BELFOX: what changed
Two fiscal 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.
BELFOX
Largest movements
- Receivables within one year -€43,557
down €43,557 (-36.1%), from €120,619 to €77,062
of which Trade receivables: -€30,981
- Stocks and contracts -€19,735
down €19,735 (-8.5%), from €232,105 to €212,370
- Tangible fixed assets -€17,144
down €17,144 (-100.0%), from €17,144 to €0
- Cash +€7,220
up €7,220 (+76.5%), from €9,440 to €16,660
mainly Net result for the year (+€138,308) and Receivables within one year (+€43,557)
- Other debts -€159,688
down €159,688 (-26.4%), from €605,295 to €445,606
- Profit (loss) carried forward +€138,308
up €138,308 (+22.9%), from -€603,108 to -€464,801
- Accrued charges and deferred income -€52,724
down €52,724 (-83.1%), from €63,475 to €10,751
- Gross operating margin +€158,902
up €158,902 (+1042.0%), from €15,249 to €174,151
- Depreciation -€6,040
down €6,040 (-100.0%), from €6,040 to €0
- Financial charges +€2,351
up €2,351 (+43.7%), from €5,378 to €7,729
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 | €380,523 | €309,043 | -€71,480 | -18.8% |
| Fixed assets | 21/28 | €17,144 | €0 | -€17,144 | -100.0% |
| Tangible fixed assets | 22/27 | €17,144 | €0 | -€17,144 | -100.0% |
| Land and buildings | 22 | €17,144 | €0 | -€17,144 | -100.0% |
| Current assets | 29/58 | €363,379 | €309,043 | -€54,336 | -15.0% |
| Stocks and contracts in progress | 3 | €232,105 | €212,370 | -€19,735 | -8.5% |
| Stocks | 30/36 | €232,105 | €212,370 | -€19,735 | -8.5% |
| Amounts receivable within one year | 40/41 | €120,619 | €77,062 | -€43,557 | -36.1% |
| Trade receivables | 40 | €33,219 | €2,237 | -€30,981 | -93.3% |
| Other amounts receivable | 41 | €87,400 | €74,825 | -€12,575 | -14.4% |
| Cash at bank and in hand | 54/58 | €9,440 | €16,660 | +€7,220 | +76.5% |
| Deferred charges and accrued income | 490/1 | €1,215 | €2,951 | +€1,736 | +142.8% |
| Total equity and liabilities | 10/49 | €380,523 | €309,043 | -€71,480 | -18.8% |
| Equity | 10/15 | -€409,538 | -€271,231 | +€138,308 | +33.8% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €73,570 | €73,570 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,000 | €24,000 | +€12,000 | +100.0% |
| Reserves not available under the articles | 1311 | €12,000 | €24,000 | +€12,000 | +100.0% |
| Tax-exempt reserves | 132 | €10,965 | €10,965 | = | 0.0% |
| Distributable reserves | 133 | €50,606 | €38,606 | -€12,000 | -23.7% |
| Profit (loss) carried forward | 14 | -€603,108 | -€464,801 | +€138,308 | +22.9% |
| Amounts payable | 17/49 | €790,061 | €580,273 | -€209,788 | -26.6% |
| Amounts payable after more than one year | 17 | €120,000 | €120,000 | = | 0.0% |
| Other amounts payable | 178/9 | €120,000 | €120,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €606,586 | €449,522 | -€157,063 | -25.9% |
| Trade debts | 44 | €510 | €2,867 | +€2,357 | +462.2% |
| Suppliers | 440/4 | €510 | €2,867 | +€2,357 | +462.2% |
| Taxes, remuneration and social security | 45 | €781 | €1,049 | +€268 | +34.3% |
| Taxes | 450/3 | €781 | €1,049 | +€268 | +34.3% |
| Other amounts payable | 47/48 | €605,295 | €445,606 | -€159,688 | -26.4% |
| Accrued charges and deferred income | 492/3 | €63,475 | €10,751 | -€52,724 | -83.1% |
| Non-recurring operating income | 76A | - | €178,856 | +€178,856 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,040 | €0 | -€6,040 | -100.0% |
| Other operating charges | 640/8 | €1,924 | €2,308 | +€384 | +20.0% |
| Non-recurring operating charges | 66A | - | €28,289 | +€28,289 | |
| Gross operating margin | 9900 | €15,249 | €174,151 | +€158,902 | +1042.0% |
| Operating profit (loss) | 9901 | €7,286 | €143,554 | +€136,269 | +1870.3% |
| Financial income | 75/76B | €1,900 | €2,483 | +€582 | +30.6% |
| Recurring financial income | 75 | €1,900 | €2,483 | +€582 | +30.6% |
| Financial charges | 65/66B | €5,378 | €7,729 | +€2,351 | +43.7% |
| Recurring financial charges | 65 | €5,378 | €7,729 | +€2,351 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €3,808 | €138,308 | +€134,500 | +3532.0% |
| Profit (loss) for the period | 9904 | €3,808 | €138,308 | +€134,500 | +3532.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,808 | €138,308 | +€134,500 | +3532.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.