BELFRACO: 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.
BELFRACO
Largest movements
- Cash +€231,514
up €231,514 (+74.0%), from €313,048 to €544,562
mainly Net result for the year (+€193,444) and Trade debts (+€59,893)
- Receivables within one year +€5,796
up €5,796 (+467.0%), from €1,241 to €7,037
of which Trade receivables: +€4,770
- Reserves +€193,444
up €193,444 (+91.4%), from €211,544 to €404,988
- Trade debts +€59,893
up €59,893 (+878.2%), from €6,820 to €66,713
- Tax, wage and social debts -€14,326
down €14,326 (-15.5%), from €92,272 to €77,946
- Gross operating margin -€16,742
down €16,742 (-6.0%), from €277,715 to €260,973
- Taxes -€2,979
down €2,979 (-4.6%), from €65,132 to €62,153
- Other operating charges +€2,848
up €2,848 (+320.0%), from €890 to €3,738
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 | €315,636 | €554,647 | +€239,011 | +75.7% |
| Fixed assets | 21/28 | €1,347 | €1,661 | +€314 | +23.3% |
| Tangible fixed assets | 22/27 | €1,147 | €1,461 | +€314 | +27.4% |
| Furniture and vehicles | 24 | €1,147 | €1,461 | +€314 | +27.4% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €314,289 | €552,986 | +€238,697 | +75.9% |
| Amounts receivable within one year | 40/41 | €1,241 | €7,037 | +€5,796 | +467.0% |
| Trade receivables | 40 | - | €4,770 | +€4,770 | |
| Other amounts receivable | 41 | €1,241 | €2,267 | +€1,026 | +82.7% |
| Cash at bank and in hand | 54/58 | €313,048 | €544,562 | +€231,514 | +74.0% |
| Deferred charges and accrued income | 490/1 | - | €1,387 | +€1,387 | |
| Total equity and liabilities | 10/49 | €315,636 | €554,647 | +€239,011 | +75.7% |
| Equity | 10/15 | €216,544 | €409,988 | +€193,444 | +89.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €211,544 | €404,988 | +€193,444 | +91.4% |
| Distributable reserves | 133 | €211,544 | €404,988 | +€193,444 | +91.4% |
| Amounts payable | 17/49 | €99,092 | €144,659 | +€45,567 | +46.0% |
| Amounts payable within one year | 42/48 | €99,092 | €144,659 | +€45,567 | +46.0% |
| Trade debts | 44 | €6,820 | €66,713 | +€59,893 | +878.2% |
| Suppliers | 440/4 | €6,820 | €66,713 | +€59,893 | +878.2% |
| Taxes, remuneration and social security | 45 | €92,272 | €77,946 | -€14,326 | -15.5% |
| Taxes | 450/3 | €92,272 | €77,946 | -€14,326 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27 | €264 | +€237 | +877.8% |
| Other operating charges | 640/8 | €890 | €3,738 | +€2,848 | +320.0% |
| Gross operating margin | 9900 | €277,715 | €260,973 | -€16,742 | -6.0% |
| Operating profit (loss) | 9901 | €276,798 | €256,971 | -€19,827 | -7.2% |
| Financial income | 75/76B | €35 | €63 | +€28 | +80.0% |
| Recurring financial income | 75 | €35 | €63 | +€28 | +80.0% |
| Financial charges | 65/66B | €157 | €1,437 | +€1,280 | +815.3% |
| Recurring financial charges | 65 | €157 | €1,437 | +€1,280 | +815.3% |
| Profit (loss) for the period before taxes | 9903 | €276,676 | €255,597 | -€21,079 | -7.6% |
| Income taxes | 67/77 | €65,132 | €62,153 | -€2,979 | -4.6% |
| Profit (loss) for the period | 9904 | €211,544 | €193,444 | -€18,100 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €211,544 | €193,444 | -€18,100 | -8.6% |
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 10 October 2026 via checked.be.