BELFIMAS: 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.
What changed
BELFIMAS
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€39.1m
2024 · €34.8m+€4.2m
Equity
€315.5m
2024 · €313.8m+€1.7m
Cash
€19,469
2024 · €72,080-€52,611
Balance sheet total
€353.4m
2024 · €349.4m+€4.1m
Largest movements
Assets
- Current investments +€4.1m
up €4.1m (+11.7%), from €34.9m to €39.0m
Equity and liabilities
- Other debts +€4.0m
up €4.0m (+12.0%), from €33.4m to €37.4m
Income statement
- Financial income +€4.2m
up €4.2m (+11.9%), from €35.0m to €39.1m
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
€34.8m
Other operating charges
-€9
Other operating items
+€2,702
Financial income
+€4.2m
Financial charges
+€84,305
Result 2025
€39.1m
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
+€43.0m
Investment
-€4.1m
Financing
-€38.9m
Cash 2024
€72,080
From operations (derived)
+€43.0m
Net result for the year
+€39.1m
Smaller working-capital items
-€98,135
Other debts
+€4.0m
Investment (derived)
-€4.1m
Current investments
-€4.1m
Financing
-€38.9m
Current portion of long-term debt
-€1.5m
Contributions, distributions and other
-€37.4m
Cash 2025
€19,469
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €349,353,983 | €353,408,955 | +€4.1m | +1.2% |
| Fixed assets | 21/28 | €314,331,815 | €314,331,815 | = | 0.0% |
| Financial fixed assets | 28 | €314,331,815 | €314,331,815 | = | 0.0% |
| Affiliated companies | 280/1 | €314,331,815 | €314,331,815 | = | 0.0% |
| Participating interests | 280 | €314,331,815 | €314,331,815 | = | 0.0% |
| Current assets | 29/58 | €35,022,169 | €39,077,140 | +€4.1m | +11.6% |
| Amounts receivable within one year | 40/41 | €39,828 | €53,726 | +€13,898 | +34.9% |
| Other amounts receivable | 41 | €39,828 | €53,726 | +€13,898 | +34.9% |
| Current investments | 50/53 | €34,901,791 | €39,001,806 | +€4.1m | +11.7% |
| Other investments | 51/53 | €34,901,791 | €39,001,806 | +€4.1m | +11.7% |
| Cash at bank and in hand | 54/58 | €72,080 | €19,469 | -€52,611 | -73.0% |
| Deferred charges and accrued income | 490/1 | €8,469 | €2,139 | -€6,330 | -74.7% |
| Total equity and liabilities | 10/49 | €349,353,983 | €353,408,955 | +€4.1m | +1.2% |
| Equity | 10/15 | €313,845,603 | €315,524,873 | +€1.7m | +0.5% |
| Contributions | 10/11 | €158,761,609 | €158,761,609 | = | 0.0% |
| Capital | 10 | €158,761,609 | €158,761,609 | = | 0.0% |
| Issued capital | 100 | €158,761,609 | €158,761,609 | = | 0.0% |
| Reserves | 13 | €17,967,501 | €17,967,501 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,876,161 | €15,876,161 | = | 0.0% |
| Legal reserve | 130 | €15,876,161 | €15,876,161 | = | 0.0% |
| Distributable reserves | 133 | €2,091,340 | €2,091,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,116,493 | €138,795,763 | +€1.7m | +1.2% |
| Amounts payable | 17/49 | €35,508,380 | €37,884,082 | +€2.4m | +6.7% |
| Amounts payable within one year | 42/48 | €35,400,365 | €37,866,642 | +€2.5m | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €2,000,000 | €462,303 | -€1.5m | -76.9% |
| Trade debts | 44 | €4,065 | €4,073 | +€8 | +0.2% |
| Suppliers | 440/4 | €4,065 | €4,073 | +€8 | +0.2% |
| Other amounts payable | 47/48 | €33,396,300 | €37,400,265 | +€4.0m | +12.0% |
| Accrued charges and deferred income | 492/3 | €108,016 | €17,441 | -€90,575 | -83.9% |
| Operating charges | 60/66A | €13,593 | €10,900 | -€2,693 | -19.8% |
| Services and other goods | 61 | €12,515 | €9,812 | -€2,702 | -21.6% |
| Other operating charges | 640/8 | €1,078 | €1,088 | +€9 | +0.9% |
| Operating profit (loss) | 9901 | -€13,593 | -€10,900 | +€2,693 | +19.8% |
| Financial income | 75/76B | €34,967,890 | €39,122,627 | +€4.2m | +11.9% |
| Recurring financial income | 75 | €34,967,890 | €39,122,627 | +€4.2m | +11.9% |
| Income from financial fixed assets | 750 | €34,835,130 | €38,952,009 | +€4.1m | +11.8% |
| Income from current assets | 751 | €132,760 | €170,618 | +€37,858 | +28.5% |
| Financial charges | 65/66B | €116,498 | €32,193 | -€84,305 | -72.4% |
| Recurring financial charges | 65 | €116,498 | €32,193 | -€84,305 | -72.4% |
| Debt charges | 650 | €108,016 | €31,728 | -€76,287 | -70.6% |
| Other financial charges | 652/9 | €8,482 | €464 | -€8,018 | -94.5% |
| Profit (loss) for the period before taxes | 9903 | €34,837,800 | €39,079,535 | +€4.2m | +12.2% |
| Profit (loss) for the period | 9904 | €34,837,800 | €39,079,535 | +€4.2m | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,837,800 | €39,079,535 | +€4.2m | +12.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.