Belcofeed: 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.
What changed
Belcofeed
NACE 10.910, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€627,128
2024 · €653,652-€26,524
Equity
€11.2m
2024 · €10.5m+€627,128
Cash
€31,575
2024 · €4,543+€27,032
Balance sheet total
€25.8m
2024 · €22.5m+€3.3m
Largest movements
Assets
- Receivables within one year +€3.8m
up €3.8m (+31.6%), from €12.1m to €16.0m
of which Trade receivables: +€7.5m
- Tangible fixed assets -€624,134
down €624,134 (-8.3%), from €7.5m to €6.9m
of which Plant, machinery and equipment: -€398,320
Equity and liabilities
- Other debts +€1.9m
up €1.9m (+1,648%), from €117,195 to €2.0m
- Trade debts +€1.8m
up €1.8m (+26.9%), from €6.7m to €8.5m
- Reserves +€627,128
up €627,128 (+6.2%), from €10.2m to €10.8m
of which Distributable reserves: +€627,128
- Tax, wage and social debts -€522,980
down €522,980 (-67.9%), from €770,444 to €247,464
of which Taxes: -€438,500
- Debts after one year -€486,210
down €486,210 (-26.9%), from €1.8m to €1.3m
Income statement
- Turnover -€5.3m
down €5.3m (-9.7%), from €54.7m to €49.4m
- Goods and materials -€4.7m
down €4.7m (-9.5%), from €49.9m to €45.2m
of which Purchases: -€4.0m
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
€653,652
Turnover
-€5.3m
Other operating income
+€59,333
Goods and materials
+€4.7m
Services and other goods
+€161,557
Staff costs
-€2,236
Depreciation
+€32,173
Other operating charges
-€14,860
Financial income
+€45,962
Financial charges
+€29,913
Taxes
+€248,007
Result 2025
€627,128
raises the resultlowers the result
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.
From operations
+€801,833
Investment
-€122,877
Financing
-€651,924
Cash 2024
€4,543
From operations (derived)
+€801,833
Net result for the year
+€627,128
Depreciation
+€801,390
Stocks and contracts
-€172,267
Receivables within one year
-€3.8m
Deferred charges and accrued income
+€50,464
Trade debts
+€1.8m
Tax, wage and social debts
-€522,980
Other debts
+€1.9m
Accrued charges and deferred income
+€114,256
Investment (derived)
-€122,877
Investment in fixed assets (net)
-€122,877
Financing
-€651,924
Debts after one year
-€486,210
Current portion of long-term debt
-€240,566
Short-term financial debts
+€74,853
Cash 2025
€31,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,529,658 | €25,835,757 | +€3.3m | +14.7% |
| Fixed assets | 21/28 | €7,568,490 | €6,889,977 | -€678,513 | -9.0% |
| Intangible fixed assets | 21 | €86,345 | €31,966 | -€54,379 | -63.0% |
| Tangible fixed assets | 22/27 | €7,480,522 | €6,856,388 | -€624,134 | -8.3% |
| Land and buildings | 22 | €4,203,668 | €4,029,645 | -€174,023 | -4.1% |
| Plant, machinery and equipment | 23 | €3,099,276 | €2,700,956 | -€398,320 | -12.9% |
| Furniture and vehicles | 24 | €177,578 | €125,787 | -€51,791 | -29.2% |
| Financial fixed assets | 28 | €1,624 | €1,624 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,624 | €1,624 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,624 | €1,624 | = | 0.0% |
| Current assets | 29/58 | €14,961,168 | €18,945,779 | +€4.0m | +26.6% |
| Stocks and contracts in progress | 3 | €2,734,222 | €2,906,488 | +€172,267 | +6.3% |
| Stocks | 30/36 | €2,734,222 | €2,906,488 | +€172,267 | +6.3% |
| Raw materials and consumables | 30/31 | €2,734,222 | €2,906,488 | +€172,267 | +6.3% |
| Amounts receivable within one year | 40/41 | €12,126,587 | €15,962,363 | +€3.8m | +31.6% |
| Trade receivables | 40 | €7,532,010 | €15,000,238 | +€7.5m | +99.2% |
| Other amounts receivable | 41 | €4,594,577 | €962,126 | -€3.6m | -79.1% |
| Cash at bank and in hand | 54/58 | €4,543 | €31,575 | +€27,032 | +595% |
| Deferred charges and accrued income | 490/1 | €95,817 | €45,353 | -€50,464 | -52.7% |
