Belufin: what changed
What changed
Belufin
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€6.2m
2024 · €322,879+€5.9m
Equity
€15.5m
2024 · €9.5m+€6.1m
Cash
€244,517
2024 · €140,587+€103,930
Balance sheet total
€27.6m
2024 · €24.4m+€3.2m
Largest movements
Assets
- Financial fixed assets +€3.0m
up €3.0m (+12.5%), from €24.2m to €27.3m
Equity and liabilities
- Profit (loss) carried forward +€6.1m
up €6.1m (+69.4%), from €8.7m to €14.8m
- Other debts -€4.5m
down €4.5m (-73.2%), from €6.1m to €1.6m
- Short-term financial debts +€782,914
up €782,914 (+35.7%), from €2.2m to €3.0m
of which Credit institutions: +€750,000
- Debts after one year +€504,779
up €504,779 (+10.0%), from €5.0m to €5.5m
- Current portion of long-term debt +€352,999
up €352,999 (+25.9%), from €1.4m to €1.7m
Income statement
- Financial income +€6.1m
up €6.1m (+22,408%), from €27,003 to €6.1m
- Gross operating margin -€166,825
down €166,825 (-26.3%), from €635,473 to €468,648
- Taxes -€71,841
down €71,841 (-66.7%), from €107,647 to €35,806
- Staff costs +€63,140
new in 2025: €63,140
- Financial charges +€31,294
up €31,294 (+13.6%), from €230,757 to €262,052
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.
Result 2024
€322,879
Gross operating margin
-€166,825
Staff costs
-€63,140
Other operating charges
-€79
Financial income
+€6.1m
Financial charges
-€31,294
Taxes
+€71,841
Result 2025
€6.2m
raises the resultlowers the result
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.
From operations
+€1.6m
Investment
-€3.0m
Financing
+€1.5m
Cash 2024
€140,587
From operations (derived)
+€1.6m
Net result for the year
+€6.2m
Receivables within one year
-€57,725
Smaller working-capital items
+€6,621
Tax, wage and social debts
+€47,640
Other debts
-€4.5m
Accrued charges and deferred income
-€102,347
Investment (derived)
-€3.0m
Investment in fixed assets (net)
-€3.0m
Financing
+€1.5m
Debts after one year
+€504,779
Current portion of long-term debt
+€352,999
Short-term financial debts
+€782,914
Contributions, distributions and other
-€120,000
Cash 2025
€244,517
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,370,810 | €27,564,605 | +€3.2m | +13.1% |
| Fixed assets | 21/28 | €24,228,000 | €27,260,093 | +€3.0m | +12.5% |
| Financial fixed assets | 28 | €24,228,000 | €27,260,093 | +€3.0m | +12.5% |
| Current assets | 29/58 | €142,810 | €304,512 | +€161,702 | +113% |
| Amounts receivable within one year | 40/41 | €489 | €58,214 | +€57,725 | +11,793% |
| Trade receivables | 40 | - | €46,000 | +€46,000 | |
| Other amounts receivable | 41 | €489 | €12,214 | +€11,725 | +2,395% |
| Cash at bank and in hand | 54/58 | €140,587 | €244,517 | +€103,930 | +73.9% |
| Deferred charges and accrued income | 490/1 | €1,733 | €1,781 | +€48 | +2.7% |
| Total equity and liabilities | 10/49 | €24,370,810 | €27,564,605 | +€3.2m | +13.1% |
| Equity | 10/15 | €9,455,866 | €15,520,096 | +€6.1m | +64.1% |
| Contributions | 10/11 | €650,000 | €650,000 | = | 0.0% |
| Capital | 10 | €650,000 | €650,000 | = | 0.0% |
| Issued capital | 100 | €650,000 | €650,000 | = | 0.0% |
| Reserves | 13 | €65,000 | €65,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €65,000 | €65,000 | = | 0.0% |
| Legal reserve | 130 | €65,000 | €65,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,740,866 | €14,805,096 | +€6.1m | +69.4% |
| Amounts payable | 17/49 | €14,914,944 | €12,044,510 | -€2.9m | -19.2% |
| Amounts payable after more than one year | 17 | €5,026,123 | €5,530,901 | +€504,779 | +10.0% |
| Financial debts | 170/4 | €5,026,123 | €5,530,901 | +€504,779 | +10.0% |
| Amounts payable within one year | 42/48 | €9,783,143 | €6,510,277 | -€3.3m | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €1,365,251 | €1,718,250 | +€352,999 | +25.9% |
| Financial debts | 43 | €2,194,235 | €2,977,149 | +€782,914 | +35.7% |
| Credit institutions | 430/8 | - | €750,000 | +€750,000 | |
| Other loans | 439 | €2,194,235 | €2,227,149 | +€32,914 | +1.5% |
| Trade debts | 44 | €20,894 | €27,563 | +€6,669 | +31.9% |
| Suppliers | 440/4 | €20,894 | €27,563 | +€6,669 | +31.9% |
| Taxes, remuneration and social security | 45 | €107,647 | €155,287 | +€47,640 | +44.3% |
| Taxes | 450/3 | €107,647 | €140,460 | +€32,814 | +30.5% |
| Remuneration and social security | 454/9 | - | €14,826 | +€14,826 | |
| Other amounts payable | 47/48 | €6,095,116 | €1,632,028 | -€4.5m | -73.2% |
| Accrued charges and deferred income | 492/3 | €105,678 | €3,331 | -€102,347 | -96.8% |
| Remuneration, social security and pensions | 62 | - | €63,140 | +€63,140 | |
| Other operating charges | 640/8 | €1,193 | €1,272 | +€79 | +6.6% |
| Gross operating margin | 9900 | €635,473 | €468,648 | -€166,825 | -26.3% |
| Operating profit (loss) | 9901 | €634,280 | €404,237 | -€230,043 | -36.3% |
| Financial income | 75/76B | €27,003 | €6,077,851 | +€6.1m | +22,408% |
| Recurring financial income | 75 | €27,003 | €6,077,851 | +€6.1m | +22,408% |
| Financial charges | 65/66B | €230,757 | €262,052 | +€31,294 | +13.6% |
| Recurring financial charges | 65 | €230,757 | €262,052 | +€31,294 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €430,525 | €6,220,036 | +€5.8m | +1,345% |
| Income taxes | 67/77 | €107,647 | €35,806 | -€71,841 | -66.7% |
| Profit (loss) for the period | 9904 | €322,879 | €6,184,230 | +€5.9m | +1,815% |
| Profit (loss) for the period to be appropriated | 9905 | €322,879 | €6,184,230 | +€5.9m | +1,815% |
Next steps
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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 8 November 2026 via checked.be.