BELGOSUC: 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
BELGOSUC
NACE 10.810, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€10.4m
2024 · €11.5m-€1.1m
Equity
€61.8m
2024 · €57.5m+€4.3m
Cash
€20.4m
2024 · €19.0m+€1.5m
Balance sheet total
€76.2m
2024 · €73.8m+€2.4m
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+14.1%), from €13.2m to €15.1m
of which Land and buildings: +€1.6m
- Cash +€1.5m
up €1.5m (+7.7%), from €19.0m to €20.4m
mainly Net result for the year (+€10.4m) and Depreciation (+€2.7m)
- Stocks and contracts -€1.1m
down €1.1m (-25.4%), from €4.2m to €3.1m
- Current investments +€800,891
up €800,891 (+3.0%), from €27.1m to €27.9m
Equity and liabilities
- Reserves +€4.3m
up €4.3m (+7.6%), from €56.2m to €60.5m
of which Distributable reserves: +€4.3m
- Trade debts -€909,062
down €909,062 (-15.8%), from €5.7m to €4.8m
- Provisions -€765,729
down €765,729 (-79.8%), from €959,532 to €193,803
of which Provisions for liabilities and charges: -€765,258
Income statement
- Turnover -€24.4m
down €24.4m (-18.1%), from €134.3m to €110.0m
- Goods and materials -€23.7m
down €23.7m (-24.6%), from €96.4m to €72.7m
of which Purchases: -€24.5m
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
€11.5m
Turnover
-€24.4m
Other operating income
+€189,659
Goods and materials
+€23.7m
Services and other goods
-€336,925
Staff costs
-€9,340
Depreciation
-€443,960
Write-downs
-€16,621
Provisions
+€721,983
Other operating charges
+€23,043
Other operating items
-€641,893
Financial income
-€173,839
Financial charges
-€262,095
Taxes
+€517,161
Result 2025
€10.4m
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
+€13.0m
Investment
-€5.4m
Financing
-€6.1m
Cash 2024
€19.0m
From operations (derived)
+€13.0m
Net result for the year
+€10.4m
Depreciation
+€2.7m
Stocks and contracts
+€1.1m
Receivables within one year
+€604,827
Deferred charges and accrued income
+€84,590
Provisions
-€765,729
Trade debts
-€909,062
Tax, wage and social debts
+€113,894
Other debts
-€309,224
Accrued charges and deferred income
-€17,037
Investment (derived)
-€5.4m
Investment in fixed assets (net)
-€4.6m
Current investments
-€800,891
Financing
-€6.1m
Debts after one year
-€61,868
Current portion of long-term debt
+€61,868
Contributions, distributions and other
-€6.1m
Cash 2025
€20.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,765,798 | €76,150,386 | +€2.4m | +3.2% |
| Fixed assets | 21/28 | €13,566,190 | €15,425,214 | +€1.9m | +13.7% |
| Intangible fixed assets | 21 | €328,713 | €317,307 | -€11,406 | -3.5% |
| Tangible fixed assets | 22/27 | €13,237,477 | €15,107,907 | +€1.9m | +14.1% |
| Land and buildings | 22 | €5,910,025 | €7,480,791 | +€1.6m | +26.6% |
| Plant, machinery and equipment | 23 | €3,658,594 | €4,888,496 | +€1.2m | +33.6% |
| Furniture and vehicles | 24 | €742,837 | €568,750 | -€174,087 | -23.4% |
| Assets under construction and advance payments | 27 | €2,926,021 | €2,169,870 | -€756,151 | -25.8% |
| Current assets | 29/58 | €60,199,608 | €60,725,172 | +€525,564 | +0.9% |
| Stocks and contracts in progress | 3 | €4,156,102 | €3,102,379 | -€1.1m | -25.4% |
| Stocks | 30/36 | €4,156,102 | €3,102,379 | -€1.1m | -25.4% |
| Raw materials and consumables | 30/31 | €1,360,840 | €972,375 | -€388,465 | -28.5% |
| Work in progress | 32 | €496,327 | €361,775 | -€134,552 | -27.1% |
| Finished goods | 33 | €1,276,185 | €1,042,024 | -€234,161 | -18.3% |
| Goods purchased for resale | 34 | €1,022,750 | €699,177 | -€323,573 | -31.6% |
| Advance payments | 36 | - | €27,028 | +€27,028 | |
| Amounts receivable within one year | 40/41 | €9,704,000 | €9,099,173 | -€604,827 | -6.2% |
| Trade receivables | 40 | €8,732,044 | €8,402,984 | -€329,060 | -3.8% |
| Other amounts receivable | 41 | €971,956 | €696,189 | -€275,767 | -28.4% |
| Current investments | 50/53 | €27,057,081 | €27,857,972 | +€800,891 | +3.0% |
| Other investments | 51/53 | €27,057,081 | €27,857,972 | +€800,891 | +3.0% |
| Cash at bank and in hand | 54/58 | €18,973,945 | €20,441,758 | +€1.5m | +7.7% |
| Deferred charges and accrued income | 490/1 | €308,480 | €223,890 | -€84,590 | -27.4% |
| Total equity and liabilities | 10/49 | €73,765,798 | €76,150,386 | +€2.4m | +3.2% |
| Equity | 10/15 | €57,495,336 | €61,767,082 | +€4.3m | +7.4% |
| Contributions | 10/11 | €1,310,000 | €1,310,000 | = | 0.0% |
| Capital | 10 | €1,310,000 | €1,310,000 | = | 0.0% |
| Issued capital | 100 | €1,310,000 | €1,310,000 | = | 0.0% |
| Reserves | 13 | €56,179,590 | €60,452,209 | +€4.3m | +7.6% |
