BELFINI: 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.
BELFINI
Largest movements
- Receivables within one year -€1.2m
down €1.2m (-80.3%), from €1.5m to €288,116
of which Other amounts receivable: -€1.2m
- Financial fixed assets +€942,909
up €942,909 (+16.5%), from €5.7m to €6.6m
- Receivables after one year -€213,783
down €213,783 (-24.4%), from €874,873 to €661,090
- Cash +€169,071
up €169,071 (+23.1%), from €731,037 to €900,108
mainly Receivables within one year (+€1.2m) and Receivables after one year (+€213,783)
- Debts after one year -€191,500
down €191,500 (-2.1%), from €9.2m to €9.0m
- Profit (loss) carried forward -€89,611
down €89,611 (-2.9%), from -€3.1m to -€3.2m
- Financial charges -€1.2m
down €1.2m (-96.5%), from €1.3m to €43,454
of which Non-recurring financial charges: -€993,501
- Financial income -€277,958
down €277,958 (-78.4%), from €354,663 to €76,705
- Gross operating margin -€7,857
down €7,857 (-7.0%), from -€112,935 to -€120,792
- Other operating charges +€2,014
up €2,014 (+1,707%), from €118 to €2,132
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 | €8,779,290 | €8,501,339 | -€277,950 | -3.2% |
| Fixed assets | 21/28 | €5,709,115 | €6,652,024 | +€942,909 | +16.5% |
| Tangible fixed assets | 22/27 | €7,150 | €7,150 | = | 0.0% |
| Furniture and vehicles | 24 | €7,150 | €7,150 | = | 0.0% |
| Financial fixed assets | 28 | €5,701,965 | €6,644,874 | +€942,909 | +16.5% |
| Current assets | 29/58 | €3,070,174 | €1,849,315 | -€1.2m | -39.8% |
| Amounts receivable after more than one year | 29 | €874,873 | €661,090 | -€213,783 | -24.4% |
| Other amounts receivable | 291 | €874,873 | €661,090 | -€213,783 | -24.4% |
| Amounts receivable within one year | 40/41 | €1,464,264 | €288,116 | -€1.2m | -80.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,464,264 | €288,116 | -€1.2m | -80.3% |
| Cash at bank and in hand | 54/58 | €731,037 | €900,108 | +€169,071 | +23.1% |
| Total equity and liabilities | 10/49 | €8,779,290 | €8,501,339 | -€277,950 | -3.2% |
| Equity | 10/15 | -€467,214 | -€556,825 | -€89,611 | -19.2% |
| Contributions | 10/11 | €2,600,000 | €2,600,000 | = | 0.0% |
| Capital | 10 | €2,600,000 | €2,600,000 | = | 0.0% |
| Issued capital | 100 | €2,600,000 | €2,600,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,077,214 | -€3,166,825 | -€89,611 | -2.9% |
| Amounts payable | 17/49 | €9,246,504 | €9,058,164 | -€188,339 | -2.0% |
| Amounts payable after more than one year | 17 | €9,236,186 | €9,044,686 | -€191,500 | -2.1% |
| Financial debts | 170/4 | €9,236,186 | €9,044,686 | -€191,500 | -2.1% |
| Amounts payable within one year | 42/48 | €10,318 | €13,478 | +€3,160 | +30.6% |
| Trade debts | 44 | €10,318 | €13,478 | +€3,160 | +30.6% |
| Suppliers | 440/4 | €10,318 | €13,478 | +€3,160 | +30.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €118 | €2,132 | +€2,014 | +1,707% |
| Gross operating margin | 9900 | -€112,935 | -€120,792 | -€7,857 | -7.0% |
| Operating profit (loss) | 9901 | -€113,053 | -€122,925 | -€9,872 | -8.7% |
| Financial income | 75/76B | €354,663 | €76,705 | -€277,958 | -78.4% |
| Recurring financial income | 75 | €354,663 | €76,705 | -€277,958 | -78.4% |
| Financial charges | 65/66B | €1,253,479 | €43,454 | -€1.2m | -96.5% |
| Recurring financial charges | 65 | €259,978 | €43,454 | -€216,525 | -83.3% |
| Non-recurring financial charges | 66B | €993,501 | €0 | -€993,501 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€1,011,869 | -€89,673 | +€922,196 | +91.1% |
| Income taxes | 67/77 | €1 | -€62 | -€63 | |
| Profit (loss) for the period | 9904 | -€1,011,870 | -€89,611 | +€922,259 | +91.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,011,870 | -€89,611 | +€922,259 | +91.1% |
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 25 October 2026 via checked.be.