| Total equity and liabilities | 10/49 | €22,529,658 | €25,835,757 | +€3.3m | +14.7% |
| Equity | 10/15 | €10,538,370 | €11,165,497 | +€627,128 | +6.0% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €10,163,370 | €10,790,497 | +€627,128 | +6.2% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Legal reserve | 130 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €10,125,870 | €10,752,997 | +€627,128 | +6.2% |
| Amounts payable | 17/49 | €11,991,288 | €14,670,259 | +€2.7m | +22.3% |
| Amounts payable after more than one year | 17 | €1,804,562 | €1,318,352 | -€486,210 | -26.9% |
| Financial debts | 170/4 | €1,804,562 | €1,318,352 | -€486,210 | -26.9% |
| Credit institutions | 173 | €1,804,562 | €1,318,352 | -€486,210 | -26.9% |
| Amounts payable within one year | 42/48 | €10,166,916 | €13,217,841 | +€3.1m | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €726,776 | €486,210 | -€240,566 | -33.1% |
| Financial debts | 43 | €1,830,066 | €1,904,919 | +€74,853 | +4.1% |
| Credit institutions | 430/8 | €1,830,066 | €1,904,919 | +€74,853 | +4.1% |
| Trade debts | 44 | €6,722,434 | €8,531,009 | +€1.8m | +26.9% |
| Suppliers | 440/4 | €6,722,434 | €8,531,009 | +€1.8m | +26.9% |
| Taxes, remuneration and social security | 45 | €770,444 | €247,464 | -€522,980 | -67.9% |
| Taxes | 450/3 | €565,500 | €127,000 | -€438,500 | -77.5% |
| Remuneration and social security | 454/9 | €204,944 | €120,464 | -€84,480 | -41.2% |
| Other amounts payable | 47/48 | €117,195 | €2,048,239 | +€1.9m | +1,648% |
| Accrued charges and deferred income | 492/3 | €19,810 | €134,066 | +€114,256 | +577% |
| Operating income | 70/76A | €54,787,692 | €49,519,872 | -€5.3m | -9.6% |
| Turnover | 70 | €54,725,500 | €49,398,346 | -€5.3m | -9.7% |
| Other operating income | 74 | €62,193 | €121,526 | +€59,333 | +95.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €53,493,841 | €48,576,425 | -€4.9m | -9.2% |
| Goods for resale, raw materials and consumables | 60 | €49,902,954 | €45,162,173 | -€4.7m | -9.5% |
| Purchases | 600/8 | €49,310,282 | €45,334,440 | -€4.0m | -8.1% |
| Change in stocks: decrease (increase) | 609 | €592,672 | -€172,267 | -€764,939 | |
| Services and other goods | 61 | €1,397,248 | €1,235,691 | -€161,557 | -11.6% |
| Remuneration, social security and pensions | 62 | €1,301,803 | €1,304,039 | +€2,236 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €833,563 | €801,390 | -€32,173 | -3.9% |
| Other operating charges | 640/8 | €58,272 | €73,132 | +€14,860 | +25.5% |
| Operating profit (loss) | 9901 | €1,293,852 | €943,447 | -€350,405 | -27.1% |
| Financial income | 75/76B | €5,061 | €51,023 | +€45,962 | +908% |
| Recurring financial income | 75 | €5,061 | €51,023 | +€45,962 | +908% |
| Other financial income | 752/9 | €5,061 | €51,023 | +€45,962 | +908% |
| Financial charges | 65/66B | €175,778 | €145,866 | -€29,913 | -17.0% |
| Recurring financial charges | 65 | €175,778 | €145,866 | -€29,913 | -17.0% |
| Debt charges | 650 | €111,932 | €93,731 | -€18,201 | -16.3% |
| Other financial charges | 652/9 | €63,846 | €52,135 | -€11,712 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €1,123,135 | €848,604 | -€274,531 | -24.4% |
| Income taxes | 67/77 | €469,483 | €221,476 | -€248,007 | -52.8% |
| Taxes | 670/3 | €469,603 | €227,139 | -€242,464 | -51.6% |
| Tax adjustments and reversals of tax provisions | 77 | €121 | €5,663 | +€5,542 | +4,590% |
| Profit (loss) for the period | 9904 | €653,652 | €627,128 | -€26,524 | -4.1% |
| Transfer from tax-exempt reserves | 789 | €463,100 | - | -€463,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,116,752 | €627,128 | -€489,624 | -43.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.