BELFRA: 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.
BELFRA
Largest movements
- Cash +€63,144
up €63,144 (+50.1%), from €125,978 to €189,122
mainly Net result for the year (+€37,471) and Other debts (+€24,361)
- Tangible fixed assets -€13,659
down €13,659 (-30.8%), from €44,388 to €30,728
of which Furniture and vehicles: -€13,329
- Profit (loss) carried forward +€37,471
up €37,471 (+68.0%), from -€55,129 to -€17,657
- Other debts +€24,361
up €24,361 (+12.3%), from €197,498 to €221,860
- Tax, wage and social debts -€11,602
down €11,602 (-92.4%), from €12,556 to €954
- Taxes +€10,823
up €10,823 (+507.8%), from €2,131 to €12,954
- Gross operating margin -€10,665
down €10,665 (-14.1%), from €75,473 to €64,808
- Depreciation -€1,119
down €1,119 (-7.6%), from €14,778 to €13,659
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 | €267,621 | €317,335 | +€49,714 | +18.6% |
| Fixed assets | 21/28 | €44,388 | €30,728 | -€13,659 | -30.8% |
| Tangible fixed assets | 22/27 | €44,388 | €30,728 | -€13,659 | -30.8% |
| Plant, machinery and equipment | 23 | €920 | €590 | -€330 | -35.9% |
| Furniture and vehicles | 24 | €43,467 | €30,138 | -€13,329 | -30.7% |
| Current assets | 29/58 | €223,233 | €286,606 | +€63,373 | +28.4% |
| Amounts receivable within one year | 40/41 | €40 | €269 | +€229 | +574.6% |
| Other amounts receivable | 41 | €40 | €269 | +€229 | +574.6% |
| Current investments | 50/53 | €97,215 | €97,215 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €125,978 | €189,122 | +€63,144 | +50.1% |
| Total equity and liabilities | 10/49 | €267,621 | €317,335 | +€49,714 | +18.6% |
| Equity | 10/15 | -€40,870 | -€3,399 | +€37,471 | +91.7% |
| Contributions | 10/11 | €12,399 | €12,399 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,129 | -€17,657 | +€37,471 | +68.0% |
| Amounts payable | 17/49 | €308,491 | €320,734 | +€12,243 | +4.0% |
| Amounts payable after more than one year | 17 | €97,215 | €97,215 | = | 0.0% |
| Financial debts | 170/4 | €97,215 | €97,215 | = | 0.0% |
| Amounts payable within one year | 42/48 | €211,276 | €223,519 | +€12,243 | +5.8% |
| Trade debts | 44 | €1,221 | €705 | -€516 | -42.2% |
| Suppliers | 440/4 | €1,221 | €705 | -€516 | -42.2% |
| Taxes, remuneration and social security | 45 | €12,556 | €954 | -€11,602 | -92.4% |
| Taxes | 450/3 | €12,556 | €954 | -€11,602 | -92.4% |
| Other amounts payable | 47/48 | €197,498 | €221,860 | +€24,361 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,778 | €13,659 | -€1,119 | -7.6% |
| Other operating charges | 640/8 | €1,063 | €772 | -€290 | -27.3% |
| Non-recurring operating charges | 66A | €11,205 | - | -€11,205 | |
| Gross operating margin | 9900 | €75,473 | €64,808 | -€10,665 | -14.1% |
| Operating profit (loss) | 9901 | €48,427 | €50,376 | +€1,950 | +4.0% |
| Financial income | 75/76B | - | €49 | +€49 | |
| Recurring financial income | 75 | - | €49 | +€49 | |
| Financial charges | 65/66B | €240 | - | -€240 | |
| Recurring financial charges | 65 | €240 | - | -€240 | |
| Profit (loss) for the period before taxes | 9903 | €48,187 | €50,425 | +€2,238 | +4.6% |
| Income taxes | 67/77 | €2,131 | €12,954 | +€10,823 | +507.8% |
| Profit (loss) for the period | 9904 | €46,055 | €37,471 | -€8,584 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,055 | €37,471 | -€8,584 | -18.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.