Belfrudis: 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.
Belfrudis
Largest movements
- Receivables within one year +€26,950
up €26,950 (+200.4%), from €13,447 to €40,397
of which Other amounts receivable: +€27,000
- Cash +€13,582
up €13,582 (+11.6%), from €116,645 to €130,227
mainly Net result for the year (+€45,105) and Depreciation (+€11,994)
- Intangible fixed assets -€7,606
down €7,606 (-26.3%), from €28,894 to €21,287
- Profit (loss) carried forward +€45,105
up €45,105 (+223.6%), from €20,176 to €65,281
- Debts after one year -€17,495
down €17,495 (-33.5%), from €52,174 to €34,679
- Trade debts +€11,699
up €11,699 (+27.1%), from €43,200 to €54,899
- Current portion of long-term debt -€7,670
down €7,670 (-74.9%), from €10,246 to €2,576
- Accrued charges and deferred income +€3,044
up €3,044 (+43.8%), from €6,956 to €10,000
- Gross operating margin +€70,074
up €70,074 (+31.9%), from €219,357 to €289,431
- Staff costs +€24,830
up €24,830 (+13.6%), from €182,187 to €207,017
- Taxes +€10,555
up €10,555 (+139.2%), from €7,583 to €18,139
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 | €172,572 | €204,463 | +€31,891 | +18.5% |
| Fixed assets | 21/28 | €40,766 | €32,460 | -€8,307 | -20.4% |
| Intangible fixed assets | 21 | €28,894 | €21,287 | -€7,606 | -26.3% |
| Tangible fixed assets | 22/27 | €11,873 | €11,172 | -€700 | -5.9% |
| Plant, machinery and equipment | 23 | €920 | €596 | -€324 | -35.2% |
| Furniture and vehicles | 24 | €293 | €2,627 | +€2,334 | +795.9% |
| Other tangible fixed assets | 26 | €10,659 | €7,949 | -€2,710 | -25.4% |
| Current assets | 29/58 | €131,806 | €172,003 | +€40,197 | +30.5% |
| Amounts receivable within one year | 40/41 | €13,447 | €40,397 | +€26,950 | +200.4% |
| Trade receivables | 40 | €1,287 | €1,236 | -€51 | -3.9% |
| Other amounts receivable | 41 | €12,160 | €39,160 | +€27,000 | +222.0% |
| Cash at bank and in hand | 54/58 | €116,645 | €130,227 | +€13,582 | +11.6% |
| Deferred charges and accrued income | 490/1 | €1,714 | €1,380 | -€334 | -19.5% |
| Total equity and liabilities | 10/49 | €172,572 | €204,463 | +€31,891 | +18.5% |
| Equity | 10/15 | €40,176 | €85,281 | +€45,105 | +112.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,176 | €65,281 | +€45,105 | +223.6% |
| Amounts payable | 17/49 | €132,396 | €119,182 | -€13,214 | -10.0% |
| Amounts payable after more than one year | 17 | €52,174 | €34,679 | -€17,495 | -33.5% |
| Financial debts | 170/4 | €52,174 | €34,679 | -€17,495 | -33.5% |
| Amounts payable within one year | 42/48 | €73,266 | €74,503 | +€1,237 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €10,246 | €2,576 | -€7,670 | -74.9% |
| Trade debts | 44 | €43,200 | €54,899 | +€11,699 | +27.1% |
| Suppliers | 440/4 | €43,200 | €54,899 | +€11,699 | +27.1% |
| Taxes, remuneration and social security | 45 | €19,821 | €17,029 | -€2,792 | -14.1% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €19,821 | €17,029 | -€2,792 | -14.1% |
| Accrued charges and deferred income | 492/3 | €6,956 | €10,000 | +€3,044 | +43.8% |
| Remuneration, social security and pensions | 62 | €182,187 | €207,017 | +€24,830 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,873 | €11,994 | -€879 | -6.8% |
| Other operating charges | 640/8 | €1,136 | €1,172 | +€36 | +3.1% |
| Gross operating margin | 9900 | €219,357 | €289,431 | +€70,074 | +31.9% |
| Operating profit (loss) | 9901 | €23,161 | €69,249 | +€46,088 | +199.0% |
| Financial income | 75/76B | €395 | €0 | -€395 | -100.0% |
| Recurring financial income | 75 | €395 | €0 | -€395 | -100.0% |
| Financial charges | 65/66B | €4,501 | €6,006 | +€1,505 | +33.4% |
| Recurring financial charges | 65 | €4,501 | €6,006 | +€1,505 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €19,055 | €63,244 | +€44,189 | +231.9% |
| Income taxes | 67/77 | €7,583 | €18,139 | +€10,555 | +139.2% |
| Profit (loss) for the period | 9904 | €11,472 | €45,105 | +€33,633 | +293.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,472 | €45,105 | +€33,633 | +293.2% |
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.