De Zuivelarij: what changed
What changed
De Zuivelarij
NACE 10.510, Manufacture of food products
filed annual accounts (NBB)
Net result for the year
€129,860
2024 · €48,443+€81,417
Equity
€280,300
2024 · €126,910+€153,390
Cash
€85,327
2024 · €93,969-€8,643
Balance sheet total
€2.8m
2024 · €2.5m+€302,047
Largest movements
Assets
- Receivables within one year +€207,604
up €207,604 (+116%), from €178,495 to €386,098
of which Trade receivables: +€175,017
- Tangible fixed assets +€98,214
up €98,214 (+4.8%), from €2.1m to €2.2m
of which Plant, machinery and equipment: +€151,583
Equity and liabilities
- Trade debts +€121,248
up €121,248 (+111%), from €109,632 to €230,880
- Profit (loss) carried forward +€119,282
up €119,282 (+84.8%), from -€140,588 to -€21,306
- Debts after one year -€116,887
down €116,887 (-6.6%), from €1.8m to €1.7m
of which Financial debts: -€115,156
- Current portion of long-term debt +€99,153
up €99,153 (+43.9%), from €225,969 to €325,122
- Short-term financial debts +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
Income statement
- Gross operating margin +€174,408
up €174,408 (+19.5%), from €895,721 to €1.1m
- Staff costs +€75,907
up €75,907 (+14.3%), from €529,924 to €605,832
- Financial charges +€41,420
up €41,420 (+51.2%), from €80,921 to €122,341
- Depreciation +€20,887
up €20,887 (+9.8%), from €214,071 to €234,958
- Financial income +€20,530
up €20,530 (+455%), from €4,515 to €25,045
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€48,443
Gross operating margin
+€174,408
Staff costs
-€75,907
Depreciation
-€20,887
Write-downs
+€19,954
Other operating charges
+€225
Other operating items
-€1,319
Financial income
+€20,530
Financial charges
-€41,420
Taxes
+€464
Deferred taxes and other
+€5,370
Result 2025
€129,860
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€268,733
Investment
-€333,172
Financing
+€55,796
Cash 2024
€93,969
From operations (derived)
+€268,733
Net result for the year
+€129,860
Depreciation
+€234,958
Stocks and contracts
-€3,294
Receivables within one year
-€207,604
Deferred charges and accrued income
-€1,578
Provisions
+€8,527
Trade debts
+€121,248
Tax, wage and social debts
-€17,955
Other debts
+€4,571
Investment (derived)
-€333,172
Investment in fixed assets (net)
-€333,172
Financing
+€55,796
Debts after one year
-€116,887
Current portion of long-term debt
+€99,153
Short-term financial debts
+€50,000
Contributions, distributions and other
+€23,530
Cash 2025
€85,327
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,500,737 | €2,802,783 | +€302,047 | +12.1% |
| Fixed assets | 21/28 | €2,069,381 | €2,167,596 | +€98,214 | +4.7% |
| Tangible fixed assets | 22/27 | €2,060,981 | €2,159,196 | +€98,214 | +4.8% |
| Land and buildings | 22 | €1,486,952 | €1,417,362 | -€69,590 | -4.7% |
| Plant, machinery and equipment | 23 | €440,460 | €592,043 | +€151,583 | +34.4% |
| Furniture and vehicles | 24 | €5,991 | €6,393 | +€402 | +6.7% |
| Leasing and similar rights | 25 | €127,579 | €143,398 | +€15,819 | +12.4% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €431,355 | €635,188 | +€203,832 | +47.3% |
| Stocks and contracts in progress | 3 | €149,367 | €152,661 | +€3,294 | +2.2% |
| Stocks | 30/36 | €104,367 | €107,661 | +€3,294 | +3.2% |
| Contracts in progress | 37 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €178,495 | €386,098 | +€207,604 | +116% |
| Trade receivables | 40 | €163,152 | €338,168 | +€175,017 | +107% |
| Other amounts receivable | 41 | €15,343 | €47,930 | +€32,587 | +212% |
| Cash at bank and in hand | 54/58 | €93,969 | €85,327 | -€8,643 | -9.2% |
| Deferred charges and accrued income | 490/1 | €9,524 | €11,102 | +€1,578 | +16.6% |
| Total equity and liabilities | 10/49 | €2,500,737 | €2,802,783 | +€302,047 | +12.1% |
| Equity | 10/15 | €126,910 | €280,300 | +€153,390 | +121% |
| Contributions | 10/11 | €257,000 | €257,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,588 | -€21,306 | +€119,282 | +84.8% |
| Investment grants | 15 | €10,499 | €44,607 | +€34,108 | +325% |
| Provisions and deferred taxes | 16 | €2,625 | €11,152 | +€8,527 | +325% |
| Deferred taxes | 168 | €2,625 | €11,152 | +€8,527 | +325% |
| Amounts payable | 17/49 | €2,371,202 | €2,511,331 | +€140,129 | +5.9% |
| Amounts payable after more than one year | 17 | €1,774,942 | €1,658,055 | -€116,887 | -6.6% |
| Financial debts | 170/4 | €1,747,032 | €1,631,876 | -€115,156 | -6.6% |
| Other amounts payable | 178/9 | €27,910 | €26,180 | -€1,730 | -6.2% |
| Amounts payable within one year | 42/48 | €596,260 | €853,276 | +€257,016 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | €225,969 | €325,122 | +€99,153 | +43.9% |
| Financial debts | 43 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Credit institutions | 430/8 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Trade debts | 44 | €109,632 | €230,880 | +€121,248 | +111% |
| Suppliers | 440/4 | €109,632 | €230,880 | +€121,248 | +111% |
| Taxes, remuneration and social security | 45 | €103,287 | €85,331 | -€17,955 | -17.4% |
| Taxes | 450/3 | €14,866 | €2,408 | -€12,457 | -83.8% |
| Remuneration and social security | 454/9 | €88,421 | €82,923 | -€5,498 | -6.2% |
| Other amounts payable | 47/48 | €7,372 | €11,943 | +€4,571 | +62.0% |
| Remuneration, social security and pensions | 62 | €529,924 | €605,832 | +€75,907 | +14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,071 | €234,958 | +€20,887 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,954 | - | -€19,954 | |
| Other operating charges | 640/8 | €7,178 | €6,953 | -€225 | -3.1% |
| Non-recurring operating charges | 66A | - | €1,319 | +€1,319 | |
| Gross operating margin | 9900 | €895,721 | €1,070,129 | +€174,408 | +19.5% |
| Operating profit (loss) | 9901 | €124,594 | €221,068 | +€96,474 | +77.4% |
| Financial income | 75/76B | €4,515 | €25,045 | +€20,530 | +455% |
| Recurring financial income | 75 | €4,515 | €25,045 | +€20,530 | +455% |
| Financial charges | 65/66B | €80,921 | €122,341 | +€41,420 | +51.2% |
| Recurring financial charges | 65 | €80,921 | €122,341 | +€41,420 | +51.2% |
| Profit (loss) for the period before taxes | 9903 | €48,188 | €123,772 | +€75,584 | +157% |
| Transfer from deferred taxes | 780 | €860 | €6,229 | +€5,370 | +624% |
| Income taxes | 67/77 | €605 | €141 | -€464 | -76.7% |
| Profit (loss) for the period | 9904 | €48,443 | €129,860 | +€81,417 | +168% |
| Profit (loss) for the period to be appropriated | 9905 | €48,443 | €129,860 | +€81,417 | +168% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.