BELGIAN GREETINGS: 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.
BELGIAN GREETINGS
Largest movements
- Stocks and contracts -€303,326
down €303,326 (-17.3%), from €1.7m to €1.4m
- Cash -€255,371
down €255,371 (-10.0%), from €2.6m to €2.3m
mainly Investment in fixed assets (net) (-€326,487) and Short-term financial debts (-€200,000)
- Tangible fixed assets +€237,823
up €237,823 (+159%), from €149,391 to €387,214
of which Other tangible fixed assets: +€140,499
- Receivables within one year +€129,687
up €129,687 (+5.3%), from €2.5m to €2.6m
of which Trade receivables: +€117,977
- Reserves +€348,603
up €348,603 (+19.5%), from €1.8m to €2.1m
of which Distributable reserves: +€348,603
- Short-term financial debts -€200,000
down €200,000 (-8.5%), from €2.4m to €2.2m
- Tax, wage and social debts -€123,779
down €123,779 (-29.6%), from €417,476 to €293,698
of which Taxes: -€117,050
- Accrued charges and deferred income -€98,302
down €98,302 (-53.3%), from €184,383 to €86,081
- Gross operating margin -€939,238
down €939,238 (-43.1%), from €2.2m to €1.2m
- Financial income -€332,371
down €332,371 (-97.5%), from €340,932 to €8,560
of which Non-recurring financial income: -€315,307
- Write-downs -€279,398
down €279,398, from €64,456 to -€214,941
- Taxes -€231,337
down €231,337 (-66.8%), from €346,357 to €115,019
- Financial charges +€97,961
up €97,961 (+46.3%), from €211,460 to €309,421
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,993,747 | €6,837,820 | -€155,927 | -2.2% |
| Fixed assets | 21/28 | €149,391 | €407,927 | +€258,536 | +173% |
| Intangible fixed assets | 21 | - | €20,714 | +€20,714 | |
| Tangible fixed assets | 22/27 | €149,391 | €387,214 | +€237,823 | +159% |
| Plant, machinery and equipment | 23 | €123,180 | €188,539 | +€65,359 | +53.1% |
| Furniture and vehicles | 24 | €20,683 | €20,990 | +€307 | +1.5% |
| Leasing and similar rights | 25 | - | €31,658 | +€31,658 | |
| Other tangible fixed assets | 26 | €5,528 | €146,027 | +€140,499 | +2,542% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €6,844,356 | €6,429,892 | -€414,463 | -6.1% |
| Stocks and contracts in progress | 3 | €1,748,637 | €1,445,311 | -€303,326 | -17.3% |
| Stocks | 30/36 | €1,748,637 | €1,445,311 | -€303,326 | -17.3% |
| Amounts receivable within one year | 40/41 | €2,469,204 | €2,598,891 | +€129,687 | +5.3% |
| Trade receivables | 40 | €1,591,866 | €1,709,843 | +€117,977 | +7.4% |
| Other amounts receivable | 41 | €877,337 | €889,048 | +€11,710 | +1.3% |
| Cash at bank and in hand | 54/58 | €2,550,651 | €2,295,279 | -€255,371 | -10.0% |
| Deferred charges and accrued income | 490/1 | €75,865 | €90,411 | +€14,547 | +19.2% |
| Total equity and liabilities | 10/49 | €6,993,747 | €6,837,820 | -€155,927 | -2.2% |
| Equity | 10/15 | €3,309,454 | €3,658,057 | +€348,603 | +10.5% |
| Contributions | 10/11 | €1,518,592 | €1,518,592 | = | 0.0% |
| Reserves | 13 | €1,790,862 | €2,139,465 | +€348,603 | +19.5% |
| Non-distributable reserves | 130/1 | €7,492 | €7,492 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €7,492 | €7,492 | = | 0.0% |
| Distributable reserves | 133 | €1,783,370 | €2,131,973 | +€348,603 | +19.5% |
| Amounts payable | 17/49 | €3,684,293 | €3,179,763 | -€504,530 | -13.7% |
| Amounts payable after more than one year | 17 | €0 | €24,897 | +€24,897 | |
| Financial debts | 170/4 | €0 | €24,897 | +€24,897 | |
| Amounts payable within one year | 42/48 | €3,499,910 | €3,068,785 | -€431,125 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €55,827 | €7,035 | -€48,791 | -87.4% |
| Financial debts | 43 | €2,350,000 | €2,150,000 | -€200,000 | -8.5% |
| Credit institutions | 430/8 | €2,350,000 | €2,150,000 | -€200,000 | -8.5% |
| Trade debts | 44 | €169,407 | €110,852 | -€58,555 | -34.6% |
| Suppliers | 440/4 | €169,407 | €110,852 | -€58,555 | -34.6% |
| Taxes, remuneration and social security | 45 | €417,476 | €293,698 | -€123,779 | -29.6% |
| Taxes | 450/3 | €341,592 | €224,541 | -€117,050 | -34.3% |
| Remuneration and social security | 454/9 | €75,885 | €69,156 | -€6,728 | -8.9% |
| Other amounts payable | 47/48 | €507,200 | €507,200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €184,383 | €86,081 | -€98,302 | -53.3% |
| Remuneration, social security and pensions | 62 | €577,925 | €616,772 | +€38,846 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,101 | €67,950 | +€39,850 | +142% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €64,456 | -€214,941 | -€279,398 | |
| Other operating charges | 640/8 | €6,170 | €5,508 | -€662 | -10.7% |
| Gross operating margin | 9900 | €2,179,010 | €1,239,772 | -€939,238 | -43.1% |
| Operating profit (loss) | 9901 | €1,502,357 | €764,483 | -€737,874 | -49.1% |
| Financial income | 75/76B | €340,932 | €8,560 | -€332,371 | -97.5% |
| Recurring financial income | 75 | €25,625 | €8,560 | -€17,065 | -66.6% |
| Non-recurring financial income | 76B | €315,307 | €0 | -€315,307 | -100% |
| Financial charges | 65/66B | €211,460 | €309,421 | +€97,961 | +46.3% |
| Recurring financial charges | 65 | €211,460 | €309,421 | +€97,961 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €1,631,829 | €463,623 | -€1.2m | -71.6% |
| Income taxes | 67/77 | €346,357 | €115,019 | -€231,337 | -66.8% |
| Profit (loss) for the period | 9904 | €1,285,472 | €348,603 | -€936,869 | -72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,285,472 | €348,603 | -€936,869 | -72.9% |
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 16 October 2026 via checked.be.