915,295 (+146,246%), from €626 to €915,921
- Depreciation -€261,268
down €261,268 (-77.1%), from €338,715 to €77,447
- Turnover +€33,947
up €33,947 (+5.5%), from €622,469 to €656,415
- Other operating charges -€33,413
down €33,413 (-48.7%), from €68,594 to €35,181
- Goods and materials +€28,672
new in 2025: €28,672
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.
Result 2024
-€83,600
Turnover
+€33,947
Other operating income
-€27,383
Goods and materials
-€28,672
Services and other goods
+€22,321
Staff costs
-€5,860
Depreciation
+€261,268
Other operating charges
+€33,413
Other operating items
+€108,381
Financial income
-€22,808
Financial charges
+€9,761
Taxes
-€915,295
Deferred taxes and other
+€779,009
Result 2025
€164,481
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.6m
Investment
+€4.9m
Financing
-€3.3m
Cash 2024
€5,728
From operations (derived)
-€1.6m
Net result for the year
+€164,481
Depreciation
+€77,447
Receivables within one year
-€2.2m
Deferred charges and accrued income
+€86,458
Provisions
-€815,824
Trade debts
-€109,230
Tax, wage and social debts
+€1.2m
Accrued charges and deferred income
-€133
Investment (derived)
+€4.9m
Investment in fixed assets (net)
+€4.9m
Financing
-€3.3m
Debts after one year
-€3.5m
Current portion of long-term debt
-€221,129
Contributions, distributions and other
+€410,272
Cash 2025
€12,679
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,597,707 | €4,733,042 | -€2.9m | -37.7% |
| Fixed assets | 21/28 | €6,703,395 | €1,746,247 | -€5.0m | -73.9% |
| Tangible fixed assets | 22/27 | €5,610,177 | €653,029 | -€5.0m | -88.4% |
| Land and buildings | 22 | €12,697 | €0 | -€12,697 | -100% |
| Plant, machinery and equipment | 23 | €45,899 | €344,076 | +€298,177 | +650% |
| Furniture and vehicles | 24 | €788 | €101,175 | +€100,388 | +12,745% |
| Leasing and similar rights | 25 | €5,383,215 | €207,779 | -€5.2m | -96.1% |
| Other tangible fixed assets | 26 | €167,578 | €0 | -€167,578 | -100% |
| Financial fixed assets | 28 | €1,093,218 | €1,093,218 | = | 0.0% |
| Affiliated companies | 280/1 | €1,093,218 | €1,093,218 | = | 0.0% |
| Participating interests | 280 | €1,093,218 | €1,093,218 | = | 0.0% |
| Current assets | 29/58 | €894,312 | €2,986,794 | +€2.1m | +234% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €801,155 | €2,973,145 | +€2.2m | +271% |
| Trade receivables | 40 | €340,144 | €341,481 | +€1,337 | +0.4% |
| Other amounts receivable | 41 | €461,011 | €2,631,664 | +€2.2m | +471% |
| Cash at bank and in hand | 54/58 | €5,728 | €12,679 | +€6,951 | +121% |
| Deferred charges and accrued income | 490/1 | €87,428 | €970 | -€86,458 | -98.9% |
| Total equity and liabilities | 10/49 | €7,597,707 | €4,733,042 | -€2.9m | -37.7% |
| Equity | 10/15 | €2,723,378 | €3,298,131 | +€574,753 | +21.1% |
| Contributions | 10/11 | €228,325 | €228,325 | = | 0.0% |
| Capital | 10 | €228,325 | €228,325 | = | 0.0% |
| Issued capital | 100 | €228,325 | €228,325 | = | 0.0% |
| Revaluation surpluses | 12 | - | €410,272 | +€410,272 | |
| Reserves | 13 | €2,495,053 | €2,659,534 | +€164,481 | +6.6% |
| Non-distributable reserves | 130/1 | €22,841 | €22,841 | = | 0.0% |
| Legal reserve | 130 | €22,832 | €22,832 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €9 | €9 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,447,472 | €0 | -€2.4m | -100% |
