BELFOCAST: 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
BELFOCAST
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€88,567
2024 · €124,403-€35,836
Equity
€1.7m
2024 · €1.6m+€88,567
Cash
€236,626
2024 · €58,676+€177,950
Balance sheet total
€4.7m
2024 · €4.4m+€350,900
Largest movements
Assets
- Receivables within one year +€324,977
up €324,977 (+11.4%), from €2.8m to €3.2m
of which Trade receivables: +€208,822
- Cash +€177,950
up €177,950 (+303%), from €58,676 to €236,626
mainly Trade debts (+€330,135) and Stocks and contracts (+€109,799)
- Stocks and contracts -€109,799
down €109,799 (-28.1%), from €390,322 to €280,523
Equity and liabilities
- Trade debts +€330,135
up €330,135 (+16.2%), from €2.0m to €2.4m
- Reserves +€88,567
up €88,567 (+5.7%), from €1.6m to €1.6m
of which Distributable reserves: +€88,567
- Debts after one year -€61,630
down €61,630 (-59.7%), from €103,187 to €41,557
Income statement
- Gross operating margin -€94,280
down €94,280 (-24.5%), from €384,573 to €290,293
- Taxes -€30,320
down €30,320 (-44.2%), from €68,599 to €38,280
- Other operating charges -€20,467
down €20,467 (-65.4%), from €31,299 to €10,832
- Financial charges -€13,718
down €13,718 (-27.1%), from €50,583 to €36,864
- Depreciation -€6,263
down €6,263 (-8.2%), from €76,272 to €70,009
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
€124,403
Gross operating margin
-€94,280
Staff costs
-€3,271
Depreciation
+€6,263
Other operating charges
+€20,467
Other operating items
-€5,045
Financial income
-€4,009
Financial charges
+€13,718
Taxes
+€30,320
Result 2025
€88,567
raises the resultlowers the resultnot broken down further in the accounts
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
+€292,609
Investment
-€34,940
Financing
-€79,719
Cash 2024
€58,676
From operations (derived)
+€292,609
Net result for the year
+€88,567
Depreciation
+€70,009
Stocks and contracts
+€109,799
Receivables within one year
-€324,977
Deferred charges and accrued income
+€7,159
Trade debts
+€330,135
Tax, wage and social debts
+€8,930
Accrued charges and deferred income
+€2,988
Investment (derived)
-€34,940
Investment in fixed assets (net)
-€34,940
Financing
-€79,719
Debts after one year
-€61,630
Current portion of long-term debt
-€18,089
Cash 2025
€236,626
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,355,389 | €4,706,289 | +€350,900 | +8.1% |
| Fixed assets | 21/28 | €566,692 | €531,624 | -€35,069 | -6.2% |
| Intangible fixed assets | 21 | €6,679 | €10,702 | +€4,023 | +60.2% |
| Tangible fixed assets | 22/27 | €559,749 | €520,657 | -€39,092 | -7.0% |
| Land and buildings | 22 | €343,679 | €335,506 | -€8,173 | -2.4% |
| Plant, machinery and equipment | 23 | €16,443 | €19,290 | +€2,847 | +17.3% |
| Furniture and vehicles | 24 | €199,627 | €165,862 | -€33,765 | -16.9% |
| Financial fixed assets | 28 | €264 | €264 | = | 0.0% |
| Current assets | 29/58 | €3,788,696 | €4,174,665 | +€385,969 | +10.2% |
| Amounts receivable after more than one year | 29 | €464,658 | €464,658 | = | 0.0% |
| Other amounts receivable | 291 | €464,658 | €464,658 | = | 0.0% |
| Stocks and contracts in progress | 3 | €390,322 | €280,523 | -€109,799 | -28.1% |
| Stocks | 30/36 | €390,322 | €280,523 | -€109,799 | -28.1% |
| Amounts receivable within one year | 40/41 | €2,844,791 | €3,169,767 | +€324,977 | +11.4% |
| Trade receivables | 40 | €2,266,613 | €2,475,435 | +€208,822 | +9.2% |
| Other amounts receivable | 41 | €578,178 | €694,333 | +€116,155 | +20.1% |
| Cash at bank and in hand | 54/58 | €58,676 | €236,626 | +€177,950 | +303% |
| Deferred charges and accrued income | 490/1 | €30,250 | €23,091 | -€7,159 | -23.7% |
| Total equity and liabilities | 10/49 | €4,355,389 | €4,706,289 | +€350,900 | +8.1% |
| Equity | 10/15 | €1,570,418 | €1,658,985 | +€88,567 | +5.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,551,418 | €1,639,985 | +€88,567 | +5.7% |
| Tax-exempt reserves | 132 | €192,535 | €192,535 | = | 0.0% |
| Distributable reserves | 133 | €1,358,882 | €1,447,449 | +€88,567 | +6.5% |
| Provisions and deferred taxes | 16 | €89,486 | €89,486 | = | 0.0% |
| Deferred taxes | 168 | €89,486 | €89,486 | = | 0.0% |
| Amounts payable | 17/49 | €2,695,485 | €2,957,818 | +€262,334 | +9.7% |
| Amounts payable after more than one year | 17 | €103,187 | €41,557 | -€61,630 | -59.7% |
| Financial debts | 170/4 | €103,187 | €41,557 | -€61,630 | -59.7% |
| Amounts payable within one year | 42/48 | €2,592,208 | €2,913,183 | +€320,975 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €113,397 | €95,308 | -€18,089 | -16.0% |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €2,041,017 | €2,371,151 | +€330,135 | +16.2% |
| Suppliers | 440/4 | €2,041,017 | €2,371,151 | +€330,135 | +16.2% |
| Taxes, remuneration and social security | 45 | €37,794 | €46,723 | +€8,930 | +23.6% |
| Taxes | 450/3 | €34,539 | €39,953 | +€5,415 | +15.7% |
| Remuneration and social security | 454/9 | €3,255 | €6,770 | +€3,515 | +108% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €90 | €3,078 | +€2,988 | +3,327% |
| Non-recurring operating income | 76A | €22,600 | €8,353 | -€14,247 | -63.0% |
| Remuneration, social security and pensions | 62 | €58,995 | €62,266 | +€3,271 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,272 | €70,009 | -€6,263 | -8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €31,299 | €10,832 | -€20,467 | -65.4% |
| Non-recurring operating charges | 66A | €5,437 | €10,482 | +€5,045 | +92.8% |
| Gross operating margin | 9900 | €384,573 | €290,293 | -€94,280 | -24.5% |
| Operating profit (loss) | 9901 | €212,570 | €136,704 | -€75,865 | -35.7% |
| Financial income | 75/76B | €31,016 | €27,006 | -€4,009 | -12.9% |
| Recurring financial income | 75 | €31,016 | €27,006 | -€4,009 | -12.9% |
| Financial charges | 65/66B | €50,583 | €36,864 | -€13,718 | -27.1% |
| Recurring financial charges | 65 | €50,583 | €36,864 | -€13,718 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €193,002 | €126,846 | -€66,156 | -34.3% |
| Income taxes | 67/77 | €68,599 | €38,280 | -€30,320 | -44.2% |
| Profit (loss) for the period | 9904 | €124,403 | €88,567 | -€35,836 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €124,403 | €88,567 | -€35,836 | -28.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.