Belfisco: 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.
Belfisco
Largest movements
- Receivables within one year +€87,132
up €87,132 (+46.3%), from €188,160 to €275,292
of which Trade receivables: +€88,302
- Cash -€15,322
down €15,322 (-28.6%), from €53,495 to €38,173
mainly Receivables within one year (-€87,132) and Contributions, distributions and other (-€84,000)
- Other debts +€73,706
up €73,706 (+279.2%), from €26,400 to €100,106
- Tax, wage and social debts -€21,303
down €21,303 (-30.7%), from €69,294 to €47,991
of which Remuneration and social security: -€18,660
- Trade debts +€20,073
up €20,073 (+37.7%), from €53,213 to €73,286
- Gross operating margin +€48,460
up €48,460 (+12.0%), from €403,520 to €451,981
- Write-downs -€23,705
down €23,705, from €6,723 to -€16,982
- Staff costs -€21,766
down €21,766 (-6.1%), from €354,943 to €333,177
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 | €310,797 | €386,181 | +€75,384 | +24.3% |
| Fixed assets | 21/28 | €46,007 | €48,981 | +€2,974 | +6.5% |
| Intangible fixed assets | 21 | €2,575 | €1,737 | -€838 | -32.6% |
| Tangible fixed assets | 22/27 | €37,078 | €40,891 | +€3,812 | +10.3% |
| Furniture and vehicles | 24 | €22,220 | €14,746 | -€7,474 | -33.6% |
| Other tangible fixed assets | 26 | €14,858 | €26,145 | +€11,287 | +76.0% |
| Financial fixed assets | 28 | €6,353 | €6,353 | = | 0.0% |
| Current assets | 29/58 | €264,790 | €337,201 | +€72,411 | +27.3% |
| Amounts receivable within one year | 40/41 | €188,160 | €275,292 | +€87,132 | +46.3% |
| Trade receivables | 40 | €185,734 | €274,036 | +€88,302 | +47.5% |
| Other amounts receivable | 41 | €2,426 | €1,256 | -€1,170 | -48.2% |
| Cash at bank and in hand | 54/58 | €53,495 | €38,173 | -€15,322 | -28.6% |
| Deferred charges and accrued income | 490/1 | €23,136 | €23,736 | +€600 | +2.6% |
| Total equity and liabilities | 10/49 | €310,797 | €386,181 | +€75,384 | +24.3% |
| Equity | 10/15 | €71,229 | €71,666 | +€437 | +0.6% |
| Contributions | 10/11 | €43,454 | €43,454 | = | 0.0% |
| Reserves | 13 | €16,660 | €16,660 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,660 | €6,660 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,115 | €11,552 | +€437 | +3.9% |
| Amounts payable | 17/49 | €239,568 | €314,516 | +€74,948 | +31.3% |
| Amounts payable after more than one year | 17 | €48,700 | €50,922 | +€2,222 | +4.6% |
| Financial debts | 170/4 | €48,700 | €30,429 | -€18,271 | -37.5% |
| Other amounts payable | 178/9 | - | €20,493 | +€20,493 | |
| Amounts payable within one year | 42/48 | €167,432 | €240,608 | +€73,176 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €17,571 | €18,271 | +€700 | +4.0% |
| Financial debts | 43 | €65 | €65 | = | 0.0% |
| Credit institutions | 430/8 | €65 | €65 | = | 0.0% |
| Trade debts | 44 | €53,213 | €73,286 | +€20,073 | +37.7% |
| Suppliers | 440/4 | €53,213 | €73,286 | +€20,073 | +37.7% |
| Advances received on contracts in progress | 46 | €890 | €890 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €69,294 | €47,991 | -€21,303 | -30.7% |
| Taxes | 450/3 | €17,104 | €14,461 | -€2,643 | -15.5% |
| Remuneration and social security | 454/9 | €52,190 | €33,530 | -€18,660 | -35.8% |
| Other amounts payable | 47/48 | €26,400 | €100,106 | +€73,706 | +279.2% |
| Accrued charges and deferred income | 492/3 | €23,436 | €22,986 | -€450 | -1.9% |
| Remuneration, social security and pensions | 62 | €354,943 | €333,177 | -€21,766 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,870 | €7,051 | -€3,819 | -35.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,723 | -€16,982 | -€23,705 | |
| Other operating charges | 640/8 | €5,878 | €5,247 | -€631 | -10.7% |
| Non-recurring operating charges | 66A | €1,111 | €22,879 | +€21,768 | +1959.2% |
| Gross operating margin | 9900 | €403,520 | €451,981 | +€48,460 | +12.0% |
| Operating profit (loss) | 9901 | €23,995 | €100,608 | +€76,613 | +319.3% |
| Financial charges | 65/66B | €10,387 | €10,629 | +€242 | +2.3% |
| Recurring financial charges | 65 | €10,387 | €10,629 | +€242 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €13,608 | €89,979 | +€76,371 | +561.2% |
| Income taxes | 67/77 | €6,051 | €5,542 | -€508 | -8.4% |
| Profit (loss) for the period | 9904 | €7,557 | €84,437 | +€76,880 | +1017.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,557 | €84,437 | +€76,880 | +1017.3% |
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 3 October 2026 via checked.be.