BELGAFOND: 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.
BELGAFOND
Largest movements
- Current investments -€194,000
down €194,000 (-6.4%), from €3.0m to €2.8m
- Cash +€37,893
up €37,893 (+441%), from €8,597 to €46,490
mainly Current investments (+€194,000) and Trade debts (+€12,191)
- Other debts -€142,371
down €142,371 (-26.7%), from €533,002 to €390,631
- Financial income -€31,762
down €31,762 (-99.0%), from €32,096 to €333
- Gross operating margin -€16,451
down €16,451 (-134%), from -€12,282 to -€28,733
- Financial charges -€15,669
down €15,669 (-95.9%), from €16,342 to €673
- Taxes -€3,323
down €3,323 (-100%), from €3,323 to €0
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 | €3,080,482 | €2,921,124 | -€159,358 | -5.2% |
| Fixed assets | 21/28 | €19,999 | €19,999 | = | 0.0% |
| Financial fixed assets | 28 | €19,999 | €19,999 | = | 0.0% |
| Current assets | 29/58 | €3,060,484 | €2,901,125 | -€159,358 | -5.2% |
| Amounts receivable within one year | 40/41 | €6,561 | €3,309 | -€3,252 | -49.6% |
| Trade receivables | 40 | €6,561 | €3,309 | -€3,252 | -49.6% |
| Current investments | 50/53 | €3,037,678 | €2,843,678 | -€194,000 | -6.4% |
| Cash at bank and in hand | 54/58 | €8,597 | €46,490 | +€37,893 | +441% |
| Deferred charges and accrued income | 490/1 | €7,648 | €7,648 | = | 0.0% |
| Total equity and liabilities | 10/49 | €3,080,482 | €2,921,124 | -€159,358 | -5.2% |
| Equity | 10/15 | €2,539,201 | €2,510,023 | -€29,179 | -1.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,517,201 | €2,488,023 | -€29,179 | -1.2% |
| Amounts payable | 17/49 | €541,281 | €411,101 | -€130,180 | -24.1% |
| Amounts payable within one year | 42/48 | €533,002 | €402,823 | -€130,180 | -24.4% |
| Trade debts | 44 | - | €12,191 | +€12,191 | |
| Suppliers | 440/4 | - | €12,191 | +€12,191 | |
| Other amounts payable | 47/48 | €533,002 | €390,631 | -€142,371 | -26.7% |
| Accrued charges and deferred income | 492/3 | €8,279 | €8,279 | = | 0.0% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€12,282 | -€28,733 | -€16,451 | -134% |
| Operating profit (loss) | 9901 | -€13,249 | -€29,731 | -€16,482 | -124% |
| Financial income | 75/76B | €32,096 | €333 | -€31,762 | -99.0% |
| Recurring financial income | 75 | €32,096 | €333 | -€31,762 | -99.0% |
| Financial charges | 65/66B | €16,342 | €673 | -€15,669 | -95.9% |
| Recurring financial charges | 65 | €16,342 | €673 | -€15,669 | -95.9% |
| Profit (loss) for the period before taxes | 9903 | €2,504 | -€30,071 | -€32,575 | |
| Income taxes | 67/77 | €3,323 | €0 | -€3,323 | -100% |
| Profit (loss) for the period | 9904 | -€819 | -€30,071 | -€29,252 | -3,573% |
| Profit (loss) for the period to be appropriated | 9905 | -€819 | -€30,071 | -€29,252 | -3,573% |
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 13 October 2026 via checked.be.