UpFresh: 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
UpFresh
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€552,916
2024 · -€118,135+€671,051
Equity
€9.0m
2024 · €8.5m+€552,916
Cash
€5.6m
2024 · €6.3m-€716,729
Balance sheet total
€34.7m
2024 · €31.2m+€3.5m
Largest movements
Assets
- Receivables within one year +€4.8m
up €4.8m (+29.5%), from €16.1m to €20.9m
of which Trade receivables: +€5.1m
- Cash -€716,729
down €716,729 (-11.4%), from €6.3m to €5.6m
mainly Receivables within one year (-€4.8m) and Investment in fixed assets (net) (-€1.1m)
Equity and liabilities
- Trade debts +€3.4m
up €3.4m (+17.6%), from €19.1m to €22.4m
- Other debts +€595,279
up €595,279 (+75.6%), from €787,549 to €1.4m
- Reserves +€551,589
up €551,589 (+6.6%), from €8.4m to €9.0m
of which Distributable reserves: +€1.1m
- Tax, wage and social debts -€455,749
down €455,749 (-29.0%), from €1.6m to €1.1m
of which Remuneration and social security: -€267,237
Income statement
- Turnover +€24.9m
up €24.9m (+21.9%), from €113.7m to €138.6m
- Goods and materials +€22.1m
up €22.1m (+24.9%), from €88.8m to €110.9m
of which Purchases: +€21.4m
- Services and other goods +€2.0m
up €2.0m (+12.2%), from €16.2m to €18.2m
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
-€118,135
Turnover
+€24.9m
Other operating income
+€188,340
Goods and materials
-€22.1m
Services and other goods
-€2.0m
Staff costs
+€583,544
Depreciation
-€272,399
Write-downs
-€116,322
Other operating charges
-€91,037
Other operating items
-€177,967
Financial income
-€113,048
Financial charges
+€56,201
Taxes
-€238,246
Result 2025
€552,916
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.
From operations
+€808,188
Investment
-€1.1m
Financing
-€378,699
Cash 2024
€6.3m
From operations (derived)
+€808,188
Net result for the year
+€552,916
Depreciation
+€1.5m
Stocks and contracts
+€112,583
Receivables within one year
-€4.8m
Deferred charges and accrued income
+€124,222
Trade debts
+€3.4m
Tax, wage and social debts
-€455,749
Other debts
+€595,279
Accrued charges and deferred income
-€166,156
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
-€378,699
Debts after one year
-€213,140
Current portion of long-term debt
-€64,210
Short-term financial debts
-€101,349
Cash 2025
€5.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,204,744 | €34,706,103 | +€3.5m | +11.2% |
| Fixed assets | 21/28 | €3,222,820 | €2,916,036 | -€306,784 | -9.5% |
| Intangible fixed assets | 21 | €625,843 | €450,070 | -€175,772 | -28.1% |
| Tangible fixed assets | 22/27 | €2,506,650 | €2,376,138 | -€130,512 | -5.2% |
| Plant, machinery and equipment | 23 | €1,950,595 | €1,615,501 | -€335,094 | -17.2% |
| Furniture and vehicles | 24 | €552,153 | €520,090 | -€32,064 | -5.8% |
| Other tangible fixed assets | 26 | €101 | €0 | -€101 | -100.0% |
| Assets under construction and advance payments | 27 | €3,800 | €240,547 | +€236,747 | +6230.2% |
| Financial fixed assets | 28 | €90,328 | €89,828 | -€500 | -0.6% |
| Affiliated companies | 280/1 | €87,553 | €87,553 | = | 0.0% |
| Participating interests | 280 | €87,553 | €87,553 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €250 | €250 | = | 0.0% |
| Participating interests | 282 | €250 | €250 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,525 | €2,025 | -€500 | -19.8% |
| Amounts receivable and cash guarantees | 285/8 | €2,525 | €2,025 | -€500 | -19.8% |
| Current assets | 29/58 | €27,981,924 | €31,790,067 | +€3.8m | +13.6% |
| Stocks and contracts in progress | 3 | €5,377,135 | €5,264,552 | -€112,583 | -2.1% |
| Stocks | 30/36 | €5,377,135 | €5,264,552 | -€112,583 | -2.1% |
| Raw materials and consumables | 30/31 | €565,612 | €563,842 | -€1,771 | -0.3% |
| Goods purchased for resale | 34 | €4,811,523 | €4,700,710 | -€110,813 | -2.3% |
| Amounts receivable within one year | 40/41 | €16,145,735 | €20,907,412 | +€4.8m | +29.5% |
| Trade receivables | 40 | €14,767,788 | €19,896,050 | +€5.1m | +34.7% |
| Other amounts receivable | 41 | €1,377,948 | €1,011,362 | -€366,585 | -26.6% |
| Cash at bank and in hand | 54/58 | €6,299,688 | €5,582,960 | -€716,729 | -11.4% |
| Deferred charges and accrued income | 490/1 | €159,365 | €35,143 | -€124,222 | -77.9% |
| Total equity and liabilities | 10/49 | €31,204,744 | €34,706,103 | +€3.5m | +11.2% |
| Equity | 10/15 | €8,473,182 | €9,026,098 | +€552,916 | +6.5% |
