BERFIN: 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.
BERFIN
Largest movements
- Cash +€55,836
up €55,836 (+25.9%), from €215,978 to €271,815
mainly Net result for the year (+€153,114) and Depreciation (+€35,470)
- Reserves +€145,405
up €145,405 (+18.4%), from €792,195 to €937,600
of which Distributable reserves: +€160,000
- Other debts -€64,016
down €64,016 (-7.5%), from €857,762 to €793,746
- Financial charges -€13,881
down €13,881 (-29.3%), from €47,308 to €33,427
- Gross operating margin +€9,988
up €9,988 (+112.7%), from €8,859 to €18,847
- Financial income +€7,417
up €7,417 (+3.4%), from €215,380 to €222,798
- Taxes +€2,420
up €2,420 (+17.3%), from €13,981 to €16,402
- Other operating charges -€2,173
down €2,173 (-16.8%), from €12,920 to €10,748
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 | €5,225,572 | €5,309,832 | +€84,260 | +1.6% |
| Fixed assets | 21/28 | €3,792,308 | €3,756,838 | -€35,470 | -0.9% |
| Tangible fixed assets | 22/27 | €1,117,111 | €1,081,641 | -€35,470 | -3.2% |
| Land and buildings | 22 | €1,052,077 | €1,017,450 | -€34,628 | -3.3% |
| Plant, machinery and equipment | 23 | €4,212 | €3,370 | -€842 | -20.0% |
| Furniture and vehicles | 24 | €60,821 | €60,821 | = | 0.0% |
| Financial fixed assets | 28 | €2,675,197 | €2,675,197 | = | 0.0% |
| Current assets | 29/58 | €1,433,264 | €1,552,994 | +€119,730 | +8.4% |
| Stocks and contracts in progress | 3 | €777,157 | €777,157 | = | 0.0% |
| Stocks | 30/36 | €777,157 | €777,157 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €244,678 | €290,105 | +€45,426 | +18.6% |
| Other amounts receivable | 41 | €244,678 | €290,105 | +€45,426 | +18.6% |
| Current investments | 50/53 | €162,881 | €162,881 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €215,978 | €271,815 | +€55,836 | +25.9% |
| Deferred charges and accrued income | 490/1 | €32,570 | €51,037 | +€18,467 | +56.7% |
| Total equity and liabilities | 10/49 | €5,225,572 | €5,309,832 | +€84,260 | +1.6% |
| Equity | 10/15 | €3,260,090 | €3,413,204 | +€153,114 | +4.7% |
| Contributions | 10/11 | €1,414,233 | €1,414,233 | = | 0.0% |
| Capital | 10 | €1,414,233 | €1,414,233 | = | 0.0% |
| Issued capital | 100 | €1,414,233 | €1,414,233 | = | 0.0% |
| Reserves | 13 | €792,195 | €937,600 | +€145,405 | +18.4% |
| Non-distributable reserves | 130/1 | €141,423 | €141,423 | = | 0.0% |
| Legal reserve | 130 | €141,423 | €141,423 | = | 0.0% |
| Tax-exempt reserves | 132 | €209,196 | €194,601 | -€14,595 | -7.0% |
| Distributable reserves | 133 | €441,575 | €601,575 | +€160,000 | +36.2% |
| Profit (loss) carried forward | 14 | €1,053,663 | €1,061,371 | +€7,709 | +0.7% |
| Provisions and deferred taxes | 16 | €107,720 | €100,204 | -€7,515 | -7.0% |
| Deferred taxes | 168 | €107,720 | €100,204 | -€7,515 | -7.0% |
| Amounts payable | 17/49 | €1,857,762 | €1,796,424 | -€61,339 | -3.3% |
| Amounts payable within one year | 42/48 | €1,857,762 | €1,796,424 | -€61,339 | -3.3% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | - | €2,677 | +€2,677 | |
| Suppliers | 440/4 | - | €2,677 | +€2,677 | |
| Other amounts payable | 47/48 | €857,762 | €793,746 | -€64,016 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,470 | €35,470 | = | 0.0% |
| Other operating charges | 640/8 | €12,920 | €10,748 | -€2,173 | -16.8% |
| Gross operating margin | 9900 | €8,859 | €18,847 | +€9,988 | +112.7% |
| Operating profit (loss) | 9901 | -€39,531 | -€27,371 | +€12,161 | +30.8% |
| Financial income | 75/76B | €215,380 | €222,798 | +€7,417 | +3.4% |
| Recurring financial income | 75 | €215,380 | €222,798 | +€7,417 | +3.4% |
| Financial charges | 65/66B | €47,308 | €33,427 | -€13,881 | -29.3% |
| Recurring financial charges | 65 | €47,308 | €33,427 | -€13,881 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €128,541 | €162,000 | +€33,459 | +26.0% |
| Transfer from deferred taxes | 780 | €7,515 | €7,515 | = | 0.0% |
| Income taxes | 67/77 | €13,981 | €16,402 | +€2,420 | +17.3% |
| Profit (loss) for the period | 9904 | €122,075 | €153,114 | +€31,039 | +25.4% |
| Transfer from tax-exempt reserves | 789 | €14,595 | €14,595 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €136,670 | €167,709 | +€31,039 | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.