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
- Tangible fixed assets -€22,945
down €22,945 (-5.0%), from €458,263 to €435,317
- Cash +€9,208
up €9,208 (+222.5%), from €4,139 to €13,347
mainly Depreciation (+€23,686) and Receivables within one year (+€1,451)
- Debts after one year -€9,782
down €9,782 (-4.9%), from €200,034 to €190,251
of which Financial debts: -€11,182
- Gross operating margin +€8,014
up €8,014 (+35.4%), from €22,651 to €30,665
- Depreciation -€3,532
down €3,532 (-13.0%), from €27,218 to €23,686
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 | €472,030 | €459,338 | -€12,692 | -2.7% |
| Fixed assets | 21/28 | €462,805 | €439,859 | -€22,945 | -5.0% |
| Tangible fixed assets | 22/27 | €458,263 | €435,317 | -€22,945 | -5.0% |
| Land and buildings | 22 | €458,263 | €435,317 | -€22,945 | -5.0% |
| Financial fixed assets | 28 | €4,542 | €4,542 | = | 0.0% |
| Current assets | 29/58 | €9,225 | €19,478 | +€10,253 | +111.1% |
| Amounts receivable within one year | 40/41 | €2,909 | €1,459 | -€1,451 | -49.9% |
| Trade receivables | 40 | €1,528 | - | -€1,528 | |
| Other amounts receivable | 41 | €1,382 | €1,459 | +€77 | +5.6% |
| Cash at bank and in hand | 54/58 | €4,139 | €13,347 | +€9,208 | +222.5% |
| Deferred charges and accrued income | 490/1 | €2,177 | €4,673 | +€2,496 | +114.7% |
| Total equity and liabilities | 10/49 | €472,030 | €459,338 | -€12,692 | -2.7% |
| Equity | 10/15 | €20,747 | €19,640 | -€1,108 | -5.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,253 | -€80,360 | -€1,108 | -1.4% |
| Amounts payable | 17/49 | €451,283 | €439,698 | -€11,584 | -2.6% |
| Amounts payable after more than one year | 17 | €200,034 | €190,251 | -€9,782 | -4.9% |
| Financial debts | 170/4 | €198,534 | €187,351 | -€11,182 | -5.6% |
| Other amounts payable | 178/9 | €1,500 | €2,900 | +€1,400 | +93.3% |
| Amounts payable within one year | 42/48 | €251,249 | €249,432 | -€1,817 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €11,834 | €12,103 | +€269 | +2.3% |
| Trade debts | 44 | €9,536 | €7,450 | -€2,086 | -21.9% |
| Suppliers | 440/4 | €9,536 | €7,450 | -€2,086 | -21.9% |
| Other amounts payable | 47/48 | €229,879 | €229,879 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €15 | +€15 | |
| Non-recurring operating income | 76A | - | €741 | +€741 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,218 | €23,686 | -€3,532 | -13.0% |
| Other operating charges | 640/8 | €3,054 | €3,208 | +€155 | +5.1% |
| Gross operating margin | 9900 | €22,651 | €30,665 | +€8,014 | +35.4% |
| Operating profit (loss) | 9901 | -€7,621 | €3,770 | +€11,391 | |
| Financial charges | 65/66B | €5,181 | €4,878 | -€303 | -5.9% |
| Recurring financial charges | 65 | €5,181 | €4,878 | -€303 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,802 | -€1,108 | +€11,695 | +91.3% |
| Profit (loss) for the period | 9904 | -€12,802 | -€1,108 | +€11,695 | +91.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,802 | -€1,108 | +€11,695 | +91.3% |
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 8 October 2026 via checked.be.