BELFID: 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.
BELFID
Largest movements
- Receivables within one year +€19,028
up €19,028 (+62.2%), from €30,610 to €49,637
- Cash -€12,573
down €12,573 (-91.1%), from €13,809 to €1,236
mainly Contributions, distributions and other (-€28,235) and Receivables within one year (-€19,028)
- Deferred charges and accrued income -€818
down €818 (-59.3%), from €1,379 to €562
- Profit (loss) carried forward -€24,771
down €24,771 (-61.3%), from €40,398 to €15,627
- Other debts +€15,029
up €15,029 (+13,713%), from €110 to €15,139
- Tax, wage and social debts +€12,975
up €12,975 (+142%), from €9,142 to €22,118
of which Taxes: +€10,961
- Trade debts +€1,971
up €1,971 (+668%), from €295 to €2,266
- Gross operating margin -€24,236
down €24,236 (-42.9%), from €56,521 to €32,285
- Staff costs -€11,690
down €11,690 (-36.8%), from €31,793 to €20,103
- Taxes +€3,983
up €3,983 (+168%), from €2,371 to €6,354
- Depreciation -€1,133
down €1,133 (-41.7%), from €2,715 to €1,581
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 | €50,945 | €56,150 | +€5,204 | +10.2% |
| Fixed assets | 21/28 | €5,147 | €4,715 | -€432 | -8.4% |
| Tangible fixed assets | 22/27 | €4,437 | €4,005 | -€432 | -9.7% |
| Furniture and vehicles | 24 | €4,437 | €4,005 | -€432 | -9.7% |
| Financial fixed assets | 28 | €710 | €710 | = | 0.0% |
| Current assets | 29/58 | €45,798 | €51,435 | +€5,637 | +12.3% |
| Amounts receivable within one year | 40/41 | €30,610 | €49,637 | +€19,028 | +62.2% |
| Trade receivables | 40 | €30,610 | €49,637 | +€19,028 | +62.2% |
| Cash at bank and in hand | 54/58 | €13,809 | €1,236 | -€12,573 | -91.1% |
| Deferred charges and accrued income | 490/1 | €1,379 | €562 | -€818 | -59.3% |
| Total equity and liabilities | 10/49 | €50,945 | €56,150 | +€5,204 | +10.2% |
| Equity | 10/15 | €41,398 | €16,627 | -€24,771 | -59.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,398 | €15,627 | -€24,771 | -61.3% |
| Amounts payable | 17/49 | €9,547 | €39,522 | +€29,975 | +314% |
| Amounts payable within one year | 42/48 | €9,547 | €39,522 | +€29,975 | +314% |
| Trade debts | 44 | €295 | €2,266 | +€1,971 | +668% |
| Suppliers | 440/4 | €295 | €2,266 | +€1,971 | +668% |
| Taxes, remuneration and social security | 45 | €9,142 | €22,118 | +€12,975 | +142% |
| Taxes | 450/3 | €7,883 | €18,845 | +€10,961 | +139% |
| Remuneration and social security | 454/9 | €1,259 | €3,273 | +€2,014 | +160% |
| Other amounts payable | 47/48 | €110 | €15,139 | +€15,029 | +13,713% |
| Remuneration, social security and pensions | 62 | €31,793 | €20,103 | -€11,690 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,715 | €1,581 | -€1,133 | -41.7% |
| Other operating charges | 640/8 | €561 | €594 | +€34 | +6.0% |
| Gross operating margin | 9900 | €56,521 | €32,285 | -€24,236 | -42.9% |
| Operating profit (loss) | 9901 | €21,453 | €10,006 | -€11,447 | -53.4% |
| Financial income | 75/76B | €3 | €1 | -€2 | -72.0% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -72.0% |
| Financial charges | 65/66B | €152 | €189 | +€37 | +24.4% |
| Recurring financial charges | 65 | €152 | €189 | +€37 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €21,304 | €9,818 | -€11,486 | -53.9% |
| Income taxes | 67/77 | €2,371 | €6,354 | +€3,983 | +168% |
| Profit (loss) for the period | 9904 | €18,934 | €3,464 | -€15,469 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,934 | €3,464 | -€15,469 | -81.7% |
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 15 October 2026 via checked.be.