The Smiling Cow (La Vache Qui Rit) still has every reason to... smile. Along with Babybel, Kiri, Boursin, Leerdammer, and Mini Babybel, the iconic brands of the French Bel Group led Fromageries Bel Hellas—which employs an average of just four people—to a new surge in sales and profitability last year.The company’s revenue stood at 10.83 million euros, up 14.6% compared to 2024, net profits nearly doubled, reaching 138.9 thousand euros from 72.9 thousand euros, while pre-tax profits amounted to 210.8 thousand euros, compared to 138.3 thousand euros in 2024.
However, this growth was accompanied by a significant increase in trade receivables, which rose to over 4.19 million euros from 3.16 million euros. Management attributes this change exclusively to the expansion of commercial activity, noting that there has been no change in the company’s credit policy. At the same time, trade payables increased to 3.27 million euros.
Bel Hellas operates as the exclusive distribution and marketing arm for the French group’s products in the Greek market and, since 2022, has been a direct, wholly-owned subsidiary of Bel S.A., following the restructuring of the group’s shareholding structure.
In the management report, management notes that geopolitical developments and volatility in raw material prices continue to be key sources of uncertainty for the industry. At the same time, it notes that the company participates in the group’s cash pooling system, which helps optimize liquidity and enhance financial flexibility.