BELFIDI: what changed
Two fiscal 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.
What changed
BELFIDI
NACE 46.630, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€204,453
2024 · €139,632+€64,820
Equity
€1.6m
2024 · €1.4m+€204,453
Cash
€83,108
2024 · €90,189-€7,081
Balance sheet total
€7.7m
2024 · €7.9m-€236,203
Largest movements
Assets
- Tangible fixed assets -€243,544
down €243,544 (-3.2%), from €7.7m to €7.5m
of which Assets under construction and advance payments: -€229,015
Equity and liabilities
- Debts after one year -€490,104
down €490,104 (-8.6%), from €5.7m to €5.2m
- Reserves +€204,453
up €204,453 (+15.6%), from €1.3m to €1.5m
of which Distributable reserves: +€204,453
Income statement
- Financial charges -€91,262
down €91,262 (-40.9%), from €222,959 to €131,696
- Taxes +€53,328
up €53,328 (+370.4%), from €14,399 to €67,727
- Gross operating margin +€35,680
up €35,680 (+4.8%), from €742,935 to €778,615
- Depreciation +€8,922
up €8,922 (+2.9%), from €311,474 to €320,396
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.
Result 2024
€139,632
Gross operating margin
+€35,680
Depreciation
-€8,922
Write-downs
-€616
Other operating charges
+€371
Financial income
+€373
Financial charges
+€91,262
Taxes
-€53,328
Result 2025
€204,453
Cash bridge derived
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.
From operations
+€519,065
Investment
-€71,071
Financing
-€455,075
Cash 2024
€90,189
From operations (derived)
+€519,065
Net result for the year
+€204,453
Depreciation
+€320,396
Receivables within one year
-€20,855
Smaller working-capital items
-€422
Tax, wage and social debts
+€30,199
Other debts
+€24,337
Accrued charges and deferred income
-€39,043
Investment (derived)
-€71,071
Investment in fixed assets (net)
-€71,071
Financing
-€455,075
Debts after one year
-€490,104
Current portion of long-term debt
+€35,293
Short-term financial debts
-€265
Cash 2025
€83,108
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,900,826 | €7,664,623 | -€236,203 | -3.0% |
| Fixed assets | 21/28 | €7,742,281 | €7,492,955 | -€249,325 | -3.2% |
| Intangible fixed assets | 21 | €15,594 | €9,813 | -€5,782 | -37.1% |
| Tangible fixed assets | 22/27 | €7,726,686 | €7,483,142 | -€243,544 | -3.2% |
| Land and buildings | 22 | €7,317,603 | €7,303,074 | -€14,528 | -0.2% |
| Other tangible fixed assets | 26 | €180,068 | €180,068 | = | 0.0% |
| Assets under construction and advance payments | 27 | €229,015 | €0 | -€229,015 | -100.0% |
| Current assets | 29/58 | €158,546 | €171,668 | +€13,122 | +8.3% |
| Amounts receivable within one year | 40/41 | €62,083 | €82,938 | +€20,855 | +33.6% |
| Trade receivables | 40 | €60,182 | €82,899 | +€22,717 | +37.7% |
| Other amounts receivable | 41 | €1,901 | €39 | -€1,862 | -98.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €90,189 | €83,108 | -€7,081 | -7.9% |
| Deferred charges and accrued income | 490/1 | €6,273 | €5,622 | -€652 | -10.4% |
| Total equity and liabilities | 10/49 | €7,900,826 | €7,664,623 | -€236,203 | -3.0% |
| Equity | 10/15 | €1,434,731 | €1,639,184 | +€204,453 | +14.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €1,314,731 | €1,519,184 | +€204,453 | +15.6% |
| Non-distributable reserves | 130/1 | €42,000 | €42,000 | = | 0.0% |
| Legal reserve | 130 | €42,000 | €42,000 | = | 0.0% |
| Distributable reserves | 133 | €1,272,731 | €1,477,184 | +€204,453 | +16.1% |
| Amounts payable | 17/49 | €6,466,095 | €6,025,439 | -€440,656 | -6.8% |
| Amounts payable after more than one year | 17 | €5,726,635 | €5,236,531 | -€490,104 | -8.6% |
| Financial debts | 170/4 | €5,726,635 | €5,236,531 | -€490,104 | -8.6% |
| Amounts payable within one year | 42/48 | €640,586 | €729,077 | +€88,491 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €510,932 | €546,225 | +€35,293 | +6.9% |
| Financial debts | 43 | €872 | €607 | -€265 | -30.4% |
| Credit institutions | 430/8 | €872 | €607 | -€265 | -30.4% |
| Trade debts | 44 | €13,007 | €11,933 | -€1,073 | -8.3% |
| Suppliers | 440/4 | €13,007 | €11,933 | -€1,073 | -8.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,663 | €39,862 | +€30,199 | +312.5% |
| Taxes | 450/3 | €9,663 | €39,862 | +€30,199 | +312.5% |
| Other amounts payable | 47/48 | €106,112 | €130,449 | +€24,337 | +22.9% |
| Accrued charges and deferred income | 492/3 | €98,874 | €59,831 | -€39,043 | -39.5% |
| Non-recurring operating income | 76A | - | €3,691 | +€3,691 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,474 | €320,396 | +€8,922 | +2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €616 | +€616 | |
| Other operating charges | 640/8 | €57,597 | €57,226 | -€371 | -0.6% |
| Gross operating margin | 9900 | €742,935 | €778,615 | +€35,680 | +4.8% |
| Operating profit (loss) | 9901 | €373,864 | €400,377 | +€26,513 | +7.1% |
| Financial income | 75/76B | €3,126 | €3,499 | +€373 | +11.9% |
| Recurring financial income | 75 | €3,126 | €3,499 | +€373 | +11.9% |
| Financial charges | 65/66B | €222,959 | €131,696 | -€91,262 | -40.9% |
| Recurring financial charges | 65 | €222,959 | €131,696 | -€91,262 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €154,031 | €272,180 | +€118,149 | +76.7% |
| Income taxes | 67/77 | €14,399 | €67,727 | +€53,328 | +370.4% |
| Profit (loss) for the period | 9904 | €139,632 | €204,453 | +€64,820 | +46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €139,632 | €204,453 | +€64,820 | +46.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.