Belficos: 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.
Belficos
Largest movements
- Stocks and contracts +€690,334
up €690,334 (+97.4%), from €708,580 to €1.4m
of which Stocks: +€690,334
- Cash +€402,641
up €402,641 (+811.0%), from €49,650 to €452,291
mainly Other debts (+€908,631) and Short-term financial debts (+€375,071)
- Tangible fixed assets +€332,002
up €332,002 (+80.7%), from €411,268 to €743,270
of which Leasing and similar rights: +€302,081
- Receivables within one year -€165,423
down €165,423 (-19.5%), from €849,772 to €684,348
of which Other amounts receivable: -€159,874
- Other debts +€908,631
up €908,631 (+258.6%), from €351,320 to €1.3m
- Short-term financial debts +€375,071
new in 2024: €375,071
- Current portion of long-term debt -€292,143
down €292,143 (-68.1%), from €428,747 to €136,604
- Debts after one year +€122,887
up €122,887 (+108.5%), from €113,267 to €236,154
- Tax, wage and social debts +€103,169
up €103,169 (+853.8%), from €12,083 to €115,252
of which Remuneration and social security: +€90,110
- Gross operating margin +€554,961
up €554,961 (+144.5%), from €384,024 to €938,985
- Staff costs +€346,713
up €346,713 (+109.3%), from €317,356 to €664,070
- Financial charges +€133,011
up €133,011 (+1247.9%), from €10,659 to €143,670
- Depreciation +€41,805
up €41,805 (+40.4%), from €103,369 to €145,175
- Financial income +€21,933
up €21,933 (+4720.7%), from €465 to €22,397
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,185,620 | €3,458,582 | +€1.3m | +58.2% |
| Fixed assets | 21/28 | €575,327 | €900,529 | +€325,202 | +56.5% |
| Intangible fixed assets | 21 | €159,858 | €157,258 | -€2,600 | -1.6% |
| Tangible fixed assets | 22/27 | €411,268 | €743,270 | +€332,002 | +80.7% |
| Land and buildings | 22 | €11,268 | €8,533 | -€2,735 | -24.3% |
| Plant, machinery and equipment | 23 | €394,106 | €427,855 | +€33,748 | +8.6% |
| Furniture and vehicles | 24 | €2,517 | €1,803 | -€714 | -28.4% |
| Leasing and similar rights | 25 | - | €302,081 | +€302,081 | |
| Other tangible fixed assets | 26 | €3,377 | €2,999 | -€378 | -11.2% |
| Financial fixed assets | 28 | €4,200 | €0 | -€4,200 | -100.0% |
| Current assets | 29/58 | €1,610,293 | €2,558,054 | +€947,761 | +58.9% |
| Stocks and contracts in progress | 3 | €708,580 | €1,398,914 | +€690,334 | +97.4% |
| Stocks | 30/36 | €708,580 | €1,398,914 | +€690,334 | +97.4% |
| Contracts in progress | 37 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €849,772 | €684,348 | -€165,423 | -19.5% |
| Trade receivables | 40 | €460,087 | €454,538 | -€5,550 | -1.2% |
| Other amounts receivable | 41 | €389,684 | €229,811 | -€159,874 | -41.0% |
| Cash at bank and in hand | 54/58 | €49,650 | €452,291 | +€402,641 | +811.0% |
| Deferred charges and accrued income | 490/1 | €2,291 | €22,500 | +€20,209 | +882.0% |
| Total equity and liabilities | 10/49 | €2,185,620 | €3,458,582 | +€1.3m | +58.2% |
| Equity | 10/15 | €406,308 | €500,398 | +€94,090 | +23.2% |
| Contributions | 10/11 | €488,000 | €488,000 | = | 0.0% |
| Reserves | 13 | - | €14,758 | +€14,758 | |
| Distributable reserves | 133 | - | €14,758 | +€14,758 | |
| Profit (loss) carried forward | 14 | -€81,692 | -€2,360 | +€79,333 | +97.1% |
| Amounts payable | 17/49 | €1,779,312 | €2,958,184 | +€1.2m | +66.3% |
| Amounts payable after more than one year | 17 | €113,267 | €236,154 | +€122,887 | +108.5% |
| Financial debts | 170/4 | €113,267 | €236,154 | +€122,887 | +108.5% |
| Amounts payable within one year | 42/48 | €1,666,045 | €2,722,031 | +€1.1m | +63.4% |
| Current portion of amounts payable after more than one year | 42 | €428,747 | €136,604 | -€292,143 | -68.1% |
| Financial debts | 43 | - | €375,071 | +€375,071 | |
| Credit institutions | 430/8 | - | €375,071 | +€375,071 | |
| Trade debts | 44 | €873,894 | €777,651 | -€96,243 | -11.0% |
| Suppliers | 440/4 | €873,894 | €777,651 | -€96,243 | -11.0% |
| Advances received on contracts in progress | 46 | - | €57,500 | +€57,500 | |
| Taxes, remuneration and social security | 45 | €12,083 | €115,252 | +€103,169 | +853.8% |
| Taxes | 450/3 | €11,473 | €24,532 | +€13,059 | +113.8% |
| Remuneration and social security | 454/9 | €610 | €90,720 | +€90,110 | +14765.8% |
| Other amounts payable | 47/48 | €351,320 | €1,259,952 | +€908,631 | +258.6% |
| Remuneration, social security and pensions | 62 | €317,356 | €664,070 | +€346,713 | +109.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,369 | €145,175 | +€41,805 | +40.4% |
| Other operating charges | 640/8 | €6,373 | €668 | -€5,705 | -89.5% |
| Non-recurring operating charges | 66A | - | €9,730 | +€9,730 | |
| Gross operating margin | 9900 | €384,024 | €938,985 | +€554,961 | +144.5% |
| Operating profit (loss) | 9901 | -€43,075 | €119,342 | +€162,417 | |
| Financial income | 75/76B | €465 | €22,397 | +€21,933 | +4720.7% |
| Recurring financial income | 75 | €465 | €22,397 | +€21,933 | +4720.7% |
| Financial charges | 65/66B | €10,659 | €143,670 | +€133,011 | +1247.9% |
| Recurring financial charges | 65 | €10,659 | €143,670 | +€133,011 | +1247.9% |
| Profit (loss) for the period before taxes | 9903 | -€53,269 | -€1,930 | +€51,339 | +96.4% |
| Income taxes | 67/77 | - | €429 | +€429 | |
| Profit (loss) for the period | 9904 | -€53,269 | -€2,360 | +€50,910 | +95.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,269 | -€2,360 | +€50,910 | +95.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.