AED DISTRIBUTION: 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
AED DISTRIBUTION
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.0m
2024 · -€430,446-€1.5m
Equity
-€1.2m
2024 · €722,349-€2.0m
Cash
€289,391
2024 · €364,222-€74,831
Balance sheet total
€9.1m
2024 · €10.6m-€1.5m
Largest movements
Assets
- Stocks and contracts -€955,039
down €955,039 (-12.7%), from €7.5m to €6.5m
- Receivables within one year -€799,076
down €799,076 (-35.3%), from €2.3m to €1.5m
of which Trade receivables: -€834,231
- Tangible fixed assets +€305,075
up €305,075 (+68.7%), from €443,767 to €748,842
of which Other tangible fixed assets: +€400,000
Equity and liabilities
- Profit (loss) carried forward -€1.9m
down €1.9m (-101%), from -€1.9m to -€3.9m
- Other debts +€934,664
up €934,664 (+20.2%), from €4.6m to €5.6m
- Trade debts -€260,515
down €260,515 (-21.9%), from €1.2m to €929,002
Income statement
- Turnover -€2.9m
down €2.9m (-19.9%), from €14.7m to €11.7m
- Goods and materials -€2.3m
down €2.3m (-19.5%), from €11.9m to €9.6m
of which Purchases: -€4.8m
- Write-downs +€875,799
up €875,799 (+3,159%), from €27,724 to €903,523
- Staff costs +€164,181
up €164,181 (+16.2%), from €1.0m to €1.2m
- Services and other goods +€155,237
up €155,237 (+10.0%), from €1.5m to €1.7m
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
-€430,446
Turnover
-€2.9m
Other operating income
+€39,446
Goods and materials
+€2.3m
Services and other goods
-€155,237
Staff costs
-€164,181
Depreciation
+€66,941
Write-downs
-€875,799
Other operating charges
-€7,954
Other operating items
+€92,542
Financial income
+€42,317
Financial charges
+€38,649
Taxes
+€149
Result 2025
-€2.0m
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
+€586,826
Investment
-€506,253
Financing
-€155,404
Cash 2024
€364,222
From operations (derived)
+€586,826
Net result for the year
-€2.0m
Depreciation
+€171,350
Stocks and contracts
+€955,039
Receivables within one year
+€799,076
Deferred charges and accrued income
+€7,784
Provisions
-€14,029
Trade debts
-€260,515
Tax, wage and social debts
-€14,048
Other debts
+€934,664
Accrued charges and deferred income
-€34,647
Investment (derived)
-€506,253
Investment in fixed assets (net)
-€506,253
Financing
-€155,404
Debts after one year
-€84,897
Current portion of long-term debt
-€22,107
Short-term financial debts
-€48,399
Cash 2025
€289,391
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,642,252 | €9,140,425 | -€1.5m | -14.1% |
| Fixed assets | 21/28 | €502,120 | €837,024 | +€334,903 | +66.7% |
| Intangible fixed assets | 21 | €57,600 | €87,704 | +€30,103 | +52.3% |
| Tangible fixed assets | 22/27 | €443,767 | €748,842 | +€305,075 | +68.7% |
| Land and buildings | 22 | €202,951 | €157,035 | -€45,916 | -22.6% |
| Plant, machinery and equipment | 23 | €15,797 | €16,093 | +€295 | +1.9% |
| Furniture and vehicles | 24 | €70,897 | €47,683 | -€23,214 | -32.7% |
| Leasing and similar rights | 25 | €154,122 | €128,032 | -€26,090 | -16.9% |
| Other tangible fixed assets | 26 | - | €400,000 | +€400,000 | |
| Financial fixed assets | 28 | €753 | €478 | -€275 | -36.5% |
| Affiliated companies | 280/1 | €275 | - | -€275 | |
| Participating interests | 280 | €275 | - | -€275 | |
| Other financial fixed assets | 284/8 | €478 | €478 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €478 | €478 | = | 0.0% |
| Current assets | 29/58 | €10,140,131 | €8,303,402 | -€1.8m | -18.1% |
| Stocks and contracts in progress | 3 | €7,500,119 | €6,545,080 | -€955,039 | -12.7% |
| Stocks | 30/36 | €7,500,119 | €6,545,080 | -€955,039 | -12.7% |
| Goods purchased for resale | 34 | €7,500,119 | €6,545,080 | -€955,039 | -12.7% |
| Amounts receivable within one year | 40/41 | €2,261,070 | €1,461,994 | -€799,076 | -35.3% |
| Trade receivables | 40 | €2,249,540 | €1,415,309 | -€834,231 | -37.1% |
| Other amounts receivable | 41 | €11,530 | €46,685 | +€35,154 | +305% |
| Cash at bank and in hand | 54/58 | €364,222 | €289,391 | -€74,831 | -20.5% |
| Deferred charges and accrued income | 490/1 | €14,720 | €6,937 | -€7,784 | -52.9% |
| Total equity and liabilities | 10/49 | €10,642,252 | €9,140,425 | -€1.5m | -14.1% |