| Non-distributable reserves | 130/1 | €131,000 | €131,000 | = | 0.0% |
| Legal reserve | 130 | €131,000 | €131,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,027,280 | €3,990,029 | -€37,251 | -0.9% |
| Distributable reserves | 133 | €52,021,310 | €56,331,180 | +€4.3m | +8.3% |
| Investment grants | 15 | €5,746 | €4,873 | -€873 | -15.2% |
| Provisions and deferred taxes | 16 | €959,532 | €193,803 | -€765,729 | -79.8% |
| Provisions for liabilities and charges | 160/5 | €956,725 | €191,467 | -€765,258 | -80.0% |
| Other liabilities and charges | 164/5 | €956,725 | €191,467 | -€765,258 | -80.0% |
| Deferred taxes | 168 | €2,807 | €2,336 | -€471 | -16.8% |
| Amounts payable | 17/49 | €15,310,930 | €14,189,501 | -€1.1m | -7.3% |
| Amounts payable after more than one year | 17 | €348,431 | €286,563 | -€61,868 | -17.8% |
| Other amounts payable | 178/9 | €348,431 | €286,563 | -€61,868 | -17.8% |
| Amounts payable within one year | 42/48 | €14,876,503 | €13,833,979 | -€1.0m | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €86,868 | +€61,868 | +247% |
| Trade debts | 44 | €5,749,376 | €4,840,314 | -€909,062 | -15.8% |
| Suppliers | 440/4 | €5,749,376 | €4,840,314 | -€909,062 | -15.8% |
| Taxes, remuneration and social security | 45 | €1,269,430 | €1,383,324 | +€113,894 | +9.0% |
| Taxes | 450/3 | €241,030 | €238,166 | -€2,864 | -1.2% |
| Remuneration and social security | 454/9 | €1,028,400 | €1,145,158 | +€116,758 | +11.4% |
| Other amounts payable | 47/48 | €7,832,697 | €7,523,473 | -€309,224 | -3.9% |
| Accrued charges and deferred income | 492/3 | €85,996 | €68,959 | -€17,037 | -19.8% |
| Operating income | 70/76A | €134,486,056 | €110,119,564 | -€24.4m | -18.1% |
| Turnover | 70 | €134,338,818 | €109,973,335 | -€24.4m | -18.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€204,622 | -€368,712 | -€164,090 | -80.2% |
| Other operating income | 74 | €192,178 | €381,837 | +€189,659 | +98.7% |
| Non-recurring operating income | 76A | €159,682 | €133,104 | -€26,578 | -16.6% |
| Operating charges | 60/66A | €120,890,825 | €97,730,031 | -€23.2m | -19.2% |
| Goods for resale, raw materials and consumables | 60 | €96,393,787 | €72,719,948 | -€23.7m | -24.6% |
| Purchases | 600/8 | €96,547,218 | €72,019,925 | -€24.5m | -25.4% |
| Change in stocks: decrease (increase) | 609 | -€153,431 | €700,023 | +€853,454 | |
| Services and other goods | 61 | €14,550,757 | €14,887,682 | +€336,925 | +2.3% |
| Remuneration, social security and pensions | 62 | €7,331,587 | €7,340,927 | +€9,340 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,283,482 | €2,727,442 | +€443,960 | +19.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,381 | €22,002 | +€16,621 | +309% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€43,275 | -€765,258 | -€721,983 | -1,668% |
| Other operating charges | 640/8 | €125,406 | €102,363 | -€23,043 | -18.4% |
| Non-recurring operating charges | 66A | €243,700 | €694,925 | +€451,225 | +185% |
| Operating profit (loss) | 9901 | €13,595,231 | €12,389,533 | -€1.2m | -8.9% |
| Financial income | 75/76B | €1,332,919 | €1,159,080 | -€173,839 | -13.0% |
| Recurring financial income | 75 | €1,332,919 | €1,159,080 | -€173,839 | -13.0% |
| Income from current assets | 751 | €922,052 | €917,519 | -€4,533 | -0.5% |
| Other financial income | 752/9 | €410,867 | €241,561 | -€169,306 | -41.2% |
| Financial charges | 65/66B | €166,985 | €429,080 | +€262,095 | +157% |
| Recurring financial charges | 65 | €166,985 | €429,080 | +€262,095 | +157% |
| Debt charges | 650 | €26,140 | €26,140 | = | 0.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€302,809 | -€8,823 | +€293,986 | +97.1% |
| Other financial charges | 652/9 | €443,654 | €411,763 | -€31,891 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €14,761,165 | €13,119,533 | -€1.6m | -11.1% |
| Transfer from deferred taxes | 780 | €470 | €470 | = | 0.0% |
| Income taxes | 67/77 | €3,264,458 | €2,747,297 | -€517,161 | -15.8% |
| Taxes | 670/3 | €3,264,458 | €2,747,297 | -€517,161 | -15.8% |
| Profit (loss) for the period | 9904 | €11,497,177 | €10,372,706 | -€1.1m | -9.8% |
| Transfer from tax-exempt reserves | 789 | €700,756 | €1,035,021 | +€334,265 | +47.7% |
| Transfer to tax-exempt reserves | 689 | €997,770 | €997,770 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,200,163 | €10,409,957 | -€790,206 | -7.1% |
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 13 October 2026 via checked.be.