THE BELGIAN FACTORY: what changed
What changed
THE BELGIAN FACTORY
NACE 46.170, Agents in the wholesale of food, beverages and tobacco
filed annual accounts (NBB)
Net result for the year
€533,189
2024 · €410,432+€122,757
Equity
€1.2m
2024 · €639,358+€533,189
Cash
€147,638
2024 · €58,903+€88,735
Balance sheet total
€5.3m
2024 · €4.6m+€683,550
Largest movements
Assets
- Receivables within one year +€597,324
up €597,324 (+57.7%), from €1.0m to €1.6m
of which Other amounts receivable: +€798,670
- Stocks and contracts +€100,626
up €100,626 (+8.5%), from €1.2m to €1.3m
- Cash +€88,735
up €88,735 (+151%), from €58,903 to €147,638
mainly Net result for the year (+€533,189) and Trade debts (+€428,638)
- Tangible fixed assets -€70,333
down €70,333 (-3.2%), from €2.2m to €2.1m
of which Land and buildings: -€40,184
Equity and liabilities
- Profit (loss) carried forward +€533,189
up €533,189 (+86.1%), from €619,358 to €1.2m
- Trade debts +€428,638
up €428,638 (+22.7%), from €1.9m to €2.3m
- Other debts -€211,836
down €211,836 (-67.9%), from €311,919 to €100,083
- Debts after one year -€150,000
down €150,000 (-10.0%), from €1.5m to €1.4m
- Short-term financial debts +€83,107
new in 2025: €83,107
Income statement
- Gross operating margin +€241,170
up €241,170 (+28.2%), from €855,052 to €1.1m
- Staff costs +€48,016
up €48,016 (+39.8%), from €120,596 to €168,612
- Taxes +€46,758
up €46,758 (+36.9%), from €126,621 to €173,379
- Depreciation +€18,078
up €18,078 (+11.9%), from €151,635 to €169,713
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
€410,432
Gross operating margin
+€241,170
Staff costs
-€48,016
Depreciation
-€18,078
Other operating charges
+€223
Financial income
-€9,619
Financial charges
+€3,835
Taxes
-€46,758
Result 2025
€533,189
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
+€222,743
Investment
-€67,114
Financing
-€66,893
Cash 2024
€58,903
From operations (derived)
+€222,743
Net result for the year
+€533,189
Depreciation
+€169,713
Stocks and contracts
-€100,626
Receivables within one year
-€597,324
Smaller working-capital items
+€988
Trade debts
+€428,638
Other debts
-€211,836
Investment (derived)
-€67,114
Investment in fixed assets (net)
-€67,114
Financing
-€66,893
Debts after one year
-€150,000
Short-term financial debts
+€83,107
Cash 2025
€147,638
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,643,619 | €5,327,169 | +€683,550 | +14.7% |
| Fixed assets | 21/28 | €2,367,112 | €2,264,513 | -€102,599 | -4.3% |
| Intangible fixed assets | 21 | €183,932 | €151,667 | -€32,266 | -17.5% |
| Tangible fixed assets | 22/27 | €2,182,633 | €2,112,300 | -€70,333 | -3.2% |
| Land and buildings | 22 | €2,063,762 | €2,023,578 | -€40,184 | -1.9% |
| Plant, machinery and equipment | 23 | €96,929 | €74,904 | -€22,025 | -22.7% |
| Furniture and vehicles | 24 | €21,941 | €13,817 | -€8,124 | -37.0% |
| Financial fixed assets | 28 | €546 | €546 | = | 0.0% |
| Current assets | 29/58 | €2,276,507 | €3,062,657 | +€786,149 | +34.5% |
| Stocks and contracts in progress | 3 | €1,179,767 | €1,280,393 | +€100,626 | +8.5% |
| Stocks | 30/36 | €1,179,767 | €1,280,393 | +€100,626 | +8.5% |
| Amounts receivable within one year | 40/41 | €1,034,365 | €1,631,689 | +€597,324 | +57.7% |
| Trade receivables | 40 | €1,001,055 | €799,709 | -€201,346 | -20.1% |
| Other amounts receivable | 41 | €33,310 | €831,980 | +€798,670 | +2,398% |
| Cash at bank and in hand | 54/58 | €58,903 | €147,638 | +€88,735 | +151% |
| Deferred charges and accrued income | 490/1 | €3,472 | €2,936 | -€535 | -15.4% |
| Total equity and liabilities | 10/49 | €4,643,619 | €5,327,169 | +€683,550 | +14.7% |
| Equity | 10/15 | €639,358 | €1,172,547 | +€533,189 | +83.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €619,358 | €1,152,547 | +€533,189 | +86.1% |
| Amounts payable | 17/49 | €4,004,261 | €4,154,623 | +€150,362 | +3.8% |
| Amounts payable after more than one year | 17 | €1,500,000 | €1,350,000 | -€150,000 | -10.0% |
| Financial debts | 170/4 | €1,500,000 | €1,350,000 | -€150,000 | -10.0% |
| Amounts payable within one year | 42/48 | €2,504,261 | €2,804,623 | +€300,362 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 43 | - | €83,107 | +€83,107 | |
| Credit institutions | 430/8 | - | €83,107 | +€83,107 | |
| Trade debts | 44 | €1,887,595 | €2,316,233 | +€428,638 | +22.7% |
| Suppliers | 440/4 | €1,887,595 | €2,316,233 | +€428,638 | +22.7% |
| Taxes, remuneration and social security | 45 | €154,747 | €155,200 | +€453 | +0.3% |
| Taxes | 450/3 | €132,945 | €125,771 | -€7,173 | -5.4% |
| Remuneration and social security | 454/9 | €21,803 | €29,429 | +€7,626 | +35.0% |
| Other amounts payable | 47/48 | €311,919 | €100,083 | -€211,836 | -67.9% |
| Remuneration, social security and pensions | 62 | €120,596 | €168,612 | +€48,016 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,635 | €169,713 | +€18,078 | +11.9% |
| Other operating charges | 640/8 | €2,181 | €1,958 | -€223 | -10.2% |
| Gross operating margin | 9900 | €855,052 | €1,096,223 | +€241,170 | +28.2% |
| Operating profit (loss) | 9901 | €580,640 | €755,939 | +€175,299 | +30.2% |
| Financial income | 75/76B | €12,136 | €2,517 | -€9,619 | -79.3% |
| Recurring financial income | 75 | €12,136 | €2,517 | -€9,619 | -79.3% |
| Financial charges | 65/66B | €55,724 | €51,888 | -€3,835 | -6.9% |
| Recurring financial charges | 65 | €55,724 | €51,888 | -€3,835 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €537,053 | €706,568 | +€169,515 | +31.6% |
| Income taxes | 67/77 | €126,621 | €173,379 | +€46,758 | +36.9% |
| Profit (loss) for the period | 9904 | €410,432 | €533,189 | +€122,757 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €410,432 | €533,189 | +€122,757 | +29.9% |
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 8 November 2026 via checked.be.