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
- Current investments +€110,497
up €110,497 (+45.2%), from €244,337 to €354,834
- Cash -€90,228
down €90,228 (-35.0%), from €258,137 to €167,909
mainly Short-term financial debts (-€207,675) and Current investments (-€110,497)
- Other debts +€212,355
new in 2025: €212,355
- Short-term financial debts -€207,675
down €207,675 (-100.0%), from €207,675 to €0
- Reserves +€16,360
up €16,360 (+7.1%), from €231,426 to €247,786
of which Distributable reserves: +€16,360
No income-statement line moved by more than 1% of the activity.
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 | €502,732 | €523,864 | +€21,132 | +4.2% |
| Current assets | 29/58 | €502,732 | €523,864 | +€21,132 | +4.2% |
| Amounts receivable within one year | 40/41 | - | €1,122 | +€1,122 | |
| Other amounts receivable | 41 | - | €1,122 | +€1,122 | |
| Current investments | 50/53 | €244,337 | €354,834 | +€110,497 | +45.2% |
| Cash at bank and in hand | 54/58 | €258,137 | €167,909 | -€90,228 | -35.0% |
| Deferred charges and accrued income | 490/1 | €258 | €0 | -€258 | -100.0% |
| Total equity and liabilities | 10/49 | €502,732 | €523,864 | +€21,132 | +4.2% |
| Equity | 10/15 | €293,399 | €309,760 | +€16,360 | +5.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €231,426 | €247,786 | +€16,360 | +7.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €225,229 | €241,589 | +€16,360 | +7.3% |
| Amounts payable | 17/49 | €209,333 | €214,105 | +€4,772 | +2.3% |
| Amounts payable within one year | 42/48 | €209,333 | €214,105 | +€4,772 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €1,400 | €1,750 | +€350 | +25.0% |
| Financial debts | 43 | €207,675 | €0 | -€207,675 | -100.0% |
| Other loans | 439 | €207,675 | €0 | -€207,675 | -100.0% |
| Taxes, remuneration and social security | 45 | €258 | €0 | -€258 | -100.0% |
| Taxes | 450/3 | €258 | €0 | -€258 | -100.0% |
| Other amounts payable | 47/48 | - | €212,355 | +€212,355 | |
| Other operating charges | 640/8 | €8,246 | €4,718 | -€3,528 | -42.8% |
| Operating profit (loss) | 9901 | -€8,246 | -€4,718 | +€3,528 | +42.8% |
| Financial income | 75/76B | €23,732 | €27,334 | +€3,602 | +15.2% |
| Recurring financial income | 75 | €23,732 | €27,334 | +€3,602 | +15.2% |
| Financial charges | 65/66B | €942 | €803 | -€139 | -14.8% |
| Recurring financial charges | 65 | €942 | €803 | -€139 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €14,544 | €21,814 | +€7,269 | +50.0% |
| Income taxes | 67/77 | €5,861 | €5,454 | -€407 | -7.0% |
| Profit (loss) for the period | 9904 | €8,683 | €16,360 | +€7,677 | +88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,683 | €16,360 | +€7,677 | +88.4% |
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 30 September 2026 via checked.be.