BEER PROJECT: what changed
Two fiscal 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
BEER PROJECT
NACE 11.050, Manufacture of beer
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€245,704
2024 · €164,642+€81,062
Equity
€5.8m
2024 · €5.6m+€189,901
Cash
€638,741
2024 · €459,696+€179,045
Balance sheet total
€14.2m
2024 · €13.9m+€261,077
Largest movements
Assets
- Receivables within one year +€549,648
up €549,648 (+41.7%), from €1.3m to €1.9m
of which Trade receivables: +€591,724
- Current investments -€417,663
down €417,663 (-45.3%), from €921,590 to €503,927
- Stocks and contracts -€356,487
down €356,487 (-24.1%), from €1.5m to €1.1m
- Tangible fixed assets +€212,029
up €212,029 (+2.5%), from €8.4m to €8.6m
of which Plant, machinery and equipment: +€326,464
- Cash +€179,045
up €179,045 (+38.9%), from €459,696 to €638,741
mainly Depreciation (+€711,663) and Current investments (+€417,663)
Equity and liabilities
- Debts after one year -€344,151
down €344,151 (-7.2%), from €4.8m to €4.4m
- Other debts +€319,093
up €319,093 (+28.6%), from €1.1m to €1.4m
- Profit (loss) carried forward +€162,242
up €162,242 (+23.8%), from €681,669 to €843,911
Income statement
- Gross operating margin +€247,654
up €247,654 (+8.6%), from €2.9m to €3.1m
- Staff costs +€125,426
up €125,426 (+6.7%), from €1.9m to €2.0m
- Write-downs +€95,378
up €95,378 (+347.3%), from €27,464 to €122,842
- Provisions -€49,253
down €49,253 (-95.5%), from €51,590 to €2,337
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
€164,642
Gross operating margin
+€247,654
Staff costs
-€125,426
Depreciation
-€24,189
Write-downs
-€95,378
Provisions
+€49,253
Other operating charges
+€6,565
Other operating items
+€4,936
Financial income
+€22,767
Financial charges
-€3,323
Taxes
-€1,614
Deferred taxes and other
-€185
Result 2025
€245,704
Cash bridge derived
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
+€1.1m
Investment
-€488,217
Financing
-€395,622
Cash 2024
€459,696
From operations (derived)
+€1.1m
Net result for the year
+€245,704
Depreciation
+€711,663
Receivables after one year
-€140,000
Stocks and contracts
+€356,487
Receivables within one year
-€549,648
Deferred charges and accrued income
+€27,682
Provisions
+€5,586
Trade debts
+€98,167
Tax, wage and social debts
-€70,580
Other debts
+€319,093
Accrued charges and deferred income
+€58,729
Investment (derived)
-€488,217
Investment in fixed assets (net)
-€905,880
Current investments
+€417,663
Financing
-€395,622
Debts after one year
-€344,151
Current portion of long-term debt
+€4,302
Short-term financial debts
+€30
Contributions, distributions and other
-€55,803
Cash 2025
€638,741
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,925,905 | €14,186,982 | +€261,077 | +1.9% |
| Fixed assets | 21/28 | €8,953,682 | €9,147,899 | +€194,217 | +2.2% |
| Intangible fixed assets | 21 | €31,924 | €16,862 | -€15,062 | -47.2% |
| Tangible fixed assets | 22/27 | €8,387,213 | €8,599,242 | +€212,029 | +2.5% |
| Land and buildings | 22 | €3,808,213 | €3,723,652 | -€84,561 | -2.2% |
| Plant, machinery and equipment | 23 | €4,374,431 | €4,700,895 | +€326,464 | +7.5% |
| Furniture and vehicles | 24 | €26,119 | €19,288 | -€6,830 | -26.2% |
| Other tangible fixed assets | 26 | €178,450 | €155,406 | -€23,044 | -12.9% |
| Financial fixed assets | 28 | €534,544 | €531,794 | -€2,750 | -0.5% |
| Current assets | 29/58 | €4,972,223 | €5,039,083 | +€66,860 | +1.3% |
| Amounts receivable after more than one year | 29 | €690,000 | €830,000 | +€140,000 | +20.3% |
| Other amounts receivable | 291 | €690,000 | €830,000 | +€140,000 | +20.3% |
| Stocks and contracts in progress | 3 | €1,481,414 | €1,124,927 | -€356,487 | -24.1% |
| Stocks | 30/36 | €1,481,414 | €1,124,927 | -€356,487 | -24.1% |
| Amounts receivable within one year | 40/41 | €1,316,841 | €1,866,488 | +€549,648 | +41.7% |
| Trade receivables | 40 | €1,128,463 | €1,720,187 | +€591,724 | +52.4% |
| Other amounts receivable | 41 | €188,377 | €146,301 | -€42,076 | -22.3% |
