BELIFRAN: 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.
BELIFRAN
Largest movements
- Tangible fixed assets -€29,766
down €29,766 (-7.5%), from €399,259 to €369,493
of which Land and buildings: -€24,918
- Receivables within one year +€25,588
up €25,588 (+48.0%), from €53,335 to €78,923
of which Trade receivables: +€13,794
- Cash -€23,105
down €23,105 (-57.5%), from €40,154 to €17,049
mainly Tax, wage and social debts (-€34,791) and Receivables within one year (-€25,588)
- Financial fixed assets +€5,200
new in 2025: €5,200
- Tax, wage and social debts -€34,791
down €34,791 (-89.9%), from €38,709 to €3,918
- Other debts +€23,440
up €23,440 (+8.1%), from €287,702 to €311,142
- Trade debts -€23,394
down €23,394 (-18.7%), from €125,066 to €101,673
- Accrued charges and deferred income +€5,966
new in 2025: €5,966
- Gross operating margin -€19,088
down €19,088 (-22.3%), from €85,687 to €66,599
- Financial income -€7,952
down €7,952 (-99.5%), from €7,991 to €39
- Financial charges +€5,598
up €5,598 (+215%), from €2,604 to €8,202
- Taxes -€4,195
down €4,195 (-41.3%), from €10,151 to €5,956
- Depreciation -€2,984
down €2,984 (-6.6%), from €45,550 to €42,566
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 | €503,483 | €478,810 | -€24,673 | -4.9% |
| Fixed assets | 21/28 | €399,259 | €374,693 | -€24,566 | -6.2% |
| Tangible fixed assets | 22/27 | €399,259 | €369,493 | -€29,766 | -7.5% |
| Land and buildings | 22 | €388,598 | €363,681 | -€24,918 | -6.4% |
| Plant, machinery and equipment | 23 | €2,737 | €992 | -€1,745 | -63.8% |
| Furniture and vehicles | 24 | €7,924 | €4,820 | -€3,104 | -39.2% |
| Financial fixed assets | 28 | - | €5,200 | +€5,200 | |
| Current assets | 29/58 | €104,224 | €104,117 | -€107 | -0.1% |
| Amounts receivable within one year | 40/41 | €53,335 | €78,923 | +€25,588 | +48.0% |
| Trade receivables | 40 | €36,839 | €50,633 | +€13,794 | +37.4% |
| Other amounts receivable | 41 | €16,496 | €28,290 | +€11,794 | +71.5% |
| Cash at bank and in hand | 54/58 | €40,154 | €17,049 | -€23,105 | -57.5% |
| Deferred charges and accrued income | 490/1 | €10,736 | €8,145 | -€2,590 | -24.1% |
| Total equity and liabilities | 10/49 | €503,483 | €478,810 | -€24,673 | -4.9% |
| Equity | 10/15 | €52,006 | €56,113 | +€4,107 | +7.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €32,006 | €36,113 | +€4,107 | +12.8% |
| Distributable reserves | 133 | €32,006 | €36,113 | +€4,107 | +12.8% |
| Amounts payable | 17/49 | €451,477 | €422,698 | -€28,779 | -6.4% |
| Amounts payable within one year | 42/48 | €451,477 | €416,732 | -€34,745 | -7.7% |
| Trade debts | 44 | €125,066 | €101,673 | -€23,394 | -18.7% |
| Suppliers | 440/4 | €125,066 | €101,673 | -€23,394 | -18.7% |
| Taxes, remuneration and social security | 45 | €38,709 | €3,918 | -€34,791 | -89.9% |
| Taxes | 450/3 | €38,709 | €3,918 | -€34,791 | -89.9% |
| Other amounts payable | 47/48 | €287,702 | €311,142 | +€23,440 | +8.1% |
| Accrued charges and deferred income | 492/3 | - | €5,966 | +€5,966 | |
| Non-recurring operating income | 76A | - | €2,100 | +€2,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,550 | €42,566 | -€2,984 | -6.6% |
| Other operating charges | 640/8 | €5,688 | €5,807 | +€119 | +2.1% |
| Gross operating margin | 9900 | €85,687 | €66,599 | -€19,088 | -22.3% |
| Operating profit (loss) | 9901 | €34,449 | €18,226 | -€16,223 | -47.1% |
| Financial income | 75/76B | €7,991 | €39 | -€7,952 | -99.5% |
| Recurring financial income | 75 | €7,991 | €39 | -€7,952 | -99.5% |
| Financial charges | 65/66B | €2,604 | €8,202 | +€5,598 | +215% |
| Recurring financial charges | 65 | €2,604 | €8,202 | +€5,598 | +215% |
| Profit (loss) for the period before taxes | 9903 | €39,836 | €10,063 | -€29,773 | -74.7% |
| Income taxes | 67/77 | €10,151 | €5,956 | -€4,195 | -41.3% |
| Profit (loss) for the period | 9904 | €29,685 | €4,107 | -€25,578 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,685 | €4,107 | -€25,578 | -86.2% |
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 19 October 2026 via checked.be.