ACCUBEL: 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
ACCUBEL
NACE 46.842, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€614,233
2024 · €59,958-€674,191
Equity
€1.8m
2024 · €2.4m-€609,781
Cash
€171,773
2024 · €120,352+€51,421
Balance sheet total
€5.0m
2024 · €5.6m-€630,487
Largest movements
Assets
- Stocks and contracts -€544,050
down €544,050 (-18.8%), from €2.9m to €2.3m
- Tangible fixed assets -€186,409
down €186,409 (-15.3%), from €1.2m to €1.0m
Equity and liabilities
- Reserves -€586,040
down €586,040 (-32.4%), from €1.8m to €1.2m
of which Distributable reserves: -€485,000
- Debts after one year -€284,703
down €284,703 (-15.2%), from €1.9m to €1.6m
- Short-term financial debts +€176,000
up €176,000 (+29.9%), from €588,890 to €764,890
- Trade debts +€82,517
up €82,517 (+17.0%), from €486,712 to €569,230
- Other debts -€57,237
down €57,237 (-92.4%), from €61,917 to €4,680
Income statement
- Gross operating margin -€752,109
down €752,109 (-39.2%), from €1.9m to €1.2m
- Staff costs -€59,870
down €59,870 (-4.4%), from €1.4m to €1.3m
- Depreciation +€42,618
up €42,618 (+16.4%), from €260,272 to €302,890
- Taxes -€34,034
down €34,034 (-95.4%), from €35,690 to €1,656
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
€59,958
Gross operating margin
-€752,109
Staff costs
+€59,870
Depreciation
-€42,618
Write-downs
+€6,765
Other operating charges
+€7,896
Other operating items
-€4,441
Financial income
+€7,783
Financial charges
+€8,627
Taxes
+€34,034
Result 2025
-€614,233
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
+€274,762
Investment
-€157,734
Financing
-€65,606
Cash 2024
€120,352
From operations (derived)
+€274,762
Net result for the year
-€614,233
Depreciation
+€302,890
Stocks and contracts
+€544,050
Receivables within one year
-€12,213
Deferred charges and accrued income
+€4,916
Trade debts
+€82,517
Tax, wage and social debts
-€16,953
Advances received
+€49,161
Other debts
-€57,237
Accrued charges and deferred income
-€8,135
Investment (derived)
-€157,734
Investment in fixed assets (net)
-€157,734
Financing
-€65,606
Debts after one year
-€284,703
Current portion of long-term debt
+€38,644
Short-term financial debts
+€176,000
Contributions, distributions and other
+€4,453
Cash 2025
€171,773
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,612,707 | €4,982,221 | -€630,487 | -11.2% |
| Fixed assets | 21/28 | €1,301,249 | €1,156,094 | -€145,155 | -11.2% |
| Intangible fixed assets | 21 | €80,980 | €122,872 | +€41,892 | +51.7% |
| Tangible fixed assets | 22/27 | €1,219,632 | €1,033,222 | -€186,409 | -15.3% |
| Land and buildings | 22 | €704,406 | €635,561 | -€68,844 | -9.8% |
| Plant, machinery and equipment | 23 | €245,117 | €214,408 | -€30,708 | -12.5% |
| Furniture and vehicles | 24 | €270,109 | €183,252 | -€86,857 | -32.2% |
| Financial fixed assets | 28 | €638 | - | -€638 | |
| Current assets | 29/58 | €4,311,458 | €3,826,127 | -€485,331 | -11.3% |
| Stocks and contracts in progress | 3 | €2,892,651 | €2,348,601 | -€544,050 | -18.8% |
| Stocks | 30/36 | €2,892,651 | €2,348,601 | -€544,050 | -18.8% |
| Amounts receivable within one year | 40/41 | €1,200,942 | €1,213,155 | +€12,213 | +1.0% |
| Trade receivables | 40 | €1,140,754 | €1,173,506 | +€32,753 | +2.9% |
| Other amounts receivable | 41 | €60,188 | €39,649 | -€20,539 | -34.1% |
| Cash at bank and in hand | 54/58 | €120,352 | €171,773 | +€51,421 | +42.7% |
