BELMAFRA: what changed
BELMAFRA
Largest movements
- Stocks and contracts -€1.3m
down €1.3m (-56.7%), from €2.2m to €960,768
- Cash +€666,084
up €666,084 (+1,493%), from €44,628 to €710,712
mainly Stocks and contracts (+€1.3m) and Net result for the year (+€300,641)
- Receivables within one year -€199,893
down €199,893 (-9.5%), from €2.1m to €1.9m
- Short-term financial debts -€990,012
down €990,012 (-76.7%), from €1.3m to €300,000
- Reserves +€300,641
up €300,641 (+11.3%), from €2.7m to €3.0m
of which Distributable reserves: +€300,641
- Tax, wage and social debts -€97,383
down €97,383 (-34.7%), from €280,396 to €183,013
of which Taxes: -€102,698
- Gross operating margin -€337,684
down €337,684 (-34.3%), from €984,405 to €646,721
- Staff costs +€168,592
up €168,592 (+206%), from €81,948 to €250,540
- Taxes -€129,479
down €129,479 (-54.6%), from €237,005 to €107,526
- Financial charges -€41,422
down €41,422 (-62.2%), from €66,622 to €25,200
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,403,489 | €3,616,222 | -€787,267 | -17.9% |
| Fixed assets | 21/28 | €816 | €534 | -€282 | -34.6% |
| Tangible fixed assets | 22/27 | €565 | €282 | -€282 | -50.0% |
| Furniture and vehicles | 24 | €565 | €282 | -€282 | -50.0% |
| Financial fixed assets | 28 | €251 | €251 | = | 0.0% |
| Current assets | 29/58 | €4,402,673 | €3,615,688 | -€786,985 | -17.9% |
| Stocks and contracts in progress | 3 | €2,217,306 | €960,768 | -€1.3m | -56.7% |
| Stocks | 30/36 | €2,217,306 | €960,768 | -€1.3m | -56.7% |
| Amounts receivable within one year | 40/41 | €2,104,715 | €1,904,822 | -€199,893 | -9.5% |
| Other amounts receivable | 41 | €2,104,715 | €1,904,822 | -€199,893 | -9.5% |
| Cash at bank and in hand | 54/58 | €44,628 | €710,712 | +€666,084 | +1,493% |
| Deferred charges and accrued income | 490/1 | €36,024 | €39,386 | +€3,362 | +9.3% |
| Total equity and liabilities | 10/49 | €4,403,489 | €3,616,222 | -€787,267 | -17.9% |
| Equity | 10/15 | €2,723,459 | €3,024,100 | +€300,641 | +11.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €2,661,485 | €2,962,127 | +€300,641 | +11.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €2,655,288 | €2,955,929 | +€300,641 | +11.3% |
| Amounts payable | 17/49 | €1,680,030 | €592,122 | -€1.1m | -64.8% |
| Amounts payable within one year | 42/48 | €1,679,960 | €592,122 | -€1.1m | -64.8% |
| Financial debts | 43 | €1,290,012 | €300,000 | -€990,012 | -76.7% |
| Credit institutions | 430/8 | €1,290,012 | €300,000 | -€990,012 | -76.7% |
| Trade debts | 44 | €41,652 | €41,209 | -€443 | -1.1% |
| Suppliers | 440/4 | €41,652 | €41,209 | -€443 | -1.1% |
| Taxes, remuneration and social security | 45 | €280,396 | €183,013 | -€97,383 | -34.7% |
| Taxes | 450/3 | €253,428 | €150,730 | -€102,698 | -40.5% |
| Remuneration and social security | 454/9 | €26,968 | €32,283 | +€5,315 | +19.7% |
| Other amounts payable | 47/48 | €67,900 | €67,900 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €70 | - | -€70 | |
| Remuneration, social security and pensions | 62 | €81,948 | €250,540 | +€168,592 | +206% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282 | €282 | = | 0.0% |
| Other operating charges | 640/8 | €1,030 | €1,135 | +€106 | +10.3% |
| Gross operating margin | 9900 | €984,405 | €646,721 | -€337,684 | -34.3% |
| Operating profit (loss) | 9901 | €901,145 | €394,763 | -€506,382 | -56.2% |
| Financial income | 75/76B | €35,219 | €38,604 | +€3,385 | +9.6% |
| Recurring financial income | 75 | €35,219 | €38,604 | +€3,385 | +9.6% |
| Financial charges | 65/66B | €66,622 | €25,200 | -€41,422 | -62.2% |
| Recurring financial charges | 65 | €66,622 | €25,200 | -€41,422 | -62.2% |
| Profit (loss) for the period before taxes | 9903 | €869,742 | €408,167 | -€461,575 | -53.1% |
| Income taxes | 67/77 | €237,005 | €107,526 | -€129,479 | -54.6% |
| Profit (loss) for the period | 9904 | €632,737 | €300,641 | -€332,096 | -52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €632,737 | €300,641 | -€332,096 | -52.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.