More Than Chocolate: what changed
What changed
More Than Chocolate
NACE 10.820, Manufacture of cocoa, chocolate and sugar confectionery
filed annual accounts (NBB)
Net result for the year
€9,008
2024 · €15,265-€6,257
Equity
€99,438
2024 · €90,429+€9,008
Cash
€29,768
2024 · €27,469+€2,299
Balance sheet total
€1.5m
2024 · €1.3m+€212,406
Largest movements
Assets
- Receivables within one year +€287,392
up €287,392 (+294%), from €97,596 to €384,988
of which Trade receivables: +€299,909
- Tangible fixed assets -€70,916
down €70,916 (-6.4%), from €1.1m to €1.0m
of which Land and buildings: -€42,256
- Deferred charges and accrued income -€25,559
down €25,559 (-94.8%), from €26,962 to €1,403
- Stocks and contracts +€22,901
up €22,901 (+44.7%), from €51,260 to €74,161
Equity and liabilities
- Other debts +€470,438
up €470,438 (+151%), from €312,074 to €782,511
- Debts after one year -€224,398
down €224,398 (-28.7%), from €781,857 to €557,459
- Trade debts -€19,566
down €19,566 (-37.6%), from €52,089 to €32,523
- Current portion of long-term debt -€16,909
down €16,909 (-25.6%), from €65,944 to €49,035
Income statement
- Depreciation +€9,997
up €9,997 (+9.3%), from €107,433 to €117,430
- Gross operating margin -€6,215
down €6,215 (-3.2%), from €196,924 to €190,709
- Financial charges -€5,243
down €5,243 (-13.9%), from €37,774 to €32,532
- Staff costs -€4,711
down €4,711 (-23.5%), from €20,074 to €15,363
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
€15,265
Gross operating margin
-€6,215
Staff costs
+€4,711
Depreciation
-€9,997
Other operating charges
+€305
Financial income
-€476
Financial charges
+€5,243
Taxes
+€173
Result 2025
€9,008
raises the resultlowers the result
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
+€286,409
Investment
-€42,804
Financing
-€241,307
Cash 2024
€27,469
From operations (derived)
+€286,409
Net result for the year
+€9,008
Depreciation
+€117,430
Stocks and contracts
-€22,901
Receivables within one year
-€287,392
Deferred charges and accrued income
+€25,559
Trade debts
-€19,566
Tax, wage and social debts
-€3,707
Other debts
+€470,438
Accrued charges and deferred income
-€2,459
Investment (derived)
-€42,804
Investment in fixed assets (net)
-€42,804
Financing
-€241,307
Debts after one year
-€224,398
Current portion of long-term debt
-€16,909
Cash 2025
€29,768
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,335,768 | €1,548,174 | +€212,406 | +15.9% |
| Fixed assets | 21/28 | €1,132,481 | €1,057,854 | -€74,627 | -6.6% |
| Intangible fixed assets | 21 | €31,549 | €27,838 | -€3,711 | -11.8% |
| Tangible fixed assets | 22/27 | €1,100,432 | €1,029,516 | -€70,916 | -6.4% |
| Land and buildings | 22 | €851,033 | €808,777 | -€42,256 | -5.0% |
| Plant, machinery and equipment | 23 | €156,920 | €135,185 | -€21,735 | -13.9% |
| Furniture and vehicles | 24 | €92,479 | €85,554 | -€6,924 | -7.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €203,288 | €490,320 | +€287,033 | +141% |
| Stocks and contracts in progress | 3 | €51,260 | €74,161 | +€22,901 | +44.7% |
| Stocks | 30/36 | €51,260 | €74,161 | +€22,901 | +44.7% |
| Amounts receivable within one year | 40/41 | €97,596 | €384,988 | +€287,392 | +294% |
| Trade receivables | 40 | €80,267 | €380,177 | +€299,909 | +374% |
| Other amounts receivable | 41 | €17,329 | €4,811 | -€12,517 | -72.2% |
| Cash at bank and in hand | 54/58 | €27,469 | €29,768 | +€2,299 | +8.4% |
| Deferred charges and accrued income | 490/1 | €26,962 | €1,403 | -€25,559 | -94.8% |
| Total equity and liabilities | 10/49 | €1,335,768 | €1,548,174 | +€212,406 | +15.9% |
| Equity | 10/15 | €90,429 | €99,438 | +€9,008 | +10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,829 | €80,838 | +€9,008 | +12.5% |
| Amounts payable | 17/49 | €1,245,339 | €1,448,737 | +€203,398 | +16.3% |
| Amounts payable after more than one year | 17 | €781,857 | €557,459 | -€224,398 | -28.7% |
| Financial debts | 170/4 | €781,857 | €557,459 | -€224,398 | -28.7% |
| Amounts payable within one year | 42/48 | €461,016 | €891,272 | +€430,255 | +93.3% |
| Current portion of amounts payable after more than one year | 42 | €65,944 | €49,035 | -€16,909 | -25.6% |
| Trade debts | 44 | €52,089 | €32,523 | -€19,566 | -37.6% |
| Suppliers | 440/4 | €52,089 | €32,523 | -€19,566 | -37.6% |
| Taxes, remuneration and social security | 45 | €30,909 | €27,202 | -€3,707 | -12.0% |
| Taxes | 450/3 | €28,122 | €26,400 | -€1,722 | -6.1% |
| Remuneration and social security | 454/9 | €2,787 | €802 | -€1,985 | -71.2% |
| Other amounts payable | 47/48 | €312,074 | €782,511 | +€470,438 | +151% |
| Accrued charges and deferred income | 492/3 | €2,465 | €6 | -€2,459 | -99.8% |
| Non-recurring operating income | 76A | €30,620 | - | -€30,620 | |
| Remuneration, social security and pensions | 62 | €20,074 | €15,363 | -€4,711 | -23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,433 | €117,430 | +€9,997 | +9.3% |
| Other operating charges | 640/8 | €4,435 | €4,130 | -€305 | -6.9% |
| Gross operating margin | 9900 | €196,924 | €190,709 | -€6,215 | -3.2% |
| Operating profit (loss) | 9901 | €64,982 | €53,785 | -€11,196 | -17.2% |
| Financial income | 75/76B | €605 | €129 | -€476 | -78.7% |
| Recurring financial income | 75 | €605 | €129 | -€476 | -78.7% |
| Financial charges | 65/66B | €37,774 | €32,532 | -€5,243 | -13.9% |
| Recurring financial charges | 65 | €37,774 | €32,532 | -€5,243 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €27,812 | €21,383 | -€6,430 | -23.1% |
| Income taxes | 67/77 | €12,547 | €12,374 | -€173 | -1.4% |
| Profit (loss) for the period | 9904 | €15,265 | €9,008 | -€6,257 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,265 | €9,008 | -€6,257 | -41.0% |
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 4 November 2026 via checked.be.