BELGAFROID: 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.
BELGAFROID
Largest movements
- Tangible fixed assets -€38,418
down €38,418 (-29.0%), from €132,505 to €94,087
of which Furniture and vehicles: -€37,274
- Receivables within one year +€26,433
up €26,433 (+9.4%), from €282,682 to €309,115
of which Trade receivables: +€23,669
- Stocks and contracts +€13,468
up €13,468 (+12.0%), from €112,663 to €126,131
- Other debts +€49,162
new in 2025: €49,162
- Short-term financial debts -€25,000
no longer reported in 2025 (was €25,000)
- Debts after one year -€23,138
down €23,138 (-40.7%), from €56,908 to €33,771
- Reserves +€19,000
up €19,000 (+17.8%), from €106,860 to €125,860
- Current portion of long-term debt -€16,305
down €16,305 (-41.3%), from €39,443 to €23,138
- Staff costs -€83,921
down €83,921 (-32.1%), from €261,635 to €177,714
- Gross operating margin -€25,119
down €25,119 (-7.9%), from €319,121 to €294,002
- Taxes +€13,039
up €13,039 (+323.4%), from €4,031 to €17,070
- Other operating charges +€4,889
up €4,889 (+348.9%), from €1,401 to €6,290
- Depreciation -€3,776
down €3,776 (-6.9%), from €54,579 to €50,803
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 | €614,600 | €615,210 | +€610 | +0.1% |
| Fixed assets | 21/28 | €132,505 | €94,087 | -€38,418 | -29.0% |
| Tangible fixed assets | 22/27 | €132,505 | €94,087 | -€38,418 | -29.0% |
| Plant, machinery and equipment | 23 | €9,649 | €8,868 | -€781 | -8.1% |
| Furniture and vehicles | 24 | €103,791 | €66,518 | -€37,274 | -35.9% |
| Other tangible fixed assets | 26 | €19,064 | €18,701 | -€363 | -1.9% |
| Current assets | 29/58 | €482,095 | €521,122 | +€39,027 | +8.1% |
| Stocks and contracts in progress | 3 | €112,663 | €126,131 | +€13,468 | +12.0% |
| Stocks | 30/36 | €112,663 | €126,131 | +€13,468 | +12.0% |
| Amounts receivable within one year | 40/41 | €282,682 | €309,115 | +€26,433 | +9.4% |
| Trade receivables | 40 | €242,469 | €266,138 | +€23,669 | +9.8% |
| Other amounts receivable | 41 | €40,213 | €42,977 | +€2,764 | +6.9% |
| Cash at bank and in hand | 54/58 | €68,426 | €66,370 | -€2,055 | -3.0% |
| Deferred charges and accrued income | 490/1 | €18,325 | €19,506 | +€1,182 | +6.4% |
| Total equity and liabilities | 10/49 | €614,600 | €615,210 | +€610 | +0.1% |
| Equity | 10/15 | €268,861 | €288,501 | +€19,641 | +7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €106,860 | €125,860 | +€19,000 | +17.8% |
| Distributable reserves | 133 | €106,860 | €125,860 | +€19,000 | +17.8% |
| Profit (loss) carried forward | 14 | €155,801 | €156,441 | +€641 | +0.4% |
| Amounts payable | 17/49 | €345,739 | €326,709 | -€19,031 | -5.5% |
| Amounts payable after more than one year | 17 | €56,908 | €33,771 | -€23,138 | -40.7% |
| Financial debts | 170/4 | €56,908 | €33,771 | -€23,138 | -40.7% |
| Amounts payable within one year | 42/48 | €288,831 | €292,938 | +€4,107 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €39,443 | €23,138 | -€16,305 | -41.3% |
| Financial debts | 43 | €25,000 | - | -€25,000 | |
| Credit institutions | 430/8 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €183,844 | €188,174 | +€4,330 | +2.4% |
| Suppliers | 440/4 | €183,844 | €188,174 | +€4,330 | +2.4% |
| Taxes, remuneration and social security | 45 | €40,544 | €32,465 | -€8,080 | -19.9% |
| Taxes | 450/3 | €7,781 | €17,466 | +€9,685 | +124.5% |
| Remuneration and social security | 454/9 | €32,763 | €14,999 | -€17,764 | -54.2% |
| Other amounts payable | 47/48 | - | €49,162 | +€49,162 | |
| Remuneration, social security and pensions | 62 | €261,635 | €177,714 | -€83,921 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,579 | €50,803 | -€3,776 | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,141 | - | +€1,141 | |
| Other operating charges | 640/8 | €1,401 | €6,290 | +€4,889 | +348.9% |
| Gross operating margin | 9900 | €319,121 | €294,002 | -€25,119 | -7.9% |
| Operating profit (loss) | 9901 | €2,647 | €59,195 | +€56,548 | +2136.1% |
| Financial income | 75/76B | €838 | €1,467 | +€629 | +75.0% |
| Recurring financial income | 75 | €838 | €1,467 | +€629 | +75.0% |
| Financial charges | 65/66B | €7,008 | €7,952 | +€944 | +13.5% |
| Recurring financial charges | 65 | €7,008 | €7,952 | +€944 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,523 | €52,710 | +€56,233 | |
| Income taxes | 67/77 | €4,031 | €17,070 | +€13,039 | +323.4% |
| Profit (loss) for the period | 9904 | -€7,554 | €35,641 | +€43,194 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,554 | €35,641 | +€43,194 |
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 7 October 2026 via checked.be.