| Current investments | 50/53 | €921,590 | €503,927 | -€417,663 | -45.3% |
| Cash at bank and in hand | 54/58 | €459,696 | €638,741 | +€179,045 | +38.9% |
| Deferred charges and accrued income | 490/1 | €102,682 | €75,000 | -€27,682 | -27.0% |
| Total equity and liabilities | 10/49 | €13,925,905 | €14,186,982 | +€261,077 | +1.9% |
| Equity | 10/15 | €5,596,754 | €5,786,655 | +€189,901 | +3.4% |
| Contributions | 10/11 | €4,067,955 | €4,067,955 | = | 0.0% |
| Capital | 10 | €4,067,955 | €4,067,955 | = | 0.0% |
| Issued capital | 100 | €4,067,955 | €4,067,955 | = | 0.0% |
| Reserves | 13 | €117,780 | €130,066 | +€12,285 | +10.4% |
| Non-distributable reserves | 130/1 | €82,180 | €94,466 | +€12,285 | +14.9% |
| Legal reserve | 130 | €82,180 | €94,466 | +€12,285 | +14.9% |
| Distributable reserves | 133 | €35,600 | €35,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €681,669 | €843,911 | +€162,242 | +23.8% |
| Investment grants | 15 | €729,349 | €744,723 | +€15,374 | +2.1% |
| Provisions and deferred taxes | 16 | €237,499 | €243,085 | +€5,586 | +2.4% |
| Provisions for liabilities and charges | 160/5 | €51,590 | €53,927 | +€2,337 | +4.5% |
| Other liabilities and charges | 164/5 | €51,590 | €53,927 | +€2,337 | +4.5% |
| Deferred taxes | 168 | €185,909 | €189,158 | +€3,249 | +1.7% |
| Amounts payable | 17/49 | €8,091,652 | €8,157,242 | +€65,591 | +0.8% |
| Amounts payable after more than one year | 17 | €4,762,534 | €4,418,383 | -€344,151 | -7.2% |
| Financial debts | 170/4 | €4,762,534 | €4,418,383 | -€344,151 | -7.2% |
| Amounts payable within one year | 42/48 | €3,002,469 | €3,353,481 | +€351,012 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €570,309 | €574,611 | +€4,302 | +0.8% |
| Financial debts | 43 | - | €30 | +€30 | |
| Credit institutions | 430/8 | - | €30 | +€30 | |
| Trade debts | 44 | €878,801 | €976,968 | +€98,167 | +11.2% |
| Suppliers | 440/4 | €878,801 | €976,968 | +€98,167 | +11.2% |
| Taxes, remuneration and social security | 45 | €439,059 | €368,479 | -€70,580 | -16.1% |
| Taxes | 450/3 | €33,461 | €10,344 | -€23,118 | -69.1% |
| Remuneration and social security | 454/9 | €405,598 | €358,135 | -€47,463 | -11.7% |
| Other amounts payable | 47/48 | €1,114,300 | €1,433,393 | +€319,093 | +28.6% |
| Accrued charges and deferred income | 492/3 | €326,649 | €385,378 | +€58,729 | +18.0% |
| Non-recurring operating income | 76A | €1,991 | €413 | -€1,578 | -79.2% |
| Remuneration, social security and pensions | 62 | €1,884,293 | €2,009,719 | +€125,426 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €687,474 | €711,663 | +€24,189 | +3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,464 | €122,842 | +€95,378 | +347.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €51,590 | €2,337 | -€49,253 | -95.5% |
| Other operating charges | 640/8 | €11,080 | €4,515 | -€6,565 | -59.3% |
| Non-recurring operating charges | 66A | €4,936 | - | -€4,936 | |
| Gross operating margin | 9900 | €2,875,936 | €3,123,590 | +€247,654 | +8.6% |
| Operating profit (loss) | 9901 | €209,099 | €272,515 | +€63,416 | +30.3% |
| Financial income | 75/76B | €73,126 | €95,893 | +€22,767 | +31.1% |
| Recurring financial income | 75 | €73,126 | €95,893 | +€22,767 | +31.1% |
| Financial charges | 65/66B | €126,179 | €129,502 | +€3,323 | +2.6% |
| Recurring financial charges | 65 | €116,179 | €129,502 | +€13,323 | +11.5% |
| Non-recurring financial charges | 66B | €10,000 | - | -€10,000 | |
| Profit (loss) for the period before taxes | 9903 | €156,046 | €238,906 | +€82,860 | +53.1% |
| Transfer from deferred taxes | 780 | €13,510 | €13,325 | -€185 | -1.4% |
| Income taxes | 67/77 | €4,914 | €6,527 | +€1,614 | +32.8% |
| Profit (loss) for the period | 9904 | €164,642 | €245,704 | +€81,062 | +49.2% |
| Transfer from tax-exempt reserves | 789 | €35,600 | - | -€35,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €200,242 | €245,704 | +€45,462 | +22.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.