BELFIMMO: 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.
BELFIMMO
Largest movements
- Current investments +€1.1m
up €1.1m (+26.1%), from €4.4m to €5.5m
- Receivables within one year -€1.1m
down €1.1m (-99.0%), from €1.1m to €11,598
of which Other amounts receivable: -€1.1m
- Cash -€208,033
down €208,033 (-52.0%), from €399,909 to €191,876
mainly Current investments (-€1.1m) and Contributions, distributions and other (-€559,255)
- Tangible fixed assets -€169,696
down €169,696 (-3.9%), from €4.3m to €4.2m
of which Land and buildings: -€161,450
- Reserves -€372,183
down €372,183 (-4.8%), from €7.7m to €7.4m
of which Distributable reserves: -€331,016
- Gross operating margin -€523,005
down €523,005 (-57.2%), from €915,060 to €392,055
- Taxes -€109,495
down €109,495 (-51.4%), from €213,100 to €103,606
- Financial income -€71,077
down €71,077 (-45.3%), from €156,953 to €85,877
- Other operating charges +€28,752
up €28,752 (+261%), from €11,010 to €39,762
- Depreciation +€9,479
up €9,479 (+5.8%), from €163,363 to €172,842
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 | €10,384,661 | €10,042,369 | -€342,291 | -3.3% |
| Fixed assets | 21/28 | €4,463,324 | €4,293,628 | -€169,696 | -3.8% |
| Tangible fixed assets | 22/27 | €4,336,924 | €4,167,228 | -€169,696 | -3.9% |
| Land and buildings | 22 | €4,277,595 | €4,116,145 | -€161,450 | -3.8% |
| Furniture and vehicles | 24 | €32,559 | €24,314 | -€8,246 | -25.3% |
| Other tangible fixed assets | 26 | €26,770 | €26,770 | = | 0.0% |
| Financial fixed assets | 28 | €126,400 | €126,400 | = | 0.0% |
| Current assets | 29/58 | €5,921,336 | €5,748,741 | -€172,596 | -2.9% |
| Stocks and contracts in progress | 3 | €3,984 | €3,984 | = | 0.0% |
| Stocks | 30/36 | €3,984 | €3,984 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,124,373 | €11,598 | -€1.1m | -99.0% |
| Trade receivables | 40 | €8,373 | €10,949 | +€2,576 | +30.8% |
| Other amounts receivable | 41 | €1,116,000 | €649 | -€1.1m | -99.9% |
| Current investments | 50/53 | €4,370,000 | €5,510,000 | +€1.1m | +26.1% |
| Cash at bank and in hand | 54/58 | €399,909 | €191,876 | -€208,033 | -52.0% |
| Deferred charges and accrued income | 490/1 | €23,071 | €31,283 | +€8,212 | +35.6% |
| Total equity and liabilities | 10/49 | €10,384,661 | €10,042,369 | -€342,291 | -3.3% |
| Equity | 10/15 | €9,987,026 | €9,603,020 | -€384,006 | -3.8% |
| Contributions | 10/11 | €2,096,084 | €2,096,084 | = | 0.0% |
| Capital | 10 | €2,096,084 | €2,096,084 | = | 0.0% |
| Issued capital | 100 | €2,096,084 | €2,096,084 | = | 0.0% |
| Revaluation surpluses | 12 | €146,756 | €134,516 | -€12,240 | -8.3% |
| Reserves | 13 | €7,742,753 | €7,370,571 | -€372,183 | -4.8% |
| Non-distributable reserves | 130/1 | €209,608 | €209,608 | = | 0.0% |
| Legal reserve | 130 | €209,608 | €209,608 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,004,629 | €963,462 | -€41,167 | -4.1% |
| Distributable reserves | 133 | €6,528,516 | €6,197,500 | -€331,016 | -5.1% |
| Profit (loss) carried forward | 14 | €1,433 | €1,849 | +€416 | +29.0% |
| Provisions and deferred taxes | 16 | €333,275 | €319,552 | -€13,722 | -4.1% |
| Deferred taxes | 168 | €333,275 | €319,552 | -€13,722 | -4.1% |
| Amounts payable | 17/49 | €64,359 | €119,797 | +€55,438 | +86.1% |
| Amounts payable within one year | 42/48 | €42,600 | €90,499 | +€47,899 | +112% |
| Trade debts | 44 | €4,615 | €19,836 | +€15,221 | +330% |
| Suppliers | 440/4 | €4,615 | €19,836 | +€15,221 | +330% |
| Advances received on contracts in progress | 46 | €2,892 | €9,384 | +€6,492 | +224% |
| Taxes, remuneration and social security | 45 | €25,909 | €32,745 | +€6,836 | +26.4% |
| Taxes | 450/3 | €25,909 | €32,745 | +€6,836 | +26.4% |
| Other amounts payable | 47/48 | €9,184 | €28,534 | +€19,350 | +211% |
| Accrued charges and deferred income | 492/3 | €21,759 | €29,298 | +€7,539 | +34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,363 | €172,842 | +€9,479 | +5.8% |
| Other operating charges | 640/8 | €11,010 | €39,762 | +€28,752 | +261% |
| Non-recurring operating charges | 66A | €285,474 | €0 | -€285,474 | -100% |
| Gross operating margin | 9900 | €915,060 | €392,055 | -€523,005 | -57.2% |
| Operating profit (loss) | 9901 | €455,213 | €179,451 | -€275,763 | -60.6% |
| Financial income | 75/76B | €156,953 | €85,877 | -€71,077 | -45.3% |
| Recurring financial income | 75 | €156,953 | €85,877 | -€71,077 | -45.3% |
| Financial charges | 65/66B | €221 | €195 | -€26 | -11.8% |
| Recurring financial charges | 65 | €221 | €195 | -€26 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €611,946 | €265,132 | -€346,813 | -56.7% |
| Transfer from deferred taxes | 780 | €13,722 | €13,722 | = | 0.0% |
| Income taxes | 67/77 | €213,100 | €103,606 | -€109,495 | -51.4% |
| Profit (loss) for the period | 9904 | €412,568 | €175,249 | -€237,319 | -57.5% |
| Transfer from tax-exempt reserves | 789 | €41,167 | €41,167 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €453,735 | €216,416 | -€237,319 | -52.3% |
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 14 October 2026 via checked.be.