BELFRITEX: 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.
BELFRITEX
Largest movements
- Tangible fixed assets +€61,999
up €61,999 (+5583.5%), from €1,110 to €63,109
of which Furniture and vehicles: +€63,109
- Receivables within one year +€7,081
up €7,081 (+86.4%), from €8,191 to €15,272
of which Other amounts receivable: +€13,315
- Deferred charges and accrued income +€5,391
up €5,391 (+359.3%), from €1,500 to €6,891
- Cash -€3,394
down €3,394 (-6.1%), from €55,380 to €51,987
mainly Investment in fixed assets (net) (-€62,758) and Receivables within one year (-€7,081)
- Debts after one year +€37,417
new in 2025: €37,417
- Reserves +€18,000
up €18,000 (+186.6%), from €9,648 to €27,648
of which Distributable reserves: +€18,000
- Current portion of long-term debt +€11,657
new in 2025: €11,657
- Tax, wage and social debts +€3,690
up €3,690 (+70.0%), from €5,269 to €8,959
- Other debts -€2,377
down €2,377 (-5.3%), from €45,120 to €42,743
- Gross operating margin -€7,739
down €7,739 (-17.9%), from €43,188 to €35,449
- Other operating charges -€2,568
down €2,568 (-49.9%), from €5,141 to €2,573
- Taxes -€1,224
down €1,224 (-10.0%), from €12,269 to €11,046
- Depreciation +€481
up €481 (+173.4%), from €278 to €759
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 | €66,745 | €137,821 | +€71,077 | +106.5% |
| Fixed assets | 21/28 | €1,672 | €63,671 | +€61,999 | +3707.2% |
| Tangible fixed assets | 22/27 | €1,110 | €63,109 | +€61,999 | +5583.5% |
| Land and buildings | 22 | €1,110 | - | -€1,110 | |
| Furniture and vehicles | 24 | - | €63,109 | +€63,109 | |
| Financial fixed assets | 28 | €562 | €562 | = | 0.0% |
| Current assets | 29/58 | €65,072 | €74,150 | +€9,078 | +14.0% |
| Amounts receivable within one year | 40/41 | €8,191 | €15,272 | +€7,081 | +86.4% |
| Trade receivables | 40 | €8,090 | €1,856 | -€6,234 | -77.1% |
| Other amounts receivable | 41 | €101 | €13,416 | +€13,315 | +13121.7% |
| Cash at bank and in hand | 54/58 | €55,380 | €51,987 | -€3,394 | -6.1% |
| Deferred charges and accrued income | 490/1 | €1,500 | €6,891 | +€5,391 | +359.3% |
| Total equity and liabilities | 10/49 | €66,745 | €137,821 | +€71,077 | +106.5% |
| Equity | 10/15 | €15,845 | €35,803 | +€19,958 | +126.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €9,648 | €27,648 | +€18,000 | +186.6% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €2,648 | €20,648 | +€18,000 | +679.8% |
| Profit (loss) carried forward | 14 | - | €1,958 | +€1,958 | |
| Amounts payable | 17/49 | €50,900 | €102,019 | +€51,119 | +100.4% |
| Amounts payable after more than one year | 17 | - | €37,417 | +€37,417 | |
| Financial debts | 170/4 | - | €37,417 | +€37,417 | |
| Amounts payable within one year | 42/48 | €50,887 | €64,602 | +€13,715 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | - | €11,657 | +€11,657 | |
| Trade debts | 44 | €497 | €1,243 | +€746 | +149.9% |
| Suppliers | 440/4 | €497 | €1,243 | +€746 | +149.9% |
| Taxes, remuneration and social security | 45 | €5,269 | €8,959 | +€3,690 | +70.0% |
| Taxes | 450/3 | €5,269 | €8,959 | +€3,690 | +70.0% |
| Other amounts payable | 47/48 | €45,120 | €42,743 | -€2,377 | -5.3% |
| Accrued charges and deferred income | 492/3 | €13 | - | -€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €278 | €759 | +€481 | +173.4% |
| Other operating charges | 640/8 | €5,141 | €2,573 | -€2,568 | -49.9% |
| Gross operating margin | 9900 | €43,188 | €35,449 | -€7,739 | -17.9% |
| Operating profit (loss) | 9901 | €37,769 | €32,117 | -€5,653 | -15.0% |
| Financial income | 75/76B | €179 | €150 | -€29 | -16.0% |
| Recurring financial income | 75 | €179 | €150 | -€29 | -16.0% |
| Financial charges | 65/66B | €316 | €431 | +€114 | +36.2% |
| Recurring financial charges | 65 | €316 | €431 | +€114 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €37,632 | €31,836 | -€5,796 | -15.4% |
| Income taxes | 67/77 | €12,269 | €11,046 | -€1,224 | -10.0% |
| Profit (loss) for the period | 9904 | €25,363 | €20,791 | -€4,572 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,363 | €20,791 | -€4,572 | -18.0% |
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 9 October 2026 via checked.be.