BELFIN: 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.
BELFIN
Largest movements
- Receivables within one year -€4,276
down €4,276 (-3.7%), from €115,538 to €111,262
of which Other amounts receivable: -€6,281
- Reserves -€9,439
down €9,439 (-8.6%), from €109,723 to €100,284
of which Distributable reserves: -€9,439
- Trade debts +€4,843
up €4,843 (+56.0%), from €8,655 to €13,498
- Financial charges +€4,417
up €4,417 (+1104.0%), from €400 to €4,817
- Taxes -€1,426
down €1,426 (-23.0%), from €6,195 to €4,769
- Financial income -€822
down €822 (-77.3%), from €1,063 to €241
- Gross operating margin -€694
down €694 (-3.2%), from €21,636 to €20,943
- Other operating charges -€640
down €640 (-36.5%), from €1,755 to €1,115
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 | €150,673 | €146,727 | -€3,946 | -2.6% |
| Fixed assets | 21/28 | €21,267 | €21,815 | +€548 | +2.6% |
| Tangible fixed assets | 22/27 | €20,967 | €21,515 | +€548 | +2.6% |
| Furniture and vehicles | 24 | €20,967 | €21,515 | +€548 | +2.6% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €129,406 | €124,912 | -€4,494 | -3.5% |
| Amounts receivable within one year | 40/41 | €115,538 | €111,262 | -€4,276 | -3.7% |
| Trade receivables | 40 | €107,379 | €109,384 | +€2,005 | +1.9% |
| Other amounts receivable | 41 | €8,159 | €1,878 | -€6,281 | -77.0% |
| Cash at bank and in hand | 54/58 | €13,869 | €13,651 | -€218 | -1.6% |
| Total equity and liabilities | 10/49 | €150,673 | €146,727 | -€3,946 | -2.6% |
| Equity | 10/15 | €128,323 | €118,884 | -€9,439 | -7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,723 | €100,284 | -€9,439 | -8.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €107,863 | €98,424 | -€9,439 | -8.8% |
| Amounts payable | 17/49 | €22,351 | €27,844 | +€5,493 | +24.6% |
| Amounts payable within one year | 42/48 | €22,351 | €27,844 | +€5,493 | +24.6% |
| Trade debts | 44 | €8,655 | €13,498 | +€4,843 | +56.0% |
| Suppliers | 440/4 | €8,655 | €13,498 | +€4,843 | +56.0% |
| Taxes, remuneration and social security | 45 | €13,696 | €14,346 | +€650 | +4.7% |
| Taxes | 450/3 | €13,696 | €14,346 | +€650 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,969 | €4,203 | +€235 | +5.9% |
| Other operating charges | 640/8 | €1,755 | €1,115 | -€640 | -36.5% |
| Gross operating margin | 9900 | €21,636 | €20,943 | -€694 | -3.2% |
| Operating profit (loss) | 9901 | €15,913 | €15,625 | -€288 | -1.8% |
| Financial income | 75/76B | €1,063 | €241 | -€822 | -77.3% |
| Recurring financial income | 75 | €1,063 | €241 | -€822 | -77.3% |
| Financial charges | 65/66B | €400 | €4,817 | +€4,417 | +1104.0% |
| Recurring financial charges | 65 | €400 | €4,817 | +€4,417 | +1104.0% |
| Profit (loss) for the period before taxes | 9903 | €16,575 | €11,048 | -€5,527 | -33.3% |
| Income taxes | 67/77 | €6,195 | €4,769 | -€1,426 | -23.0% |
| Profit (loss) for the period | 9904 | €10,380 | €6,279 | -€4,101 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,380 | €6,279 | -€4,101 | -39.5% |
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 2 October 2026 via checked.be.