M. Van Engelandt: 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
M. Van Engelandt
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€228,035
2024 · €542,965-€314,930
Equity
€2.3m
2024 · €2.3m+€25,603
Cash
€613,467
2024 · €627,418-€13,951
Balance sheet total
€3.7m
2024 · €3.6m+€122,948
Largest movements
Assets
- Stocks and contracts -€211,971
down €211,971 (-57.2%), from €370,636 to €158,665
- Receivables within one year +€196,066
up €196,066 (+27.6%), from €711,440 to €907,506
of which Other amounts receivable: +€127,975
- Tangible fixed assets +€155,254
up €155,254 (+13.7%), from €1.1m to €1.3m
Equity and liabilities
- Trade debts +€111,440
up €111,440 (+41.5%), from €268,726 to €380,165
- Current portion of long-term debt -€58,229
down €58,229 (-91.6%), from €63,602 to €5,373
- Other debts +€49,855
up €49,855 (+5.7%), from €880,337 to €930,193
Income statement
- Gross operating margin -€427,794
down €427,794 (-34.4%), from €1.2m to €814,742
- Taxes -€111,971
down €111,971 (-57.7%), from €194,197 to €82,226
- Write-downs -€30,093
down €30,093, from €13,360 to -€16,733
- Depreciation +€14,990
up €14,990 (+8.1%), from €184,357 to €199,347
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
€542,965
Gross operating margin
-€427,794
Staff costs
-€11,057
Depreciation
-€14,990
Write-downs
+€30,093
Other operating charges
+€11,177
Other operating items
-€11,650
Financial income
-€3,485
Financial charges
+€805
Taxes
+€111,971
Result 2025
€228,035
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
+€595,522
Investment
-€338,073
Financing
-€271,401
Cash 2024
€627,418
From operations (derived)
+€595,522
Net result for the year
+€228,035
Depreciation
+€199,347
Stocks and contracts
+€211,971
Receivables within one year
-€196,066
Deferred charges and accrued income
-€14,078
Trade debts
+€111,440
Tax, wage and social debts
+€4,880
Other debts
+€49,855
Accrued charges and deferred income
+€137
Investment (derived)
-€338,073
Investment in fixed assets (net)
-€338,073
Financing
-€271,401
Debts after one year
-€10,740
Current portion of long-term debt
-€58,229
Contributions, distributions and other
-€202,432
Cash 2025
€613,467
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,610,153 | €3,733,101 | +€122,948 | +3.4% |
| Fixed assets | 21/28 | €1,161,328 | €1,300,053 | +€138,726 | +11.9% |
| Intangible fixed assets | 21 | €22,570 | €6,041 | -€16,529 | -73.2% |
| Tangible fixed assets | 22/27 | €1,135,425 | €1,290,679 | +€155,254 | +13.7% |
| Land and buildings | 22 | €588,443 | €645,000 | +€56,557 | +9.6% |
| Plant, machinery and equipment | 23 | €237,303 | €285,877 | +€48,574 | +20.5% |
| Furniture and vehicles | 24 | €309,680 | €359,803 | +€50,123 | +16.2% |
| Financial fixed assets | 28 | €3,333 | €3,333 | = | 0.0% |
| Current assets | 29/58 | €2,448,825 | €2,433,047 | -€15,778 | -0.6% |
| Stocks and contracts in progress | 3 | €370,636 | €158,665 | -€211,971 | -57.2% |
| Stocks | 30/36 | €370,636 | €158,665 | -€211,971 | -57.2% |
| Amounts receivable within one year | 40/41 | €711,440 | €907,506 | +€196,066 | +27.6% |
| Trade receivables | 40 | €704,257 | €772,347 | +€68,090 | +9.7% |
| Other amounts receivable | 41 | €7,184 | €135,159 | +€127,975 | +1,782% |
| Current investments | 50/53 | €700,000 | €700,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €627,418 | €613,467 | -€13,951 | -2.2% |
| Deferred charges and accrued income | 490/1 | €39,331 | €53,410 | +€14,078 | +35.8% |
| Total equity and liabilities | 10/49 | €3,610,153 | €3,733,101 | +€122,948 | +3.4% |
| Equity | 10/15 | €2,263,624 | €2,289,228 | +€25,603 | +1.1% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €623,898 | €623,898 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €609,024 | €609,024 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,488,379 | €1,516,415 | +€28,035 | +1.9% |
| Investment grants | 15 | €2,611 | €179 | -€2,432 | -93.2% |
| Amounts payable | 17/49 | €1,346,529 | €1,443,873 | +€97,344 | +7.2% |
| Amounts payable after more than one year | 17 | €10,740 | €0 | -€10,740 | -100% |
| Financial debts | 170/4 | €10,740 | €0 | -€10,740 | -100% |
| Amounts payable within one year | 42/48 | €1,334,402 | €1,442,349 | +€107,947 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €63,602 | €5,373 | -€58,229 | -91.6% |
| Trade debts | 44 | €268,726 | €380,165 | +€111,440 | +41.5% |
| Suppliers | 440/4 | €268,726 | €380,165 | +€111,440 | +41.5% |
| Taxes, remuneration and social security | 45 | €121,737 | €126,618 | +€4,880 | +4.0% |
| Taxes | 450/3 | €94,130 | €91,109 | -€3,021 | -3.2% |
| Remuneration and social security | 454/9 | €27,608 | €35,509 | +€7,901 | +28.6% |
| Other amounts payable | 47/48 | €880,337 | €930,193 | +€49,855 | +5.7% |
| Accrued charges and deferred income | 492/3 | €1,387 | €1,524 | +€137 | +9.9% |
| Non-recurring operating income | 76A | €1,500 | €5,232 | +€3,732 | +249% |
| Remuneration, social security and pensions | 62 | €247,645 | €258,702 | +€11,057 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,357 | €199,347 | +€14,990 | +8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,360 | -€16,733 | -€30,093 | |
| Other operating charges | 640/8 | €76,373 | €65,196 | -€11,177 | -14.6% |
| Non-recurring operating charges | 66A | - | €11,650 | +€11,650 | |
| Gross operating margin | 9900 | €1,242,535 | €814,742 | -€427,794 | -34.4% |
| Operating profit (loss) | 9901 | €720,801 | €296,581 | -€424,220 | -58.9% |
| Financial income | 75/76B | €20,512 | €17,026 | -€3,485 | -17.0% |
| Recurring financial income | 75 | €20,512 | €17,026 | -€3,485 | -17.0% |
| Financial charges | 65/66B | €4,150 | €3,345 | -€805 | -19.4% |
| Recurring financial charges | 65 | €4,150 | €3,345 | -€805 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €737,162 | €310,262 | -€426,901 | -57.9% |
| Income taxes | 67/77 | €194,197 | €82,226 | -€111,971 | -57.7% |
| Profit (loss) for the period | 9904 | €542,965 | €228,035 | -€314,930 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €542,965 | €228,035 | -€314,930 | -58.0% |
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 31 October 2026 via checked.be.