BELGOMEALS: 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.
BELGOMEALS
Largest movements
- Current investments -€1.5m
no longer reported in 2025 (was €1.5m)
- Cash -€573,718
down €573,718 (-25.0%), from €2.3m to €1.7m
mainly Contributions, distributions and other (-€4.6m) and Debts after one year (-€385,612)
- Receivables within one year +€243,678
up €243,678 (+21.8%), from €1.1m to €1.4m
of which Trade receivables: +€132,427
- Tangible fixed assets -€184,891
down €184,891 (-2.9%), from €6.4m to €6.2m
of which Land and buildings: -€220,132
- Profit (loss) carried forward -€2.3m
down €2.3m (-41.2%), from €5.6m to €3.3m
- Other debts +€541,960
up €541,960 (+2,741%), from €19,770 to €561,730
- Debts after one year -€385,612
down €385,612 (-9.1%), from €4.2m to €3.8m
- Trade debts +€233,708
up €233,708 (+39.1%), from €597,701 to €831,408
- Gross operating margin +€718,453
up €718,453 (+16.0%), from €4.5m to €5.2m
- Taxes +€160,516
up €160,516 (+28.1%), from €571,668 to €732,184
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 | €11,947,240 | €9,969,537 | -€2.0m | -16.6% |
| Fixed assets | 21/28 | €6,372,049 | €6,172,896 | -€199,152 | -3.1% |
| Intangible fixed assets | 21 | €20,563 | €6,301 | -€14,262 | -69.4% |
| Tangible fixed assets | 22/27 | €6,351,486 | €6,166,595 | -€184,891 | -2.9% |
| Land and buildings | 22 | €4,212,295 | €3,992,163 | -€220,132 | -5.2% |
| Plant, machinery and equipment | 23 | €2,080,593 | €2,135,296 | +€54,702 | +2.6% |
| Furniture and vehicles | 24 | €19,127 | €14,401 | -€4,726 | -24.7% |
| Leasing and similar rights | 25 | €12,575 | €6,652 | -€5,924 | -47.1% |
| Other tangible fixed assets | 26 | €26,895 | €18,083 | -€8,812 | -32.8% |
| Current assets | 29/58 | €5,575,191 | €3,796,640 | -€1.8m | -31.9% |
| Stocks and contracts in progress | 3 | €608,717 | €663,205 | +€54,488 | +9.0% |
| Stocks | 30/36 | €608,717 | €663,205 | +€54,488 | +9.0% |
| Amounts receivable within one year | 40/41 | €1,117,483 | €1,361,161 | +€243,678 | +21.8% |
| Trade receivables | 40 | €1,010,316 | €1,142,743 | +€132,427 | +13.1% |
| Other amounts receivable | 41 | €107,167 | €218,417 | +€111,250 | +104% |
| Current investments | 50/53 | €1,500,000 | - | -€1.5m | |
| Cash at bank and in hand | 54/58 | €2,291,041 | €1,717,323 | -€573,718 | -25.0% |
| Deferred charges and accrued income | 490/1 | €57,950 | €54,951 | -€2,999 | -5.2% |
| Total equity and liabilities | 10/49 | €11,947,240 | €9,969,537 | -€2.0m | -16.6% |
| Equity | 10/15 | €6,509,040 | €4,111,582 | -€2.4m | -36.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,628,843 | €3,309,149 | -€2.3m | -41.2% |
| Investment grants | 15 | €859,792 | €782,028 | -€77,764 | -9.0% |
| Amounts payable | 17/49 | €5,438,200 | €5,857,955 | +€419,755 | +7.7% |
| Amounts payable after more than one year | 17 | €4,228,518 | €3,842,906 | -€385,612 | -9.1% |
| Financial debts | 170/4 | €4,228,518 | €3,842,906 | -€385,612 | -9.1% |
| Amounts payable within one year | 42/48 | €1,204,265 | €1,899,118 | +€694,853 | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €372,738 | €385,111 | +€12,372 | +3.3% |
| Trade debts | 44 | €597,701 | €831,408 | +€233,708 | +39.1% |
| Suppliers | 440/4 | €597,701 | €831,408 | +€233,708 | +39.1% |
| Taxes, remuneration and social security | 45 | €214,056 | €120,869 | -€93,187 | -43.5% |
| Taxes | 450/3 | €96,121 | €288 | -€95,833 | -99.7% |
| Remuneration and social security | 454/9 | €117,935 | €120,581 | +€2,646 | +2.2% |
| Other amounts payable | 47/48 | €19,770 | €561,730 | +€541,960 | +2,741% |
| Accrued charges and deferred income | 492/3 | €5,416 | €115,931 | +€110,515 | +2,040% |
| Non-recurring operating income | 76A | €3,099 | - | -€3,099 | |
| Remuneration, social security and pensions | 62 | €1,586,707 | €1,597,273 | +€10,566 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €560,036 | €581,523 | +€21,487 | +3.8% |
| Other operating charges | 640/8 | €69,081 | €75,682 | +€6,601 | +9.6% |
| Gross operating margin | 9900 | €4,479,060 | €5,197,513 | +€718,453 | +16.0% |
| Operating profit (loss) | 9901 | €2,263,236 | €2,943,035 | +€679,799 | +30.0% |
| Financial income | 75/76B | €144,205 | €106,380 | -€37,826 | -26.2% |
| Recurring financial income | 75 | €144,205 | €106,380 | -€37,826 | -26.2% |
| Financial charges | 65/66B | €82,881 | €76,823 | -€6,058 | -7.3% |
| Recurring financial charges | 65 | €82,881 | €76,823 | -€6,058 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €2,324,560 | €2,972,591 | +€648,031 | +27.9% |
| Income taxes | 67/77 | €571,668 | €732,184 | +€160,516 | +28.1% |
| Profit (loss) for the period | 9904 | €1,752,893 | €2,240,408 | +€487,515 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,752,893 | €2,240,408 | +€487,515 | +27.8% |
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 27 October 2026 via checked.be.