Belphi: 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.
Belphi
Largest movements
- Tangible fixed assets -€23,458
down €23,458 (-13.1%), from €179,446 to €155,988
of which Land and buildings: -€12,665
- Intangible fixed assets -€16,500
down €16,500 (-99.7%), from €16,545 to €45
- Cash +€5,000
up €5,000 (+539.8%), from €926 to €5,926
mainly Depreciation (+€39,958) and Other debts (+€14,342)
- Receivables within one year -€3,451
down €3,451 (-43.0%), from €8,031 to €4,581
of which Trade receivables: -€4,465
- Profit (loss) carried forward -€36,319
down €36,319 (-49.7%), from -€73,128 to -€109,447
- Trade debts -€15,704
down €15,704 (-22.0%), from €71,411 to €55,707
- Other debts +€14,342
up €14,342 (+714.8%), from €2,006 to €16,348
- Debts after one year -€2,993
down €2,993 (-1.7%), from €172,207 to €169,214
- Current portion of long-term debt +€2,215
up €2,215 (+10.7%), from €20,778 to €22,993
- Staff costs +€6,885
up €6,885 (+10.7%), from €64,424 to €71,309
- Gross operating margin -€6,711
down €6,711 (-7.4%), from €90,784 to €84,073
- Financial charges +€1,135
up €1,135 (+17.4%), from €6,520 to €7,655
- Depreciation -€951
down €951 (-2.3%), from €40,910 to €39,958
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 | €212,464 | €174,231 | -€38,233 | -18.0% |
| Fixed assets | 21/28 | €195,991 | €156,033 | -€39,958 | -20.4% |
| Intangible fixed assets | 21 | €16,545 | €45 | -€16,500 | -99.7% |
| Tangible fixed assets | 22/27 | €179,446 | €155,988 | -€23,458 | -13.1% |
| Land and buildings | 22 | €134,324 | €121,659 | -€12,665 | -9.4% |
| Plant, machinery and equipment | 23 | €44,780 | €34,247 | -€10,532 | -23.5% |
| Furniture and vehicles | 24 | €343 | €82 | -€261 | -76.1% |
| Current assets | 29/58 | €16,473 | €18,198 | +€1,726 | +10.5% |
| Stocks and contracts in progress | 3 | €7,142 | €7,142 | = | 0.0% |
| Stocks | 30/36 | €7,142 | €7,142 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,031 | €4,581 | -€3,451 | -43.0% |
| Trade receivables | 40 | €4,465 | €0 | -€4,465 | -100.0% |
| Other amounts receivable | 41 | €3,566 | €4,581 | +€1,015 | +28.5% |
| Cash at bank and in hand | 54/58 | €926 | €5,926 | +€5,000 | +539.8% |
| Deferred charges and accrued income | 490/1 | €373 | €550 | +€176 | +47.3% |
| Total equity and liabilities | 10/49 | €212,464 | €174,231 | -€38,233 | -18.0% |
| Equity | 10/15 | -€66,873 | -€103,192 | -€36,319 | -54.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €55 | €55 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €55 | €55 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,128 | -€109,447 | -€36,319 | -49.7% |
| Amounts payable | 17/49 | €279,337 | €277,424 | -€1,913 | -0.7% |
| Amounts payable after more than one year | 17 | €172,207 | €169,214 | -€2,993 | -1.7% |
| Financial debts | 170/4 | €172,207 | €169,214 | -€2,993 | -1.7% |
| Amounts payable within one year | 42/48 | €106,478 | €106,659 | +€181 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €20,778 | €22,993 | +€2,215 | +10.7% |
| Trade debts | 44 | €71,411 | €55,707 | -€15,704 | -22.0% |
| Suppliers | 440/4 | €71,411 | €55,707 | -€15,704 | -22.0% |
| Taxes, remuneration and social security | 45 | €12,283 | €11,611 | -€672 | -5.5% |
| Taxes | 450/3 | €4,706 | €4,584 | -€122 | -2.6% |
| Remuneration and social security | 454/9 | €7,577 | €7,027 | -€550 | -7.3% |
| Other amounts payable | 47/48 | €2,006 | €16,348 | +€14,342 | +714.8% |
| Accrued charges and deferred income | 492/3 | €652 | €1,551 | +€899 | +137.9% |
| Remuneration, social security and pensions | 62 | €64,424 | €71,309 | +€6,885 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,910 | €39,958 | -€951 | -2.3% |
| Other operating charges | 640/8 | €2,968 | €2,703 | -€266 | -8.9% |
| Gross operating margin | 9900 | €90,784 | €84,073 | -€6,711 | -7.4% |
| Operating profit (loss) | 9901 | -€17,519 | -€29,897 | -€12,378 | -70.7% |
| Financial income | 75/76B | €689 | €1,232 | +€543 | +78.8% |
| Recurring financial income | 75 | €689 | €1,232 | +€543 | +78.8% |
| Financial charges | 65/66B | €6,520 | €7,655 | +€1,135 | +17.4% |
| Recurring financial charges | 65 | €6,520 | €7,655 | +€1,135 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | -€23,349 | -€36,319 | -€12,970 | -55.5% |
| Profit (loss) for the period | 9904 | -€23,349 | -€36,319 | -€12,970 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,349 | -€36,319 | -€12,970 | -55.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.