BELGAUFRE: 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
BELGAUFRE
NACE 10.720, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€313,912
2024 · €200,533+€113,378
Equity
€2.1m
2024 · €1.8m+€296,555
Cash
€339,468
2024 · €149,034+€190,434
Balance sheet total
€4.0m
2024 · €3.8m+€210,293
Largest movements
Assets
- Cash +€190,434
up €190,434 (+127.8%), from €149,034 to €339,468
mainly Net result for the year (+€313,912) and Depreciation (+€256,844)
- Receivables within one year +€145,267
up €145,267 (+10.1%), from €1.4m to €1.6m
of which Trade receivables: +€146,959
- Receivables after one year -€48,936
down €48,936 (-49.1%), from €99,612 to €50,677
- Tangible fixed assets -€44,650
down €44,650 (-3.0%), from €1.5m to €1.4m
of which Land and buildings: -€67,663
- Stocks and contracts -€40,465
down €40,465 (-7.5%), from €539,990 to €499,526
Equity and liabilities
- Reserves +€283,912
up €283,912 (+16.2%), from €1.8m to €2.0m
of which Distributable reserves: +€283,912
- Debts after one year -€122,269
down €122,269 (-13.8%), from €884,466 to €762,197
Income statement
- Goods and materials -€167,592
down €167,592 (-6.7%), from €2.5m to €2.3m
of which Purchases: -€85,627
- Staff costs -€83,770
down €83,770 (-4.7%), from €1.8m to €1.7m
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
€200,533
Turnover
-€23,321
Other operating income
-€4,288
Goods and materials
+€167,592
Services and other goods
-€15,589
Staff costs
+€83,770
Depreciation
-€3,570
Write-downs
-€2,566
Other operating charges
+€11,142
Other operating items
-€70,716
Financial income
+€14,646
Financial charges
-€2,753
Taxes
-€40,968
Result 2025
€313,912
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
+€538,294
Investment
-€212,379
Financing
-€135,480
Cash 2024
€149,034
From operations (derived)
+€538,294
Net result for the year
+€313,912
Depreciation
+€256,844
Receivables after one year
+€48,936
Stocks and contracts
+€40,465
Receivables within one year
-€145,267
Deferred charges and accrued income
-€8,458
Trade debts
-€33,207
Tax, wage and social debts
-€3,666
Other debts
+€37,225
Accrued charges and deferred income
+€31,511
Investment (derived)
-€212,379
Investment in fixed assets (net)
-€212,379
Financing
-€135,480
Debts after one year
-€122,269
Current portion of long-term debt
+€4,124
Short-term financial debts
+€21
Contributions, distributions and other
-€17,356
Cash 2025
€339,468
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,765,901 | €3,976,195 | +€210,293 | +5.6% |
| Formation expenses | 20 | - | €4,665 | +€4,665 | |
| Fixed assets | 21/28 | €1,509,883 | €1,460,753 | -€49,130 | -3.3% |
| Intangible fixed assets | 21 | €20,550 | €15,896 | -€4,654 | -22.6% |
| Tangible fixed assets | 22/27 | €1,480,333 | €1,435,683 | -€44,650 | -3.0% |
| Land and buildings | 22 | €739,815 | €672,152 | -€67,663 | -9.1% |
| Plant, machinery and equipment | 23 | €542,777 | €659,269 | +€116,492 | +21.5% |
| Furniture and vehicles | 24 | €114,782 | €98,712 | -€16,069 | -14.0% |
| Leasing and similar rights | 25 | €15,500 | €0 | -€15,500 | -100.0% |
| Assets under construction and advance payments | 27 | €67,459 | €5,550 | -€61,909 | -91.8% |
| Financial fixed assets | 28 | €9,000 | €9,174 | +€174 | +1.9% |
| Other financial fixed assets | 284/8 | €9,000 | €9,174 | +€174 | +1.9% |
| Amounts receivable and cash guarantees | 285/8 | €9,000 | €9,174 | +€174 | +1.9% |
| Current assets | 29/58 | €2,256,018 | €2,510,776 | +€254,758 | +11.3% |
| Amounts receivable after more than one year | 29 | €99,612 | €50,677 | -€48,936 | -49.1% |
| Trade receivables | 290 | €99,612 | €50,677 | -€48,936 | -49.1% |
| Stocks and contracts in progress | 3 | €539,990 | €499,526 | -€40,465 | -7.5% |
| Stocks | 30/36 | €539,990 | €499,526 | -€40,465 | -7.5% |
| Raw materials and consumables | 30/31 | €112,968 | €172,739 | +€59,771 | +52.9% |
| Work in progress | 32 | €3,561 | €3,975 | +€414 | +11.6% |
| Finished goods | 33 | €82,691 | €43,113 | -€39,578 | -47.9% |
| Goods purchased for resale | 34 | €340,770 | €279,698 | -€61,071 | -17.9% |
| Amounts receivable within one year | 40/41 | €1,437,100 | €1,582,367 | +€145,267 | +10.1% |
| Trade receivables | 40 | €1,237,286 | €1,384,246 | +€146,959 | +11.9% |