| Equity | 10/15 | €722,349 | -€1,235,498 | -€2.0m | |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €156,482 | €144,945 | -€11,537 | -7.4% |
| Non-distributable reserves | 130/1 | €80,929 | €80,929 | = | 0.0% |
| Legal reserve | 130 | €80,929 | €80,929 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,553 | €64,016 | -€11,537 | -15.3% |
| Profit (loss) carried forward | 14 | -€1,934,133 | -€3,880,443 | -€1.9m | -101% |
| Provisions and deferred taxes | 16 | €112,983 | €98,954 | -€14,029 | -12.4% |
| Provisions for liabilities and charges | 160/5 | €87,919 | €77,736 | -€10,184 | -11.6% |
| Other liabilities and charges | 164/5 | €87,919 | €77,736 | -€10,184 | -11.6% |
| Deferred taxes | 168 | €25,064 | €21,218 | -€3,846 | -15.3% |
| Amounts payable | 17/49 | €9,806,919 | €10,276,969 | +€470,050 | +4.8% |
| Amounts payable after more than one year | 17 | €264,872 | €179,975 | -€84,897 | -32.1% |
| Financial debts | 170/4 | €264,872 | €179,975 | -€84,897 | -32.1% |
| Leasing and similar obligations | 172 | €100,191 | €78,971 | -€21,220 | -21.2% |
| Credit institutions | 173 | €164,681 | €101,003 | -€63,677 | -38.7% |
| Amounts payable within one year | 42/48 | €9,507,319 | €10,096,914 | +€589,595 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €111,210 | €89,103 | -€22,107 | -19.9% |
| Financial debts | 43 | €3,448,408 | €3,400,009 | -€48,399 | -1.4% |
| Credit institutions | 430/8 | €3,448,408 | €3,400,009 | -€48,399 | -1.4% |
| Trade debts | 44 | €1,189,516 | €929,002 | -€260,515 | -21.9% |
| Suppliers | 440/4 | €1,189,516 | €929,002 | -€260,515 | -21.9% |
| Taxes, remuneration and social security | 45 | €139,997 | €125,949 | -€14,048 | -10.0% |
| Taxes | 450/3 | €25,825 | €2,572 | -€23,253 | -90.0% |
| Remuneration and social security | 454/9 | €114,172 | €123,377 | +€9,205 | +8.1% |
| Other amounts payable | 47/48 | €4,618,187 | €5,552,852 | +€934,664 | +20.2% |
| Accrued charges and deferred income | 492/3 | €34,728 | €81 | -€34,647 | -99.8% |
| Operating income | 70/76A | €14,723,764 | €11,932,577 | -€2.8m | -19.0% |
| Turnover | 70 | €14,663,869 | €11,740,694 | -€2.9m | -19.9% |
| Other operating income | 74 | €59,895 | €99,341 | +€39,446 | +65.9% |
| Non-recurring operating income | 76A | - | €92,542 | +€92,542 | |
| Operating charges | 60/66A | €14,761,944 | €13,579,273 | -€1.2m | -8.0% |
| Goods for resale, raw materials and consumables | 60 | €11,920,918 | €9,602,015 | -€2.3m | -19.5% |
| Purchases | 600/8 | €14,351,218 | €9,520,816 | -€4.8m | -33.7% |
| Change in stocks: decrease (increase) | 609 | -€2,430,300 | €81,199 | +€2.5m | |
| Services and other goods | 61 | €1,548,770 | €1,704,008 | +€155,237 | +10.0% |
| Remuneration, social security and pensions | 62 | €1,016,274 | €1,180,455 | +€164,181 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,290 | €171,350 | -€66,941 | -28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,724 | €903,523 | +€875,799 | +3,159% |
| Other operating charges | 640/8 | €9,969 | €17,923 | +€7,954 | +79.8% |
| Operating profit (loss) | 9901 | -€38,180 | -€1,646,696 | -€1.6m | -4,213% |
| Financial income | 75/76B | €12,187 | €54,505 | +€42,317 | +347% |
| Recurring financial income | 75 | €12,187 | €54,505 | +€42,317 | +347% |
| Other financial income | 752/9 | €12,187 | €54,505 | +€42,317 | +347% |
| Financial charges | 65/66B | €406,650 | €368,001 | -€38,649 | -9.5% |
| Recurring financial charges | 65 | €406,650 | €368,001 | -€38,649 | -9.5% |
| Debt charges | 650 | €306,539 | €282,786 | -€23,753 | -7.7% |
| Other financial charges | 652/9 | €100,111 | €85,215 | -€14,896 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | -€432,643 | -€1,960,193 | -€1.5m | -353% |
| Transfer from deferred taxes | 780 | €3,846 | €3,846 | = | 0.0% |
| Income taxes | 67/77 | €1,649 | €1,500 | -€149 | -9.0% |
| Taxes | 670/3 | €1,649 | €1,500 | -€149 | -9.0% |
| Profit (loss) for the period | 9904 | -€430,446 | -€1,957,847 | -€1.5m | -355% |
| Transfer from tax-exempt reserves | 789 | €11,537 | €11,537 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€418,909 | -€1,946,310 | -€1.5m | -365% |
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 13 October 2026 via checked.be.