| Contributions | 10/11 | €63,667 | €63,667 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,167 | €2,167 | = | 0.0% |
| Share premium | 1100/10 | €2,167 | €2,167 | = | 0.0% |
| Reserves | 13 | €8,409,515 | €8,961,105 | +€551,589 | +6.6% |
| Non-distributable reserves | 130/1 | €225,522 | €225,522 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €219,372 | €219,372 | = | 0.0% |
| Tax-exempt reserves | 132 | €580,783 | €75,583 | -€505,200 | -87.0% |
| Distributable reserves | 133 | €7,603,211 | €8,660,000 | +€1.1m | +13.9% |
| Profit (loss) carried forward | 14 | - | €1,327 | +€1,327 | |
| Amounts payable | 17/49 | €22,731,562 | €25,680,005 | +€2.9m | +13.0% |
| Amounts payable after more than one year | 17 | €478,497 | €265,357 | -€213,140 | -44.5% |
| Financial debts | 170/4 | €478,497 | €262,857 | -€215,640 | -45.1% |
| Credit institutions | 173 | €478,497 | €262,857 | -€215,640 | -45.1% |
| Other amounts payable | 178/9 | - | €2,500 | +€2,500 | |
| Amounts payable within one year | 42/48 | €21,813,516 | €25,141,254 | +€3.3m | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €279,850 | €215,640 | -€64,210 | -22.9% |
| Financial debts | 43 | €101,349 | €0 | -€101,349 | -100.0% |
| Credit institutions | 430/8 | €101,349 | €0 | -€101,349 | -100.0% |
| Trade debts | 44 | €19,072,751 | €22,426,517 | +€3.4m | +17.6% |
| Suppliers | 440/4 | €19,072,751 | €22,426,517 | +€3.4m | +17.6% |
| Taxes, remuneration and social security | 45 | €1,572,018 | €1,116,269 | -€455,749 | -29.0% |
| Taxes | 450/3 | €361,663 | €173,152 | -€188,512 | -52.1% |
| Remuneration and social security | 454/9 | €1,210,354 | €943,117 | -€267,237 | -22.1% |
| Other amounts payable | 47/48 | €787,549 | €1,382,828 | +€595,279 | +75.6% |
| Accrued charges and deferred income | 492/3 | €439,549 | €273,393 | -€166,156 | -37.8% |
| Operating income | 70/76A | €114,485,072 | €139,545,021 | +€25.1m | +21.9% |
| Turnover | 70 | €113,683,441 | €138,597,184 | +€24.9m | +21.9% |
| Other operating income | 74 | €700,741 | €889,081 | +€188,340 | +26.9% |
| Non-recurring operating income | 76A | €100,890 | €58,756 | -€42,135 | -41.8% |
| Operating charges | 60/66A | €114,336,675 | €138,430,480 | +€24.1m | +21.1% |
| Goods for resale, raw materials and consumables | 60 | €88,800,106 | €110,881,861 | +€22.1m | +24.9% |
| Purchases | 600/8 | €89,364,415 | €110,769,278 | +€21.4m | +24.0% |
| Change in stocks: decrease (increase) | 609 | -€564,309 | €112,583 | +€676,892 | |
| Services and other goods | 61 | €16,249,145 | €18,229,148 | +€2.0m | +12.2% |
| Remuneration, social security and pensions | 62 | €8,058,762 | €7,475,218 | -€583,544 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,180,603 | €1,453,002 | +€272,399 | +23.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€68,312 | €48,010 | +€116,322 | |
| Other operating charges | 640/8 | €113,575 | €204,612 | +€91,037 | +80.2% |
| Non-recurring operating charges | 66A | €2,796 | €138,629 | +€135,833 | +4858.1% |
| Operating profit (loss) | 9901 | €148,398 | €1,114,542 | +€966,144 | +651.0% |
| Financial income | 75/76B | €146,673 | €33,625 | -€113,048 | -77.1% |
| Recurring financial income | 75 | €146,673 | €33,625 | -€113,048 | -77.1% |
| Income from financial fixed assets | 750 | €82,884 | €10 | -€82,874 | -100.0% |
| Income from current assets | 751 | €6,916 | €5,525 | -€1,391 | -20.1% |
| Other financial income | 752/9 | €56,874 | €28,090 | -€28,784 | -50.6% |
| Financial charges | 65/66B | €221,895 | €165,694 | -€56,201 | -25.3% |
| Recurring financial charges | 65 | €221,895 | €165,694 | -€56,201 | -25.3% |
| Debt charges | 650 | €149,216 | €82,137 | -€67,079 | -45.0% |
| Other financial charges | 652/9 | €72,679 | €83,557 | +€10,878 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €73,176 | €982,473 | +€909,297 | +1242.6% |
| Income taxes | 67/77 | €191,310 | €429,557 | +€238,246 | +124.5% |
| Taxes | 670/3 | €191,310 | €434,141 | +€242,830 | +126.9% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €4,584 | +€4,584 | |
| Profit (loss) for the period | 9904 | -€118,135 | €552,916 | +€671,051 | |
| Transfer from tax-exempt reserves | 789 | - | €505,200 | +€505,200 | |
| Profit (loss) for the period to be appropriated | 9905 | -€118,135 | €1,058,116 | +€1.2m |
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 10 October 2026 via checked.be.