BELGOFARM: 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.
BELGOFARM
Largest movements
- Tangible fixed assets +€325,709
up €325,709 (+30.1%), from €1.1m to €1.4m
of which Other tangible fixed assets: +€355,149
- Receivables within one year -€52,338
down €52,338 (-67.4%), from €77,657 to €25,319
of which Trade receivables: -€52,289
- Intangible fixed assets +€29,931
new in 2025: €29,931
- Cash -€20,443
down €20,443 (-88.8%), from €23,015 to €2,572
mainly Investment in fixed assets (net) (-€472,188) and Current portion of long-term debt (-€8,628)
- Debts after one year +€218,611
up €218,611 (+48.6%), from €449,722 to €668,333
- Other debts +€40,881
up €40,881 (+10.1%), from €404,822 to €445,703
- Trade debts +€15,402
up €15,402 (+1,607%), from €958 to €16,360
- Depreciation +€28,771
up €28,771 (+32.8%), from €87,778 to €116,549
- Taxes -€7,606
down €7,606 (-47.6%), from €15,964 to €8,358
- Gross operating margin +€6,053
up €6,053 (+3.8%), from €159,597 to €165,651
- Other operating charges +€3,672
up €3,672 (+36.9%), from €9,961 to €13,634
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,190,426 | €1,472,986 | +€282,559 | +23.7% |
| Fixed assets | 21/28 | €1,080,777 | €1,436,416 | +€355,639 | +32.9% |
| Intangible fixed assets | 21 | - | €29,931 | +€29,931 | |
| Tangible fixed assets | 22/27 | €1,080,777 | €1,406,485 | +€325,709 | +30.1% |
| Land and buildings | 22 | €284,959 | €260,066 | -€24,893 | -8.7% |
| Plant, machinery and equipment | 23 | €18,687 | €14,351 | -€4,337 | -23.2% |
| Furniture and vehicles | 24 | €622 | €411 | -€210 | -33.8% |
| Other tangible fixed assets | 26 | €776,510 | €1,131,658 | +€355,149 | +45.7% |
| Current assets | 29/58 | €109,650 | €36,570 | -€73,080 | -66.6% |
| Amounts receivable within one year | 40/41 | €77,657 | €25,319 | -€52,338 | -67.4% |
| Trade receivables | 40 | €77,573 | €25,284 | -€52,289 | -67.4% |
| Other amounts receivable | 41 | €84 | €35 | -€49 | -58.7% |
| Current investments | 50/53 | €154 | €154 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,015 | €2,572 | -€20,443 | -88.8% |
| Deferred charges and accrued income | 490/1 | €8,824 | €8,525 | -€299 | -3.4% |
| Total equity and liabilities | 10/49 | €1,190,426 | €1,472,986 | +€282,559 | +23.7% |
| Equity | 10/15 | €232,557 | €245,278 | +€12,721 | +5.5% |
| Contributions | 10/11 | €59,000 | €59,000 | = | 0.0% |
| Reserves | 13 | €173,557 | €186,278 | +€12,721 | +7.3% |
| Distributable reserves | 133 | €173,557 | €186,278 | +€12,721 | +7.3% |
| Amounts payable | 17/49 | €957,869 | €1,227,708 | +€269,839 | +28.2% |
| Amounts payable after more than one year | 17 | €449,722 | €668,333 | +€218,611 | +48.6% |
| Financial debts | 170/4 | €449,722 | €668,333 | +€218,611 | +48.6% |
| Amounts payable within one year | 42/48 | €506,180 | €556,875 | +€50,695 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €91,667 | €83,039 | -€8,628 | -9.4% |
| Trade debts | 44 | €958 | €16,360 | +€15,402 | +1,607% |
| Suppliers | 440/4 | €958 | €16,360 | +€15,402 | +1,607% |
| Advances received on contracts in progress | 46 | €1,936 | €939 | -€997 | -51.5% |
| Taxes, remuneration and social security | 45 | €6,797 | €10,834 | +€4,037 | +59.4% |
| Taxes | 450/3 | €6,797 | €10,834 | +€4,037 | +59.4% |
| Other amounts payable | 47/48 | €404,822 | €445,703 | +€40,881 | +10.1% |
| Accrued charges and deferred income | 492/3 | €1,967 | €2,500 | +€533 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,778 | €116,549 | +€28,771 | +32.8% |
| Other operating charges | 640/8 | €9,961 | €13,634 | +€3,672 | +36.9% |
| Gross operating margin | 9900 | €159,597 | €165,651 | +€6,053 | +3.8% |
| Operating profit (loss) | 9901 | €61,859 | €35,468 | -€26,390 | -42.7% |
| Financial income | 75/76B | €84 | €104 | +€20 | +23.7% |
| Recurring financial income | 75 | €84 | €104 | +€20 | +23.7% |
| Financial charges | 65/66B | €14,462 | €14,494 | +€32 | +0.2% |
| Recurring financial charges | 65 | €14,462 | €14,494 | +€32 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €47,481 | €21,078 | -€26,402 | -55.6% |
| Income taxes | 67/77 | €15,964 | €8,358 | -€7,606 | -47.6% |
| Profit (loss) for the period | 9904 | €31,517 | €12,721 | -€18,796 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | €31,517 | €12,721 | -€18,796 | -59.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.