BELFORT: what changed
BELFORT
Largest movements
- Cash -€68,588
down €68,588 (-91.7%), from €74,817 to €6,230
mainly Net result for the year (-€46,522) and Other debts (-€26,900)
- Receivables within one year -€11,355
down €11,355 (-63.9%), from €17,770 to €6,415
of which Trade receivables: -€17,277
- Tangible fixed assets -€6,581
down €6,581 (-31.7%), from €20,771 to €14,190
of which Plant, machinery and equipment: -€4,072
- Profit (loss) carried forward -€46,522
down €46,522, from €0 to -€46,522
- Other debts -€26,900
down €26,900 (-72.4%), from €37,147 to €10,247
- Tax, wage and social debts -€13,273
down €13,273 (-100%), from €13,273 to €0
- Gross operating margin -€100,946
down €100,946, from €63,776 to -€37,169
- Taxes -€9,521
down €9,521 (-97.0%), from €9,815 to €293
- Other operating charges -€689
down €689 (-45.6%), from €1,510 to €822
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,889 | €29,564 | -€86,325 | -74.5% |
| Fixed assets | 21/28 | €20,771 | €14,340 | -€6,431 | -31.0% |
| Tangible fixed assets | 22/27 | €20,771 | €14,190 | -€6,581 | -31.7% |
| Plant, machinery and equipment | 23 | €14,759 | €10,686 | -€4,072 | -27.6% |
| Furniture and vehicles | 24 | €2,897 | €956 | -€1,941 | -67.0% |
| Other tangible fixed assets | 26 | €3,115 | €2,548 | -€567 | -18.2% |
| Financial fixed assets | 28 | - | €150 | +€150 | |
| Current assets | 29/58 | €95,118 | €15,223 | -€79,895 | -84.0% |
| Amounts receivable within one year | 40/41 | €17,770 | €6,415 | -€11,355 | -63.9% |
| Trade receivables | 40 | €17,766 | €489 | -€17,277 | -97.2% |
| Other amounts receivable | 41 | €5 | €5,926 | +€5,921 | +129,856% |
| Cash at bank and in hand | 54/58 | €74,817 | €6,230 | -€68,588 | -91.7% |
| Deferred charges and accrued income | 490/1 | €2,530 | €2,579 | +€48 | +1.9% |
| Total equity and liabilities | 10/49 | €115,889 | €29,564 | -€86,325 | -74.5% |
| Equity | 10/15 | €64,331 | €17,808 | -€46,522 | -72.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,731 | €45,731 | = | 0.0% |
| Distributable reserves | 133 | €45,731 | €45,731 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€46,522 | -€46,522 | |
| Amounts payable | 17/49 | €51,558 | €11,755 | -€39,803 | -77.2% |
| Amounts payable within one year | 42/48 | €51,558 | €11,755 | -€39,803 | -77.2% |
| Financial debts | 43 | €8 | €388 | +€380 | +4,511% |
| Credit institutions | 430/8 | €8 | €388 | +€380 | +4,511% |
| Trade debts | 44 | €1,129 | €1,120 | -€10 | -0.9% |
| Suppliers | 440/4 | €1,129 | €1,120 | -€10 | -0.9% |
| Taxes, remuneration and social security | 45 | €13,273 | €0 | -€13,273 | -100% |
| Taxes | 450/3 | €13,273 | €0 | -€13,273 | -100% |
| Other amounts payable | 47/48 | €37,147 | €10,247 | -€26,900 | -72.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,042 | €5,386 | +€344 | +6.8% |
| Other operating charges | 640/8 | €1,510 | €822 | -€689 | -45.6% |
| Non-recurring operating charges | 66A | - | €451 | +€451 | |
| Gross operating margin | 9900 | €63,776 | -€37,169 | -€100,946 | |
| Operating profit (loss) | 9901 | €57,224 | -€43,828 | -€101,052 | |
| Financial income | 75/76B | €9 | €0 | -€9 | -99.9% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -99.9% |
| Financial charges | 65/66B | €2,677 | €2,401 | -€276 | -10.3% |
| Recurring financial charges | 65 | €2,677 | €2,401 | -€276 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €54,556 | -€46,229 | -€100,785 | |
| Income taxes | 67/77 | €9,815 | €293 | -€9,521 | -97.0% |
| Profit (loss) for the period | 9904 | €44,741 | -€46,522 | -€91,263 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,741 | -€46,522 | -€91,263 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.