| Distributable reserves | 133 | €24,740 | €2,636,693 | +€2.6m | +10,558% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €815,824 | €0 | -€815,824 | -100% |
| Deferred taxes | 168 | €815,824 | €0 | -€815,824 | -100% |
| Amounts payable | 17/49 | €4,058,505 | €1,434,911 | -€2.6m | -64.6% |
| Amounts payable after more than one year | 17 | €3,618,632 | €152,962 | -€3.5m | -95.8% |
| Financial debts | 170/4 | €3,618,632 | €152,962 | -€3.5m | -95.8% |
| Leasing and similar obligations | 172 | €3,618,632 | €152,962 | -€3.5m | -95.8% |
| Credit institutions | 173 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €439,736 | €1,281,946 | +€842,210 | +192% |
| Current portion of amounts payable after more than one year | 42 | €283,076 | €61,947 | -€221,129 | -78.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €118,653 | €9,423 | -€109,230 | -92.1% |
| Suppliers | 440/4 | €118,653 | €9,423 | -€109,230 | -92.1% |
| Taxes, remuneration and social security | 45 | €38,008 | €1,210,576 | +€1.2m | +3,085% |
| Taxes | 450/3 | €12,642 | €1,176,047 | +€1.2m | +9,202% |
| Remuneration and social security | 454/9 | €25,366 | €34,529 | +€9,163 | +36.1% |
| Accrued charges and deferred income | 492/3 | €137 | €3 | -€133 | -97.5% |
| Operating income | 70/76A | €683,491 | €926,140 | +€242,650 | +35.5% |
| Turnover | 70 | €622,469 | €656,415 | +€33,947 | +5.5% |
| Other operating income | 74 | €47,651 | €20,268 | -€27,383 | -57.5% |
| Non-recurring operating income | 76A | €13,371 | €249,457 | +€236,086 | +1,766% |
| Operating charges | 60/66A | €647,069 | €492,305 | -€154,764 | -23.9% |
| Goods for resale, raw materials and consumables | 60 | - | €28,672 | +€28,672 | |
| Purchases | 600/8 | - | €28,672 | +€28,672 | |
| Services and other goods | 61 | €64,612 | €42,292 | -€22,321 | -34.5% |
| Remuneration, social security and pensions | 62 | €175,148 | €181,009 | +€5,860 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €338,715 | €77,447 | -€261,268 | -77.1% |
| Other operating charges | 640/8 | €68,594 | €35,181 | -€33,413 | -48.7% |
| Non-recurring operating charges | 66A | €0 | €127,705 | +€127,705 | |
| Operating profit (loss) | 9901 | €36,422 | €433,835 | +€397,413 | +1,091% |
| Financial income | 75/76B | €22,808 | €0 | -€22,808 | -100% |
| Recurring financial income | 75 | €22,808 | €0 | -€22,808 | -100% |
| Income from current assets | 751 | €22,808 | €0 | -€22,808 | -100% |
| Financial charges | 65/66B | €179,018 | €169,257 | -€9,761 | -5.5% |
| Recurring financial charges | 65 | €179,018 | €169,257 | -€9,761 | -5.5% |
| Debt charges | 650 | €177,675 | €164,389 | -€13,286 | -7.5% |
| Other financial charges | 652/9 | €1,343 | €4,868 | +€3,525 | +262% |
| Profit (loss) for the period before taxes | 9903 | -€119,789 | €264,578 | +€384,367 | |
| Transfer from deferred taxes | 780 | €36,815 | €815,824 | +€779,009 | +2,116% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €626 | €915,921 | +€915,295 | +146,246% |
| Taxes | 670/3 | €626 | €915,921 | +€915,295 | +146,246% |
| Profit (loss) for the period | 9904 | -€83,600 | €164,481 | +€248,081 | |
| Transfer from tax-exempt reserves | 789 | €120,896 | €2,447,472 | +€2.3m | +1,924% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €37,296 | €2,611,953 | +€2.6m | +6,903% |
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 13 October 2026 via checked.be.