Belfisca: 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.
Belfisca
Largest movements
- Tangible fixed assets +€347,010
up €347,010 (+55.7%), from €623,257 to €970,267
of which Land and buildings: +€348,268
- Cash +€46,380
up €46,380 (+433.5%), from €10,699 to €57,080
mainly Debts after one year (+€312,713) and Net result for the year (+€100,757)
- Receivables within one year +€41,032
up €41,032 (+273.4%), from €15,007 to €56,039
of which Trade receivables: +€33,141
- Financial fixed assets +€15,000
new in 2025: €15,000
- Debts after one year +€312,713
up €312,713 (+78.5%), from €398,487 to €711,200
- Reserves +€99,600
up €99,600 (+115.2%), from €86,459 to €186,059
- Current portion of long-term debt +€50,274
up €50,274 (+194.4%), from €25,867 to €76,141
- Gross operating margin +€39,494
up €39,494 (+23.2%), from €170,017 to €209,511
- Financial charges +€14,691
up €14,691 (+316.1%), from €4,648 to €19,339
- Depreciation +€7,181
up €7,181 (+24.4%), from €29,416 to €36,596
- Taxes +€6,272
up €6,272 (+14.7%), from €42,546 to €48,818
- Write-downs -€3,929
no longer reported in 2025 (was €3,929)
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 | €655,928 | €1,111,389 | +€455,462 | +69.4% |
| Fixed assets | 21/28 | €629,632 | €996,402 | +€366,770 | +58.3% |
| Intangible fixed assets | 21 | €6,375 | €11,134 | +€4,759 | +74.7% |
| Tangible fixed assets | 22/27 | €623,257 | €970,267 | +€347,010 | +55.7% |
| Land and buildings | 22 | €618,650 | €966,918 | +€348,268 | +56.3% |
| Plant, machinery and equipment | 23 | €2,123 | €1,592 | -€531 | -25.0% |
| Furniture and vehicles | 24 | €2,483 | €1,757 | -€727 | -29.3% |
| Financial fixed assets | 28 | - | €15,000 | +€15,000 | |
| Current assets | 29/58 | €26,296 | €114,988 | +€88,692 | +337.3% |
| Amounts receivable within one year | 40/41 | €15,007 | €56,039 | +€41,032 | +273.4% |
| Trade receivables | 40 | €13,887 | €47,028 | +€33,141 | +238.6% |
| Other amounts receivable | 41 | €1,120 | €9,011 | +€7,891 | +704.7% |
| Cash at bank and in hand | 54/58 | €10,699 | €57,080 | +€46,380 | +433.5% |
| Deferred charges and accrued income | 490/1 | €589 | €1,869 | +€1,280 | +217.1% |
| Total equity and liabilities | 10/49 | €655,928 | €1,111,389 | +€455,462 | +69.4% |
| Equity | 10/15 | €220,539 | €321,296 | +€100,757 | +45.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €13,610 | €13,610 | = | 0.0% |
| Reserves | 13 | €86,459 | €186,059 | +€99,600 | +115.2% |
| Distributable reserves | 133 | €86,459 | €186,059 | +€99,600 | +115.2% |
| Profit (loss) carried forward | 14 | €101,869 | €103,026 | +€1,157 | +1.1% |
| Amounts payable | 17/49 | €435,389 | €790,093 | +€354,705 | +81.5% |
| Amounts payable after more than one year | 17 | €398,487 | €711,200 | +€312,713 | +78.5% |
| Financial debts | 170/4 | €398,487 | €711,200 | +€312,713 | +78.5% |
| Amounts payable within one year | 42/48 | €31,902 | €77,903 | +€46,001 | +144.2% |
| Current portion of amounts payable after more than one year | 42 | €25,867 | €76,141 | +€50,274 | +194.4% |
| Trade debts | 44 | €172 | €639 | +€466 | +270.8% |
| Suppliers | 440/4 | €172 | €639 | +€466 | +270.8% |
| Taxes, remuneration and social security | 45 | €5,863 | €1,124 | -€4,739 | -80.8% |
| Taxes | 450/3 | €5,863 | €1,124 | -€4,739 | -80.8% |
| Accrued charges and deferred income | 492/3 | €5,000 | €990 | -€4,010 | -80.2% |
| Non-recurring operating income | 76A | €400 | - | -€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,416 | €36,596 | +€7,181 | +24.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,929 | - | -€3,929 | |
| Other operating charges | 640/8 | €1,688 | €4,000 | +€2,312 | +136.9% |
| Gross operating margin | 9900 | €170,017 | €209,511 | +€39,494 | +23.2% |
| Operating profit (loss) | 9901 | €134,984 | €168,915 | +€33,931 | +25.1% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €4,648 | €19,339 | +€14,691 | +316.1% |
| Recurring financial charges | 65 | €4,648 | €19,339 | +€14,691 | +316.1% |
| Profit (loss) for the period before taxes | 9903 | €130,340 | €149,575 | +€19,235 | +14.8% |
| Income taxes | 67/77 | €42,546 | €48,818 | +€6,272 | +14.7% |
| Profit (loss) for the period | 9904 | €87,794 | €100,757 | +€12,963 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €87,794 | €100,757 | +€12,963 | +14.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.