TERRE DE FROMAGES: 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
TERRE DE FROMAGES
NACE 10.510, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€36,888
2024 · €87,819-€50,931
Equity
€1.2m
2024 · €1.2m+€36,888
Cash
€325,650
2024 · €362,506-€36,856
Balance sheet total
€4.1m
2024 · €4.1m+€67,198
Largest movements
Assets
- Financial fixed assets +€300,000
up €300,000 (+734%), from €40,844 to €340,844
- Receivables within one year -€139,279
down €139,279 (-4.0%), from €3.5m to €3.3m
of which Trade receivables: -€124,881
Equity and liabilities
- Other debts +€516,648
up €516,648 (+113%), from €457,415 to €974,062
- Trade debts -€468,132
down €468,132 (-22.1%), from €2.1m to €1.7m
Income statement
- Staff costs +€174,113
up €174,113 (+10.2%), from €1.7m to €1.9m
- Gross operating margin +€77,701
up €77,701 (+3.9%), from €2.0m to €2.1m
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
€87,819
Gross operating margin
+€77,701
Staff costs
-€174,113
Depreciation
+€7,175
Other operating charges
+€14,160
Other operating items
-€12,266
Financial income
+€714
Financial charges
+€15,575
Taxes
+€20,124
Result 2025
€36,888
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
+€284,953
Investment
-€321,809
Financing
€0
Cash 2024
€362,506
From operations (derived)
+€284,953
Net result for the year
+€36,888
Depreciation
+€59,552
Stocks and contracts
+€10,186
Receivables within one year
+€139,279
Deferred charges and accrued income
+€8,737
Trade debts
-€468,132
Tax, wage and social debts
-€18,206
Other debts
+€516,648
Investment (derived)
-€321,809
Investment in fixed assets (net)
-€321,809
Cash 2025
€325,650
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,070,938 | €4,138,136 | +€67,198 | +1.7% |
| Fixed assets | 21/28 | €177,008 | €439,264 | +€262,257 | +148% |
| Intangible fixed assets | 21 | €14,572 | €7,105 | -€7,467 | -51.2% |
| Tangible fixed assets | 22/27 | €121,591 | €91,315 | -€30,277 | -24.9% |
| Plant, machinery and equipment | 23 | €60,335 | €39,613 | -€20,722 | -34.3% |
| Furniture and vehicles | 24 | €60,232 | €51,702 | -€8,530 | -14.2% |
| Assets under construction and advance payments | 27 | €1,025 | €0 | -€1,025 | -100% |
| Financial fixed assets | 28 | €40,844 | €340,844 | +€300,000 | +734% |
| Current assets | 29/58 | €3,893,930 | €3,698,871 | -€195,059 | -5.0% |
| Stocks and contracts in progress | 3 | €49,214 | €39,028 | -€10,186 | -20.7% |
| Stocks | 30/36 | €49,214 | €39,028 | -€10,186 | -20.7% |
| Amounts receivable within one year | 40/41 | €3,473,472 | €3,334,193 | -€139,279 | -4.0% |
| Trade receivables | 40 | €3,456,445 | €3,331,564 | -€124,881 | -3.6% |
| Other amounts receivable | 41 | €17,027 | €2,629 | -€14,398 | -84.6% |
| Cash at bank and in hand | 54/58 | €362,506 | €325,650 | -€36,856 | -10.2% |
| Deferred charges and accrued income | 490/1 | €8,737 | €0 | -€8,737 | -100% |
| Total equity and liabilities | 10/49 | €4,070,938 | €4,138,136 | +€67,198 | +1.7% |
| Equity | 10/15 | €1,160,711 | €1,197,599 | +€36,888 | +3.2% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Capital | 10 | €255,000 | €255,000 | = | 0.0% |
| Issued capital | 100 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €25,500 | €25,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,500 | €25,500 | = | 0.0% |
| Legal reserve | 130 | €25,500 | €25,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €880,211 | €917,099 | +€36,888 | +4.2% |
| Amounts payable | 17/49 | €2,910,227 | €2,940,536 | +€30,310 | +1.0% |
| Amounts payable within one year | 42/48 | €2,910,227 | €2,940,536 | +€30,310 | +1.0% |
| Trade debts | 44 | €2,119,018 | €1,650,886 | -€468,132 | -22.1% |
| Suppliers | 440/4 | €2,119,018 | €1,650,886 | -€468,132 | -22.1% |
| Taxes, remuneration and social security | 45 | €333,794 | €315,588 | -€18,206 | -5.5% |
| Taxes | 450/3 | €49,171 | €16,561 | -€32,610 | -66.3% |
| Remuneration and social security | 454/9 | €284,623 | €299,027 | +€14,403 | +5.1% |
| Other amounts payable | 47/48 | €457,415 | €974,062 | +€516,648 | +113% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,705,444 | €1,879,557 | +€174,113 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,727 | €59,552 | -€7,175 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €27,969 | €13,809 | -€14,160 | -50.6% |
| Non-recurring operating charges | 66A | €0 | €12,266 | +€12,266 | |
| Gross operating margin | 9900 | €1,974,555 | €2,052,256 | +€77,701 | +3.9% |
| Operating profit (loss) | 9901 | €174,415 | €87,072 | -€87,343 | -50.1% |
| Financial income | 75/76B | €38 | €752 | +€714 | +1,860% |
| Recurring financial income | 75 | €38 | €752 | +€714 | +1,860% |
| Financial charges | 65/66B | €34,243 | €18,667 | -€15,575 | -45.5% |
| Recurring financial charges | 65 | €34,243 | €18,667 | -€15,575 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €140,211 | €69,157 | -€71,054 | -50.7% |
| Income taxes | 67/77 | €52,393 | €32,269 | -€20,124 | -38.4% |
| Profit (loss) for the period | 9904 | €87,819 | €36,888 | -€50,931 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,819 | €36,888 | -€50,931 | -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.