BELIES: 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
BELIES
NACE 10.391, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€865,102
2024 · €555,946+€309,156
Equity
€9.0m
2024 · €8.1m+€865,103
Cash
€450,319
2024 · €679,613-€229,294
Balance sheet total
€21.7m
2024 · €21.5m+€172,411
Largest movements
Assets
- Receivables within one year +€1.1m
up €1.1m (+18.4%), from €5.8m to €6.9m
of which Trade receivables: +€1.3m
- Tangible fixed assets -€550,559
down €550,559 (-35.6%), from €1.5m to €994,005
of which Leasing and similar rights: -€454,667
- Cash -€229,294
down €229,294 (-33.7%), from €679,613 to €450,319
mainly Receivables within one year (-€1.1m) and Debts after one year (-€663,763)
Equity and liabilities
- Profit (loss) carried forward +€865,103
up €865,103 (+12.7%), from €6.8m to €7.7m
- Debts after one year -€663,763
down €663,763 (-13.1%), from €5.1m to €4.4m
- Trade debts +€473,744
up €473,744 (+8.6%), from €5.5m to €6.0m
- Current portion of long-term debt -€439,952
down €439,952 (-39.9%), from €1.1m to €663,762
- Other debts -€397,846
no longer reported in 2025 (was €397,846)
Income statement
- Turnover +€1.7m
up €1.7m (+3.6%), from €47.7m to €49.3m
- Goods and materials +€1.2m
up €1.2m (+4.6%), from €25.0m to €26.2m
of which Change in stocks: decrease (increase): +€950,183
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
€555,946
Turnover
+€1.7m
Other operating income
+€4,431
Goods and materials
-€1.2m
Services and other goods
+€211,033
Staff costs
-€393,349
Depreciation
+€43,840
Write-downs
-€13,726
Other operating charges
+€2,110
Other operating items
+€128,372
Financial income
-€1,342
Financial charges
-€140,472
Taxes
-€65,417
Result 2025
€865,102
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
+€1.3m
Investment
-€428,579
Financing
-€1.1m
Cash 2024
€679,613
From operations (derived)
+€1.3m
Net result for the year
+€865,102
Depreciation
+€979,138
Stocks and contracts
-€74,388
Receivables within one year
-€1.1m
Deferred charges and accrued income
+€191,995
Trade debts
+€473,744
Tax, wage and social debts
+€120,426
Other debts
-€397,846
Accrued charges and deferred income
+€214,699
Investment (derived)
-€428,579
Investment in fixed assets (net)
-€428,579
Financing
-€1.1m
Debts after one year
-€663,763
Current portion of long-term debt
-€439,952
Contributions, distributions and other
+€1
Cash 2025
€450,319
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,548,404 | €21,720,815 | +€172,411 | +0.8% |
| Fixed assets | 21/28 | €8,889,588 | €8,339,029 | -€550,559 | -6.2% |
| Tangible fixed assets | 22/27 | €1,544,564 | €994,005 | -€550,559 | -35.6% |
| Land and buildings | 22 | €985 | €637 | -€348 | -35.3% |
| Plant, machinery and equipment | 23 | €949,588 | €876,444 | -€73,144 | -7.7% |
| Furniture and vehicles | 24 | €83,272 | €44,817 | -€38,455 | -46.2% |
| Leasing and similar rights | 25 | €454,667 | - | -€454,667 | |
| Assets under construction and advance payments | 27 | €56,052 | €72,107 | +€16,055 | +28.6% |
| Financial fixed assets | 28 | €7,345,024 | €7,345,024 | = | 0.0% |
| Affiliated companies | 280/1 | €7,345,024 | €7,345,024 | = | 0.0% |
| Participating interests | 280 | €7,345,024 | €7,345,024 | = | 0.0% |
| Current assets | 29/58 | €12,658,816 | €13,381,786 | +€722,970 | +5.7% |
| Stocks and contracts in progress | 3 | €5,810,505 | €5,884,893 | +€74,388 | +1.3% |
| Stocks | 30/36 | €5,810,505 | €5,884,893 | +€74,388 | +1.3% |
| Raw materials and consumables | 30/31 | €4,705,966 | €4,808,747 | +€102,781 | +2.2% |
| Work in progress | 32 | €159,830 | €95,243 | -€64,587 | -40.4% |
| Finished goods | 33 | €944,709 | €980,903 | +€36,194 | +3.8% |
| Amounts receivable within one year | 40/41 | €5,808,419 | €6,878,290 | +€1.1m | +18.4% |
| Trade receivables | 40 | €5,192,579 | €6,501,737 | +€1.3m | +25.2% |
| Other amounts receivable | 41 | €615,840 | €376,553 | -€239,287 | -38.9% |
| Cash at bank and in hand | 54/58 | €679,613 | €450,319 | -€229,294 | -33.7% |
