BERFIN: what changed
What changed
BERFIN
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€43,251
2024 · €37,689+€5,561
Equity
€6.8m
2024 · €6.8m+€43,251
Cash
€41,003
2024 · €18,705+€22,298
Balance sheet total
€8.8m
2024 · €8.3m+€536,436
Largest movements
Assets
- Tangible fixed assets +€742,159
up €742,159 (+131%), from €567,870 to €1.3m
of which Land and buildings: +€732,227
- Receivables within one year -€207,317
down €207,317 (-13.1%), from €1.6m to €1.4m
of which Trade receivables: -€134,361
Equity and liabilities
- Debts after one year +€715,594
up €715,594 (+185%), from €386,939 to €1.1m
- Other debts -€239,844
down €239,844 (-29.0%), from €828,411 to €588,567
Income statement
- Gross operating margin -€135,684
down €135,684 (-15.7%), from €864,929 to €729,245
- Write-downs -€103,379
down €103,379 (-100%), from €103,379 to €0
- Depreciation +€31,029
up €31,029 (+17.1%), from €181,401 to €212,430
- Staff costs -€27,000
down €27,000 (-7.0%), from €384,576 to €357,576
- Financial charges -€20,391
down €20,391 (-19.3%), from €105,554 to €85,163
of which Non-recurring financial charges: -€17,500
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
€37,689
Gross operating margin
-€135,684
Staff costs
+€27,000
Depreciation
-€31,029
Write-downs
+€103,379
Other operating charges
+€3,217
Other operating items
+€12,835
Financial income
+€119
Financial charges
+€20,391
Taxes
+€5,332
Result 2025
€43,251
raises the resultlowers the resultnot broken down further in the accounts
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
+€185,175
Investment
-€933,885
Financing
+€771,009
Cash 2024
€18,705
From operations (derived)
+€185,175
Net result for the year
+€43,251
Depreciation
+€212,430
Receivables within one year
+€207,317
Trade debts
-€38,242
Tax, wage and social debts
-€4,589
Other debts
-€239,844
Accrued charges and deferred income
+€4,852
Investment (derived)
-€933,885
Investment in fixed assets (net)
-€933,885
Financing
+€771,009
Debts after one year
+€715,594
Current portion of long-term debt
+€54,009
Short-term financial debts
+€1,405
Cash 2025
€41,003
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,269,896 | €8,806,332 | +€536,436 | +6.5% |
| Fixed assets | 21/28 | €6,664,749 | €7,386,204 | +€721,455 | +10.8% |
| Intangible fixed assets | 21 | €28,116 | €7,412 | -€20,704 | -73.6% |
| Tangible fixed assets | 22/27 | €567,870 | €1,310,029 | +€742,159 | +131% |
| Land and buildings | 22 | €494,615 | €1,226,841 | +€732,227 | +148% |
| Furniture and vehicles | 24 | €1,084 | €43,340 | +€42,257 | +3,900% |
| Other tangible fixed assets | 26 | €72,172 | €39,847 | -€32,324 | -44.8% |
| Financial fixed assets | 28 | €6,068,763 | €6,068,763 | = | 0.0% |
| Current assets | 29/58 | €1,605,147 | €1,420,128 | -€185,019 | -11.5% |
| Amounts receivable within one year | 40/41 | €1,586,442 | €1,379,124 | -€207,317 | -13.1% |
| Trade receivables | 40 | €147,736 | €13,375 | -€134,361 | -90.9% |
| Other amounts receivable | 41 | €1,438,706 | €1,365,749 | -€72,956 | -5.1% |
| Cash at bank and in hand | 54/58 | €18,705 | €41,003 | +€22,298 | +119% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €8,269,896 | €8,806,332 | +€536,436 | +6.5% |
| Equity | 10/15 | €6,784,332 | €6,827,582 | +€43,251 | +0.6% |
| Contributions | 10/11 | €5,922,508 | €5,922,508 | = | 0.0% |
| Reserves | 13 | €861,824 | €905,074 | +€43,251 | +5.0% |
| Distributable reserves | 133 | €861,824 | €905,074 | +€43,251 | +5.0% |
| Amounts payable | 17/49 | €1,485,564 | €1,978,750 | +€493,186 | +33.2% |
| Amounts payable after more than one year | 17 | €386,939 | €1,102,534 | +€715,594 | +185% |
| Financial debts | 170/4 | €386,939 | €1,102,534 | +€715,594 | +185% |
| Amounts payable within one year | 42/48 | €1,097,492 | €870,232 | -€227,261 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €93,295 | €147,304 | +€54,009 | +57.9% |
| Financial debts | 43 | €41,965 | €43,370 | +€1,405 | +3.3% |
| Credit institutions | 430/8 | €8,441 | €34,966 | +€26,525 | +314% |
| Other loans | 439 | €33,524 | €8,404 | -€25,120 | -74.9% |
| Trade debts | 44 | €45,317 | €7,075 | -€38,242 | -84.4% |
| Suppliers | 440/4 | €45,317 | €7,075 | -€38,242 | -84.4% |
| Taxes, remuneration and social security | 45 | €88,504 | €83,916 | -€4,589 | -5.2% |
| Taxes | 450/3 | €52,741 | €46,612 | -€6,129 | -11.6% |
| Remuneration and social security | 454/9 | €35,764 | €37,304 | +€1,540 | +4.3% |
| Other amounts payable | 47/48 | €828,411 | €588,567 | -€239,844 | -29.0% |
| Accrued charges and deferred income | 492/3 | €1,132 | €5,984 | +€4,852 | +429% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €384,576 | €357,576 | -€27,000 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,401 | €212,430 | +€31,029 | +17.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €103,379 | €0 | -€103,379 | -100% |
| Other operating charges | 640/8 | €16,552 | €13,335 | -€3,217 | -19.4% |
| Non-recurring operating charges | 66A | €12,835 | €0 | -€12,835 | -100% |
| Gross operating margin | 9900 | €864,929 | €729,245 | -€135,684 | -15.7% |
| Operating profit (loss) | 9901 | €166,186 | €145,904 | -€20,281 | -12.2% |
| Financial income | 75/76B | €1 | €120 | +€119 | +18,045% |
| Recurring financial income | 75 | €1 | €120 | +€119 | +18,045% |
| Financial charges | 65/66B | €105,554 | €85,163 | -€20,391 | -19.3% |
| Recurring financial charges | 65 | €88,054 | €85,163 | -€2,891 | -3.3% |
| Non-recurring financial charges | 66B | €17,500 | €0 | -€17,500 | -100% |
| Profit (loss) for the period before taxes | 9903 | €60,632 | €60,861 | +€229 | +0.4% |
| Income taxes | 67/77 | €22,943 | €17,611 | -€5,332 | -23.2% |
| Profit (loss) for the period | 9904 | €37,689 | €43,251 | +€5,561 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,689 | €43,251 | +€5,561 | +14.8% |
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.