BELGIAN EMULSIONS: 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
BELGIAN EMULSIONS
NACE 23.990, Manufacture of other non-metallic mineral products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€51,051
2024 · -€14,525+€65,576
Equity
€3.4m
2024 · €3.3m+€51,051
Cash
€364,306
2024 · €816,302-€451,996
Balance sheet total
€4.3m
2024 · €6.8m-€2.6m
Largest movements
Assets
- Receivables within one year -€2.1m
down €2.1m (-50.8%), from €4.1m to €2.0m
of which Trade receivables: -€2.1m
- Cash -€451,996
down €451,996 (-55.4%), from €816,302 to €364,306
mainly Trade debts (-€1.3m) and Short-term financial debts (-€1.1m)
- Stocks and contracts -€229,958
down €229,958 (-40.0%), from €575,518 to €345,560
- Deferred charges and accrued income +€162,628
up €162,628 (+1,901%), from €8,553 to €171,181
Equity and liabilities
- Trade debts -€1.3m
down €1.3m (-78.2%), from €1.7m to €373,854
- Short-term financial debts -€1.1m
no longer reported in 2025 (was €1.1m)
- Accrued charges and deferred income -€122,981
down €122,981 (-74.8%), from €164,393 to €41,412
- Debts after one year -€89,842
down €89,842 (-36.4%), from €247,066 to €157,224
- Profit (loss) carried forward +€80,920
up €80,920 (+3.5%), from €2.3m to €2.4m
Income statement
- Goods and materials -€921,551
down €921,551 (-5.4%), from €17.2m to €16.2m
of which Purchases: -€1.2m
- Turnover -€861,116
down €861,116 (-4.6%), from €18.6m to €17.8m
- Services and other goods +€229,445
up €229,445 (+28.1%), from €817,684 to €1.0m
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
-€14,525
Turnover
-€861,116
Other operating income
+€23,403
Goods and materials
+€921,551
Services and other goods
-€229,445
Staff costs
+€75,438
Depreciation
+€25,158
Write-downs
+€3,696
Other operating charges
+€11,875
Other operating items
+€87,606
Financial charges
+€30,454
Taxes
-€23,046
Result 2025
€51,051
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
+€1.1m
Investment
-€356,847
Financing
-€1.2m
Cash 2024
€816,302
From operations (derived)
+€1.1m
Net result for the year
+€51,051
Depreciation
+€295,037
Stocks and contracts
+€229,958
Receivables within one year
+€2.1m
Deferred charges and accrued income
-€162,628
Provisions
-€9,956
Trade debts
-€1.3m
Tax, wage and social debts
+€34,777
Accrued charges and deferred income
-€122,981
Investment (derived)
-€356,847
Investment in fixed assets (net)
-€356,847
Financing
-€1.2m
Debts after one year
-€89,842
Current portion of long-term debt
-€26,562
Short-term financial debts
-€1.1m
Cash 2025
€364,306
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,848,844 | €4,293,141 | -€2.6m | -37.3% |
| Fixed assets | 21/28 | €1,321,383 | €1,383,193 | +€61,809 | +4.7% |
| Tangible fixed assets | 22/27 | €1,321,383 | €1,383,193 | +€61,809 | +4.7% |
| Land and buildings | 22 | €428,601 | €369,536 | -€59,064 | -13.8% |
| Plant, machinery and equipment | 23 | €701,924 | €1,003,398 | +€301,474 | +42.9% |
| Furniture and vehicles | 24 | €10,070 | €10,258 | +€188 | +1.9% |
| Assets under construction and advance payments | 27 | €180,789 | - | -€180,789 | |
| Current assets | 29/58 | €5,527,460 | €2,909,948 | -€2.6m | -47.4% |
| Stocks and contracts in progress | 3 | €575,518 | €345,560 | -€229,958 | -40.0% |
| Stocks | 30/36 | €575,518 | €345,560 | -€229,958 | -40.0% |
| Raw materials and consumables | 30/31 | €512,929 | €302,347 | -€210,582 | -41.1% |
| Finished goods | 33 | €62,589 | €43,213 | -€19,376 | -31.0% |
| Amounts receivable within one year | 40/41 | €4,127,088 | €2,028,902 | -€2.1m | -50.8% |
| Trade receivables | 40 | €4,105,971 | €2,028,902 | -€2.1m | -50.6% |
| Other amounts receivable | 41 | €21,117 | - | -€21,117 | |
| Cash at bank and in hand | 54/58 | €816,302 | €364,306 | -€451,996 | -55.4% |
| Deferred charges and accrued income | 490/1 | €8,553 | €171,181 | +€162,628 | +1,901% |
| Total equity and liabilities | 10/49 | €6,848,844 | €4,293,141 | -€2.6m | -37.3% |
