BELFICA: 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.
BELFICA
Largest movements
- Financial fixed assets +€2.1m
new in 2025: €2.1m
- Cash +€116,527
up €116,527 (+406%), from €28,692 to €145,219
mainly Debts after one year (+€2.2m) and Other debts (+€89,049)
- Debts after one year +€2.2m
new in 2025: €2.2m
- Profit (loss) carried forward -€122,917
down €122,917 (-261%), from -€47,120 to -€170,037
- Other debts +€89,049
up €89,049 (+1,787%), from €4,983 to €94,033
- Gross operating margin -€44,091
down €44,091 (-154%), from -€28,643 to -€72,734
- Staff costs +€7,324
up €7,324 (+17.3%), from €42,344 to €49,668
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 | €30,092 | €2,209,361 | +€2.2m | +7,242% |
| Fixed assets | 21/28 | - | €2,062,504 | +€2.1m | |
| Financial fixed assets | 28 | - | €2,062,504 | +€2.1m | |
| Current assets | 29/58 | €30,092 | €146,857 | +€116,764 | +388% |
| Amounts receivable within one year | 40/41 | €1,251 | €1,637 | +€387 | +30.9% |
| Trade receivables | 40 | - | €202 | +€202 | |
| Other amounts receivable | 41 | €1,251 | €1,436 | +€185 | +14.8% |
| Cash at bank and in hand | 54/58 | €28,692 | €145,219 | +€116,527 | +406% |
| Deferred charges and accrued income | 490/1 | €150 | - | -€150 | |
| Total equity and liabilities | 10/49 | €30,092 | €2,209,361 | +€2.2m | +7,242% |
| Equity | 10/15 | €2,880 | -€120,037 | -€122,917 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,120 | -€170,037 | -€122,917 | -261% |
| Amounts payable | 17/49 | €27,212 | €2,329,398 | +€2.3m | +8,460% |
| Amounts payable after more than one year | 17 | - | €2,225,000 | +€2.2m | |
| Other amounts payable | 178/9 | - | €2,225,000 | +€2.2m | |
| Amounts payable within one year | 42/48 | €27,212 | €104,398 | +€77,186 | +284% |
| Trade debts | 44 | €8,615 | €5,445 | -€3,170 | -36.8% |
| Suppliers | 440/4 | €8,615 | €5,445 | -€3,170 | -36.8% |
| Taxes, remuneration and social security | 45 | €13,614 | €4,920 | -€8,694 | -63.9% |
| Taxes | 450/3 | €8,973 | - | -€8,973 | |
| Remuneration and social security | 454/9 | €4,640 | €4,920 | +€280 | +6.0% |
| Other amounts payable | 47/48 | €4,983 | €94,033 | +€89,049 | +1,787% |
| Remuneration, social security and pensions | 62 | €42,344 | €49,668 | +€7,324 | +17.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€28,643 | -€72,734 | -€44,091 | -154% |
| Operating profit (loss) | 9901 | -€71,373 | -€122,801 | -€51,428 | -72.1% |
| Financial charges | 65/66B | €170 | €116 | -€54 | -31.5% |
| Recurring financial charges | 65 | €170 | €116 | -€54 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | -€71,543 | -€122,917 | -€51,374 | -71.8% |
| Income taxes | 67/77 | -€2 | - | +€2 | |
| Profit (loss) for the period | 9904 | -€71,542 | -€122,917 | -€51,376 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,542 | -€122,917 | -€51,376 | -71.8% |
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 22 October 2026 via checked.be.