Belfuture: 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.
What changed
Belfuture
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€785,685
2024 · €120,121+€665,564
Equity
€1.5m
2024 · €1.8m-€275,593
Cash
€3.0m
2024 · €0+€3.0m
Balance sheet total
€11.8m
2024 · €12.0m-€139,136
Largest movements
Assets
- Cash +€3.0m
up €3.0m, from €0 to €3.0m
mainly Depreciation (+€1.7m) and Current investments (+€1.4m)
- Tangible fixed assets -€1.7m
down €1.7m (-18.7%), from €9.1m to €7.4m
- Current investments -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
Equity and liabilities
- Current portion of long-term debt +€1.0m
up €1.0m (+56.3%), from €1.9m to €2.9m
- Contributions -€983,000
down €983,000 (-21.8%), from €4.5m to €3.5m
- Debts after one year -€981,764
down €981,764 (-14.1%), from €7.0m to €6.0m
- Profit (loss) carried forward +€785,685
up €785,685 (+25.2%), from -€3.1m to -€2.3m
- Accrued charges and deferred income +€533,717
up €533,717 (+151.6%), from €352,131 to €885,848
Income statement
- Gross operating margin +€457,411
up €457,411 (+17.4%), from €2.6m to €3.1m
- Financial charges -€134,263
down €134,263 (-15.6%), from €859,847 to €725,585
- Financial income -€77,632
down €77,632 (-33.9%), from €228,997 to €151,365
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.
Result 2024
€120,121
Gross operating margin
+€457,411
Depreciation
-€7,840
Write-downs
-€23,459
Provisions
+€25,598
Other operating charges
-€18
Other operating items
+€157,242
Financial income
-€77,632
Financial charges
+€134,263
Result 2025
€785,685
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.
From operations
+€2.9m
Investment
+€1.4m
Financing
-€1.4m
Cash 2024
€0
From operations (derived)
+€2.9m
Net result for the year
+€785,685
Depreciation
+€1.7m
Receivables within one year
-€44,350
Deferred charges and accrued income
-€1,609
Provisions
-€12,932
Trade debts
-€48,401
Tax, wage and social debts
+€5,562
Accrued charges and deferred income
+€533,717
Investment (derived)
+€1.4m
Current investments
+€1.4m
Financing
-€1.4m
Debts after one year
-€981,764
Current portion of long-term debt
+€1.0m
Short-term financial debts
-€407,432
Contributions, distributions and other
-€1.1m
Cash 2025
€3.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,969,602 | €11,830,466 | -€139,136 | -1.2% |
| Fixed assets | 21/28 | €10,277,053 | €8,571,715 | -€1.7m | -16.6% |
| Tangible fixed assets | 22/27 | €9,097,975 | €7,392,637 | -€1.7m | -18.7% |
| Plant, machinery and equipment | 23 | €9,097,975 | €7,392,637 | -€1.7m | -18.7% |
| Financial fixed assets | 28 | €1,179,078 | €1,179,078 | = | 0.0% |
| Current assets | 29/58 | €1,692,550 | €3,258,751 | +€1.6m | +92.5% |
| Amounts receivable within one year | 40/41 | €226,332 | €270,683 | +€44,350 | +19.6% |
| Trade receivables | 40 | €210,052 | €249,476 | +€39,424 | +18.8% |
| Other amounts receivable | 41 | €16,280 | €21,206 | +€4,926 | +30.3% |
| Current investments | 50/53 | €1,430,899 | €0 | -€1.4m | -100.0% |
| Cash at bank and in hand | 54/58 | €0 | €2,951,141 | +€3.0m | |
| Deferred charges and accrued income | 490/1 | €35,319 | €36,927 | +€1,609 | +4.6% |
| Total equity and liabilities | 10/49 | €11,969,602 | €11,830,466 | -€139,136 | -1.2% |
| Equity | 10/15 | €1,812,208 | €1,536,615 | -€275,593 | -15.2% |
| Contributions | 10/11 | €4,515,575 | €3,532,575 | -€983,000 | -21.8% |
| Profit (loss) carried forward | 14 | -€3,114,871 | -€2,329,185 | +€785,685 | +25.2% |
| Investment grants | 15 | €411,504 | €333,225 | -€78,279 | -19.0% |
| Provisions and deferred taxes | 16 | €311,694 | €298,762 | -€12,932 | -4.1% |
| Provisions for liabilities and charges | 160/5 | €311,694 | €298,762 | -€12,932 | -4.1% |
| Environmental obligations | 163 | €311,694 | €298,762 | -€12,932 | -4.1% |
| Amounts payable | 17/49 | €9,845,700 | €9,995,089 | +€149,390 | +1.5% |
| Amounts payable after more than one year | 17 | €6,978,864 | €5,997,100 | -€981,764 | -14.1% |
| Financial debts | 170/4 | €6,978,864 | €5,997,100 | -€981,764 | -14.1% |
| Amounts payable within one year | 42/48 | €2,514,705 | €3,112,142 | +€597,437 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €1,860,964 | €2,908,671 | +€1.0m | +56.3% |
| Financial debts | 43 | €407,432 | €0 | -€407,432 | -100.0% |
| Credit institutions | 430/8 | €407,432 | €0 | -€407,432 | -100.0% |
| Trade debts | 44 | €234,061 | €185,661 | -€48,401 | -20.7% |
| Suppliers | 440/4 | €234,061 | €185,661 | -€48,401 | -20.7% |
| Taxes, remuneration and social security | 45 | €12,248 | €17,810 | +€5,562 | +45.4% |
| Taxes | 450/3 | €12,248 | €17,810 | +€5,562 | +45.4% |
| Accrued charges and deferred income | 492/3 | €352,131 | €885,848 | +€533,717 | +151.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,697,497 | €1,705,337 | +€7,840 | +0.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,459 | +€23,459 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €12,666 | -€12,932 | -€25,598 | |
| Other operating charges | 640/8 | €9,438 | €9,455 | +€18 | +0.2% |
| Non-recurring operating charges | 66A | €163,386 | €6,144 | -€157,242 | -96.2% |
| Gross operating margin | 9900 | €2,633,958 | €3,091,369 | +€457,411 | +17.4% |
| Operating profit (loss) | 9901 | €750,971 | €1,359,905 | +€608,934 | +81.1% |
| Financial income | 75/76B | €228,997 | €151,365 | -€77,632 | -33.9% |
| Recurring financial income | 75 | €228,997 | €151,365 | -€77,632 | -33.9% |
| Financial charges | 65/66B | €859,847 | €725,585 | -€134,263 | -15.6% |
| Recurring financial charges | 65 | €859,847 | €725,585 | -€134,263 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €120,121 | €785,685 | +€665,564 | +554.1% |
| Profit (loss) for the period | 9904 | €120,121 | €785,685 | +€665,564 | +554.1% |
| Profit (loss) for the period to be appropriated | 9905 | €120,121 | €785,685 | +€665,564 | +554.1% |
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 6 October 2026 via checked.be.