Belfort Trading: what changed
Belfort Trading
Largest movements
- Cash +€23,089
up €23,089 (+196%), from €11,766 to €34,855
mainly Net result for the year (+€21,875) and Depreciation (+€3,561)
- Tangible fixed assets -€3,561
down €3,561 (-23.1%), from €15,412 to €11,852
of which Plant, machinery and equipment: -€2,036
- Deferred charges and accrued income -€2,458
down €2,458 (-24.0%), from €10,232 to €7,773
- Stocks and contracts +€2,001
up €2,001 (+73.7%), from €2,715 to €4,716
- Profit (loss) carried forward +€21,875
up €21,875 (+55.1%), from -€39,679 to -€17,804
- Other debts -€4,081
down €4,081 (-5.3%), from €77,482 to €73,401
- Trade debts +€1,364
up €1,364 (+65.8%), from €2,072 to €3,436
- Gross operating margin +€12,707
up €12,707 (+82.8%), from €15,345 to €28,052
- Financial income +€462
up €462 (+1,729%), from €27 to €489
- Write-downs +€449
new in 2025: €449
- Financial charges +€415
up €415 (+58.2%), from €712 to €1,126
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,966 | €65,053 | +€19,087 | +41.5% |
| Fixed assets | 21/28 | €18,412 | €14,852 | -€3,561 | -19.3% |
| Tangible fixed assets | 22/27 | €15,412 | €11,852 | -€3,561 | -23.1% |
| Plant, machinery and equipment | 23 | €5,292 | €3,256 | -€2,036 | -38.5% |
| Furniture and vehicles | 24 | €579 | €339 | -€240 | -41.5% |
| Other tangible fixed assets | 26 | €9,542 | €8,257 | -€1,284 | -13.5% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €27,554 | €50,201 | +€22,648 | +82.2% |
| Stocks and contracts in progress | 3 | €2,715 | €4,716 | +€2,001 | +73.7% |
| Stocks | 30/36 | €2,715 | €4,716 | +€2,001 | +73.7% |
| Amounts receivable within one year | 40/41 | €2,841 | €2,857 | +€16 | +0.6% |
| Trade receivables | 40 | €2,841 | €2,857 | +€16 | +0.6% |
| Cash at bank and in hand | 54/58 | €11,766 | €34,855 | +€23,089 | +196% |
| Deferred charges and accrued income | 490/1 | €10,232 | €7,773 | -€2,458 | -24.0% |
| Total equity and liabilities | 10/49 | €45,966 | €65,053 | +€19,087 | +41.5% |
| Equity | 10/15 | -€35,179 | -€13,304 | +€21,875 | +62.2% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,679 | -€17,804 | +€21,875 | +55.1% |
| Amounts payable | 17/49 | €81,146 | €78,357 | -€2,788 | -3.4% |
| Amounts payable within one year | 42/48 | €81,080 | €78,290 | -€2,790 | -3.4% |
| Trade debts | 44 | €2,072 | €3,436 | +€1,364 | +65.8% |
| Suppliers | 440/4 | €2,072 | €3,436 | +€1,364 | +65.8% |
| Taxes, remuneration and social security | 45 | €1,526 | €1,453 | -€73 | -4.8% |
| Taxes | 450/3 | €1,526 | €1,453 | -€73 | -4.8% |
| Other amounts payable | 47/48 | €77,482 | €73,401 | -€4,081 | -5.3% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,642 | €3,561 | -€81 | -2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €449 | +€449 | |
| Other operating charges | 640/8 | €1,788 | €1,529 | -€259 | -14.5% |
| Gross operating margin | 9900 | €15,345 | €28,052 | +€12,707 | +82.8% |
| Operating profit (loss) | 9901 | €9,915 | €22,513 | +€12,598 | +127% |
| Financial income | 75/76B | €27 | €489 | +€462 | +1,729% |
| Recurring financial income | 75 | €27 | €489 | +€462 | +1,729% |
| Financial charges | 65/66B | €712 | €1,126 | +€415 | +58.2% |
| Recurring financial charges | 65 | €712 | €1,126 | +€415 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €9,230 | €21,875 | +€12,645 | +137% |
| Profit (loss) for the period | 9904 | €9,230 | €21,875 | +€12,645 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €9,230 | €21,875 | +€12,645 | +137% |
Next steps
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 5 November 2026 via checked.be.