BELPHI: 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.
BELPHI
Largest movements
- Current investments +€47,744
new in 2025: €47,744
- Cash -€24,097
down €24,097 (-19.8%), from €121,615 to €97,518
mainly Current investments (-€47,744) and Contributions, distributions and other (-€27,328)
- Deferred charges and accrued income -€2,621
down €2,621 (-51.9%), from €5,050 to €2,428
- Other debts +€14,662
up €14,662 (+295%), from €4,975 to €19,637
- Trade debts +€3,713
up €3,713 (+671%), from €553 to €4,266
- Tax, wage and social debts +€1,736
up €1,736 (+33.0%), from €5,256 to €6,992
- Gross operating margin +€4,585
up €4,585 (+12.4%), from €37,100 to €41,684
- Financial charges -€3,487
down €3,487 (-64.8%), from €5,384 to €1,897
- Taxes +€2,218
up €2,218 (+25.4%), from €8,740 to €10,958
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.
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 | €145,198 | €164,307 | +€19,109 | +13.2% |
| Fixed assets | 21/28 | €5,112 | €3,678 | -€1,434 | -28.1% |
| Tangible fixed assets | 22/27 | €5,112 | €3,678 | -€1,434 | -28.1% |
| Other tangible fixed assets | 26 | €5,112 | €3,678 | -€1,434 | -28.1% |
| Current assets | 29/58 | €140,086 | €160,629 | +€20,543 | +14.7% |
| Amounts receivable within one year | 40/41 | €13,421 | €12,939 | -€483 | -3.6% |
| Trade receivables | 40 | €12,177 | €12,939 | +€761 | +6.3% |
| Other amounts receivable | 41 | €1,244 | - | -€1,244 | |
| Current investments | 50/53 | - | €47,744 | +€47,744 | |
| Cash at bank and in hand | 54/58 | €121,615 | €97,518 | -€24,097 | -19.8% |
| Deferred charges and accrued income | 490/1 | €5,050 | €2,428 | -€2,621 | -51.9% |
| Total equity and liabilities | 10/49 | €145,198 | €164,307 | +€19,109 | +13.2% |
| Equity | 10/15 | €131,979 | €131,165 | -€814 | -0.6% |
| Contributions | 10/11 | €1,252 | €1,252 | = | 0.0% |
| Reserves | 13 | €130,728 | €129,913 | -€814 | -0.6% |
| Distributable reserves | 133 | €130,728 | €129,913 | -€814 | -0.6% |
| Amounts payable | 17/49 | €13,218 | €33,142 | +€19,923 | +151% |
| Amounts payable within one year | 42/48 | €10,785 | €30,895 | +€20,111 | +186% |
| Trade debts | 44 | €553 | €4,266 | +€3,713 | +671% |
| Suppliers | 440/4 | €553 | €4,266 | +€3,713 | +671% |
| Taxes, remuneration and social security | 45 | €5,256 | €6,992 | +€1,736 | +33.0% |
| Taxes | 450/3 | €5,256 | €6,992 | +€1,736 | +33.0% |
| Other amounts payable | 47/48 | €4,975 | €19,637 | +€14,662 | +295% |
| Accrued charges and deferred income | 492/3 | €2,434 | €2,246 | -€188 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,134 | €1,434 | +€300 | +26.4% |
| Other operating charges | 640/8 | €896 | €882 | -€14 | -1.6% |
| Gross operating margin | 9900 | €37,100 | €41,684 | +€4,585 | +12.4% |
| Operating profit (loss) | 9901 | €35,070 | €39,368 | +€4,299 | +12.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €5,384 | €1,897 | -€3,487 | -64.8% |
| Recurring financial charges | 65 | €5,384 | €1,897 | -€3,487 | -64.8% |
| Profit (loss) for the period before taxes | 9903 | €29,686 | €37,471 | +€7,785 | +26.2% |
| Income taxes | 67/77 | €8,740 | €10,958 | +€2,218 | +25.4% |
| Profit (loss) for the period | 9904 | €20,946 | €26,513 | +€5,567 | +26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,946 | €26,513 | +€5,567 | +26.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.