BelgianCows: 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.
BelgianCows
Largest movements
- Receivables after one year +€60,000
new in 2025: €60,000
- Cash +€42,141
up €42,141 (+38.9%), from €108,325 to €150,466
mainly Net result for the year (+€67,411) and Tax, wage and social debts (+€20,304)
- Receivables within one year -€18,426
down €18,426 (-40.6%), from €45,383 to €26,957
of which Trade receivables: -€18,559
- Tangible fixed assets +€2,640
up €2,640 (+258.9%), from €1,020 to €3,659
- Reserves +€67,411
up €67,411 (+68.3%), from €98,627 to €166,038
- Tax, wage and social debts +€20,304
up €20,304 (+60.1%), from €33,789 to €54,093
- Other debts -€2,602
no longer reported in 2025 (was €2,602)
- Gross operating margin +€14,790
up €14,790 (+19.1%), from €77,560 to €92,351
- Taxes +€3,725
up €3,725 (+24.1%), from €15,448 to €19,173
- Financial charges +€1,882
up €1,882 (+100.7%), from €1,868 to €3,750
- Other operating charges +€1,093
up €1,093 (+463.6%), from €236 to €1,329
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 | €154,873 | €241,228 | +€86,354 | +55.8% |
| Fixed assets | 21/28 | €1,020 | €3,659 | +€2,640 | +258.9% |
| Tangible fixed assets | 22/27 | €1,020 | €3,659 | +€2,640 | +258.9% |
| Furniture and vehicles | 24 | €1,020 | €3,659 | +€2,640 | +258.9% |
| Current assets | 29/58 | €153,854 | €237,568 | +€83,715 | +54.4% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €45,383 | €26,957 | -€18,426 | -40.6% |
| Trade receivables | 40 | €45,383 | €26,825 | -€18,559 | -40.9% |
| Other amounts receivable | 41 | - | €132 | +€132 | |
| Cash at bank and in hand | 54/58 | €108,325 | €150,466 | +€42,141 | +38.9% |
| Deferred charges and accrued income | 490/1 | €145 | €145 | = | 0.0% |
| Total equity and liabilities | 10/49 | €154,873 | €241,228 | +€86,354 | +55.8% |
| Equity | 10/15 | €101,127 | €168,538 | +€67,411 | +66.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €98,627 | €166,038 | +€67,411 | +68.3% |
| Distributable reserves | 133 | €98,627 | €166,038 | +€67,411 | +68.3% |
| Amounts payable | 17/49 | €53,746 | €72,689 | +€18,944 | +35.2% |
| Amounts payable within one year | 42/48 | €53,746 | €72,689 | +€18,944 | +35.2% |
| Trade debts | 44 | €17,355 | €18,596 | +€1,242 | +7.2% |
| Suppliers | 440/4 | €17,355 | €18,596 | +€1,242 | +7.2% |
| Taxes, remuneration and social security | 45 | €33,789 | €54,093 | +€20,304 | +60.1% |
| Taxes | 450/3 | €33,789 | €54,093 | +€20,304 | +60.1% |
| Other amounts payable | 47/48 | €2,602 | - | -€2,602 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434 | €688 | +€254 | +58.4% |
| Other operating charges | 640/8 | €236 | €1,329 | +€1,093 | +463.6% |
| Gross operating margin | 9900 | €77,560 | €92,351 | +€14,790 | +19.1% |
| Operating profit (loss) | 9901 | €76,890 | €90,334 | +€13,444 | +17.5% |
| Financial income | 75/76B | €12 | - | -€12 | |
| Recurring financial income | 75 | €12 | - | -€12 | |
| Financial charges | 65/66B | €1,868 | €3,750 | +€1,882 | +100.7% |
| Recurring financial charges | 65 | €1,868 | €3,750 | +€1,882 | +100.7% |
| Profit (loss) for the period before taxes | 9903 | €75,035 | €86,584 | +€11,550 | +15.4% |
| Income taxes | 67/77 | €15,448 | €19,173 | +€3,725 | +24.1% |
| Profit (loss) for the period | 9904 | €59,587 | €67,411 | +€7,824 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,587 | €67,411 | +€7,824 | +13.1% |
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 10 October 2026 via checked.be.