BF Invest: 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.
BF Invest
Largest movements
- Tangible fixed assets +€3.1m
up €3.1m (+34.3%), from €8.9m to €12.0m
- Financial fixed assets +€2.1m
up €2.1m (+47.2%), from €4.4m to €6.5m
- Deferred charges and accrued income +€201,340
up €201,340 (+136%), from €148,395 to €349,735
- Other debts +€2.8m
up €2.8m (+50.7%), from €5.5m to €8.3m
- Debts after one year +€2.4m
up €2.4m (+33.8%), from €7.2m to €9.7m
of which Financial debts: +€2.4m
- Profit (loss) carried forward -€283,555
down €283,555 (-78.6%), from -€360,678 to -€644,233
- Accrued charges and deferred income +€281,813
up €281,813 (+152%), from €185,354 to €467,168
- Gross operating margin +€470,901
up €470,901 (+424%), from €111,070 to €581,971
- Financial charges +€273,184
up €273,184 (+96.6%), from €282,795 to €555,979
- Depreciation +€113,167
up €113,167 (+34.0%), from €333,073 to €446,240
- Other operating charges +€67,650
up €67,650 (+23,730%), from €285 to €67,935
- Financial income +€60,223
up €60,223 (+41.7%), from €144,406 to €204,629
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 | €13,669,103 | €19,045,180 | +€5.4m | +39.3% |
| Fixed assets | 21/28 | €13,320,879 | €18,454,465 | +€5.1m | +38.5% |
| Tangible fixed assets | 22/27 | €8,928,739 | €11,990,325 | +€3.1m | +34.3% |
| Land and buildings | 22 | €8,928,739 | €11,990,325 | +€3.1m | +34.3% |
| Financial fixed assets | 28 | €4,392,140 | €6,464,140 | +€2.1m | +47.2% |
| Current assets | 29/58 | €348,224 | €590,716 | +€242,491 | +69.6% |
| Amounts receivable within one year | 40/41 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 41 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €49,830 | €90,981 | +€41,151 | +82.6% |
| Deferred charges and accrued income | 490/1 | €148,395 | €349,735 | +€201,340 | +136% |
| Total equity and liabilities | 10/49 | €13,669,103 | €19,045,180 | +€5.4m | +39.3% |
| Equity | 10/15 | €439,322 | €155,767 | -€283,555 | -64.5% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€360,678 | -€644,233 | -€283,555 | -78.6% |
| Amounts payable | 17/49 | €13,229,781 | €18,889,413 | +€5.7m | +42.8% |
| Amounts payable after more than one year | 17 | €7,240,126 | €9,688,725 | +€2.4m | +33.8% |
| Financial debts | 170/4 | €7,162,013 | €9,610,612 | +€2.4m | +34.2% |
| Other amounts payable | 178/9 | €78,112 | €78,112 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,804,301 | €8,733,521 | +€2.9m | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €274,911 | €393,828 | +€118,916 | +43.3% |
| Trade debts | 44 | - | €4,183 | +€4,183 | |
| Suppliers | 440/4 | - | €4,183 | +€4,183 | |
| Taxes, remuneration and social security | 45 | - | €572 | +€572 | |
| Taxes | 450/3 | - | €572 | +€572 | |
| Other amounts payable | 47/48 | €5,529,390 | €8,334,939 | +€2.8m | +50.7% |
| Accrued charges and deferred income | 492/3 | €185,354 | €467,168 | +€281,813 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €333,073 | €446,240 | +€113,167 | +34.0% |
| Other operating charges | 640/8 | €285 | €67,935 | +€67,650 | +23,730% |
| Gross operating margin | 9900 | €111,070 | €581,971 | +€470,901 | +424% |
| Operating profit (loss) | 9901 | -€222,289 | €67,796 | +€290,084 | |
| Financial income | 75/76B | €144,406 | €204,629 | +€60,223 | +41.7% |
| Recurring financial income | 75 | €144,406 | €204,629 | +€60,223 | +41.7% |
| Financial charges | 65/66B | €282,795 | €555,979 | +€273,184 | +96.6% |
| Recurring financial charges | 65 | €282,795 | €555,979 | +€273,184 | +96.6% |
| Profit (loss) for the period before taxes | 9903 | -€360,678 | -€283,555 | +€77,123 | +21.4% |
| Profit (loss) for the period | 9904 | -€360,678 | -€283,555 | +€77,123 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€360,678 | -€283,555 | +€77,123 | +21.4% |
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 24 October 2026 via checked.be.