| Equity | 10/15 | €3,335,018 | €3,386,069 | +€51,051 | +1.5% |
| Contributions | 10/11 | €825,000 | €825,000 | = | 0.0% |
| Capital | 10 | €825,000 | €825,000 | = | 0.0% |
| Issued capital | 100 | €825,000 | €825,000 | = | 0.0% |
| Reserves | 13 | €203,973 | €174,104 | -€29,869 | -14.6% |
| Non-distributable reserves | 130/1 | €82,500 | €82,500 | = | 0.0% |
| Legal reserve | 130 | €82,500 | €82,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €121,473 | €91,604 | -€29,869 | -24.6% |
| Profit (loss) carried forward | 14 | €2,306,045 | €2,386,965 | +€80,920 | +3.5% |
| Provisions and deferred taxes | 16 | €40,491 | €30,535 | -€9,956 | -24.6% |
| Deferred taxes | 168 | €40,491 | €30,535 | -€9,956 | -24.6% |
| Amounts payable | 17/49 | €3,473,334 | €876,538 | -€2.6m | -74.8% |
| Amounts payable after more than one year | 17 | €247,066 | €157,224 | -€89,842 | -36.4% |
| Financial debts | 170/4 | €247,066 | €157,224 | -€89,842 | -36.4% |
| Credit institutions | 173 | €247,066 | €157,224 | -€89,842 | -36.4% |
| Amounts payable within one year | 42/48 | €3,061,876 | €677,902 | -€2.4m | -77.9% |
| Current portion of amounts payable after more than one year | 42 | €116,404 | €89,842 | -€26,562 | -22.8% |
| Financial debts | 43 | €1,050,000 | - | -€1.1m | |
| Credit institutions | 430/8 | €1,050,000 | - | -€1.1m | |
| Trade debts | 44 | €1,716,042 | €373,854 | -€1.3m | -78.2% |
| Suppliers | 440/4 | €1,716,042 | €373,854 | -€1.3m | -78.2% |
| Taxes, remuneration and social security | 45 | €179,429 | €214,206 | +€34,777 | +19.4% |
| Taxes | 450/3 | €61,990 | €86,392 | +€24,401 | +39.4% |
| Remuneration and social security | 454/9 | €117,439 | €127,814 | +€10,376 | +8.8% |
| Accrued charges and deferred income | 492/3 | €164,393 | €41,412 | -€122,981 | -74.8% |
| Operating income | 70/76A | €19,329,957 | €18,626,821 | -€703,136 | -3.6% |
| Turnover | 70 | €18,611,134 | €17,750,019 | -€861,116 | -4.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€17,992 | -€19,376 | -€1,384 | -7.7% |
| Other operating income | 74 | €554,778 | €578,181 | +€23,403 | +4.2% |
| Non-recurring operating income | 76A | €182,037 | €317,998 | +€135,960 | +74.7% |
| Operating charges | 60/66A | €19,292,188 | €18,530,884 | -€761,303 | -3.9% |
| Goods for resale, raw materials and consumables | 60 | €17,164,136 | €16,242,584 | -€921,551 | -5.4% |
| Purchases | 600/8 | €17,208,783 | €16,032,002 | -€1.2m | -6.8% |
| Change in stocks: decrease (increase) | 609 | -€44,647 | €210,582 | +€255,229 | |
| Services and other goods | 61 | €817,684 | €1,047,129 | +€229,445 | +28.1% |
| Remuneration, social security and pensions | 62 | €741,548 | €666,110 | -€75,438 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €320,196 | €295,037 | -€25,158 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,696 | - | -€3,696 | |
| Other operating charges | 640/8 | €62,202 | €50,327 | -€11,875 | -19.1% |
| Non-recurring operating charges | 66A | €182,726 | €229,696 | +€46,970 | +25.7% |
| Operating profit (loss) | 9901 | €37,769 | €95,937 | +€58,168 | +154% |
| Financial charges | 65/66B | €48,748 | €18,294 | -€30,454 | -62.5% |
| Recurring financial charges | 65 | €48,748 | €18,294 | -€30,454 | -62.5% |
| Debt charges | 650 | €48,748 | €18,294 | -€30,454 | -62.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,979 | €77,643 | +€88,622 | |
| Transfer from deferred taxes | 780 | €9,956 | €9,956 | = | 0.0% |
| Income taxes | 67/77 | €13,503 | €36,549 | +€23,046 | +171% |
| Taxes | 670/3 | €13,503 | €36,549 | +€23,046 | +171% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | -€14,525 | €51,051 | +€65,576 | |
| Transfer from tax-exempt reserves | 789 | €29,869 | €29,869 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,344 | €80,920 | +€65,576 | +427% |
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 21 October 2026 via checked.be.