ASSOCIATED RETAIL: 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
ASSOCIATED RETAIL
NACE 52.100, Warehousing and storage
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,549
2024 · -€29,568+€48,117
Equity
€790,541
2024 · €771,992+€18,549
Cash
€5,023
2024 · €10,062-€5,039
Balance sheet total
€1.6m
2024 · €2.1m-€438,070
Largest movements
Assets
- Deferred charges and accrued income -€262,031
no longer reported in 2025 (was €262,031)
- Financial fixed assets -€188,884
no longer reported in 2025 (was €188,884)
- Receivables within one year +€29,153
up €29,153 (+6.7%), from €437,169 to €466,322
of which Trade receivables: +€103,043
Equity and liabilities
- Other debts -€305,244
down €305,244 (-60.8%), from €502,169 to €196,925
- Accrued charges and deferred income -€192,967
down €192,967 (-25.6%), from €752,682 to €559,715
- Trade debts +€42,169
up €42,169 (+118%), from €35,732 to €77,901
Income statement
- Financial income -€2.4m
no longer reported in 2025 (was €2.4m)
of which Financial income: -€2.4m
- Turnover -€448,124
down €448,124 (-29.8%), from €1.5m to €1.1m
- Staff costs -€410,203
down €410,203 (-99.7%), from €411,501 to €1,298
- Other operating income +€406,660
up €406,660 (+242%), from €168,256 to €574,916
- Services and other goods +€287,980
up €287,980 (+26.2%), from €1.1m to €1.4m
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
-€29,568
Turnover
-€448,124
Other operating income
+€406,660
Services and other goods
-€287,980
Staff costs
+€410,203
Depreciation
+€12,909
Other operating charges
+€43,408
Other operating items
+€2.2m
Financial income
-€2.4m
Financial charges
+€75,473
Taxes
+€615
Result 2025
€18,549
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
+€12,899
Investment
-€17,938
Financing
€0
Cash 2024
€10,062
From operations (derived)
+€12,899
Net result for the year
+€18,549
Depreciation
+€218,091
Receivables within one year
-€29,153
Deferred charges and accrued income
+€262,031
Trade debts
+€42,169
Tax, wage and social debts
-€577
Other debts
-€305,244
Accrued charges and deferred income
-€192,967
Investment (derived)
-€17,938
Investment in fixed assets (net)
-€17,938
Cash 2025
€5,023
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,063,152 | €1,625,082 | -€438,070 | -21.2% |
| Fixed assets | 21/28 | €1,353,890 | €1,153,737 | -€200,153 | -14.8% |
| Intangible fixed assets | 21 | €1,313 | - | -€1,313 | |
| Tangible fixed assets | 22/27 | €1,163,693 | €1,153,737 | -€9,956 | -0.9% |
| Land and buildings | 22 | €65,431 | €56,937 | -€8,494 | -13.0% |
| Plant, machinery and equipment | 23 | €752,798 | €832,785 | +€79,987 | +10.6% |
| Furniture and vehicles | 24 | €64,560 | €26,800 | -€37,760 | -58.5% |
| Other tangible fixed assets | 26 | €280,904 | €237,215 | -€43,689 | -15.6% |
| Financial fixed assets | 28 | €188,884 | - | -€188,884 | |
| Other financial fixed assets | 284/8 | €188,884 | - | -€188,884 | |
| Amounts receivable and cash guarantees | 285/8 | €188,884 | - | -€188,884 | |
| Current assets | 29/58 | €709,262 | €471,345 | -€237,917 | -33.5% |
| Amounts receivable within one year | 40/41 | €437,169 | €466,322 | +€29,153 | +6.7% |
| Trade receivables | 40 | €252,726 | €355,769 | +€103,043 | +40.8% |
| Other amounts receivable | 41 | €184,443 | €110,553 | -€73,890 | -40.1% |
| Cash at bank and in hand | 54/58 | €10,062 | €5,023 | -€5,039 | -50.1% |
| Deferred charges and accrued income | 490/1 | €262,031 | - | -€262,031 | |
| Total equity and liabilities | 10/49 | €2,063,152 | €1,625,082 | -€438,070 | -21.2% |
| Equity | 10/15 | €771,992 | €790,541 | +€18,549 | +2.4% |
| Contributions | 10/11 | €780,000 | €780,000 | = | 0.0% |
| Capital | 10 | €780,000 | €780,000 | = | 0.0% |
| Issued capital | 100 | €780,000 | €780,000 | = | 0.0% |
| Reserves | 13 | €64,129 | €64,129 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,550 | €14,550 | = | 0.0% |
| Legal reserve | 130 | €14,550 | €14,550 | = | 0.0% |
| Distributable reserves | 133 | €49,579 | €49,579 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,137 | -€53,588 | +€18,549 | +25.7% |
| Amounts payable | 17/49 | €1,291,160 | €834,541 | -€456,619 | -35.4% |
| Amounts payable within one year | 42/48 | €538,478 | €274,826 | -€263,652 | -49.0% |
| Trade debts | 44 | €35,732 | €77,901 | +€42,169 | +118% |
| Suppliers | 440/4 | €35,732 | €77,901 | +€42,169 | +118% |
| Taxes, remuneration and social security | 45 | €577 | - | -€577 | |
| Taxes | 450/3 | €577 | - | -€577 | |
| Other amounts payable | 47/48 | €502,169 | €196,925 | -€305,244 | -60.8% |
| Accrued charges and deferred income | 492/3 | €752,682 | €559,715 | -€192,967 | -25.6% |
| Operating income | 70/76A | €1,840,237 | €1,630,814 | -€209,423 | -11.4% |
| Turnover | 70 | €1,504,022 | €1,055,898 | -€448,124 | -29.8% |
| Other operating income | 74 | €168,256 | €574,916 | +€406,660 | +242% |
| Non-recurring operating income | 76A | €167,959 | - | -€167,959 | |
| Operating charges | 60/66A | €4,155,679 | €1,610,885 | -€2.5m | -61.2% |
| Services and other goods | 61 | €1,100,281 | €1,388,261 | +€287,980 | +26.2% |
| Remuneration, social security and pensions | 62 | €411,501 | €1,298 | -€410,203 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231,000 | €218,091 | -€12,909 | -5.6% |
| Other operating charges | 640/8 | €46,643 | €3,235 | -€43,408 | -93.1% |
| Non-recurring operating charges | 66A | €2,366,254 | - | -€2.4m | |
| Operating profit (loss) | 9901 | -€2,315,442 | €19,929 | +€2.3m | |
| Financial income | 75/76B | €2,363,342 | - | -€2.4m | |
| Recurring financial income | 75 | €2,363,342 | - | -€2.4m | |
| Non-recurring financial income | 76B | €2,363,342 | - | -€2.4m | |
| Financial charges | 65/66B | €76,853 | €1,380 | -€75,473 | -98.2% |
| Recurring financial charges | 65 | €76,853 | €1,380 | -€75,473 | -98.2% |
| Debt charges | 650 | €76,853 | €1,380 | -€75,473 | -98.2% |
| Profit (loss) for the period before taxes | 9903 | -€28,953 | €18,549 | +€47,502 | |
| Income taxes | 67/77 | €615 | - | -€615 | |
| Taxes | 670/3 | €615 | - | -€615 | |
| Profit (loss) for the period | 9904 | -€29,568 | €18,549 | +€48,117 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,568 | €18,549 | +€48,117 |
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 24 October 2026 via checked.be.