BELFIAC: 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.
BELFIAC
Largest movements
- Cash -€56,014
down €56,014 (-22.8%), from €245,467 to €189,453
mainly Contributions, distributions and other (-€63,001) and Trade debts (-€1,907)
- Tangible fixed assets -€9,427
down €9,427 (-4.0%), from €233,865 to €224,438
of which Land and buildings: -€8,820
- Reserves -€63,001
down €63,001 (-29.2%), from €215,441 to €152,440
of which Distributable reserves: -€63,001
- Gross operating margin -€14,891
down €14,891 (-67.3%), from €22,120 to €7,229
- Taxes -€4,250
down €4,250, from €3,534 to -€716
- Depreciation -€1,476
down €1,476 (-12.2%), from €12,061 to €10,585
- Financial income +€875
up €875 (+30.0%), from €2,921 to €3,796
- Other operating charges -€364
down €364 (-21.6%), from €1,686 to €1,322
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 | €783,784 | €718,853 | -€64,931 | -8.3% |
| Fixed assets | 21/28 | €233,865 | €224,438 | -€9,427 | -4.0% |
| Tangible fixed assets | 22/27 | €233,865 | €224,438 | -€9,427 | -4.0% |
| Land and buildings | 22 | €227,832 | €219,012 | -€8,820 | -3.9% |
| Furniture and vehicles | 24 | €30 | €1,061 | +€1,031 | +3,437% |
| Other tangible fixed assets | 26 | €6,003 | €4,365 | -€1,638 | -27.3% |
| Current assets | 29/58 | €549,919 | €494,415 | -€55,504 | -10.1% |
| Amounts receivable within one year | 40/41 | €4,426 | €2,719 | -€1,707 | -38.6% |
| Other amounts receivable | 41 | €4,426 | €2,719 | -€1,707 | -38.6% |
| Current investments | 50/53 | €298,417 | €300,266 | +€1,849 | +0.6% |
| Cash at bank and in hand | 54/58 | €245,467 | €189,453 | -€56,014 | -22.8% |
| Deferred charges and accrued income | 490/1 | €1,609 | €1,977 | +€368 | +22.9% |
| Total equity and liabilities | 10/49 | €783,784 | €718,853 | -€64,931 | -8.3% |
| Equity | 10/15 | €778,360 | €715,124 | -€63,236 | -8.1% |
| Contributions | 10/11 | €6,605 | €6,605 | = | 0.0% |
| Capital | 10 | €6,605 | - | -€6,605 | |
| Issued capital | 100 | €19,000 | - | -€19,000 | |
| Uncalled capital | 101 | €12,395 | - | -€12,395 | |
| Reserves | 13 | €215,441 | €152,440 | -€63,001 | -29.2% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Legal reserve | 130 | €1,900 | - | -€1,900 | |
| Reserves not available under the articles | 1311 | - | €1,900 | +€1,900 | |
| Distributable reserves | 133 | €213,541 | €150,540 | -€63,001 | -29.5% |
| Profit (loss) carried forward | 14 | €556,314 | €556,079 | -€235 | 0.0% |
| Amounts payable | 17/49 | €5,424 | €3,729 | -€1,695 | -31.3% |
| Amounts payable within one year | 42/48 | €3,567 | €1,827 | -€1,740 | -48.8% |
| Trade debts | 44 | €1,907 | - | -€1,907 | |
| Suppliers | 440/4 | €1,907 | - | -€1,907 | |
| Taxes, remuneration and social security | 45 | €771 | €29 | -€742 | -96.2% |
| Taxes | 450/3 | €771 | €29 | -€742 | -96.2% |
| Other amounts payable | 47/48 | €889 | €1,798 | +€909 | +102% |
| Accrued charges and deferred income | 492/3 | €1,857 | €1,902 | +€45 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,061 | €10,585 | -€1,476 | -12.2% |
| Other operating charges | 640/8 | €1,686 | €1,322 | -€364 | -21.6% |
| Gross operating margin | 9900 | €22,120 | €7,229 | -€14,891 | -67.3% |
| Operating profit (loss) | 9901 | €8,373 | -€4,678 | -€13,051 | |
| Financial income | 75/76B | €2,921 | €3,796 | +€875 | +30.0% |
| Recurring financial income | 75 | €2,921 | €3,796 | +€875 | +30.0% |
| Financial charges | 65/66B | €48 | €69 | +€21 | +43.8% |
| Recurring financial charges | 65 | €48 | €69 | +€21 | +43.8% |
| Profit (loss) for the period before taxes | 9903 | €11,246 | -€951 | -€12,197 | |
| Income taxes | 67/77 | €3,534 | -€716 | -€4,250 | |
| Profit (loss) for the period | 9904 | €7,712 | -€235 | -€7,947 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,712 | -€235 | -€7,947 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.