BELFINO: 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.
BELFINO
Largest movements
- Tangible fixed assets -€34,914
down €34,914 (-34.3%), from €101,687 to €66,773
of which Land and buildings: -€35,554
- Receivables within one year +€9,907
up €9,907 (+4.1%), from €241,950 to €251,858
of which Trade receivables: +€14,558
- Cash +€4,704
up €4,704 (+230%), from €2,049 to €6,753
mainly Depreciation (+€36,566) and Net result for the year (+€10,096)
- Trade debts -€24,288
down €24,288 (-96.2%), from €25,235 to €947
- Profit (loss) carried forward +€10,096
up €10,096, from -€1,115 to €8,981
- Other debts -€6,731
down €6,731 (-2.2%), from €307,046 to €300,314
- Gross operating margin +€10,471
up €10,471 (+22.4%), from €46,679 to €57,151
- Depreciation -€3,700
down €3,700 (-9.2%), from €40,266 to €36,566
- Taxes +€2,767
up €2,767 (+217%), from €1,276 to €4,043
- Financial charges +€2,683
up €2,683 (+42.7%), from €6,286 to €8,969
- Financial income -€1,872
down €1,872 (-19.3%), from €9,683 to €7,811
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 | €363,622 | €343,319 | -€20,303 | -5.6% |
| Fixed assets | 21/28 | €107,047 | €72,133 | -€34,914 | -32.6% |
| Tangible fixed assets | 22/27 | €101,687 | €66,773 | -€34,914 | -34.3% |
| Land and buildings | 22 | €101,005 | €65,451 | -€35,554 | -35.2% |
| Furniture and vehicles | 24 | €681 | €1,322 | +€640 | +94.0% |
| Financial fixed assets | 28 | €5,360 | €5,360 | = | 0.0% |
| Current assets | 29/58 | €256,575 | €271,187 | +€14,611 | +5.7% |
| Amounts receivable after more than one year | 29 | €2,500 | €2,500 | = | 0.0% |
| Other amounts receivable | 291 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €241,950 | €251,858 | +€9,907 | +4.1% |
| Trade receivables | 40 | €41,073 | €55,630 | +€14,558 | +35.4% |
| Other amounts receivable | 41 | €200,878 | €196,227 | -€4,651 | -2.3% |
| Cash at bank and in hand | 54/58 | €2,049 | €6,753 | +€4,704 | +230% |
| Deferred charges and accrued income | 490/1 | €10,076 | €10,076 | = | 0.0% |
| Total equity and liabilities | 10/49 | €363,622 | €343,319 | -€20,303 | -5.6% |
| Equity | 10/15 | €28,885 | €38,981 | +€10,096 | +35.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,800 | €23,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €23,800 | €23,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,115 | €8,981 | +€10,096 | |
| Amounts payable | 17/49 | €334,737 | €304,338 | -€30,399 | -9.1% |
| Amounts payable within one year | 42/48 | €333,817 | €303,388 | -€30,429 | -9.1% |
| Trade debts | 44 | €25,235 | €947 | -€24,288 | -96.2% |
| Suppliers | 440/4 | €25,235 | €947 | -€24,288 | -96.2% |
| Taxes, remuneration and social security | 45 | €1,537 | €2,127 | +€590 | +38.4% |
| Taxes | 450/3 | €1,537 | €2,127 | +€590 | +38.4% |
| Other amounts payable | 47/48 | €307,046 | €300,314 | -€6,731 | -2.2% |
| Accrued charges and deferred income | 492/3 | €920 | €950 | +€30 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,266 | €36,566 | -€3,700 | -9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,136 | €5,287 | -€850 | -13.8% |
| Gross operating margin | 9900 | €46,679 | €57,151 | +€10,471 | +22.4% |
| Operating profit (loss) | 9901 | €277 | €15,298 | +€15,021 | +5,424% |
| Financial income | 75/76B | €9,683 | €7,811 | -€1,872 | -19.3% |
| Recurring financial income | 75 | €9,683 | €7,811 | -€1,872 | -19.3% |
| Financial charges | 65/66B | €6,286 | €8,969 | +€2,683 | +42.7% |
| Recurring financial charges | 65 | €6,286 | €8,969 | +€2,683 | +42.7% |
| Profit (loss) for the period before taxes | 9903 | €3,674 | €14,140 | +€10,466 | +285% |
| Income taxes | 67/77 | €1,276 | €4,043 | +€2,767 | +217% |
| Profit (loss) for the period | 9904 | €2,398 | €10,096 | +€7,699 | +321% |
| Profit (loss) for the period to be appropriated | 9905 | €2,398 | €10,096 | +€7,699 | +321% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.