CHEESECONSTRUCTION: what changed
Two fiscal 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.
CHEESECONSTRUCTION
Largest movements
- Receivables within one year -€41,963
down €41,963 (-83.4%), from €50,305 to €8,342
of which Trade receivables: -€27,237
- Cash -€36,685
down €36,685 (-37.9%), from €96,833 to €60,149
mainly Contributions, distributions and other (-€263,107) and Debts after one year (-€23,242)
- Tangible fixed assets -€21,212
down €21,212 (-4.4%), from €480,941 to €459,730
of which Land and buildings: -€18,420
- Reserves -€191,478
no longer reported in 2025 (was €191,478)
- Other debts +€110,741
new in 2025: €110,741
- Debts after one year -€23,242
down €23,242 (-6.3%), from €370,419 to €347,176
of which Financial debts: -€23,242
- Tax, wage and social debts +€21,501
up €21,501 (+232.8%), from €9,235 to €30,737
- Short-term financial debts -€9,178
down €9,178 (-53.1%), from €17,300 to €8,122
- Gross operating margin -€31,157
down €31,157 (-18.6%), from €167,172 to €136,014
- Financial charges -€6,518
down €6,518 (-28.2%), from €23,102 to €16,584
- Depreciation +€1,799
up €1,799 (+9.3%), from €19,413 to €21,212
- Taxes -€1,681
down €1,681 (-6.1%), from €27,751 to €26,069
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.
Cash bridge derived
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 | €629,252 | €528,756 | -€100,496 | -16.0% |
| Fixed assets | 21/28 | €480,941 | €459,730 | -€21,212 | -4.4% |
| Tangible fixed assets | 22/27 | €480,941 | €459,730 | -€21,212 | -4.4% |
| Land and buildings | 22 | €471,478 | €453,058 | -€18,420 | -3.9% |
| Plant, machinery and equipment | 23 | €2,713 | €2,397 | -€316 | -11.7% |
| Furniture and vehicles | 24 | €6,750 | €4,275 | -€2,475 | -36.7% |
| Current assets | 29/58 | €148,311 | €69,026 | -€79,285 | -53.5% |
| Amounts receivable within one year | 40/41 | €50,305 | €8,342 | -€41,963 | -83.4% |
| Trade receivables | 40 | €28,181 | €944 | -€27,237 | -96.7% |
| Other amounts receivable | 41 | €22,124 | €7,399 | -€14,726 | -66.6% |
| Cash at bank and in hand | 54/58 | €96,833 | €60,149 | -€36,685 | -37.9% |
| Deferred charges and accrued income | 490/1 | €1,172 | €535 | -€638 | -54.4% |
| Total equity and liabilities | 10/49 | €629,252 | €528,756 | -€100,496 | -16.0% |
| Equity | 10/15 | €196,478 | €5,000 | -€191,478 | -97.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €191,478 | - | -€191,478 | |
| Distributable reserves | 133 | €191,478 | - | -€191,478 | |
| Amounts payable | 17/49 | €432,774 | €523,756 | +€90,981 | +21.0% |
| Amounts payable after more than one year | 17 | €370,419 | €347,176 | -€23,242 | -6.3% |
| Financial debts | 170/4 | €369,319 | €346,076 | -€23,242 | -6.3% |
| Other amounts payable | 178/9 | €1,100 | €1,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €61,583 | €176,106 | +€114,523 | +186.0% |
| Current portion of amounts payable after more than one year | 42 | €30,900 | €23,242 | -€7,657 | -24.8% |
| Financial debts | 43 | €17,300 | €8,122 | -€9,178 | -53.1% |
| Credit institutions | 430/8 | €17,300 | €8,122 | -€9,178 | -53.1% |
| Trade debts | 44 | €4,148 | €3,264 | -€884 | -21.3% |
| Suppliers | 440/4 | €4,148 | €3,264 | -€884 | -21.3% |
| Taxes, remuneration and social security | 45 | €9,235 | €30,737 | +€21,501 | +232.8% |
| Taxes | 450/3 | €9,235 | €30,737 | +€21,501 | +232.8% |
| Other amounts payable | 47/48 | - | €110,741 | +€110,741 | |
| Accrued charges and deferred income | 492/3 | €772 | €473 | -€299 | -38.8% |
| Non-recurring operating income | 76A | €73,623 | - | -€73,623 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,413 | €21,212 | +€1,799 | +9.3% |
| Other operating charges | 640/8 | €1,731 | €1,255 | -€476 | -27.5% |
| Gross operating margin | 9900 | €167,172 | €136,014 | -€31,157 | -18.6% |
| Operating profit (loss) | 9901 | €146,028 | €113,548 | -€32,480 | -22.2% |
| Financial income | 75/76B | €906 | €735 | -€171 | -18.9% |
| Recurring financial income | 75 | €906 | €735 | -€171 | -18.9% |
| Financial charges | 65/66B | €23,102 | €16,584 | -€6,518 | -28.2% |
| Recurring financial charges | 65 | €23,102 | €16,584 | -€6,518 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €123,832 | €97,699 | -€26,133 | -21.1% |
| Income taxes | 67/77 | €27,751 | €26,069 | -€1,681 | -6.1% |
| Profit (loss) for the period | 9904 | €96,082 | €71,630 | -€24,452 | -25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €96,082 | €71,630 | -€24,452 | -25.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.