BELFBMEDIUM SIGNALMANAGEMENT10-K

Bel Fuse announced a leadership transition with CEO Daniel Bernstein stepping down to become Non-Executive Chairman and Farouq Tuweiq taking over as President and CEO following the 2025 Annual Meeting.

The planned leadership transition represents a significant change in executive management for this specialty components manufacturer. While the transition appears orderly with Bernstein remaining as Non-Executive Chairman, investors will want to monitor how the new CEO's strategy and execution impacts the company's performance trajectory. The company has also enhanced its cybersecurity governance framework with expanded Audit Committee oversight and reporting structures.

Comparing 2026-02-24 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Bel Fuse delivered strong operational performance with operating income substantially higher year-over-year and gross profit growing meaningfully by 31%. The company strengthened its balance sheet by reducing total debt by 31% to $198M while growing stockholders' equity to $426M. Higher R&D spending of 31% and increased SG&A expenses suggest continued investment in growth initiatives, though cash declined modestly to $58M.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+72.6%
$64.3M→$111.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+50.2%
$41.0M→$61.5M

Net income grew 50.2% — bottom-line growth signals improving overall business health.

Total Debt
Balance Sheet
-31.3%
$287.5M→$197.5M

Debt reduced 31.3% — deleveraging strengthens balance sheet and reduces financial risk.

R&D Expense
P&L
+30.9%
$23.6M→$30.9M

R&D investment increased 30.9% — signals commitment to future product development, though near-term margin impact.

Gross Profit
P&L
+30.7%
$202.4M→$264.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Total Liabilities
Balance Sheet
-18.1%
$508.6M→$416.5M

Liabilities reduced 18.1% — deleveraging improves balance sheet strength and financial flexibility.

Stockholders Equity
Balance Sheet
+18%
$360.6M→$425.5M

Equity base grew 18% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
-15.3%
$68.3M→$57.8M

Cash decreased 15.3% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+13.8%
$110.6M→$125.8M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-28
ADDED
belfb20251231d_10k.htm 0000729580 BEL FUSE INC /NJ false --12-31 FY 2025 true true The Audit Committee of the Board of Directors is responsible for overseeing the management of cybersecurity risks.
The Audit Committee is informed about cybersecurity risks through quarterly reports from the Global Head of IT and Cybersecurity Services and, as necessary, to the full Board.
The Audit Committee also reviews and approves the company s cybersecurity policies and the Company s Global Head of IT and Cybersecurity Services is responsible for developing and implementing our information security program and reporting on cybersecurity matters to the Board.
This includes our overall information security strategy, policy, security engineering, operations and cyber incident detection and response reporting in alignment with Company policies.
The current Global Head of IT and Cybersecurity Services has more than 17 years of information technology and program management experience which includes information security, and others on our IT security team have extensive cybersecurity experience and certifications.
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REMOVED
The amount of goodwill is provisional as of the filing date, as the fair value determination of inventories acquired, and appraisals related to property, plant and equipment, various intangible assets and certain liabilities such as lease liabilities is still under review.
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.
On February 3, 2025, the Company announced that Bel's current President and Chief Executive Officer, Daniel Bernstein, would be stepping down from his executive officer positions effective immediately following the Company's 2025 Annual Meeting of Shareholders, currently scheduled to be held on May 27, 2025 (the "2025 Annual Meeting").
Bernstein's reelection at the 2025 Annual Meeting, Bel's Board of Directors (the "Board") has approved Mr.
Bernstein's appointment as Non-Executive Chairman of the Board, effective on the date of the 2025 Annual Meeting.
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