BELFISC: 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.
What changed
BELFISC
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€125,078
2024 · €12,494+€112,583
Equity
€1.6m
2024 · €1.5m+€125,078
Cash
€33,205
2024 · €1,797+€31,407
Balance sheet total
€5.3m
2024 · €4.7m+€660,030
Largest movements
Assets
- Receivables within one year +€260,400
up €260,400 (+255.7%), from €101,828 to €362,228
- Deferred charges and accrued income +€175,000
new in 2025: €175,000
- Financial fixed assets +€165,764
up €165,764 (+3.9%), from €4.2m to €4.4m
Equity and liabilities
- Debts after one year +€580,700
up €580,700 (+21.3%), from €2.7m to €3.3m
of which Other amounts payable: +€580,700
- Profit (loss) carried forward +€125,078
up €125,078 (+8.6%), from €1.4m to €1.6m
Income statement
- Financial income +€349,024
up €349,024 (+35698.5%), from €978 to €350,002
- Gross operating margin -€242,714
down €242,714, from €43,165 to -€199,550
- Financial charges -€3,723
down €3,723, from €1,517 to -€2,206
- Other operating charges -€3,000
down €3,000 (-60.2%), from €4,982 to €1,982
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.
Result 2024
€12,494
Gross operating margin
-€242,714
Other operating charges
+€3,000
Financial income
+€349,024
Financial charges
+€3,723
Taxes
-€450
Result 2025
€125,078
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.
From operations
-€381,490
Investment
-€168,371
Financing
+€581,268
Cash 2024
€1,797
From operations (derived)
-€381,490
Net result for the year
+€125,078
Depreciation
+€25,148
Receivables after one year
-€50,000
Receivables within one year
-€260,400
Deferred charges and accrued income
-€175,000
Trade debts
-€33,478
Tax, wage and social debts
-€12,838
Investment (derived)
-€168,371
Investment in fixed assets (net)
-€168,371
Financing
+€581,268
Debts after one year
+€580,700
Short-term financial debts
+€568
Cash 2025
€33,205
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,668,886 | €5,328,917 | +€660,030 | +14.1% |
| Formation expenses | 20 | €244,210 | €244,210 | = | 0.0% |
| Fixed assets | 21/28 | €4,301,051 | €4,444,274 | +€143,223 | +3.3% |
| Tangible fixed assets | 22/27 | €66,566 | €44,025 | -€22,541 | -33.9% |
| Plant, machinery and equipment | 23 | €20,936 | €12,133 | -€8,803 | -42.0% |
| Furniture and vehicles | 24 | €45,630 | €31,892 | -€13,738 | -30.1% |
| Financial fixed assets | 28 | €4,234,485 | €4,400,249 | +€165,764 | +3.9% |
| Current assets | 29/58 | €123,626 | €640,433 | +€516,807 | +418.0% |
| Amounts receivable after more than one year | 29 | €20,000 | €70,000 | +€50,000 | +250.0% |
| Trade receivables | 290 | €20,000 | €70,000 | +€50,000 | +250.0% |
| Amounts receivable within one year | 40/41 | €101,828 | €362,228 | +€260,400 | +255.7% |
| Trade receivables | 40 | €101,828 | €362,228 | +€260,400 | +255.7% |
| Cash at bank and in hand | 54/58 | €1,797 | €33,205 | +€31,407 | +1747.4% |
| Deferred charges and accrued income | 490/1 | - | €175,000 | +€175,000 | |
| Total equity and liabilities | 10/49 | €4,668,886 | €5,328,917 | +€660,030 | +14.1% |
| Equity | 10/15 | €1,471,267 | €1,596,344 | +€125,078 | +8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | - | -€20,000 | |
| Share premium | 1100/10 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,449,267 | €1,574,344 | +€125,078 | +8.6% |
| Amounts payable | 17/49 | €3,197,620 | €3,732,572 | +€534,952 | +16.7% |
| Amounts payable after more than one year | 17 | €2,726,757 | €3,307,457 | +€580,700 | +21.3% |
| Financial debts | 170/4 | €2,179,882 | €2,179,882 | = | 0.0% |
| Other amounts payable | 178/9 | €546,875 | €1,127,575 | +€580,700 | +106.2% |
| Amounts payable within one year | 42/48 | €470,863 | €425,115 | -€45,748 | -9.7% |
| Financial debts | 43 | - | €568 | +€568 | |
| Other loans | 439 | - | €568 | +€568 | |
| Trade debts | 44 | €452,025 | €418,547 | -€33,478 | -7.4% |
| Suppliers | 440/4 | €452,025 | €418,547 | -€33,478 | -7.4% |
| Taxes, remuneration and social security | 45 | €12,838 | - | -€12,838 | |
| Taxes | 450/3 | €12,838 | - | -€12,838 | |
| Other amounts payable | 47/48 | €6,000 | €6,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,148 | €25,148 | = | 0.0% |
| Other operating charges | 640/8 | €4,982 | €1,982 | -€3,000 | -60.2% |
| Gross operating margin | 9900 | €43,165 | -€199,550 | -€242,714 | |
| Operating profit (loss) | 9901 | €13,034 | -€226,680 | -€239,714 | |
| Financial income | 75/76B | €978 | €350,002 | +€349,024 | +35698.5% |
| Recurring financial income | 75 | €978 | €350,002 | +€349,024 | +35698.5% |
| Financial charges | 65/66B | €1,517 | -€2,206 | -€3,723 | |
| Recurring financial charges | 65 | €1,517 | -€2,206 | -€3,723 | |
| Profit (loss) for the period before taxes | 9903 | €12,494 | €125,528 | +€113,033 | +904.7% |
| Income taxes | 67/77 | - | €450 | +€450 | |
| Profit (loss) for the period | 9904 | €12,494 | €125,078 | +€112,583 | +901.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,494 | €125,078 | +€112,583 | +901.1% |
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.