BELFRA PROJECTS: 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.
BELFRA PROJECTS
Largest movements
- Receivables within one year -€1,336
down €1,336 (-77.5%), from €1,724 to €388
of which Trade receivables: -€811
- Intangible fixed assets -€580
down €580 (-30.9%), from €1,879 to €1,299
- Cash -€348
down €348 (-36.0%), from €966 to €618
mainly Net result for the year (-€4,142) and Trade debts (-€1,226)
- Profit (loss) carried forward -€4,142
down €4,142 (-47.1%), from -€8,804 to -€12,946
- Other debts +€3,104
up €3,104 (+160.6%), from €1,933 to €5,037
- Trade debts -€1,226
down €1,226 (-85.1%), from €1,440 to €214
- Depreciation -€2,469
down €2,469 (-81.0%), from €3,049 to €580
- Gross operating margin +€1,864
up €1,864 (+40.5%), from -€4,602 to -€2,738
- Other operating charges -€370
down €370 (-34.0%), from €1,090 to €720
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 | €4,570 | €2,306 | -€2,264 | -49.5% |
| Fixed assets | 21/28 | €1,879 | €1,299 | -€580 | -30.9% |
| Intangible fixed assets | 21 | €1,879 | €1,299 | -€580 | -30.9% |
| Current assets | 29/58 | €2,690 | €1,006 | -€1,684 | -62.6% |
| Amounts receivable within one year | 40/41 | €1,724 | €388 | -€1,336 | -77.5% |
| Trade receivables | 40 | €811 | €0 | -€811 | -100.0% |
| Other amounts receivable | 41 | €913 | €388 | -€525 | -57.5% |
| Cash at bank and in hand | 54/58 | €966 | €618 | -€348 | -36.0% |
| Total equity and liabilities | 10/49 | €4,570 | €2,306 | -€2,264 | -49.5% |
| Equity | 10/15 | €1,196 | -€2,946 | -€4,142 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,804 | -€12,946 | -€4,142 | -47.1% |
| Amounts payable | 17/49 | €3,373 | €5,251 | +€1,878 | +55.7% |
| Amounts payable within one year | 42/48 | €3,373 | €5,251 | +€1,878 | +55.7% |
| Trade debts | 44 | €1,440 | €214 | -€1,226 | -85.1% |
| Suppliers | 440/4 | €1,440 | €214 | -€1,226 | -85.1% |
| Other amounts payable | 47/48 | €1,933 | €5,037 | +€3,104 | +160.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,049 | €580 | -€2,469 | -81.0% |
| Other operating charges | 640/8 | €1,090 | €720 | -€370 | -34.0% |
| Gross operating margin | 9900 | -€4,602 | -€2,738 | +€1,864 | +40.5% |
| Operating profit (loss) | 9901 | -€8,741 | -€4,037 | +€4,704 | +53.8% |
| Financial income | 75/76B | €18 | €0 | -€18 | -100.0% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -100.0% |
| Financial charges | 65/66B | €80 | €105 | +€25 | +31.0% |
| Recurring financial charges | 65 | €80 | €105 | +€25 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,804 | -€4,142 | +€4,662 | +52.9% |
| Profit (loss) for the period | 9904 | -€8,804 | -€4,142 | +€4,662 | +52.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,804 | -€4,142 | +€4,662 | +52.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.