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.
BELFI+
Largest movements
- Receivables within one year +€76,049
up €76,049 (+290%), from €26,257 to €102,306
- Reserves +€67,000
up €67,000 (+28.8%), from €233,000 to €300,000
- Debts after one year -€52,630
down €52,630 (-14.3%), from €367,124 to €314,494
- Other debts +€29,777
up €29,777 (+12.4%), from €240,399 to €270,176
- Tax, wage and social debts +€19,907
up €19,907 (+262%), from €7,589 to €27,497
- Gross operating margin +€60,657
up €60,657 (+49.6%), from €122,280 to €182,937
- Financial charges -€3,039
down €3,039 (-11.2%), from €27,252 to €24,213
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 | €1,056,636 | €1,125,716 | +€69,080 | +6.5% |
| Fixed assets | 21/28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €56,636 | €125,716 | +€69,080 | +122% |
| Amounts receivable within one year | 40/41 | €26,257 | €102,306 | +€76,049 | +290% |
| Trade receivables | 40 | €26,257 | €102,306 | +€76,049 | +290% |
| Cash at bank and in hand | 54/58 | €30,379 | €23,410 | -€6,969 | -22.9% |
| Total equity and liabilities | 10/49 | €1,056,636 | €1,125,716 | +€69,080 | +6.5% |
| Equity | 10/15 | €383,187 | €451,239 | +€68,052 | +17.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €233,000 | €300,000 | +€67,000 | +28.8% |
| Distributable reserves | 133 | €233,000 | €300,000 | +€67,000 | +28.8% |
| Profit (loss) carried forward | 14 | €187 | €1,239 | +€1,052 | +562% |
| Amounts payable | 17/49 | €673,449 | €674,477 | +€1,028 | +0.2% |
| Amounts payable after more than one year | 17 | €367,124 | €314,494 | -€52,630 | -14.3% |
| Other amounts payable | 178/9 | €367,124 | €314,494 | -€52,630 | -14.3% |
| Amounts payable within one year | 42/48 | €306,324 | €359,983 | +€53,658 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €51,076 | €52,630 | +€1,554 | +3.0% |
| Trade debts | 44 | €7,260 | €9,680 | +€2,420 | +33.3% |
| Suppliers | 440/4 | €7,260 | €9,680 | +€2,420 | +33.3% |
| Taxes, remuneration and social security | 45 | €7,589 | €27,497 | +€19,907 | +262% |
| Taxes | 450/3 | €7,589 | €27,497 | +€19,907 | +262% |
| Other amounts payable | 47/48 | €240,399 | €270,176 | +€29,777 | +12.4% |
| Other operating charges | 640/8 | €387 | €1,438 | +€1,051 | +271% |
| Gross operating margin | 9900 | €122,280 | €182,937 | +€60,657 | +49.6% |
| Operating profit (loss) | 9901 | €121,893 | €181,499 | +€59,606 | +48.9% |
| Financial charges | 65/66B | €27,252 | €24,213 | -€3,039 | -11.2% |
| Recurring financial charges | 65 | €27,252 | €24,213 | -€3,039 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €94,641 | €157,285 | +€62,645 | +66.2% |
| Income taxes | 67/77 | €22,260 | €22,684 | +€424 | +1.9% |
| Profit (loss) for the period | 9904 | €72,381 | €134,602 | +€62,221 | +86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,381 | €134,602 | +€62,221 | +86.0% |
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 17 October 2026 via checked.be.