BELUFIN: 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.
BELUFIN
Largest movements
- Tangible fixed assets +€302,509
up €302,509 (+18.7%), from €1.6m to €1.9m
of which Land and buildings: +€353,719
- Current investments -€76,639
down €76,639 (-28.5%), from €269,250 to €192,611
- Cash -€50,379
down €50,379 (-73.0%), from €68,972 to €18,593
mainly Investment in fixed assets (net) (-€391,274) and Tax, wage and social debts (-€97,927)
- Receivables within one year +€49,662
up €49,662 (+55.3%), from €89,834 to €139,495
of which Trade receivables: +€77,119
- Debts after one year +€302,887
up €302,887 (+52.5%), from €576,777 to €879,664
- Tax, wage and social debts -€97,927
down €97,927 (-85.5%), from €114,503 to €16,576
of which Taxes: -€101,427
- Accrued charges and deferred income +€24,190
up €24,190 (+115%), from €21,093 to €45,283
- Gross operating margin -€94,755
down €94,755 (-38.9%), from €243,898 to €149,143
- Depreciation +€35,527
up €35,527 (+66.6%), from €53,377 to €88,904
- Taxes -€32,518
down €32,518 (-88.7%), from €36,660 to €4,143
- Financial income -€22,792
down €22,792 (-90.3%), from €25,250 to €2,458
- Financial charges +€7,473
up €7,473 (+23.7%), from €31,501 to €38,974
of which Financial charges: +€9,529
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 | €2,048,437 | €2,272,371 | +€223,934 | +10.9% |
| Fixed assets | 21/28 | €1,619,118 | €1,921,488 | +€302,370 | +18.7% |
| Tangible fixed assets | 22/27 | €1,618,979 | €1,921,488 | +€302,509 | +18.7% |
| Land and buildings | 22 | €1,514,758 | €1,868,477 | +€353,719 | +23.4% |
| Furniture and vehicles | 24 | €104,221 | €53,011 | -€51,211 | -49.1% |
| Financial fixed assets | 28 | €139 | - | -€139 | |
| Current assets | 29/58 | €429,319 | €350,883 | -€78,436 | -18.3% |
| Amounts receivable within one year | 40/41 | €89,834 | €139,495 | +€49,662 | +55.3% |
| Trade receivables | 40 | €42,334 | €119,453 | +€77,119 | +182% |
| Other amounts receivable | 41 | €47,500 | €20,042 | -€27,458 | -57.8% |
| Current investments | 50/53 | €269,250 | €192,611 | -€76,639 | -28.5% |
| Cash at bank and in hand | 54/58 | €68,972 | €18,593 | -€50,379 | -73.0% |
| Deferred charges and accrued income | 490/1 | €1,263 | €184 | -€1,080 | -85.5% |
| Total equity and liabilities | 10/49 | €2,048,437 | €2,272,371 | +€223,934 | +10.9% |
| Equity | 10/15 | €1,195,370 | €1,211,244 | +€15,875 | +1.3% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €871,260 | €887,060 | +€15,800 | +1.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €869,400 | €885,200 | +€15,800 | +1.8% |
| Profit (loss) carried forward | 14 | €5,510 | €5,584 | +€75 | +1.4% |
| Amounts payable | 17/49 | €853,067 | €1,061,127 | +€208,060 | +24.4% |
| Amounts payable after more than one year | 17 | €576,777 | €879,664 | +€302,887 | +52.5% |
| Financial debts | 170/4 | €576,777 | €879,664 | +€302,887 | +52.5% |
| Amounts payable within one year | 42/48 | €255,198 | €136,180 | -€119,018 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €36,932 | €34,125 | -€2,807 | -7.6% |
| Trade debts | 44 | €85,888 | €79,778 | -€6,110 | -7.1% |
| Suppliers | 440/4 | €85,888 | €79,778 | -€6,110 | -7.1% |
| Taxes, remuneration and social security | 45 | €114,503 | €16,576 | -€97,927 | -85.5% |
| Taxes | 450/3 | €114,503 | €13,076 | -€101,427 | -88.6% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €17,875 | €5,701 | -€12,174 | -68.1% |
| Accrued charges and deferred income | 492/3 | €21,093 | €45,283 | +€24,190 | +115% |
| Non-recurring operating income | 76A | €1,793 | - | -€1,793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,377 | €88,904 | +€35,527 | +66.6% |
| Other operating charges | 640/8 | €6,718 | €3,705 | -€3,013 | -44.9% |
| Gross operating margin | 9900 | €243,898 | €149,143 | -€94,755 | -38.9% |
| Operating profit (loss) | 9901 | €183,803 | €56,534 | -€127,269 | -69.2% |
| Financial income | 75/76B | €25,250 | €2,458 | -€22,792 | -90.3% |
| Recurring financial income | 75 | €25,250 | €2,458 | -€22,792 | -90.3% |
| Financial charges | 65/66B | €31,501 | €38,974 | +€7,473 | +23.7% |
| Recurring financial charges | 65 | €29,445 | €38,974 | +€9,529 | +32.4% |
| Non-recurring financial charges | 66B | €2,057 | - | -€2,057 | |
| Profit (loss) for the period before taxes | 9903 | €177,551 | €20,017 | -€157,534 | -88.7% |
| Income taxes | 67/77 | €36,660 | €4,143 | -€32,518 | -88.7% |
| Profit (loss) for the period | 9904 | €140,891 | €15,875 | -€125,016 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €140,891 | €15,875 | -€125,016 | -88.7% |
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 27 October 2026 via checked.be.