BELGOFRIT: 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.
BELGOFRIT
Largest movements
- Tangible fixed assets +€170,227
up €170,227 (+34.5%), from €493,336 to €663,563
of which Plant, machinery and equipment: +€152,763
- Cash +€135,604
up €135,604 (+78.1%), from €173,557 to €309,161
mainly Net result for the year (+€226,491) and Depreciation (+€102,926)
- Receivables within one year +€38,306
up €38,306 (+50.6%), from €75,706 to €114,012
of which Other amounts receivable: +€63,183
- Profit (loss) carried forward +€232,648
up €232,648 (+38.9%), from €597,671 to €830,320
- Trade debts +€83,738
up €83,738 (+84.2%), from €99,472 to €183,210
- Debts after one year +€26,667
up €26,667 (+30.0%), from €88,750 to €115,416
- Current portion of long-term debt +€17,107
up €17,107 (+39.9%), from €42,893 to €60,000
- Gross operating margin +€168,180
up €168,180 (+26.9%), from €625,674 to €793,854
- Staff costs +€66,583
up €66,583 (+18.8%), from €354,330 to €420,913
- Write-downs -€41,598
down €41,598, from €0 to -€41,598
- Taxes +€35,707
up €35,707 (+74.3%), from €48,076 to €83,783
- Depreciation +€14,086
up €14,086 (+15.9%), from €88,840 to €102,926
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 | €1,031,990 | €1,382,932 | +€350,942 | +34.0% |
| Fixed assets | 21/28 | €736,166 | €906,006 | +€169,839 | +23.1% |
| Intangible fixed assets | 21 | €387 | €0 | -€387 | -100% |
| Tangible fixed assets | 22/27 | €493,336 | €663,563 | +€170,227 | +34.5% |
| Land and buildings | 22 | €101,137 | €117,093 | +€15,956 | +15.8% |
| Plant, machinery and equipment | 23 | €385,392 | €538,155 | +€152,763 | +39.6% |
| Furniture and vehicles | 24 | €6,807 | €8,315 | +€1,508 | +22.2% |
| Financial fixed assets | 28 | €242,442 | €242,442 | = | 0.0% |
| Current assets | 29/58 | €295,823 | €476,926 | +€181,103 | +61.2% |
| Stocks and contracts in progress | 3 | €32,901 | €33,910 | +€1,009 | +3.1% |
| Stocks | 30/36 | €32,901 | €33,910 | +€1,009 | +3.1% |
| Amounts receivable within one year | 40/41 | €75,706 | €114,012 | +€38,306 | +50.6% |
| Trade receivables | 40 | €29,546 | €4,669 | -€24,877 | -84.2% |
| Other amounts receivable | 41 | €46,160 | €109,343 | +€63,183 | +137% |
| Cash at bank and in hand | 54/58 | €173,557 | €309,161 | +€135,604 | +78.1% |
| Deferred charges and accrued income | 490/1 | €13,660 | €19,844 | +€6,184 | +45.3% |
| Total equity and liabilities | 10/49 | €1,031,990 | €1,382,932 | +€350,942 | +34.0% |
| Equity | 10/15 | €624,404 | €850,895 | +€226,491 | +36.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €8,141 | €1,983 | -€6,157 | -75.6% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,157 | €0 | -€6,157 | -100% |
| Profit (loss) carried forward | 14 | €597,671 | €830,320 | +€232,648 | +38.9% |
| Provisions and deferred taxes | 16 | €3,171 | €0 | -€3,171 | -100% |
| Deferred taxes | 168 | €3,171 | €0 | -€3,171 | -100% |
| Amounts payable | 17/49 | €404,415 | €532,037 | +€127,622 | +31.6% |
| Amounts payable after more than one year | 17 | €88,750 | €115,416 | +€26,667 | +30.0% |
| Financial debts | 170/4 | €88,750 | €115,416 | +€26,667 | +30.0% |
| Amounts payable within one year | 42/48 | €307,279 | €412,871 | +€105,592 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €42,893 | €60,000 | +€17,107 | +39.9% |
| Trade debts | 44 | €99,472 | €183,210 | +€83,738 | +84.2% |
| Suppliers | 440/4 | €99,472 | €183,210 | +€83,738 | +84.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €163,711 | €168,145 | +€4,434 | +2.7% |
| Taxes | 450/3 | €124,599 | €130,226 | +€5,627 | +4.5% |
| Remuneration and social security | 454/9 | €39,112 | €37,919 | -€1,193 | -3.0% |
| Other amounts payable | 47/48 | €1,203 | €1,516 | +€314 | +26.1% |
| Accrued charges and deferred income | 492/3 | €8,387 | €3,750 | -€4,637 | -55.3% |
| Remuneration, social security and pensions | 62 | €354,330 | €420,913 | +€66,583 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,840 | €102,926 | +€14,086 | +15.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€41,598 | -€41,598 | |
| Other operating charges | 640/8 | €966 | €916 | -€49 | -5.1% |
| Non-recurring operating charges | 66A | €0 | €0 | -€0 | -100% |
| Gross operating margin | 9900 | €625,674 | €793,854 | +€168,180 | +26.9% |
| Operating profit (loss) | 9901 | €181,539 | €310,697 | +€129,158 | +71.1% |
| Financial income | 75/76B | €8,498 | €15,165 | +€6,667 | +78.5% |
| Recurring financial income | 75 | €8,498 | €15,165 | +€6,667 | +78.5% |
| Financial charges | 65/66B | €18,511 | €18,758 | +€247 | +1.3% |
| Recurring financial charges | 65 | €18,511 | €18,758 | +€247 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €171,526 | €307,104 | +€135,578 | +79.0% |
| Transfer from deferred taxes | 780 | €3,171 | €3,171 | -€0 | 0.0% |
| Income taxes | 67/77 | €48,076 | €83,783 | +€35,707 | +74.3% |
| Profit (loss) for the period | 9904 | €126,620 | €226,491 | +€99,871 | +78.9% |
| Transfer from tax-exempt reserves | 789 | €6,157 | €6,157 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €132,777 | €232,648 | +€99,871 | +75.2% |
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 18 October 2026 via checked.be.