B.S.O.: 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
B.S.O.
NACE 46.869, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€196,036
2024 · €132,263+€63,773
Equity
€764,044
2024 · €764,044
Cash
€28,328
2024 · €14,118+€14,210
Balance sheet total
€2.5m
2024 · €2.4m+€91,761
Largest movements
Assets
- Receivables within one year +€58,688
up €58,688 (+4.5%), from €1.3m to €1.4m
of which Trade receivables: +€61,844
Equity and liabilities
- Other debts +€63,773
up €63,773 (+48.2%), from €132,263 to €196,036
- Trade debts +€45,037
up €45,037 (+670%), from €6,720 to €51,757
Income statement
- Gross operating margin +€102,404
up €102,404 (+27.9%), from €366,434 to €468,838
- Taxes +€39,704
up €39,704 (+951%), from €4,175 to €43,879
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
€132,263
Gross operating margin
+€102,404
Depreciation
-€3,711
Other operating charges
+€4,174
Financial income
+€1,940
Financial charges
-€1,330
Taxes
-€39,704
Result 2025
€196,036
raises the resultlowers the result
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
+€409,551
Investment
-€182,067
Financing
-€213,273
Cash 2024
€14,118
From operations (derived)
+€409,551
Net result for the year
+€196,036
Depreciation
+€169,900
Receivables within one year
-€58,688
Deferred charges and accrued income
-€6,695
Trade debts
+€45,037
Smaller working-capital items
+€188
Other debts
+€63,773
Investment (derived)
-€182,067
Investment in fixed assets (net)
-€182,067
Financing
-€213,273
Debts after one year
-€4,076
Current portion of long-term debt
-€13,161
Contributions, distributions and other
-€196,036
Cash 2025
€28,328
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,374,648 | €2,466,409 | +€91,761 | +3.9% |
| Fixed assets | 21/28 | €897,203 | €909,370 | +€12,167 | +1.4% |
| Tangible fixed assets | 22/27 | €895,203 | €909,370 | +€14,167 | +1.6% |
| Land and buildings | 22 | €499,800 | €459,000 | -€40,800 | -8.2% |
| Plant, machinery and equipment | 23 | €5,607 | €4,758 | -€849 | -15.1% |
| Leasing and similar rights | 25 | €106,180 | €79,635 | -€26,545 | -25.0% |
| Other tangible fixed assets | 26 | €283,617 | €365,978 | +€82,362 | +29.0% |
| Financial fixed assets | 28 | €2,000 | €0 | -€2,000 | -100% |
| Current assets | 29/58 | €1,477,445 | €1,557,038 | +€79,593 | +5.4% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,315,393 | €1,374,081 | +€58,688 | +4.5% |
| Trade receivables | 40 | €99,640 | €161,484 | +€61,844 | +62.1% |
| Other amounts receivable | 41 | €1,215,753 | €1,212,597 | -€3,156 | -0.3% |
| Cash at bank and in hand | 54/58 | €14,118 | €28,328 | +€14,210 | +101% |
| Deferred charges and accrued income | 490/1 | €22,934 | €29,629 | +€6,695 | +29.2% |
| Total equity and liabilities | 10/49 | €2,374,648 | €2,466,409 | +€91,761 | +3.9% |
| Equity | 10/15 | €764,044 | €764,044 | = | 0.0% |
| Contributions | 10/11 | €652,944 | €652,944 | = | 0.0% |
| Capital | 10 | €652,944 | €652,944 | = | 0.0% |
| Issued capital | 100 | €652,944 | €652,944 | = | 0.0% |
| Reserves | 13 | €111,100 | €111,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €111,100 | €111,100 | = | 0.0% |
| Legal reserve | 130 | €111,100 | €111,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,610,604 | €1,702,364 | +€91,761 | +5.7% |
| Amounts payable after more than one year | 17 | €1,259,315 | €1,255,240 | -€4,076 | -0.3% |
| Financial debts | 170/4 | €1,259,315 | €1,255,240 | -€4,076 | -0.3% |
| Amounts payable within one year | 42/48 | €343,371 | €439,057 | +€95,686 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €190,933 | €177,772 | -€13,161 | -6.9% |
| Trade debts | 44 | €6,720 | €51,757 | +€45,037 | +670% |
| Suppliers | 440/4 | €6,720 | €51,757 | +€45,037 | +670% |
| Taxes, remuneration and social security | 45 | €13,456 | €13,493 | +€37 | +0.3% |
| Taxes | 450/3 | €13,456 | €13,493 | +€37 | +0.3% |
| Other amounts payable | 47/48 | €132,263 | €196,036 | +€63,773 | +48.2% |
| Accrued charges and deferred income | 492/3 | €7,917 | €8,067 | +€150 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,190 | €169,900 | +€3,711 | +2.2% |
| Other operating charges | 640/8 | €37,063 | €32,889 | -€4,174 | -11.3% |
| Gross operating margin | 9900 | €366,434 | €468,838 | +€102,404 | +27.9% |
| Operating profit (loss) | 9901 | €163,181 | €266,049 | +€102,868 | +63.0% |
| Financial income | 75/76B | €5,672 | €7,612 | +€1,940 | +34.2% |
| Recurring financial income | 75 | €5,672 | €7,612 | +€1,940 | +34.2% |
| Financial charges | 65/66B | €32,416 | €33,746 | +€1,330 | +4.1% |
| Recurring financial charges | 65 | €32,416 | €33,746 | +€1,330 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €136,438 | €239,915 | +€103,477 | +75.8% |
| Income taxes | 67/77 | €4,175 | €43,879 | +€39,704 | +951% |
| Profit (loss) for the period | 9904 | €132,263 | €196,036 | +€63,773 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €132,263 | €196,036 | +€63,773 | +48.2% |
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 28 October 2026 via checked.be.