BELOURTHE: 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
BELOURTHE
NACE 10.890, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €2.4m+€1.1m
Equity
€4.7m
2024 · €8.8m-€4.2m
Cash
€1.8m
2024 · €2.1m-€338,496
Balance sheet total
€18.5m
2024 · €13.9m+€4.5m
Largest movements
Assets
- Receivables within one year +€2.8m
up €2.8m (+52.6%), from €5.3m to €8.1m
of which Trade receivables: +€2.7m
- Tangible fixed assets +€2.0m
up €2.0m (+37.9%), from €5.3m to €7.3m
of which Plant, machinery and equipment: +€1.7m
- Cash -€338,496
down €338,496 (-15.9%), from €2.1m to €1.8m
mainly Contributions, distributions and other (-€7.8m) and Investment in fixed assets (net) (-€3.4m)
Equity and liabilities
- Other debts +€7.9m
up €7.9m (+688%), from €1.1m to €9.0m
- Profit (loss) carried forward -€4.4m
down €4.4m (-83.3%), from €5.3m to €881,062
- Tax, wage and social debts +€879,740
up €879,740 (+70.4%), from €1.2m to €2.1m
of which Remuneration and social security: +€790,219
- Investment grants +€242,012
up €242,012 (+187%), from €129,748 to €371,760
Income statement
- Turnover +€3.5m
up €3.5m (+17.4%), from €19.8m to €23.3m
- Staff costs +€1.1m
up €1.1m (+20.1%), from €5.3m to €6.3m
- Goods and materials +€529,168
up €529,168 (+13.2%), from €4.0m to €4.5m
of which Purchases: +€613,636
- Services and other goods +€353,551
up €353,551 (+5.4%), from €6.6m to €6.9m
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
€2.4m
Turnover
+€3.5m
Other operating income
+€71,164
Goods and materials
-€529,168
Services and other goods
-€353,551
Staff costs
-€1.1m
Depreciation
-€217,683
Write-downs
-€8,134
Provisions
-€89,049
Other operating charges
+€123,190
Other operating items
-€162,630
Financial income
+€14,998
Financial charges
+€1,899
Taxes
-€105,017
Result 2025
€3.6m
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
+€10.8m
Investment
-€3.4m
Financing
-€7.8m
Cash 2024
€2.1m
From operations (derived)
+€10.8m
Net result for the year
+€3.6m
Depreciation
+€1.4m
Smaller working-capital items
+€3,048
Receivables within one year
-€2.8m
Deferred charges and accrued income
-€73,951
Provisions
+€25,540
Trade debts
+€92,393
Tax, wage and social debts
+€879,740
Advances received
-€131,753
Other debts
+€7.9m
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.4m
Current investments
-€23
Financing
-€7.8m
Debts after one year
-€35,730
Current portion of long-term debt
-€6,463
Contributions, distributions and other
-€7.8m
Cash 2025
€1.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,945,301 | €18,475,806 | +€4.5m | +32.5% |
| Fixed assets | 21/28 | €5,270,379 | €7,281,011 | +€2.0m | +38.1% |
| Intangible fixed assets | 21 | €5,387 | €21,665 | +€16,278 | +302% |
| Tangible fixed assets | 22/27 | €5,264,992 | €7,259,345 | +€2.0m | +37.9% |
| Land and buildings | 22 | €939,134 | €869,272 | -€69,863 | -7.4% |
| Plant, machinery and equipment | 23 | €3,553,004 | €5,240,277 | +€1.7m | +47.5% |
| Furniture and vehicles | 24 | €116,700 | €117,641 | +€941 | +0.8% |
| Leasing and similar rights | 25 | €100,308 | €59,712 | -€40,596 | -40.5% |
| Assets under construction and advance payments | 27 | €555,845 | €972,444 | +€416,599 | +74.9% |
| Current assets | 29/58 | €8,674,922 | €11,194,795 | +€2.5m | +29.0% |
| Stocks and contracts in progress | 3 | €1,209,391 | €1,206,300 | -€3,091 | -0.3% |
| Stocks | 30/36 | €1,209,391 | €1,206,300 | -€3,091 | -0.3% |
| Raw materials and consumables | 30/31 | €35,935 | €84,302 | +€48,368 | +135% |
| Finished goods | 33 | €1,173,457 | €1,121,998 | -€51,459 | -4.4% |
| Amounts receivable within one year | 40/41 | €5,301,821 | €8,089,307 | +€2.8m | +52.6% |
| Trade receivables | 40 | €4,278,590 | €6,941,164 | +€2.7m | +62.2% |
| Other amounts receivable | 41 | €1,023,230 | €1,148,143 | +€124,913 | +12.2% |
| Current investments | 50/53 | €5,514 | €5,537 | +€23 | +0.4% |
| Other investments | 51/53 | €5,514 | €5,537 | +€23 | +0.4% |
| Cash at bank and in hand | 54/58 | €2,135,524 | €1,797,028 | -€338,496 | -15.9% |
| Deferred charges and accrued income | 490/1 | €22,672 | €96,623 | +€73,951 | +326% |
| Total equity and liabilities | 10/49 | €13,945,301 | €18,475,806 | +€4.5m | +32.5% |
| Equity | 10/15 | €8,815,356 | €4,650,022 | -€4.2m | -47.3% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Capital | 10 | €312,000 | €312,000 | = | 0.0% |
| Issued capital | 100 | €312,000 | €312,000 | = | 0.0% |
