BFC Holding: 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.
What changed
BFC Holding
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€749
2024 · €2,893-€3,641
Equity
€4.0m
2024 · €4.0m-€749
Cash
€9,784
2024 · €75,092-€65,308
Balance sheet total
€5.0m
2024 · €4.6m+€489,741
Largest movements
Assets
- Receivables after one year +€340,039
up €340,039 (+26.0%), from €1.3m to €1.6m
- Financial fixed assets +€193,703
up €193,703 (+8.3%), from €2.3m to €2.5m
- Deferred charges and accrued income +€80,473
up €80,473 (+70.3%), from €114,482 to €194,955
- Cash -€65,308
down €65,308 (-87.0%), from €75,092 to €9,784
mainly Receivables after one year (-€340,039) and Investment in fixed assets (net) (-€193,703)
Equity and liabilities
- Short-term financial debts +€500,000
new in 2025: €500,000
Income statement
- Gross operating margin -€126,556
down €126,556 (-364.5%), from -€34,720 to -€161,276
- Financial income +€85,380
up €85,380 (+75.6%), from €112,900 to €198,280
- Staff costs -€45,369
down €45,369 (-100.0%), from €45,369 to €0
- Financial charges +€5,897
up €5,897 (+27.9%), from €21,112 to €27,009
of which Financial charges: +€5,897
- Taxes +€2,254
up €2,254 (+288.8%), from €780 to €3,035
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.
Result 2024
€2,893
Gross operating margin
-€126,556
Staff costs
+€45,369
Depreciation
+€668
Other operating charges
-€351
Financial income
+€85,380
Financial charges
-€5,897
Taxes
-€2,254
Result 2025
-€749
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.
From operations
-€377,666
Investment
-€183,392
Financing
+€495,750
Cash 2024
€75,092
From operations (derived)
-€377,666
Net result for the year
-€749
Depreciation
+€5,731
Receivables after one year
-€340,039
Receivables within one year
+€43,125
Deferred charges and accrued income
-€80,473
Trade debts
+€18,234
Tax, wage and social debts
+€3,035
Other debts
-€32,463
Accrued charges and deferred income
+€5,933
Investment (derived)
-€183,392
Investment in fixed assets (net)
-€193,703
Current investments
+€10,312
Financing
+€495,750
Current portion of long-term debt
-€4,250
Short-term financial debts
+€500,000
Cash 2025
€9,784
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,551,735 | €5,041,476 | +€489,741 | +10.8% |
| Fixed assets | 21/28 | €2,845,382 | €3,033,354 | +€187,973 | +6.6% |
| Tangible fixed assets | 22/27 | €514,211 | €508,480 | -€5,731 | -1.1% |
| Land and buildings | 22 | €497,158 | €497,158 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,377 | €3,023 | -€354 | -10.5% |
| Furniture and vehicles | 24 | €8,895 | €4,575 | -€4,320 | -48.6% |
| Other tangible fixed assets | 26 | €4,781 | €3,724 | -€1,057 | -22.1% |
| Financial fixed assets | 28 | €2,331,171 | €2,524,874 | +€193,703 | +8.3% |
| Current assets | 29/58 | €1,706,354 | €2,008,122 | +€301,768 | +17.7% |
| Amounts receivable after more than one year | 29 | €1,305,455 | €1,645,495 | +€340,039 | +26.0% |
| Other amounts receivable | 291 | €1,305,455 | €1,645,495 | +€340,039 | +26.0% |
| Amounts receivable within one year | 40/41 | €201,012 | €157,887 | -€43,125 | -21.5% |
| Trade receivables | 40 | €196,719 | €138,209 | -€58,510 | -29.7% |
| Other amounts receivable | 41 | €4,293 | €19,678 | +€15,385 | +358.4% |
| Current investments | 50/53 | €10,312 | €0 | -€10,312 | -100.0% |
| Cash at bank and in hand | 54/58 | €75,092 | €9,784 | -€65,308 | -87.0% |
| Deferred charges and accrued income | 490/1 | €114,482 | €194,955 | +€80,473 | +70.3% |
| Total equity and liabilities | 10/49 | €4,551,735 | €5,041,476 | +€489,741 | +10.8% |
| Equity | 10/15 | €3,990,897 | €3,990,148 | -€749 | 0.0% |
| Contributions | 10/11 | €675,000 | €675,000 | = | 0.0% |
| Reserves | 13 | €3,315,897 | €3,315,897 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €139,500 | €139,500 | = | 0.0% |
| Distributable reserves | 133 | €3,176,397 | €3,176,397 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€749 | -€749 | |
| Amounts payable | 17/49 | €560,838 | €1,051,328 | +€490,489 | +87.5% |
| Amounts payable after more than one year | 17 | €10,271 | €10,271 | = | 0.0% |
| Financial debts | 170/4 | €10,271 | €10,271 | = | 0.0% |
| Amounts payable within one year | 42/48 | €541,056 | €1,025,612 | +€484,556 | +89.6% |
| Current portion of amounts payable after more than one year | 42 | €4,250 | €0 | -€4,250 | -100.0% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €1,624 | €19,858 | +€18,234 | +1122.8% |
| Suppliers | 440/4 | €1,624 | €19,858 | +€18,234 | +1122.8% |
| Taxes, remuneration and social security | 45 | €289 | €3,324 | +€3,035 | +1049.2% |
| Taxes | 450/3 | €289 | €3,324 | +€3,035 | +1049.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €534,893 | €502,430 | -€32,463 | -6.1% |
| Accrued charges and deferred income | 492/3 | €9,512 | €15,445 | +€5,933 | +62.4% |
| Non-recurring operating income | 76A | €26,479 | €0 | -€26,479 | -100.0% |
| Remuneration, social security and pensions | 62 | €45,369 | €0 | -€45,369 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,399 | €5,731 | -€668 | -10.4% |
| Other operating charges | 640/8 | €1,627 | €1,978 | +€351 | +21.6% |
| Gross operating margin | 9900 | -€34,720 | -€161,276 | -€126,556 | -364.5% |
| Operating profit (loss) | 9901 | -€88,115 | -€168,985 | -€80,870 | -91.8% |
| Financial income | 75/76B | €112,900 | €198,280 | +€85,380 | +75.6% |
| Recurring financial income | 75 | €112,900 | €198,280 | +€85,380 | +75.6% |
| Financial charges | 65/66B | €21,112 | €27,009 | +€5,897 | +27.9% |
| Recurring financial charges | 65 | €21,112 | €27,009 | +€5,897 | +27.9% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €3,673 | €2,286 | -€1,387 | -37.8% |
| Income taxes | 67/77 | €780 | €3,035 | +€2,254 | +288.8% |
| Profit (loss) for the period | 9904 | €2,893 | -€749 | -€3,641 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,893 | -€749 | -€3,641 |
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 9 October 2026 via checked.be.