| Deferred charges and accrued income | 490/1 | €360,279 | €168,284 | -€191,995 | -53.3% |
| Total equity and liabilities | 10/49 | €21,548,404 | €21,720,815 | +€172,411 | +0.8% |
| Equity | 10/15 | €8,139,963 | €9,005,066 | +€865,103 | +10.6% |
| Contributions | 10/11 | €1,231,145 | €1,231,145 | = | 0.0% |
| Capital | 10 | €1,231,145 | €1,231,145 | = | 0.0% |
| Issued capital | 100 | €1,231,145 | €1,231,145 | = | 0.0% |
| Reserves | 13 | €123,115 | €123,115 | = | 0.0% |
| Non-distributable reserves | 130/1 | €123,115 | €123,115 | = | 0.0% |
| Legal reserve | 130 | €123,115 | €123,115 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,785,703 | €7,650,806 | +€865,103 | +12.7% |
| Amounts payable | 17/49 | €13,408,441 | €12,715,749 | -€692,692 | -5.2% |
| Amounts payable after more than one year | 17 | €5,054,273 | €4,390,510 | -€663,763 | -13.1% |
| Financial debts | 170/4 | €5,054,273 | €4,390,510 | -€663,763 | -13.1% |
| Credit institutions | 173 | €5,054,273 | €4,390,510 | -€663,763 | -13.1% |
| Amounts payable within one year | 42/48 | €7,999,683 | €7,756,055 | -€243,628 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €1,103,714 | €663,762 | -€439,952 | -39.9% |
| Trade debts | 44 | €5,519,992 | €5,993,736 | +€473,744 | +8.6% |
| Suppliers | 440/4 | €5,519,992 | €5,993,736 | +€473,744 | +8.6% |
| Taxes, remuneration and social security | 45 | €978,131 | €1,098,557 | +€120,426 | +12.3% |
| Taxes | 450/3 | €46,122 | €50,003 | +€3,881 | +8.4% |
| Remuneration and social security | 454/9 | €932,009 | €1,048,554 | +€116,545 | +12.5% |
| Other amounts payable | 47/48 | €397,846 | - | -€397,846 | |
| Accrued charges and deferred income | 492/3 | €354,485 | €569,184 | +€214,699 | +60.6% |
| Operating income | 70/76A | €48,853,254 | €50,222,567 | +€1.4m | +2.8% |
| Turnover | 70 | €47,651,767 | €49,345,149 | +€1.7m | +3.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €429,991 | -€102,138 | -€532,129 | |
| Other operating income | 74 | €771,496 | €775,927 | +€4,431 | +0.6% |
| Non-recurring operating income | 76A | - | €203,629 | +€203,629 | |
| Operating charges | 60/66A | €47,975,024 | €48,827,950 | +€852,926 | +1.8% |
| Goods for resale, raw materials and consumables | 60 | €25,015,571 | €26,175,277 | +€1.2m | +4.6% |
| Purchases | 600/8 | €26,068,535 | €26,278,058 | +€209,523 | +0.8% |
| Change in stocks: decrease (increase) | 609 | -€1,052,964 | -€102,781 | +€950,183 | +90.2% |
| Services and other goods | 61 | €15,442,939 | €15,231,906 | -€211,033 | -1.4% |
| Remuneration, social security and pensions | 62 | €5,550,710 | €5,944,059 | +€393,349 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,022,978 | €979,138 | -€43,840 | -4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€87,471 | -€73,745 | +€13,726 | +15.7% |
| Other operating charges | 640/8 | €553,046 | €550,936 | -€2,110 | -0.4% |
| Non-recurring operating charges | 66A | €477,251 | €20,379 | -€456,872 | -95.7% |
| Operating profit (loss) | 9901 | €878,230 | €1,394,617 | +€516,387 | +58.8% |
| Financial income | 75/76B | €1,795 | €453 | -€1,342 | -74.8% |
| Recurring financial income | 75 | €1,795 | €453 | -€1,342 | -74.8% |
| Income from current assets | 751 | €590 | - | -€590 | |
| Other financial income | 752/9 | €1,205 | €453 | -€752 | -62.4% |
| Financial charges | 65/66B | €53,348 | €193,820 | +€140,472 | +263% |
| Recurring financial charges | 65 | €53,348 | €193,820 | +€140,472 | +263% |
| Debt charges | 650 | €16,833 | €153,096 | +€136,263 | +809% |
| Other financial charges | 652/9 | €36,515 | €40,724 | +€4,209 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | €826,677 | €1,201,250 | +€374,573 | +45.3% |
| Income taxes | 67/77 | €270,731 | €336,148 | +€65,417 | +24.2% |
| Taxes | 670/3 | €270,731 | €336,148 | +€65,417 | +24.2% |
| Profit (loss) for the period | 9904 | €555,946 | €865,102 | +€309,156 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €555,946 | €865,102 | +€309,156 | +55.6% |
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 17 October 2026 via checked.be.