Royal Cheese: 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.
Royal Cheese
Largest movements
- Receivables within one year -€82,719
down €82,719 (-11.6%), from €714,837 to €632,118
of which Other amounts receivable: -€179,610
- Tangible fixed assets +€65,610
up €65,610 (+41.7%), from €157,287 to €222,897
of which Other tangible fixed assets: +€80,909
- Intangible fixed assets -€25,010
down €25,010 (-24.7%), from €101,257 to €76,246
- Stocks and contracts +€19,630
up €19,630 (+120.6%), from €16,272 to €35,902
- Cash -€12,186
down €12,186 (-15.6%), from €78,288 to €66,102
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€128,936)
- Trade debts +€112,168
up €112,168 (+48.2%), from €232,799 to €344,967
- Other debts -€102,495
down €102,495 (-25.0%), from €409,653 to €307,159
- Tax, wage and social debts -€46,660
down €46,660 (-39.3%), from €118,639 to €71,979
of which Remuneration and social security: -€33,444
- Debts after one year -€23,354
down €23,354 (-56.6%), from €41,239 to €17,885
- Profit (loss) carried forward +€15,763
up €15,763 (+6.9%), from €228,343 to €244,106
- Staff costs -€28,446
down €28,446 (-5.9%), from €478,851 to €450,405
- Depreciation +€23,627
up €23,627 (+36.5%), from €64,709 to €88,336
- Taxes -€14,703
down €14,703 (-18.1%), from €81,428 to €66,725
- Gross operating margin +€13,451
up €13,451 (+1.5%), from €882,053 to €895,503
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 | €1,089,357 | €1,046,059 | -€43,299 | -4.0% |
| Fixed assets | 21/28 | €264,588 | €305,189 | +€40,600 | +15.3% |
| Intangible fixed assets | 21 | €101,257 | €76,246 | -€25,010 | -24.7% |
| Tangible fixed assets | 22/27 | €157,287 | €222,897 | +€65,610 | +41.7% |
| Plant, machinery and equipment | 23 | €34,815 | €21,475 | -€13,340 | -38.3% |
| Furniture and vehicles | 24 | €5,129 | €3,171 | -€1,958 | -38.2% |
| Other tangible fixed assets | 26 | €117,343 | €198,252 | +€80,909 | +69.0% |
| Financial fixed assets | 28 | €6,045 | €6,045 | = | 0.0% |
| Current assets | 29/58 | €824,769 | €740,870 | -€83,899 | -10.2% |
| Stocks and contracts in progress | 3 | €16,272 | €35,902 | +€19,630 | +120.6% |
| Stocks | 30/36 | €16,272 | €35,902 | +€19,630 | +120.6% |
| Amounts receivable within one year | 40/41 | €714,837 | €632,118 | -€82,719 | -11.6% |
| Trade receivables | 40 | €219,878 | €316,770 | +€96,891 | +44.1% |
| Other amounts receivable | 41 | €494,959 | €315,348 | -€179,610 | -36.3% |
| Cash at bank and in hand | 54/58 | €78,288 | €66,102 | -€12,186 | -15.6% |
| Deferred charges and accrued income | 490/1 | €15,372 | €6,748 | -€8,624 | -56.1% |
| Total equity and liabilities | 10/49 | €1,089,357 | €1,046,059 | -€43,299 | -4.0% |
| Equity | 10/15 | €258,343 | €274,106 | +€15,763 | +6.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €228,343 | €244,106 | +€15,763 | +6.9% |
| Amounts payable | 17/49 | €831,014 | €771,952 | -€59,062 | -7.1% |
| Amounts payable after more than one year | 17 | €41,239 | €17,885 | -€23,354 | -56.6% |
| Financial debts | 170/4 | €41,239 | €17,885 | -€23,354 | -56.6% |
| Amounts payable within one year | 42/48 | €789,775 | €752,057 | -€37,718 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €24,815 | €23,354 | -€1,460 | -5.9% |
| Financial debts | 43 | €3,869 | €4,598 | +€729 | +18.8% |
| Credit institutions | 430/8 | €3,869 | €4,598 | +€729 | +18.8% |
| Trade debts | 44 | €232,799 | €344,967 | +€112,168 | +48.2% |
| Suppliers | 440/4 | €232,799 | €344,967 | +€112,168 | +48.2% |
| Taxes, remuneration and social security | 45 | €118,639 | €71,979 | -€46,660 | -39.3% |
| Taxes | 450/3 | €73,686 | €60,471 | -€13,215 | -17.9% |
| Remuneration and social security | 454/9 | €44,953 | €11,508 | -€33,444 | -74.4% |
| Other amounts payable | 47/48 | €409,653 | €307,159 | -€102,495 | -25.0% |
| Accrued charges and deferred income | 492/3 | - | €2,010 | +€2,010 | |
| Remuneration, social security and pensions | 62 | €478,851 | €450,405 | -€28,446 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,709 | €88,336 | +€23,627 | +36.5% |
| Other operating charges | 640/8 | €2,890 | €3,327 | +€437 | +15.1% |
| Non-recurring operating charges | 66A | €24,383 | €63,306 | +€38,923 | +159.6% |
| Gross operating margin | 9900 | €882,053 | €895,503 | +€13,451 | +1.5% |
| Operating profit (loss) | 9901 | €311,220 | €290,129 | -€21,090 | -6.8% |
| Financial income | 75/76B | €2,753 | €1,128 | -€1,626 | -59.0% |
| Recurring financial income | 75 | €2,753 | €1,128 | -€1,626 | -59.0% |
| Financial charges | 65/66B | €8,380 | €8,769 | +€389 | +4.6% |
| Recurring financial charges | 65 | €8,380 | €8,769 | +€389 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €305,593 | €282,488 | -€23,105 | -7.6% |
| Income taxes | 67/77 | €81,428 | €66,725 | -€14,703 | -18.1% |
| Profit (loss) for the period | 9904 | €224,165 | €215,763 | -€8,402 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €224,165 | €215,763 | -€8,402 | -3.7% |
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 5 October 2026 via checked.be.