| Other amounts receivable | 41 | €199,814 | €198,121 | -€1,693 | -0.8% |
| Cash at bank and in hand | 54/58 | €149,034 | €339,468 | +€190,434 | +127.8% |
| Deferred charges and accrued income | 490/1 | €30,282 | €38,739 | +€8,458 | +27.9% |
| Total equity and liabilities | 10/49 | €3,765,901 | €3,976,195 | +€210,293 | +5.6% |
| Equity | 10/15 | €1,815,953 | €2,112,509 | +€296,555 | +16.3% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €1,750,446 | €2,034,358 | +€283,912 | +16.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €913 | €913 | = | 0.0% |
| Distributable reserves | 133 | €1,747,674 | €2,031,586 | +€283,912 | +16.2% |
| Investment grants | 15 | €43,507 | €56,151 | +€12,644 | +29.1% |
| Amounts payable | 17/49 | €1,949,948 | €1,863,686 | -€86,262 | -4.4% |
| Amounts payable after more than one year | 17 | €884,466 | €762,197 | -€122,269 | -13.8% |
| Financial debts | 170/4 | €884,466 | €762,197 | -€122,269 | -13.8% |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Credit institutions | 173 | €884,466 | €762,197 | -€122,269 | -13.8% |
| Amounts payable within one year | 42/48 | €1,055,017 | €1,059,514 | +€4,496 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €349,373 | €353,496 | +€4,124 | +1.2% |
| Financial debts | 43 | - | €21 | +€21 | |
| Credit institutions | 430/8 | - | €21 | +€21 | |
| Trade debts | 44 | €470,472 | €437,265 | -€33,207 | -7.1% |
| Suppliers | 440/4 | €470,472 | €437,265 | -€33,207 | -7.1% |
| Taxes, remuneration and social security | 45 | €235,173 | €231,507 | -€3,666 | -1.6% |
| Taxes | 450/3 | €51,259 | €71,366 | +€20,107 | +39.2% |
| Remuneration and social security | 454/9 | €183,914 | €160,141 | -€23,773 | -12.9% |
| Other amounts payable | 47/48 | €0 | €37,225 | +€37,225 | |
| Accrued charges and deferred income | 492/3 | €10,465 | €41,976 | +€31,511 | +301.1% |
| Operating income | 70/76A | €6,001,491 | €5,909,238 | -€92,253 | -1.5% |
| Turnover | 70 | €5,793,993 | €5,770,672 | -€23,321 | -0.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €7,066 | -€39,578 | -€46,644 | |
| Own construction capitalised | 72 | €82,800 | €64,800 | -€18,000 | -21.7% |
| Other operating income | 74 | €117,632 | €113,344 | -€4,288 | -3.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €5,680,189 | €5,445,484 | -€234,705 | -4.1% |
| Goods for resale, raw materials and consumables | 60 | €2,513,271 | €2,345,679 | -€167,592 | -6.7% |
| Purchases | 600/8 | €2,430,420 | €2,344,793 | -€85,627 | -3.5% |
| Change in stocks: decrease (increase) | 609 | €82,852 | €886 | -€81,965 | -98.9% |
| Services and other goods | 61 | €1,044,295 | €1,059,885 | +€15,589 | +1.5% |
| Remuneration, social security and pensions | 62 | €1,795,709 | €1,711,939 | -€83,770 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,273 | €256,844 | +€3,570 | +1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €40,513 | €43,079 | +€2,566 | +6.3% |
| Other operating charges | 640/8 | €33,127 | €21,985 | -€11,142 | -33.6% |
| Non-recurring operating charges | 66A | €0 | €6,073 | +€6,073 | |
| Operating profit (loss) | 9901 | €321,302 | €463,754 | +€142,453 | +44.3% |
| Financial income | 75/76B | €16,155 | €30,801 | +€14,646 | +90.7% |
| Recurring financial income | 75 | €16,155 | €30,801 | +€14,646 | +90.7% |
| Income from financial fixed assets | 750 | €7,397 | €8,778 | +€1,381 | +18.7% |
| Other financial income | 752/9 | €8,758 | €22,023 | +€13,265 | +151.5% |
| Financial charges | 65/66B | €57,664 | €60,416 | +€2,753 | +4.8% |
| Recurring financial charges | 65 | €57,664 | €60,416 | +€2,753 | +4.8% |
| Debt charges | 650 | €44,293 | €48,243 | +€3,950 | +8.9% |
| Other financial charges | 652/9 | €13,370 | €12,173 | -€1,197 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €279,793 | €434,139 | +€154,346 | +55.2% |
| Income taxes | 67/77 | €79,260 | €120,228 | +€40,968 | +51.7% |
| Taxes | 670/3 | €79,260 | €120,228 | +€40,968 | +51.7% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €200,533 | €313,912 | +€113,378 | +56.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €681 | €0 | -€681 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,853 | €313,912 | +€114,059 | +57.1% |
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 6 October 2026 via checked.be.