'T BELFORT: 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
'T BELFORT
NACE 52.100, Warehousing and storage
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€261,671
2024 · €149,501+€112,170
Equity
€15.5m
2024 · €15.3m+€261,671
Cash
€333,779
2024 · €355,915-€22,136
Balance sheet total
€33.6m
2024 · €35.1m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€1.3m
down €1.3m (-6.0%), from €22.4m to €21.1m
of which Land and buildings: -€1.3m
Equity and liabilities
- Debts after one year -€2.0m
down €2.0m (-33.3%), from €6.0m to €4.0m
Income statement
- Depreciation -€349,487
down €349,487 (-20.7%), from €1.7m to €1.3m
- Other operating charges +€131,557
up €131,557 (+129%), from €101,964 to €233,521
- Financial charges +€119,734
up €119,734 (+24.3%), from €492,599 to €612,332
- Gross operating margin +€67,933
up €67,933 (+2.4%), from €2.8m to €2.9m
- Taxes +€40,056
up €40,056 (+79.0%), from €50,688 to €90,744
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
€149,501
Gross operating margin
+€67,933
Staff costs
-€24,766
Depreciation
+€349,487
Other operating charges
-€131,557
Financial income
+€10,864
Financial charges
-€119,734
Taxes
-€40,056
Result 2025
€261,671
raises the resultlowers the result
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.
From operations
+€1.8m
Investment
€0
Financing
-€1.9m
Cash 2024
€355,915
From operations (derived)
+€1.8m
Net result for the year
+€261,671
Depreciation
+€1.3m
Receivables within one year
+€213,624
Deferred charges and accrued income
+€7,170
Tax, wage and social debts
-€42,373
Other debts
+€247,985
Accrued charges and deferred income
-€180,628
Financing
-€1.9m
Debts after one year
-€2.0m
Short-term financial debts
+€133,412
Cash 2025
€333,779
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,132,976 | €33,553,044 | -€1.6m | -4.5% |
| Fixed assets | 21/28 | €32,000,570 | €30,663,568 | -€1.3m | -4.2% |
| Tangible fixed assets | 22/27 | €22,423,736 | €21,086,733 | -€1.3m | -6.0% |
| Land and buildings | 22 | €22,315,719 | €20,978,717 | -€1.3m | -6.0% |
| Other tangible fixed assets | 26 | €108,016 | €108,016 | = | 0.0% |
| Financial fixed assets | 28 | €9,576,834 | €9,576,834 | = | 0.0% |
| Current assets | 29/58 | €3,132,406 | €2,889,477 | -€242,929 | -7.8% |
| Amounts receivable within one year | 40/41 | €2,769,321 | €2,555,697 | -€213,624 | -7.7% |
| Trade receivables | 40 | €517,028 | €19,255 | -€497,773 | -96.3% |
| Other amounts receivable | 41 | €2,252,293 | €2,536,442 | +€284,150 | +12.6% |
| Cash at bank and in hand | 54/58 | €355,915 | €333,779 | -€22,136 | -6.2% |
| Deferred charges and accrued income | 490/1 | €7,170 | €0 | -€7,170 | -100% |
| Total equity and liabilities | 10/49 | €35,132,976 | €33,553,044 | -€1.6m | -4.5% |
| Equity | 10/15 | €15,255,075 | €15,516,746 | +€261,671 | +1.7% |
| Contributions | 10/11 | €12,751,458 | €12,751,458 | = | 0.0% |
| Capital | 10 | €12,751,458 | €12,751,458 | = | 0.0% |
| Issued capital | 100 | €12,751,458 | €12,751,458 | = | 0.0% |
| Reserves | 13 | €2,503,617 | €2,765,288 | +€261,671 | +10.5% |
| Non-distributable reserves | 130/1 | €331,335 | €331,335 | = | 0.0% |
| Legal reserve | 130 | €331,335 | €331,335 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,733 | €6,733 | = | 0.0% |
| Distributable reserves | 133 | €2,165,549 | €2,427,220 | +€261,671 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €19,877,901 | €18,036,298 | -€1.8m | -9.3% |
| Amounts payable after more than one year | 17 | €6,000,000 | €4,000,000 | -€2.0m | -33.3% |
| Financial debts | 170/4 | €6,000,000 | €4,000,000 | -€2.0m | -33.3% |
| Amounts payable within one year | 42/48 | €13,696,274 | €14,035,298 | +€339,025 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €2,000,000 | €2,000,000 | = | 0.0% |
| Financial debts | 43 | - | €133,412 | +€133,412 | |
| Credit institutions | 430/8 | - | €133,412 | +€133,412 | |
| Taxes, remuneration and social security | 45 | €91,089 | €48,716 | -€42,373 | -46.5% |
| Taxes | 450/3 | €50,395 | €5,867 | -€44,528 | -88.4% |
| Remuneration and social security | 454/9 | €40,694 | €42,849 | +€2,155 | +5.3% |
| Other amounts payable | 47/48 | €11,605,185 | €11,853,170 | +€247,985 | +2.1% |
| Accrued charges and deferred income | 492/3 | €181,628 | €1,000 | -€180,628 | -99.4% |
| Remuneration, social security and pensions | 62 | €373,758 | €398,524 | +€24,766 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,686,489 | €1,337,003 | -€349,487 | -20.7% |
| Other operating charges | 640/8 | €101,964 | €233,521 | +€131,557 | +129% |
| Gross operating margin | 9900 | €2,783,950 | €2,851,883 | +€67,933 | +2.4% |
| Operating profit (loss) | 9901 | €621,739 | €882,835 | +€261,096 | +42.0% |
| Financial income | 75/76B | €71,049 | €81,912 | +€10,864 | +15.3% |
| Recurring financial income | 75 | €71,049 | €81,912 | +€10,864 | +15.3% |
| Financial charges | 65/66B | €492,599 | €612,332 | +€119,734 | +24.3% |
| Recurring financial charges | 65 | €492,599 | €612,332 | +€119,734 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €200,189 | €352,415 | +€152,226 | +76.0% |
| Income taxes | 67/77 | €50,688 | €90,744 | +€40,056 | +79.0% |
| Profit (loss) for the period | 9904 | €149,501 | €261,671 | +€112,170 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,501 | €261,671 | +€112,170 | +75.0% |
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 29 October 2026 via checked.be.