BELFOND: 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.
BELFOND
Largest movements
- Receivables within one year +€192,053
up €192,053 (+104%), from €184,309 to €376,363
of which Other amounts receivable: +€114,980
- Intangible fixed assets -€103,468
down €103,468 (-95.8%), from €108,029 to €4,561
- Stocks and contracts -€16,568
down €16,568 (-5.9%), from €279,834 to €263,266
- Profit (loss) carried forward +€100,192
up €100,192 (+39.3%), from €254,623 to €354,815
- Trade debts -€72,876
down €72,876 (-30.2%), from €240,946 to €168,070
- Short-term financial debts +€37,792
up €37,792 (+41.0%), from €92,107 to €129,899
of which Other loans: +€60,000
- Tax, wage and social debts +€20,798
up €20,798 (+122%), from €16,993 to €37,790
of which Taxes: +€16,674
- Debts after one year -€14,231
down €14,231 (-3.2%), from €440,525 to €426,294
- Gross operating margin +€69,865
up €69,865 (+18.7%), from €374,317 to €444,182
- Taxes +€23,542
up €23,542 (+85.5%), from €27,541 to €51,083
- Depreciation -€18,429
down €18,429 (-18.6%), from €98,959 to €80,530
- Write-downs -€13,919
down €13,919 (-90.9%), from €15,314 to €1,395
- Staff costs +€5,398
up €5,398 (+4.5%), from €118,658 to €124,057
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 | €1,197,788 | €1,267,251 | +€69,463 | +5.8% |
| Fixed assets | 21/28 | €724,869 | €614,792 | -€110,077 | -15.2% |
| Intangible fixed assets | 21 | €108,029 | €4,561 | -€103,468 | -95.8% |
| Tangible fixed assets | 22/27 | €616,839 | €610,230 | -€6,609 | -1.1% |
| Plant, machinery and equipment | 23 | €121,406 | €148,586 | +€27,180 | +22.4% |
| Furniture and vehicles | 24 | €21,315 | €15,524 | -€5,791 | -27.2% |
| Other tangible fixed assets | 26 | €474,119 | €446,121 | -€27,998 | -5.9% |
| Current assets | 29/58 | €472,920 | €652,459 | +€179,540 | +38.0% |
| Stocks and contracts in progress | 3 | €279,834 | €263,266 | -€16,568 | -5.9% |
| Stocks | 30/36 | €279,834 | €263,266 | -€16,568 | -5.9% |
| Amounts receivable within one year | 40/41 | €184,309 | €376,363 | +€192,053 | +104% |
| Trade receivables | 40 | €163,280 | €240,354 | +€77,074 | +47.2% |
| Other amounts receivable | 41 | €21,029 | €136,009 | +€114,980 | +547% |
| Cash at bank and in hand | 54/58 | €0 | €4,391 | +€4,391 | |
| Deferred charges and accrued income | 490/1 | €8,776 | €8,440 | -€337 | -3.8% |
| Total equity and liabilities | 10/49 | €1,197,788 | €1,267,251 | +€69,463 | +5.8% |
| Equity | 10/15 | €266,634 | €366,826 | +€100,192 | +37.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €11,911 | €11,911 | = | 0.0% |
| Distributable reserves | 133 | €11,911 | €11,911 | = | 0.0% |
| Profit (loss) carried forward | 14 | €254,623 | €354,815 | +€100,192 | +39.3% |
| Amounts payable | 17/49 | €931,154 | €900,425 | -€30,730 | -3.3% |
| Amounts payable after more than one year | 17 | €440,525 | €426,294 | -€14,231 | -3.2% |
| Financial debts | 170/4 | €440,525 | €426,294 | -€14,231 | -3.2% |
| Amounts payable within one year | 42/48 | €484,992 | €468,611 | -€16,380 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €53,510 | €60,918 | +€7,407 | +13.8% |
| Financial debts | 43 | €92,107 | €129,899 | +€37,792 | +41.0% |
| Credit institutions | 430/8 | €42,107 | €19,899 | -€22,208 | -52.7% |
| Other loans | 439 | €50,000 | €110,000 | +€60,000 | +120% |
| Trade debts | 44 | €240,946 | €168,070 | -€72,876 | -30.2% |
| Suppliers | 440/4 | €240,946 | €168,070 | -€72,876 | -30.2% |
| Taxes, remuneration and social security | 45 | €16,993 | €37,790 | +€20,798 | +122% |
| Taxes | 450/3 | €7,907 | €24,582 | +€16,674 | +211% |
| Remuneration and social security | 454/9 | €9,085 | €13,209 | +€4,123 | +45.4% |
| Other amounts payable | 47/48 | €81,436 | €71,934 | -€9,501 | -11.7% |
| Accrued charges and deferred income | 492/3 | €5,637 | €5,519 | -€118 | -2.1% |
| Non-recurring operating income | 76A | €7,476 | €0 | -€7,476 | -100% |
| Remuneration, social security and pensions | 62 | €118,658 | €124,057 | +€5,398 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,959 | €80,530 | -€18,429 | -18.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,314 | €1,395 | -€13,919 | -90.9% |
| Other operating charges | 640/8 | €627 | €3,054 | +€2,427 | +387% |
| Non-recurring operating charges | 66A | €18,316 | €12,179 | -€6,137 | -33.5% |
| Gross operating margin | 9900 | €374,317 | €444,182 | +€69,865 | +18.7% |
| Operating profit (loss) | 9901 | €122,442 | €222,967 | +€100,525 | +82.1% |
| Financial income | 75/76B | €2,528 | €1,715 | -€813 | -32.2% |
| Recurring financial income | 75 | €2,528 | €1,715 | -€813 | -32.2% |
| Financial charges | 65/66B | €18,811 | €22,902 | +€4,091 | +21.7% |
| Recurring financial charges | 65 | €18,811 | €22,902 | +€4,091 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €106,159 | €201,780 | +€95,621 | +90.1% |
| Income taxes | 67/77 | €27,541 | €51,083 | +€23,542 | +85.5% |
| Profit (loss) for the period | 9904 | €78,619 | €150,697 | +€72,079 | +91.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,619 | €150,697 | +€72,079 | +91.7% |
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 16 October 2026 via checked.be.