Royal Cheese
Annual accounts 2025
abbreviated format, filed on 31-07-2026, on the day of the deadlineGross margin
€895,503
▲ 1.5%
Operating result
€290,129
▼ 6.8%
Profit
€215,763
▼ 3.7%
Working capital
-€11,187
▼ €46,181
Solvency
26.2%
▲ 2.5 percentage points
Current ratio
0.99
▼ 0.06
The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.6m. Estimated: probably between €2.1m and €2.8m.
Balance sheet
balance sheet total €1.0m on 31-12-2025What the company ownsHow it is paid for
Change in equityin euro
Change in cashin euro
Position in the sector
Solvency26.2%
Higher than 46% of 4,810 companies in 2025.
Current ratio0.99
Higher than 45% of 4,713 companies in 2025.
Return on assets20.6%
Higher than 85% of 4,737 companies in 2025.
Royal Cheese
Middle half of the sector
80% of the sector
Abbreviated accounts in food and beverage service (NACE 56)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: middle half · Staff: middle half
Staff
Staff cost per FTE€32,876
Staff costs divided by the average number of full-time equivalents.
Joined and left-11
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
Total assets20/58 |
1.0m | 1.1m | 810,476 | 687,119 | 498,505 | |
Fixed assets21/28 |
305,189 | 264,588 | 296,788 | 352,455 | 351,721 | |
Intangible fixed assets21 |
76,246 | 101,257 | 127,256 | 153,256 | 172,246 | |
Tangible fixed assets22/27 |
222,897 | 157,287 | 169,531 | 199,199 | 179,475 | |
Plant, machinery and equipment23 |
21,475 | 34,815 | 46,189 | 62,590 | 62,220 | |
Furniture and vehicles24 |
3,171 | 5,129 | 2,428 | 3,919 | 1,609 | |
Other tangible fixed assets26 |
198,252 | 117,343 | 120,915 | 132,689 | 115,646 | |
Financial fixed assets28 |
6,045 | 6,045 | - | - | - | |
Current assets29/58 |
740,870 | 824,769 | 513,689 | 334,664 | 146,784 | |
Stocks and contracts in progress3 |
35,902 | 16,272 | 12,675 | 7,500 | 8,100 | |
Stocks30/36 |
35,902 | 16,272 | 12,675 | 7,500 | 8,100 | |
Amounts receivable within one year40/41 |
632,118 | 714,837 | 290,038 | 273,521 | 19,040 | |
Trade receivables40 |
316,770 | 219,878 | 28,191 | 41,638 | 7,499 | |
Other amounts receivable41 |
315,348 | 494,959 | 261,848 | 231,883 | 11,541 | |
Cash at bank and in hand54/58 |
66,102 | 78,288 | 202,852 | 52,280 | 119,644 | |
Deferred charges and accrued income490/1 |
6,748 | 15,372 | 8,124 | 1,362 | - | |
| Balance sheet: equity and liabilities | ||||||
Total equity and liabilities10/49 |
1.0m | 1.1m | 810,476 | 687,119 | 498,505 | |
Equity10/15 |
274,106 | 258,343 | 434,178 | 320,118 | 259,274 | |
Contributions10/11 |
30,000 | 30,000 | 30,000 | 30,000 | - | |
Profit (loss) carried forward14 |
244,106 | 228,343 | 404,178 | 290,118 | 259,274 | |
Amounts payable17/49 |
771,952 | 831,014 | 376,298 | 367,001 | 239,231 | |
Amounts payable after more than one year17 |
17,885 | 41,239 | 64,042 | 86,307 | 108,047 | |
Financial debts170/4 |
17,885 | 41,239 | 64,042 | 86,307 | 108,047 | |
Amounts payable within one year42/48 |
752,057 | 789,775 | 310,243 | 278,679 | 131,184 | |
Current portion of amounts payable after more than one year42 |
23,354 | 24,815 | 22,265 | 21,740 | 22,973 | |
Financial debts43 |
4,598 | 3,869 | 1,096 | 238 | - | |
Credit institutions430/8 |
4,598 | 3,869 | 1,096 | 238 | - | |
Trade debts44 |
344,967 | 232,799 | 115,137 | 90,713 | 31,219 | |
Suppliers440/4 |
344,967 | 232,799 | 115,137 | 90,713 | 31,219 | |
Advances received on contracts in progress46 |
- | - | 982 | 982 | 3,428 | |
Taxes, remuneration and social security45 |
71,979 | 118,639 | 89,072 | 107,970 | 73,311 | |
Taxes450/3 |
60,471 | 73,686 | 40,939 | 65,009 | 52,147 | |
Remuneration and social security454/9 |
11,508 | 44,953 | 48,133 | 42,961 | 21,164 | |
Other amounts payable47/48 |
307,159 | 409,653 | 81,691 | 57,038 | 253 | |
Accrued charges and deferred income492/3 |
2,010 | - | 2,013 | 2,014 | - | |
| Income statement | ||||||
Non-recurring operating income76A |
- | - | 872 | 2,986 | - | |
Gross operating margin9900 |
895,503 | 882,053 | 628,546 | 439,075 | 565,812 | |
