2.V.D.: 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.
What changed
2.V.D.
NACE 46.392, Non-specialised wholesale
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€77,986
2024 · €586,811-€664,798
Equity
€6.0m
2024 · €6.1m-€77,986
Cash
€1.1m
2024 · €1.2m-€90,835
Balance sheet total
€9.2m
2024 · €9.3m-€77,266
Largest movements
Assets
- Tangible fixed assets -€200,810
down €200,810 (-13.6%), from €1.5m to €1.3m
- Stocks and contracts +€131,131
up €131,131 (+8.5%), from €1.5m to €1.7m
- Deferred charges and accrued income +€123,879
up €123,879 (+18.3%), from €677,936 to €801,815
Equity and liabilities
- Trade debts +€222,472
up €222,472 (+12.8%), from €1.7m to €2.0m
- Debts after one year -€132,235
down €132,235 (-18.2%), from €726,250 to €594,015
Income statement
- Gross operating margin -€874,158
down €874,158 (-27.2%), from €3.2m to €2.3m
- Turnover -€731,484
down €731,484 (-4.5%), from €16.2m to €15.5m
- Write-downs +€222,132
new in 2025: €222,132
- Taxes -€195,159
down €195,159 (-97.2%), from €200,724 to €5,565
- Staff costs -€194,312
down €194,312 (-16.5%), from €1.2m to €984,830
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
€586,811
Gross operating margin
-€874,158
Staff costs
+€194,312
Depreciation
+€21,587
Write-downs
-€222,132
Other operating charges
-€20,021
Financial income
+€18,550
Financial charges
+€21,905
Taxes
+€195,159
Result 2025
-€77,986
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
+€110,735
Investment
-€39,933
Financing
-€161,638
Cash 2024
€1.2m
From operations (derived)
+€110,735
Net result for the year
-€77,986
Depreciation
+€240,743
Stocks and contracts
-€131,131
Receivables within one year
+€40,630
Deferred charges and accrued income
-€123,879
Trade debts
+€222,472
Tax, wage and social debts
-€60,114
Investment (derived)
-€39,933
Investment in fixed assets (net)
-€39,933
Financing
-€161,638
Debts after one year
-€132,235
Current portion of long-term debt
-€29,403
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,252,115 | €9,174,850 | -€77,266 | -0.8% |
| Fixed assets | 21/28 | €1,471,233 | €1,270,422 | -€200,810 | -13.6% |
| Tangible fixed assets | 22/27 | €1,471,233 | €1,270,422 | -€200,810 | -13.6% |
| Land and buildings | 22 | €1,160,801 | €1,073,904 | -€86,897 | -7.5% |
| Plant, machinery and equipment | 23 | €67,187 | €35,958 | -€31,229 | -46.5% |
| Furniture and vehicles | 24 | €96,188 | €85,323 | -€10,865 | -11.3% |
| Leasing and similar rights | 25 | €142,089 | €71,511 | -€70,578 | -49.7% |
| Other tangible fixed assets | 26 | €4,967 | €3,726 | -€1,242 | -25.0% |
| Current assets | 29/58 | €7,780,882 | €7,904,427 | +€123,545 | +1.6% |
| Stocks and contracts in progress | 3 | €1,541,721 | €1,672,852 | +€131,131 | +8.5% |
| Stocks | 30/36 | €1,541,721 | €1,672,852 | +€131,131 | +8.5% |
| Amounts receivable within one year | 40/41 | €4,387,681 | €4,347,051 | -€40,630 | -0.9% |
| Trade receivables | 40 | €4,164,840 | €3,621,928 | -€542,912 | -13.0% |
| Other amounts receivable | 41 | €222,841 | €725,123 | +€502,282 | +225.4% |
| Cash at bank and in hand | 54/58 | €1,173,545 | €1,082,710 | -€90,835 | -7.7% |
| Deferred charges and accrued income | 490/1 | €677,936 | €801,815 | +€123,879 | +18.3% |
| Total equity and liabilities | 10/49 | €9,252,115 | €9,174,850 | -€77,266 | -0.8% |
| Equity | 10/15 | €6,109,551 | €6,031,565 | -€77,986 | -1.3% |
| Contributions | 10/11 | €68,000 | €68,000 | = | 0.0% |
| Capital | 10 | €68,000 | €68,000 | = | 0.0% |
| Issued capital | 100 | €68,000 | €68,000 | = | 0.0% |
| Reserves | 13 | €6,860 | €6,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,860 | €6,860 | = | 0.0% |
| Legal reserve | 130 | €6,860 | €6,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,034,691 | €5,956,705 | -€77,986 | -1.3% |
| Amounts payable | 17/49 | €3,142,564 | €3,143,285 | +€721 | 0.0% |
| Amounts payable after more than one year | 17 | €726,250 | €594,015 | -€132,235 | -18.2% |
| Financial debts | 170/4 | €726,250 | €594,015 | -€132,235 | -18.2% |
| Amounts payable within one year | 42/48 | €2,416,314 | €2,549,270 | +€132,956 | +5.5% |
| Current portion of amounts payable after more than one year | 42 | €221,969 | €192,566 | -€29,403 | -13.2% |
| Trade debts | 44 | €1,743,749 | €1,966,221 | +€222,472 | +12.8% |
| Suppliers | 440/4 | €1,743,749 | €1,966,221 | +€222,472 | +12.8% |
| Taxes, remuneration and social security | 45 | €448,408 | €388,294 | -€60,114 | -13.4% |
| Taxes | 450/3 | €245,487 | €184,435 | -€61,053 | -24.9% |
| Remuneration and social security | 454/9 | €202,921 | €203,860 | +€939 | +0.5% |
| Other amounts payable | 47/48 | €2,188 | €2,188 | = | 0.0% |
| Turnover | 70 | €16,186,707 | €15,455,223 | -€731,484 | -4.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €12,989,074 | €13,140,683 | +€151,608 | +1.2% |
| Remuneration, social security and pensions | 62 | €1,179,142 | €984,830 | -€194,312 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €262,330 | €240,743 | -€21,587 | -8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €222,132 | +€222,132 | |
| Other operating charges | 640/8 | €893,115 | €913,137 | +€20,021 | +2.2% |
| Gross operating margin | 9900 | €3,210,005 | €2,335,847 | -€874,158 | -27.2% |
| Operating profit (loss) | 9901 | €875,417 | -€24,995 | -€900,412 | |
| Financial income | 75/76B | - | €18,550 | +€18,550 | |
| Recurring financial income | 75 | - | €18,550 | +€18,550 | |
| Financial charges | 65/66B | €87,881 | €65,976 | -€21,905 | -24.9% |
| Recurring financial charges | 65 | €87,881 | €65,976 | -€21,905 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €787,536 | -€72,421 | -€859,957 | |
| Income taxes | 67/77 | €200,724 | €5,565 | -€195,159 | -97.2% |
| Profit (loss) for the period | 9904 | €586,811 | -€77,986 | -€664,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €586,811 | -€77,986 | -€664,798 |
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 3 October 2026 via checked.be.