B.L. DISTRIBUTION: 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.
B.L. DISTRIBUTION
Largest movements
- Tangible fixed assets +€123,006
up €123,006 (+18.4%), from €667,358 to €790,364
- Receivables within one year -€55,423
down €55,423 (-24.3%), from €228,414 to €172,991
of which Trade receivables: -€55,217
- Stocks and contracts -€23,799
down €23,799 (-3.3%), from €712,907 to €689,108
- Debts after one year +€232,953
up €232,953 (+88.1%), from €264,564 to €497,518
of which Other amounts payable: +€200,000
- Trade debts -€146,517
down €146,517 (-64.9%), from €225,784 to €79,266
- Other debts -€47,000
no longer reported in 2025 (was €47,000)
- Current portion of long-term debt -€18,224
down €18,224 (-17.6%), from €103,495 to €85,271
- Staff costs -€75,340
down €75,340 (-93.0%), from €81,025 to €5,685
- Depreciation +€54,057
up €54,057 (+56.9%), from €94,920 to €148,976
- Gross operating margin -€28,022
down €28,022 (-11.8%), from €236,811 to €208,790
- Financial charges +€9,141
up €9,141 (+23.1%), from €39,598 to €48,739
of which Financial charges: +€7,702
- Write-downs -€5,100
no longer reported in 2025 (was €5,100)
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,663,648 | €1,689,051 | +€25,403 | +1.5% |
| Fixed assets | 21/28 | €674,094 | €794,267 | +€120,173 | +17.8% |
| Intangible fixed assets | 21 | €6,596 | €3,762 | -€2,833 | -43.0% |
| Tangible fixed assets | 22/27 | €667,358 | €790,364 | +€123,006 | +18.4% |
| Land and buildings | 22 | €240,552 | €228,710 | -€11,842 | -4.9% |
| Plant, machinery and equipment | 23 | €40,689 | €58,377 | +€17,688 | +43.5% |
| Furniture and vehicles | 24 | €23,327 | €31,035 | +€7,709 | +33.0% |
| Leasing and similar rights | 25 | €87,036 | €141,255 | +€54,219 | +62.3% |
| Other tangible fixed assets | 26 | €275,754 | €330,987 | +€55,233 | +20.0% |
| Financial fixed assets | 28 | €140 | €140 | = | 0.0% |
| Current assets | 29/58 | €989,555 | €894,785 | -€94,770 | -9.6% |
| Stocks and contracts in progress | 3 | €712,907 | €689,108 | -€23,799 | -3.3% |
| Stocks | 30/36 | €712,907 | €689,108 | -€23,799 | -3.3% |
| Amounts receivable within one year | 40/41 | €228,414 | €172,991 | -€55,423 | -24.3% |
| Trade receivables | 40 | €228,208 | €172,991 | -€55,217 | -24.2% |
| Other amounts receivable | 41 | €206 | - | -€206 | |
| Cash at bank and in hand | 54/58 | €47,767 | €32,310 | -€15,457 | -32.4% |
| Deferred charges and accrued income | 490/1 | €467 | €376 | -€91 | -19.5% |
| Total equity and liabilities | 10/49 | €1,663,648 | €1,689,051 | +€25,403 | +1.5% |
| Equity | 10/15 | €616,383 | €615,514 | -€869 | -0.1% |
| Contributions | 10/11 | €485,119 | €485,119 | = | 0.0% |
| Capital | 10 | €485,119 | €485,119 | = | 0.0% |
| Issued capital | 100 | €485,119 | €485,119 | = | 0.0% |
| Reserves | 13 | €131,264 | €131,264 | = | 0.0% |
| Non-distributable reserves | 130/1 | €48,512 | €48,512 | = | 0.0% |
| Legal reserve | 130 | €48,512 | €48,512 | = | 0.0% |
| Distributable reserves | 133 | €82,752 | €82,752 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€869 | -€869 | |
| Amounts payable | 17/49 | €1,047,265 | €1,073,537 | +€26,272 | +2.5% |
| Amounts payable after more than one year | 17 | €264,564 | €497,518 | +€232,953 | +88.1% |
| Financial debts | 170/4 | €264,564 | €297,518 | +€32,953 | +12.5% |
| Other amounts payable | 178/9 | - | €200,000 | +€200,000 | |
| Amounts payable within one year | 42/48 | €782,701 | €576,020 | -€206,681 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €103,495 | €85,271 | -€18,224 | -17.6% |
| Financial debts | 43 | €376,337 | €375,000 | -€1,337 | -0.4% |
| Credit institutions | 430/8 | €376,337 | €375,000 | -€1,337 | -0.4% |
| Trade debts | 44 | €225,784 | €79,266 | -€146,517 | -64.9% |
| Suppliers | 440/4 | €225,784 | €79,266 | -€146,517 | -64.9% |
| Taxes, remuneration and social security | 45 | €30,085 | €36,482 | +€6,397 | +21.3% |
| Taxes | 450/3 | €24,629 | €36,352 | +€11,723 | +47.6% |
| Remuneration and social security | 454/9 | €5,456 | €131 | -€5,326 | -97.6% |
| Other amounts payable | 47/48 | €47,000 | - | -€47,000 | |
| Remuneration, social security and pensions | 62 | €81,025 | €5,685 | -€75,340 | -93.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,920 | €148,976 | +€54,057 | +56.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,100 | - | -€5,100 | |
| Other operating charges | 640/8 | €9,387 | €10,933 | +€1,546 | +16.5% |
| Non-recurring operating charges | 66A | €1,732 | - | -€1,732 | |
| Gross operating margin | 9900 | €236,811 | €208,790 | -€28,022 | -11.8% |
| Operating profit (loss) | 9901 | €44,648 | €43,195 | -€1,453 | -3.3% |
| Financial income | 75/76B | €3,329 | €4,761 | +€1,433 | +43.0% |
| Recurring financial income | 75 | €3,329 | €4,761 | +€1,433 | +43.0% |
| Financial charges | 65/66B | €39,598 | €48,739 | +€9,141 | +23.1% |
| Recurring financial charges | 65 | €39,598 | €47,300 | +€7,702 | +19.5% |
| Non-recurring financial charges | 66B | - | €1,439 | +€1,439 | |
| Profit (loss) for the period before taxes | 9903 | €8,378 | -€783 | -€9,161 | |
| Income taxes | 67/77 | €4,089 | €86 | -€4,003 | -97.9% |
| Profit (loss) for the period | 9904 | €4,289 | -€869 | -€5,158 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,289 | -€869 | -€5,158 |
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 2 October 2026 via checked.be.