Remuneration, social security and pensions62 |
450,405 | 478,851 | 408,326 | 336,142 | 219,643 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
88,336 | 64,709 | 62,933 | 58,467 | 50,139 | |
Other operating charges640/8 |
3,327 | 2,890 | 2,508 | 2,844 | 210 | |
Non-recurring operating charges66A |
63,306 | 24,383 | 760 | - | 19 | |
Operating profit (loss)9901 |
290,129 | 311,220 | 154,019 | 41,622 | 295,801 | |
Financial income75/76B |
1,128 | 2,753 | 2,053 | 1,619 | 23,329 | |
Recurring financial income75 |
1,128 | 2,753 | 2,053 | 1,619 | 23,329 | |
Financial charges65/66B |
8,769 | 8,380 | 11,396 | 8,809 | 9,826 | |
Recurring financial charges65 |
8,769 | 8,380 | 11,396 | 8,809 | 9,826 | |
Profit (loss) for the period before taxes9903 |
282,488 | 305,593 | 144,677 | 34,432 | 309,304 | |
Income taxes67/77 |
66,725 | 81,428 | 30,616 | 3,588 | 50,030 | |
Profit (loss) for the period9904 |
215,763 | 224,165 | 114,061 | 30,844 | 259,274 | |
Profit (loss) for the period to be appropriated9905 |
215,763 | 224,165 | 114,061 | 30,844 | 259,274 | |
| Appropriation of the result | ||||||
Profit (loss) to be appropriated9906 |
444,106 | 628,343 | 404,178 | 290,118 | 259,274 | |
Profit (loss) brought forward from the previous period14P |
228,343 | 404,178 | 290,118 | 259,274 | - | |
Profit to be distributed694/7 |
200,000 | 400,000 | - | - | - | |
Return on contributions (dividend)694 |
200,000 | 400,000 | - | - | - | |
| Social balance sheet | ||||||
Average staff (FTE)9087 |
13.7 | 13.3 | 16.2 | 30.5 | 9.5 | |
Hours worked1013 |
20,814 | 20,473 | 18,455 | 18,447 | 12,457 | |
| Document | ||||||
The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00377122 | |
| 31-12-2024 | full format | 23-07-2025 | 2025-00305483 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00172540 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00303397 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20235054 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| EBITDA | 378,466 | 375,929 | 216,952 | 100,089 | 345,940 | |
| Cash flow | 304,099 | 288,874 | 176,994 | 89,311 | 309,413 | |
| Investment in fixed assets | 191,668 | 32,510 | 7,266 | 59,200 | 401,860 | |
| Change in cash | -12,186 | -124,564 | 150,572 | -67,364 | - | |
| Working capital | -11,187 | 34,994 | 203,446 | 55,985 | 15,600 | |
| Solvency | 26.2% | 23.7% | 53.6% | 46.6% | 52.0% | |
| Current ratio | 0.99 | 1.04 | 1.66 | 1.20 | 1.12 | |
| Quick ratio | 0.94 | 1.02 | 1.61 | 1.17 | 1.06 | |
| Debt to equity | 2.82 | 3.22 | 0.87 | 1.15 | 0.92 | |
| ROE | 78.7% | 86.8% | 26.3% | 9.6% | 100.0% | |
| ROA | 20.6% | 20.6% | 14.1% | 4.5% | 52.0% | |
| Interest coverage | 43.16 | 44.86 | 19.04 | 11.36 | 35.21 |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 18 | 29 | 28 | 31 | 18 |
| full-time | 6 | 3 | 5 | 29 | 6 |
| part-time | 12 | 26 | 23 | 2 | 12 |
| in full-time equivalents | 11.3 | 10.6 | 12.4 | 29.4 | 12.5 |
| Average over the year, in full-time equivalents | 13.7 | 13.3 | 16.2 | 30.5 | 9.5 |
| On a permanent contract | 4 | 3 | 5 | 4 | 4 |
| Joined | 160 | 143 | 122 | 82 | 64 |
| Left | 171 | 142 | 125 | 69 | 46 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €41,239 | €66,054 | €86,307 | - | - |
| Pledge on the business | €171,000 | €171,000 | €171,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €191,668 | €26,465 | €7,266 | €53,200 | €206,860 |
| Intangible fixed assets | - | - | - | €6,000 | €195,000 |
| Financial fixed assets | - | €6,045 | - | - | - |
| Depreciation and write-downs of the year | €88,336 | €64,709 | €62,933 | €58,467 | €50,139 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on Royal Cheese
The operating result for 2025 is 7% lower than in 2024.
Debt's share of the balance-sheet total falls from 76.3% to 73.8%. Equity is higher and debt is lower.
Large changes and their cause
- 2022 Net result -88%, Staff (FTE) +221% on 2021. The accounts now follow the micro format, last year the full format.