BELFIMAN: 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.
BELFIMAN
Largest movements
- Cash -€13,257
down €13,257 (-9.4%), from €141,331 to €128,074
mainly Contributions, distributions and other (-€59,000) and Receivables within one year (-€5,759)
- Receivables within one year +€5,759
up €5,759 (+38.0%), from €15,144 to €20,903
of which Trade receivables: +€3,285
- Reserves -€11,000
down €11,000 (-15.7%), from €70,000 to €59,000
- Trade debts +€2,064
new in 2025: €2,064
- Gross operating margin +€19,737
up €19,737 (+42.3%), from €46,679 to €66,416
- Taxes +€5,286
up €5,286 (+64.4%), from €8,206 to €13,492
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €163,544 | €155,595 | -€7,949 | -4.9% |
| Formation expenses | 20 | €903 | €453 | -€450 | -49.8% |
| Fixed assets | 21/28 | €3,494 | €3,478 | -€16 | -0.5% |
| Tangible fixed assets | 22/27 | €3,494 | €3,478 | -€16 | -0.5% |
| Land and buildings | 22 | €2,162 | €564 | -€1,598 | -73.9% |
| Furniture and vehicles | 24 | €1,332 | €2,914 | +€1,582 | +118.8% |
| Current assets | 29/58 | €159,147 | €151,664 | -€7,483 | -4.7% |
| Amounts receivable within one year | 40/41 | €15,144 | €20,903 | +€5,759 | +38.0% |
| Trade receivables | 40 | €15,144 | €18,429 | +€3,285 | +21.7% |
| Other amounts receivable | 41 | - | €2,474 | +€2,474 | |
| Cash at bank and in hand | 54/58 | €141,331 | €128,074 | -€13,257 | -9.4% |
| Deferred charges and accrued income | 490/1 | €2,672 | €2,687 | +€15 | +0.6% |
| Total equity and liabilities | 10/49 | €163,544 | €155,595 | -€7,949 | -4.9% |
| Equity | 10/15 | €73,047 | €62,102 | -€10,945 | -15.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €70,000 | €59,000 | -€11,000 | -15.7% |
| Distributable reserves | 133 | €70,000 | €59,000 | -€11,000 | -15.7% |
| Profit (loss) carried forward | 14 | €47 | €102 | +€55 | +117.0% |
| Amounts payable | 17/49 | €90,497 | €93,493 | +€2,996 | +3.3% |
| Amounts payable within one year | 42/48 | €90,497 | €93,493 | +€2,996 | +3.3% |
| Trade debts | 44 | - | €2,064 | +€2,064 | |
| Suppliers | 440/4 | - | €2,064 | +€2,064 | |
| Taxes, remuneration and social security | 45 | €23,161 | €24,364 | +€1,203 | +5.2% |
| Taxes | 450/3 | €23,161 | €24,364 | +€1,203 | +5.2% |
| Other amounts payable | 47/48 | €67,336 | €67,065 | -€271 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,713 | €2,585 | -€128 | -4.7% |
| Other operating charges | 640/8 | €1,846 | €2,159 | +€313 | +17.0% |
| Gross operating margin | 9900 | €46,679 | €66,416 | +€19,737 | +42.3% |
| Operating profit (loss) | 9901 | €42,120 | €61,672 | +€19,552 | +46.4% |
| Financial charges | 65/66B | €134 | €125 | -€9 | -6.7% |
| Recurring financial charges | 65 | €134 | €125 | -€9 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €41,986 | €61,547 | +€19,561 | +46.6% |
| Income taxes | 67/77 | €8,206 | €13,492 | +€5,286 | +64.4% |
| Profit (loss) for the period | 9904 | €33,780 | €48,055 | +€14,275 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,780 | €48,055 | +€14,275 | +42.3% |
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 9 October 2026 via checked.be.