BelFlow: 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.
BelFlow
Largest movements
- Receivables within one year +€76,899
up €76,899 (+76.1%), from €101,106 to €178,005
of which Trade receivables: +€69,711
- Tangible fixed assets +€17,018
up €17,018 (+241.6%), from €7,045 to €24,063
of which Furniture and vehicles: +€16,230
- Cash +€8,711
up €8,711 (+5.4%), from €161,617 to €170,328
mainly Trade debts (+€103,568) and Net result for the year (+€37,438)
- Trade debts +€103,568
up €103,568 (+475.9%), from €21,762 to €125,330
- Reserves +€37,438
up €37,438 (+18.9%), from €198,511 to €235,948
- Short-term financial debts -€25,074
no longer reported in 2025 (was €25,074)
- Tax, wage and social debts -€14,324
down €14,324 (-75.6%), from €18,958 to €4,634
- Gross operating margin -€36,963
down €36,963 (-37.3%), from €99,173 to €62,210
- Taxes -€8,494
down €8,494 (-33.5%), from €25,381 to €16,887
- Financial charges -€2,604
down €2,604 (-79.2%), from €3,286 to €682
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 | €272,792 | €372,396 | +€99,604 | +36.5% |
| Fixed assets | 21/28 | €7,045 | €24,063 | +€17,018 | +241.6% |
| Tangible fixed assets | 22/27 | €7,045 | €24,063 | +€17,018 | +241.6% |
| Land and buildings | 22 | €1,575 | €925 | -€650 | -41.3% |
| Plant, machinery and equipment | 23 | €3,849 | €5,287 | +€1,437 | +37.3% |
| Furniture and vehicles | 24 | €1,620 | €17,851 | +€16,230 | +1001.7% |
| Current assets | 29/58 | €265,746 | €348,333 | +€82,586 | +31.1% |
| Amounts receivable within one year | 40/41 | €101,106 | €178,005 | +€76,899 | +76.1% |
| Trade receivables | 40 | €90,509 | €160,220 | +€69,711 | +77.0% |
| Other amounts receivable | 41 | €10,596 | €17,785 | +€7,188 | +67.8% |
| Cash at bank and in hand | 54/58 | €161,617 | €170,328 | +€8,711 | +5.4% |
| Deferred charges and accrued income | 490/1 | €3,024 | - | -€3,024 | |
| Total equity and liabilities | 10/49 | €272,792 | €372,396 | +€99,604 | +36.5% |
| Equity | 10/15 | €204,511 | €241,948 | +€37,438 | +18.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €198,511 | €235,948 | +€37,438 | +18.9% |
| Distributable reserves | 133 | €198,511 | €235,948 | +€37,438 | +18.9% |
| Amounts payable | 17/49 | €68,281 | €130,447 | +€62,166 | +91.0% |
| Amounts payable within one year | 42/48 | €68,281 | €129,965 | +€61,684 | +90.3% |
| Financial debts | 43 | €25,074 | - | -€25,074 | |
| Credit institutions | 430/8 | €25,074 | - | -€25,074 | |
| Trade debts | 44 | €21,762 | €125,330 | +€103,568 | +475.9% |
| Suppliers | 440/4 | €21,762 | €125,330 | +€103,568 | +475.9% |
| Taxes, remuneration and social security | 45 | €18,958 | €4,634 | -€14,324 | -75.6% |
| Taxes | 450/3 | €18,958 | €4,634 | -€14,324 | -75.6% |
| Other amounts payable | 47/48 | €2,487 | - | -€2,487 | |
| Accrued charges and deferred income | 492/3 | - | €483 | +€483 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,266 | €5,045 | +€780 | +18.3% |
| Other operating charges | 640/8 | €1,202 | €1,339 | +€136 | +11.3% |
| Non-recurring operating charges | 66A | €5,261 | €819 | -€4,442 | -84.4% |
| Gross operating margin | 9900 | €99,173 | €62,210 | -€36,963 | -37.3% |
| Operating profit (loss) | 9901 | €88,444 | €55,007 | -€33,437 | -37.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €3,286 | €682 | -€2,604 | -79.2% |
| Recurring financial charges | 65 | €3,286 | €682 | -€2,604 | -79.2% |
| Profit (loss) for the period before taxes | 9903 | €85,158 | €54,325 | -€30,833 | -36.2% |
| Income taxes | 67/77 | €25,381 | €16,887 | -€8,494 | -33.5% |
| Profit (loss) for the period | 9904 | €59,777 | €37,438 | -€22,339 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,777 | €37,438 | -€22,339 | -37.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.