BELFORMA & Associés: what changed
What changed
BELFORMA & Associés
NACE 43.211, General electrical installation work
filed annual accounts (NBB)
Net result for the year
€74,924
2024 · €56,485+€18,439
Equity
€795,470
2024 · €720,546+€74,924
Cash
€371,233
2024 · €428,773-€57,540
Balance sheet total
€895,040
2024 · €796,135+€98,905
Largest movements
Assets
- Current investments +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Cash -€57,540
down €57,540 (-13.4%), from €428,773 to €371,233
mainly Current investments (-€100,000) and Stocks and contracts (-€40,266)
- Stocks and contracts +€40,266
up €40,266 (+38.1%), from €105,769 to €146,035
of which Contracts in progress: +€35,000
- Receivables within one year +€19,540
up €19,540 (+40.2%), from €48,654 to €68,194
of which Other amounts receivable: +€20,338
Equity and liabilities
- Reserves +€74,924
up €74,924 (+38.6%), from €194,168 to €269,092
- Tax, wage and social debts +€10,593
up €10,593 (+184%), from €5,756 to €16,349
- Trade debts +€10,089
up €10,089 (+77.6%), from €13,009 to €23,098
Income statement
- Gross operating margin +€38,405
up €38,405 (+25.7%), from €149,665 to €188,070
- Staff costs +€20,933
up €20,933 (+27.0%), from €77,432 to €98,365
- Write-downs +€10,597
no longer reported in 2025 (was -€10,597)
- Financial income +€8,005
up €8,005 (+52.2%), from €15,325 to €23,330
- Other operating charges -€7,688
down €7,688 (-46.3%), from €16,620 to €8,932
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€56,485
Gross operating margin
+€38,405
Staff costs
-€20,933
Depreciation
+€362
Write-downs
-€10,597
Other operating charges
+€7,688
Financial income
+€8,005
Financial charges
-€29
Taxes
-€4,462
Result 2025
€74,924
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€45,444
Investment
-€101,295
Financing
-€1,689
Cash 2024
€428,773
From operations (derived)
+€45,444
Net result for the year
+€74,924
Depreciation
+€4,656
Stocks and contracts
-€40,266
Receivables within one year
-€19,540
Trade debts
+€10,089
Tax, wage and social debts
+€10,593
Advances received
+€5,193
Smaller working-capital items
-€205
Investment (derived)
-€101,295
Investment in fixed assets (net)
-€1,295
Current investments
-€100,000
Financing
-€1,689
Current portion of long-term debt
-€1,689
Cash 2025
€371,233
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €796,135 | €895,040 | +€98,905 | +12.4% |
| Fixed assets | 21/28 | €12,939 | €9,578 | -€3,361 | -26.0% |
| Tangible fixed assets | 22/27 | €10,839 | €7,478 | -€3,361 | -31.0% |
| Land and buildings | 22 | €992 | €992 | = | 0.0% |
| Plant, machinery and equipment | 23 | €102 | €1,187 | +€1,085 | +1,064% |
| Furniture and vehicles | 24 | €9,745 | €5,299 | -€4,446 | -45.6% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €783,196 | €885,462 | +€102,266 | +13.1% |
| Stocks and contracts in progress | 3 | €105,769 | €146,035 | +€40,266 | +38.1% |
| Stocks | 30/36 | €105,769 | €111,035 | +€5,266 | +5.0% |
| Contracts in progress | 37 | - | €35,000 | +€35,000 | |
| Amounts receivable within one year | 40/41 | €48,654 | €68,194 | +€19,540 | +40.2% |
| Trade receivables | 40 | €7,468 | €6,670 | -€798 | -10.7% |
| Other amounts receivable | 41 | €41,186 | €61,524 | +€20,338 | +49.4% |
| Current investments | 50/53 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Cash at bank and in hand | 54/58 | €428,773 | €371,233 | -€57,540 | -13.4% |
| Total equity and liabilities | 10/49 | €796,135 | €895,040 | +€98,905 | +12.4% |
| Equity | 10/15 | €720,546 | €795,470 | +€74,924 | +10.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €194,168 | €269,092 | +€74,924 | +38.6% |
| Distributable reserves | 133 | €194,168 | €269,092 | +€74,924 | +38.6% |
| Profit (loss) carried forward | 14 | €376,378 | €376,378 | = | 0.0% |
| Provisions and deferred taxes | 16 | €24,750 | €24,750 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €24,750 | €24,750 | = | 0.0% |
| Major repairs and maintenance | 162 | €24,750 | €24,750 | = | 0.0% |
| Amounts payable | 17/49 | €50,839 | €74,820 | +€23,981 | +47.2% |
| Amounts payable within one year | 42/48 | €50,735 | €74,820 | +€24,085 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €1,689 | - | -€1,689 | |
| Trade debts | 44 | €13,009 | €23,098 | +€10,089 | +77.6% |
| Suppliers | 440/4 | €13,009 | €23,098 | +€10,089 | +77.6% |
| Advances received on contracts in progress | 46 | €9,905 | €15,098 | +€5,193 | +52.4% |
| Taxes, remuneration and social security | 45 | €5,756 | €16,349 | +€10,593 | +184% |
| Remuneration and social security | 454/9 | €5,756 | €16,349 | +€10,593 | +184% |
| Other amounts payable | 47/48 | €20,376 | €20,275 | -€101 | -0.5% |
| Accrued charges and deferred income | 492/3 | €104 | - | -€104 | |
| Remuneration, social security and pensions | 62 | €77,432 | €98,365 | +€20,933 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,018 | €4,656 | -€362 | -7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,597 | - | +€10,597 | |
| Other operating charges | 640/8 | €16,620 | €8,932 | -€7,688 | -46.3% |
| Gross operating margin | 9900 | €149,665 | €188,070 | +€38,405 | +25.7% |
| Operating profit (loss) | 9901 | €61,192 | €76,117 | +€14,925 | +24.4% |
| Financial income | 75/76B | €15,325 | €23,330 | +€8,005 | +52.2% |
| Recurring financial income | 75 | €15,325 | €23,330 | +€8,005 | +52.2% |
| Financial charges | 65/66B | €300 | €329 | +€29 | +9.7% |
| Recurring financial charges | 65 | €300 | €329 | +€29 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €76,217 | €99,118 | +€22,901 | +30.0% |
| Income taxes | 67/77 | €19,732 | €24,194 | +€4,462 | +22.6% |
| Profit (loss) for the period | 9904 | €56,485 | €74,924 | +€18,439 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,485 | €74,924 | +€18,439 | +32.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.