BELUFLO: 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.
BELUFLO
Largest movements
- Financial fixed assets +€10.1m
up €10.1m (+23.1%), from €43.8m to €53.9m
- Profit (loss) carried forward +€7.1m
up €7.1m (+46.3%), from €15.3m to €22.4m
- Debts after one year +€3.9m
up €3.9m (+40.6%), from €9.6m to €13.5m
- Financial income +€5.6m
up €5.6m (+517.9%), from €1.1m to €6.7m
of which Non-recurring financial income: +€5.4m
- Financial charges -€119,491
down €119,491 (-45.4%), from €262,926 to €143,435
of which Non-recurring financial charges: -€92,240
- Gross operating margin +€41,680
up €41,680 (+8.8%), from €475,228 to €516,908
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 | €44,037,189 | €54,566,388 | +€10.5m | +23.9% |
| Fixed assets | 21/28 | €43,768,842 | €53,899,124 | +€10.1m | +23.1% |
| Financial fixed assets | 28 | €43,768,842 | €53,899,124 | +€10.1m | +23.1% |
| Current assets | 29/58 | €268,347 | €667,263 | +€398,916 | +148.7% |
| Amounts receivable within one year | 40/41 | €6,288 | €7,656 | +€1,368 | +21.8% |
| Trade receivables | 40 | €1,685 | €1,685 | = | 0.0% |
| Other amounts receivable | 41 | €4,603 | €5,971 | +€1,368 | +29.7% |
| Cash at bank and in hand | 54/58 | €262,060 | €659,607 | +€397,548 | +151.7% |
| Total equity and liabilities | 10/49 | €44,037,189 | €54,566,388 | +€10.5m | +23.9% |
| Equity | 10/15 | €33,788,069 | €40,881,214 | +€7.1m | +21.0% |
| Contributions | 10/11 | €6,468,000 | €6,468,000 | = | 0.0% |
| Capital | 10 | €6,468,000 | €6,468,000 | = | 0.0% |
| Issued capital | 100 | €6,468,000 | €6,468,000 | = | 0.0% |
| Reserves | 13 | €11,996,800 | €11,996,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €646,800 | €646,800 | = | 0.0% |
| Legal reserve | 130 | €646,800 | €646,800 | = | 0.0% |
| Distributable reserves | 133 | €11,350,000 | €11,350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,323,269 | €22,416,414 | +€7.1m | +46.3% |
| Amounts payable | 17/49 | €10,249,121 | €13,685,174 | +€3.4m | +33.5% |
| Amounts payable after more than one year | 17 | €9,600,000 | €13,500,000 | +€3.9m | +40.6% |
| Financial debts | 170/4 | €9,600,000 | €13,500,000 | +€3.9m | +40.6% |
| Amounts payable within one year | 42/48 | €612,896 | €114,577 | -€498,319 | -81.3% |
| Trade debts | 44 | €2,896 | €3,159 | +€263 | +9.1% |
| Suppliers | 440/4 | €2,896 | €3,159 | +€263 | +9.1% |
| Taxes, remuneration and social security | 45 | - | €1,418 | +€1,418 | |
| Taxes | 450/3 | - | €1,418 | +€1,418 | |
| Other amounts payable | 47/48 | €610,000 | €110,000 | -€500,000 | -82.0% |
| Accrued charges and deferred income | 492/3 | €36,225 | €70,597 | +€34,372 | +94.9% |
| Other operating charges | 640/8 | €1,110 | €968 | -€143 | -12.9% |
| Gross operating margin | 9900 | €475,228 | €516,908 | +€41,680 | +8.8% |
| Operating profit (loss) | 9901 | €474,118 | €515,940 | +€41,823 | +8.8% |
| Financial income | 75/76B | €1,087,594 | €6,720,640 | +€5.6m | +517.9% |
| Recurring financial income | 75 | €995,354 | €1,215,157 | +€219,804 | +22.1% |
| Non-recurring financial income | 76B | €92,240 | €5,505,482 | +€5.4m | +5868.6% |
| Financial charges | 65/66B | €262,926 | €143,435 | -€119,491 | -45.4% |
| Recurring financial charges | 65 | €170,686 | €143,435 | -€27,251 | -16.0% |
| Non-recurring financial charges | 66B | €92,240 | - | -€92,240 | |
| Profit (loss) for the period before taxes | 9903 | €1,298,785 | €7,093,145 | +€5.8m | +446.1% |
| Profit (loss) for the period | 9904 | €1,298,785 | €7,093,145 | +€5.8m | +446.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,298,785 | €7,093,145 | +€5.8m | +446.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.