| Reserves | 13 | €3,085,200 | €3,085,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,200 | €31,200 | = | 0.0% |
| Legal reserve | 130 | €31,200 | €31,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,052,500 | €1,052,500 | = | 0.0% |
| Distributable reserves | 133 | €2,001,500 | €2,001,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,288,408 | €881,062 | -€4.4m | -83.3% |
| Investment grants | 15 | €129,748 | €371,760 | +€242,012 | +187% |
| Provisions and deferred taxes | 16 | €32,460 | €58,000 | +€25,540 | +78.7% |
| Provisions for liabilities and charges | 160/5 | €32,460 | €58,000 | +€25,540 | +78.7% |
| Major repairs and maintenance | 162 | €5,246 | - | -€5,246 | |
| Other liabilities and charges | 164/5 | €27,214 | €58,000 | +€30,786 | +113% |
| Amounts payable | 17/49 | €5,097,485 | €13,767,784 | +€8.7m | +170% |
| Amounts payable after more than one year | 17 | €75,878 | €40,148 | -€35,730 | -47.1% |
| Financial debts | 170/4 | €75,878 | €40,148 | -€35,730 | -47.1% |
| Leasing and similar obligations | 172 | €66,394 | €30,665 | -€35,730 | -53.8% |
| Other loans | 174 | €9,483 | €9,483 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,841,431 | €13,547,503 | +€8.7m | +180% |
| Current portion of amounts payable after more than one year | 42 | €42,193 | €35,730 | -€6,463 | -15.3% |
| Trade debts | 44 | €2,124,021 | €2,216,413 | +€92,393 | +4.3% |
| Suppliers | 440/4 | €2,124,021 | €2,216,413 | +€92,393 | +4.3% |
| Advances received on contracts in progress | 46 | €282,278 | €150,524 | -€131,753 | -46.7% |
| Taxes, remuneration and social security | 45 | €1,249,138 | €2,128,878 | +€879,740 | +70.4% |
| Taxes | 450/3 | €58,799 | €148,320 | +€89,520 | +152% |
| Remuneration and social security | 454/9 | €1,190,339 | €1,980,558 | +€790,219 | +66.4% |
| Other amounts payable | 47/48 | €1,143,802 | €9,015,958 | +€7.9m | +688% |
| Accrued charges and deferred income | 492/3 | €180,176 | €180,133 | -€43 | 0.0% |
| Operating income | 70/76A | €20,403,996 | €23,759,134 | +€3.4m | +16.4% |
| Turnover | 70 | €19,841,639 | €23,293,556 | +€3.5m | +17.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €116,484 | -€51,459 | -€167,943 | |
| Other operating income | 74 | €445,872 | €517,036 | +€71,164 | +16.0% |
| Operating charges | 60/66A | €17,144,825 | €19,267,441 | +€2.1m | +12.4% |
| Goods for resale, raw materials and consumables | 60 | €4,014,525 | €4,543,693 | +€529,168 | +13.2% |
| Purchases | 600/8 | €3,978,424 | €4,592,060 | +€613,636 | +15.4% |
| Change in stocks: decrease (increase) | 609 | €36,101 | -€48,368 | -€84,468 | |
| Services and other goods | 61 | €6,567,226 | €6,920,777 | +€353,551 | +5.4% |
| Remuneration, social security and pensions | 62 | €5,250,707 | €6,304,242 | +€1.1m | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,156,593 | €1,374,276 | +€217,683 | +18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,134 | +€8,134 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€63,510 | €25,540 | +€89,049 | |
| Other operating charges | 640/8 | €213,482 | €90,292 | -€123,190 | -57.7% |
| Non-recurring operating charges | 66A | €5,801 | €488 | -€5,313 | -91.6% |
| Operating profit (loss) | 9901 | €3,259,171 | €4,491,693 | +€1.2m | +37.8% |
| Financial income | 75/76B | €28,505 | €43,503 | +€14,998 | +52.6% |
| Recurring financial income | 75 | €28,505 | €43,503 | +€14,998 | +52.6% |
| Income from current assets | 751 | €19 | €15,264 | +€15,245 | +80,662% |
| Other financial income | 752/9 | €28,486 | €28,239 | -€247 | -0.9% |
| Financial charges | 65/66B | €14,099 | €12,200 | -€1,899 | -13.5% |
| Recurring financial charges | 65 | €13,199 | €12,200 | -€999 | -7.6% |
| Debt charges | 650 | €6,804 | €6,265 | -€539 | -7.9% |
| Other financial charges | 652/9 | €6,396 | €5,935 | -€460 | -7.2% |
| Non-recurring financial charges | 66B | €900 | - | -€900 | |
| Profit (loss) for the period before taxes | 9903 | €3,273,577 | €4,522,996 | +€1.2m | +38.2% |
| Income taxes | 67/77 | €825,325 | €930,342 | +€105,017 | +12.7% |
| Taxes | 670/3 | €825,325 | €980,168 | +€154,843 | +18.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €49,827 | +€49,827 | |
| Profit (loss) for the period | 9904 | €2,448,251 | €3,592,654 | +€1.1m | +46.7% |
| Transfer to tax-exempt reserves | 689 | €547,300 | - | -€547,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,900,951 | €3,592,654 | +€1.7m | +89.0% |
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 18 October 2026 via checked.be.