BelAgro: 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.
BelAgro
Largest movements
- Tangible fixed assets -€256,688
down €256,688 (-13.7%), from €1.9m to €1.6m
of which Leasing and similar rights: -€346,635
- Receivables within one year -€161,564
down €161,564 (-29.6%), from €545,619 to €384,055
of which Trade receivables: -€200,929
- Cash +€62,935
up €62,935 (+104.4%), from €60,281 to €123,216
mainly Depreciation (+€410,603) and Receivables within one year (+€161,564)
- Deferred charges and accrued income -€43,127
down €43,127 (-91.0%), from €47,376 to €4,248
- Debts after one year -€293,289
down €293,289 (-19.5%), from €1.5m to €1.2m
- Profit (loss) carried forward -€201,636
down €201,636, from €200,791 to -€844
- Current portion of long-term debt +€52,982
up €52,982 (+14.9%), from €355,844 to €408,826
- Trade debts +€41,545
up €41,545 (+23.1%), from €180,231 to €221,776
- Gross operating margin -€350,073
down €350,073 (-52.5%), from €667,088 to €317,015
- Staff costs -€132,380
down €132,380 (-78.7%), from €168,229 to €35,850
- Depreciation +€81,011
up €81,011 (+24.6%), from €329,592 to €410,603
- Financial income -€36,037
down €36,037 (-73.0%), from €49,348 to €13,311
- Financial charges -€28,590
down €28,590 (-26.5%), from €108,033 to €79,443
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,526,676 | €2,128,231 | -€398,445 | -15.8% |
| Fixed assets | 21/28 | €1,873,400 | €1,616,712 | -€256,688 | -13.7% |
| Tangible fixed assets | 22/27 | €1,873,085 | €1,616,397 | -€256,688 | -13.7% |
| Plant, machinery and equipment | 23 | €96,552 | €228,366 | +€131,814 | +136.5% |
| Furniture and vehicles | 24 | €67,909 | €26,043 | -€41,866 | -61.7% |
| Leasing and similar rights | 25 | €1,708,624 | €1,361,988 | -€346,635 | -20.3% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €653,276 | €511,519 | -€141,757 | -21.7% |
| Amounts receivable within one year | 40/41 | €545,619 | €384,055 | -€161,564 | -29.6% |
| Trade receivables | 40 | €419,960 | €219,032 | -€200,929 | -47.8% |
| Other amounts receivable | 41 | €125,659 | €165,023 | +€39,364 | +31.3% |
| Cash at bank and in hand | 54/58 | €60,281 | €123,216 | +€62,935 | +104.4% |
| Deferred charges and accrued income | 490/1 | €47,376 | €4,248 | -€43,127 | -91.0% |
| Total equity and liabilities | 10/49 | €2,526,676 | €2,128,231 | -€398,445 | -15.8% |
| Equity | 10/15 | €351,548 | €136,601 | -€214,947 | -61.1% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,791 | -€844 | -€201,636 | |
| Investment grants | 15 | €132,756 | €119,445 | -€13,311 | -10.0% |
| Amounts payable | 17/49 | €2,175,128 | €1,991,630 | -€183,498 | -8.4% |
| Amounts payable after more than one year | 17 | €1,501,895 | €1,208,607 | -€293,289 | -19.5% |
| Financial debts | 170/4 | €1,501,895 | €1,208,607 | -€293,289 | -19.5% |
| Amounts payable within one year | 42/48 | €671,914 | €782,673 | +€110,759 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €355,844 | €408,826 | +€52,982 | +14.9% |
| Financial debts | 43 | €125,000 | €150,000 | +€25,000 | +20.0% |
| Credit institutions | 430/8 | €125,000 | €150,000 | +€25,000 | +20.0% |
| Trade debts | 44 | €180,231 | €221,776 | +€41,545 | +23.1% |
| Suppliers | 440/4 | €180,231 | €221,776 | +€41,545 | +23.1% |
| Taxes, remuneration and social security | 45 | €10,089 | €2,070 | -€8,019 | -79.5% |
| Taxes | 450/3 | €42 | €0 | -€42 | -100.0% |
| Remuneration and social security | 454/9 | €10,047 | €2,070 | -€7,977 | -79.4% |
| Other amounts payable | 47/48 | €749 | €0 | -€749 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,319 | €351 | -€968 | -73.4% |
| Remuneration, social security and pensions | 62 | €168,229 | €35,850 | -€132,380 | -78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329,592 | €410,603 | +€81,011 | +24.6% |
| Other operating charges | 640/8 | €16,237 | €6,066 | -€10,171 | -62.6% |
| Gross operating margin | 9900 | €667,088 | €317,015 | -€350,073 | -52.5% |
| Operating profit (loss) | 9901 | €153,029 | -€135,504 | -€288,533 | |
| Financial income | 75/76B | €49,348 | €13,311 | -€36,037 | -73.0% |
| Recurring financial income | 75 | €49,348 | €13,311 | -€36,037 | -73.0% |
| Financial charges | 65/66B | €108,033 | €79,443 | -€28,590 | -26.5% |
| Recurring financial charges | 65 | €108,033 | €79,443 | -€28,590 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €94,344 | -€201,636 | -€295,979 | |
| Profit (loss) for the period | 9904 | €94,344 | -€201,636 | -€295,979 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,344 | -€201,636 | -€295,979 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.