BELFRANJO: 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.
BELFRANJO
Largest movements
- Tangible fixed assets -€34,478
down €34,478 (-5.4%), from €638,458 to €603,980
of which Land and buildings: -€29,750
- Cash +€24,543
up €24,543 (+1430.5%), from €1,716 to €26,259
mainly Depreciation (+€34,478) and Current portion of long-term debt (+€25,065)
- Receivables within one year -€16,774
down €16,774 (-24.5%), from €68,549 to €51,775
- Debts after one year -€36,138
down €36,138 (-7.6%), from €475,738 to €439,601
- Current portion of long-term debt +€25,065
up €25,065 (+64.0%), from €39,177 to €64,243
- Profit (loss) carried forward -€17,786
down €17,786 (-16.0%), from €111,480 to €93,694
- Gross operating margin -€39,755
down €39,755 (-46.4%), from €85,590 to €45,835
- Taxes -€8,608
down €8,608 (-94.5%), from €9,112 to €504
- Financial charges -€1,065
down €1,065 (-6.0%), from €17,624 to €16,560
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 | €710,941 | €683,219 | -€27,722 | -3.9% |
| Fixed assets | 21/28 | €638,458 | €603,980 | -€34,478 | -5.4% |
| Tangible fixed assets | 22/27 | €638,458 | €603,980 | -€34,478 | -5.4% |
| Land and buildings | 22 | €614,479 | €584,729 | -€29,750 | -4.8% |
| Plant, machinery and equipment | 23 | €23,460 | €19,022 | -€4,439 | -18.9% |
| Furniture and vehicles | 24 | €518 | €229 | -€289 | -55.7% |
| Current assets | 29/58 | €72,483 | €79,239 | +€6,755 | +9.3% |
| Amounts receivable within one year | 40/41 | €68,549 | €51,775 | -€16,774 | -24.5% |
| Other amounts receivable | 41 | €68,549 | €51,775 | -€16,774 | -24.5% |
| Cash at bank and in hand | 54/58 | €1,716 | €26,259 | +€24,543 | +1430.5% |
| Deferred charges and accrued income | 490/1 | €2,219 | €1,205 | -€1,014 | -45.7% |
| Total equity and liabilities | 10/49 | €710,941 | €683,219 | -€27,722 | -3.9% |
| Equity | 10/15 | €161,480 | €143,694 | -€17,786 | -11.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,480 | €93,694 | -€17,786 | -16.0% |
| Amounts payable | 17/49 | €549,461 | €539,525 | -€9,936 | -1.8% |
| Amounts payable after more than one year | 17 | €475,738 | €439,601 | -€36,138 | -7.6% |
| Financial debts | 170/4 | €475,738 | €439,601 | -€36,138 | -7.6% |
| Amounts payable within one year | 42/48 | €69,528 | €95,732 | +€26,204 | +37.7% |
| Current portion of amounts payable after more than one year | 42 | €39,177 | €64,243 | +€25,065 | +64.0% |
| Trade debts | 44 | €4,361 | €7,858 | +€3,496 | +80.2% |
| Suppliers | 440/4 | €4,361 | €7,858 | +€3,496 | +80.2% |
| Taxes, remuneration and social security | 45 | €7,862 | €5,504 | -€2,358 | -30.0% |
| Taxes | 450/3 | €7,862 | €5,504 | -€2,358 | -30.0% |
| Other amounts payable | 47/48 | €18,128 | €18,128 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,195 | €4,192 | -€3 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,478 | €34,478 | = | 0.0% |
| Other operating charges | 640/8 | €5,161 | €5,320 | +€159 | +3.1% |
| Non-recurring operating charges | 66A | - | €9,993 | +€9,993 | |
| Gross operating margin | 9900 | €85,590 | €45,835 | -€39,755 | -46.4% |
| Operating profit (loss) | 9901 | €45,952 | -€3,955 | -€49,907 | |
| Financial income | 75/76B | €3,668 | €3,233 | -€435 | -11.9% |
| Recurring financial income | 75 | €3,668 | €3,233 | -€435 | -11.9% |
| Financial charges | 65/66B | €17,624 | €16,560 | -€1,065 | -6.0% |
| Recurring financial charges | 65 | €17,624 | €16,560 | -€1,065 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €31,996 | -€17,281 | -€49,277 | |
| Income taxes | 67/77 | €9,112 | €504 | -€8,608 | -94.5% |
| Profit (loss) for the period | 9904 | €22,884 | -€17,786 | -€40,669 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,884 | -€17,786 | -€40,669 |
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 7 October 2026 via checked.be.