| Deferred charges and accrued income | 490/1 | €97,514 | €92,597 | -€4,916 | -5.0% |
| Total equity and liabilities | 10/49 | €5,612,707 | €4,982,221 | -€630,487 | -11.2% |
| Equity | 10/15 | €2,360,419 | €1,750,638 | -€609,781 | -25.8% |
| Contributions | 10/11 | €540,000 | €540,000 | = | 0.0% |
| Capital | 10 | €540,000 | €540,000 | = | 0.0% |
| Issued capital | 100 | €540,000 | €540,000 | = | 0.0% |
| Reserves | 13 | €1,810,335 | €1,224,295 | -€586,040 | -32.4% |
| Non-distributable reserves | 130/1 | €54,000 | €54,000 | = | 0.0% |
| Legal reserve | 130 | €54,000 | €54,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €345,220 | €244,180 | -€101,040 | -29.3% |
| Distributable reserves | 133 | €1,411,115 | €926,115 | -€485,000 | -34.4% |
| Profit (loss) carried forward | 14 | €194 | -€27,999 | -€28,193 | |
| Investment grants | 15 | €9,889 | €14,342 | +€4,453 | +45.0% |
| Amounts payable | 17/49 | €3,252,288 | €3,231,582 | -€20,706 | -0.6% |
| Amounts payable after more than one year | 17 | €1,875,000 | €1,590,297 | -€284,703 | -15.2% |
| Financial debts | 170/4 | €1,875,000 | €1,590,297 | -€284,703 | -15.2% |
| Amounts payable within one year | 42/48 | €1,364,635 | €1,636,767 | +€272,132 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | - | €38,644 | +€38,644 | |
| Financial debts | 43 | €588,890 | €764,890 | +€176,000 | +29.9% |
| Credit institutions | 430/8 | €588,890 | €764,890 | +€176,000 | +29.9% |
| Trade debts | 44 | €486,712 | €569,230 | +€82,517 | +17.0% |
| Suppliers | 440/4 | €486,712 | €569,230 | +€82,517 | +17.0% |
| Advances received on contracts in progress | 46 | €15,377 | €64,538 | +€49,161 | +320% |
| Taxes, remuneration and social security | 45 | €211,738 | €194,786 | -€16,953 | -8.0% |
| Taxes | 450/3 | €40,991 | €43,747 | +€2,756 | +6.7% |
| Remuneration and social security | 454/9 | €170,747 | €151,038 | -€19,709 | -11.5% |
| Other amounts payable | 47/48 | €61,917 | €4,680 | -€57,237 | -92.4% |
| Accrued charges and deferred income | 492/3 | €12,653 | €4,518 | -€8,135 | -64.3% |
| Non-recurring operating income | 76A | €31,377 | - | -€31,377 | |
| Remuneration, social security and pensions | 62 | €1,372,776 | €1,312,906 | -€59,870 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €260,272 | €302,890 | +€42,618 | +16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,122 | €357 | -€6,765 | -95.0% |
| Other operating charges | 640/8 | €57,223 | €49,326 | -€7,896 | -13.8% |
| Non-recurring operating charges | 66A | - | €4,441 | +€4,441 | |
| Gross operating margin | 9900 | €1,919,162 | €1,167,054 | -€752,109 | -39.2% |
| Operating profit (loss) | 9901 | €221,769 | -€502,866 | -€724,635 | |
| Financial income | 75/76B | €10,221 | €18,003 | +€7,783 | +76.1% |
| Recurring financial income | 75 | €10,221 | €18,003 | +€7,783 | +76.1% |
| Financial charges | 65/66B | €136,342 | €127,714 | -€8,627 | -6.3% |
| Recurring financial charges | 65 | €136,342 | €127,714 | -€8,627 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €95,648 | -€612,577 | -€708,225 | |
| Income taxes | 67/77 | €35,690 | €1,656 | -€34,034 | -95.4% |
| Profit (loss) for the period | 9904 | €59,958 | -€614,233 | -€674,191 | |
| Transfer from tax-exempt reserves | 789 | - | €101,040 | +€101,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,958 | -€513,193 | -€573,151 |
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 18 October 2026 via checked.be.