BELGAFIN: 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.
BELGAFIN
Largest movements
- Tangible fixed assets -€203,314
down €203,314 (-17.8%), from €1.1m to €941,103
of which Land and buildings: -€203,220
- Cash +€109,718
up €109,718 (+360%), from €30,449 to €140,168
mainly Investment in fixed assets (net) (+€159,873) and Net result for the year (+€96,671)
- Profit (loss) carried forward +€81,671
up €81,671 (+11,035%), from €740 to €82,412
- Provisions -€77,657
down €77,657 (-35.8%), from €216,878 to €139,221
- Reserves -€75,000
down €75,000 (-11.6%), from €647,997 to €572,997
of which Tax-exempt reserves: -€75,000
- Debts after one year -€20,088
down €20,088 (-23.0%), from €87,395 to €67,307
- Tax, wage and social debts +€15,722
up €15,722 (+139%), from €11,278 to €27,000
- Gross operating margin +€207,210
up €207,210 (+620%), from €33,440 to €240,650
- Turnover +€180,619
up €180,619 (+234%), from €77,186 to €257,804
- Other operating charges +€95,910
up €95,910 (+752%), from €12,760 to €108,670
- Purchases and services -€26,591
down €26,591 (-60.8%), from €43,746 to €17,154
- Taxes +€26,237
up €26,237 (+79.9%), from €32,825 to €59,062
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.
Derived cash bridge
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 | €1,176,807 | €1,092,039 | -€84,768 | -7.2% |
| Fixed assets | 21/28 | €1,144,417 | €941,532 | -€202,885 | -17.7% |
| Tangible fixed assets | 22/27 | €1,144,417 | €941,103 | -€203,314 | -17.8% |
| Land and buildings | 22 | €1,144,324 | €941,103 | -€203,220 | -17.8% |
| Furniture and vehicles | 24 | €94 | - | -€94 | |
| Financial fixed assets | 28 | - | €429 | +€429 | |
| Current assets | 29/58 | €32,390 | €150,507 | +€118,117 | +365% |
| Amounts receivable within one year | 40/41 | €518 | €10,111 | +€9,592 | +1,850% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €518 | €10,111 | +€9,592 | +1,850% |
| Cash at bank and in hand | 54/58 | €30,449 | €140,168 | +€109,718 | +360% |
| Deferred charges and accrued income | 490/1 | €1,422 | €229 | -€1,193 | -83.9% |
| Total equity and liabilities | 10/49 | €1,176,807 | €1,092,039 | -€84,768 | -7.2% |
| Equity | 10/15 | €809,868 | €816,539 | +€6,671 | +0.8% |
| Contributions | 10/11 | €161,131 | €161,131 | = | 0.0% |
| Capital | 10 | €161,131 | €161,131 | = | 0.0% |
| Issued capital | 100 | €161,131 | €161,131 | = | 0.0% |
| Reserves | 13 | €647,997 | €572,997 | -€75,000 | -11.6% |
| Non-distributable reserves | 130/1 | €16,113 | €16,113 | = | 0.0% |
| Legal reserve | 130 | €16,113 | €16,113 | = | 0.0% |
| Tax-exempt reserves | 132 | €631,884 | €556,884 | -€75,000 | -11.9% |
| Profit (loss) carried forward | 14 | €740 | €82,412 | +€81,671 | +11,035% |
| Provisions and deferred taxes | 16 | €216,878 | €139,221 | -€77,657 | -35.8% |
| Deferred taxes | 168 | €216,878 | €139,221 | -€77,657 | -35.8% |
| Amounts payable | 17/49 | €150,061 | €136,279 | -€13,782 | -9.2% |
| Amounts payable after more than one year | 17 | €87,395 | €67,307 | -€20,088 | -23.0% |
| Financial debts | 170/4 | €87,395 | €67,307 | -€20,088 | -23.0% |
| Amounts payable within one year | 42/48 | €62,667 | €68,972 | +€6,305 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €20,761 | €18,022 | -€2,739 | -13.2% |
| Trade debts | 44 | €1,999 | €950 | -€1,049 | -52.5% |
| Suppliers | 440/4 | €1,999 | €950 | -€1,049 | -52.5% |
| Taxes, remuneration and social security | 45 | €11,278 | €27,000 | +€15,722 | +139% |
| Taxes | 450/3 | €11,278 | €27,000 | +€15,722 | +139% |
| Other amounts payable | 47/48 | €28,628 | €23,000 | -€5,628 | -19.7% |
| Turnover | 70 | €77,186 | €257,804 | +€180,619 | +234% |
| Goods, raw materials, services and sundry goods | 60/61 | €43,746 | €17,154 | -€26,591 | -60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,187 | €43,012 | +€3,825 | +9.8% |
| Other operating charges | 640/8 | €12,760 | €108,670 | +€95,910 | +752% |
| Non-recurring operating charges | 66A | €1,477 | €8,191 | +€6,715 | +455% |
| Gross operating margin | 9900 | €33,440 | €240,650 | +€207,210 | +620% |
| Operating profit (loss) | 9901 | -€19,983 | €80,777 | +€100,760 | |
| Financial income | 75/76B | €2,407 | €566 | -€1,841 | -76.5% |
| Recurring financial income | 75 | €2,407 | €566 | -€1,841 | -76.5% |
| Financial charges | 65/66B | €3,065 | €3,266 | +€201 | +6.6% |
| Recurring financial charges | 65 | €3,065 | €3,266 | +€201 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€20,642 | €78,076 | +€98,718 | |
| Transfer from deferred taxes | 780 | €18,750 | €77,657 | +€58,907 | +314% |
| Income taxes | 67/77 | €32,825 | €59,062 | +€26,237 | +79.9% |
| Profit (loss) for the period | 9904 | -€34,716 | €96,671 | +€131,388 | |
| Transfer from tax-exempt reserves | 789 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,284 | €171,671 | +€131,388 | +326% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.