4 FEED MANAGEMENT: 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.
4 FEED MANAGEMENT
Largest movements
- Cash +€106,287
up €106,287 (+56.4%), from €188,586 to €294,872
mainly Net result for the year (+€163,515) and Other debts (+€100,000)
- Tangible fixed assets -€61,604
down €61,604 (-17.0%), from €363,006 to €301,402
of which Land and buildings: -€31,632
- Stocks and contracts +€50,870
up €50,870 (+12.9%), from €393,327 to €444,197
- Receivables within one year -€40,071
down €40,071 (-26.7%), from €150,064 to €109,993
of which Trade receivables: -€36,941
- Other debts +€100,000
up €100,000 (+333%), from €30,000 to €130,000
- Debts after one year -€80,262
down €80,262 (-22.8%), from €352,075 to €271,813
of which Financial debts: -€61,392
- Provisions -€50,388
down €50,388 (-100%), from €50,388 to €0
- Reserves +€33,515
up €33,515 (+10.1%), from €330,373 to €363,888
- Tax, wage and social debts +€28,375
up €28,375 (+72.6%), from €39,058 to €67,433
of which Taxes: +€16,171
- Gross operating margin +€193,523
up €193,523 (+54.5%), from €355,353 to €548,876
- Staff costs +€90,326
up €90,326 (+45.7%), from €197,538 to €287,864
- Provisions -€50,388
new in 2025: -€50,388
- Taxes +€13,167
up €13,167 (+130%), from €10,156 to €23,322
- Other operating charges -€11,184
down €11,184 (-53.8%), from €20,780 to €9,596
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 | €1,168,542 | €1,220,367 | +€51,824 | +4.4% |
| Fixed assets | 21/28 | €429,415 | €364,671 | -€64,744 | -15.1% |
| Intangible fixed assets | 21 | €65,282 | €61,970 | -€3,313 | -5.1% |
| Tangible fixed assets | 22/27 | €363,006 | €301,402 | -€61,604 | -17.0% |
| Land and buildings | 22 | €182,095 | €150,464 | -€31,632 | -17.4% |
| Plant, machinery and equipment | 23 | €37,850 | €13,223 | -€24,627 | -65.1% |
| Furniture and vehicles | 24 | €129,853 | €121,273 | -€8,580 | -6.6% |
| Other tangible fixed assets | 26 | €13,208 | €16,443 | +€3,235 | +24.5% |
| Financial fixed assets | 28 | €1,126 | €1,299 | +€173 | +15.4% |
| Current assets | 29/58 | €739,127 | €855,696 | +€116,568 | +15.8% |
| Stocks and contracts in progress | 3 | €393,327 | €444,197 | +€50,870 | +12.9% |
| Stocks | 30/36 | €393,327 | €444,197 | +€50,870 | +12.9% |
| Amounts receivable within one year | 40/41 | €150,064 | €109,993 | -€40,071 | -26.7% |
| Trade receivables | 40 | €146,934 | €109,993 | -€36,941 | -25.1% |
| Other amounts receivable | 41 | €3,130 | €0 | -€3,130 | -100% |
| Cash at bank and in hand | 54/58 | €188,586 | €294,872 | +€106,287 | +56.4% |
| Deferred charges and accrued income | 490/1 | €7,151 | €6,634 | -€517 | -7.2% |
| Total equity and liabilities | 10/49 | €1,168,542 | €1,220,367 | +€51,824 | +4.4% |
| Equity | 10/15 | €535,373 | €568,888 | +€33,515 | +6.3% |
| Contributions | 10/11 | €205,000 | €205,000 | = | 0.0% |
| Reserves | 13 | €330,373 | €363,888 | +€33,515 | +10.1% |
| Distributable reserves | 133 | €330,373 | €363,888 | +€33,515 | +10.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €50,388 | €0 | -€50,388 | -100% |
| Provisions for liabilities and charges | 160/5 | €50,388 | €0 | -€50,388 | -100% |
| Pensions and similar obligations | 160 | €50,388 | €0 | -€50,388 | -100% |
| Amounts payable | 17/49 | €582,781 | €651,479 | +€68,698 | +11.8% |
| Amounts payable after more than one year | 17 | €352,075 | €271,813 | -€80,262 | -22.8% |
| Financial debts | 170/4 | €294,302 | €232,910 | -€61,392 | -20.9% |
| Other amounts payable | 178/9 | €57,773 | €38,903 | -€18,870 | -32.7% |
| Amounts payable within one year | 42/48 | €221,645 | €377,712 | +€156,066 | +70.4% |
| Current portion of amounts payable after more than one year | 42 | €71,902 | €78,142 | +€6,241 | +8.7% |
| Trade debts | 44 | €80,685 | €102,136 | +€21,451 | +26.6% |
| Suppliers | 440/4 | €80,685 | €102,136 | +€21,451 | +26.6% |
| Taxes, remuneration and social security | 45 | €39,058 | €67,433 | +€28,375 | +72.6% |
| Taxes | 450/3 | €20,290 | €36,462 | +€16,171 | +79.7% |
| Remuneration and social security | 454/9 | €18,768 | €30,972 | +€12,204 | +65.0% |
| Other amounts payable | 47/48 | €30,000 | €130,000 | +€100,000 | +333% |
| Accrued charges and deferred income | 492/3 | €9,060 | €1,954 | -€7,106 | -78.4% |
| Non-recurring operating income | 76A | €0 | €20,063 | +€20,063 | |
| Remuneration, social security and pensions | 62 | €197,538 | €287,864 | +€90,326 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,057 | €96,547 | +€2,491 | +2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,747 | €1,984 | +€8,732 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€50,388 | -€50,388 | |
| Other operating charges | 640/8 | €20,780 | €9,596 | -€11,184 | -53.8% |
| Non-recurring operating charges | 66A | €32 | €4,546 | +€4,513 | +14,000% |
| Gross operating margin | 9900 | €355,353 | €548,876 | +€193,523 | +54.5% |
| Operating profit (loss) | 9901 | €49,694 | €198,727 | +€149,033 | +300% |
| Financial income | 75/76B | €9,831 | €1,527 | -€8,304 | -84.5% |
| Recurring financial income | 75 | €9,831 | €1,527 | -€8,304 | -84.5% |
| Financial charges | 65/66B | €12,999 | €13,417 | +€419 | +3.2% |
| Recurring financial charges | 65 | €12,999 | €13,417 | +€419 | +3.2% |
| Profit (loss) for the period before taxes | 9903 | €46,527 | €186,837 | +€140,310 | +302% |
| Income taxes | 67/77 | €10,156 | €23,322 | +€13,167 | +130% |
| Profit (loss) for the period | 9904 | €36,371 | €163,515 | +€127,144 | +350% |
| Profit (loss) for the period to be appropriated | 9905 | €36,371 | €163,515 | +€127,144 | +350% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.