BELGIUM TRADING: 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.
BELGIUM TRADING
Largest movements
- Tangible fixed assets -€29,245
down €29,245 (-10.0%), from €293,863 to €264,619
of which Land and buildings: -€21,429
- Receivables within one year +€21,054
up €21,054 (+18.6%), from €113,432 to €134,486
of which Trade receivables: +€16,404
- Reserves -€13,585
down €13,585 (-16.7%), from €81,511 to €67,926
- Other debts +€9,970
up €9,970 (+4.3%), from €229,905 to €239,875
- Trade debts -€4,491
down €4,491 (-30.1%), from €14,903 to €10,412
- Debts after one year -€4,398
down €4,398 (-25.1%), from €17,490 to €13,091
- Staff costs +€13,105
up €13,105 (+47.5%), from €27,604 to €40,709
- Gross operating margin +€11,992
up €11,992 (+24.0%), from €50,014 to €62,006
- Financial charges +€752
up €752 (+57.3%), from €1,313 to €2,065
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 | €411,080 | €400,916 | -€10,163 | -2.5% |
| Fixed assets | 21/28 | €293,913 | €264,669 | -€29,245 | -10.0% |
| Tangible fixed assets | 22/27 | €293,863 | €264,619 | -€29,245 | -10.0% |
| Land and buildings | 22 | €258,439 | €237,010 | -€21,429 | -8.3% |
| Furniture and vehicles | 24 | €14,346 | €7,727 | -€6,620 | -46.1% |
| Other tangible fixed assets | 26 | €21,078 | €19,882 | -€1,196 | -5.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €117,167 | €136,248 | +€19,081 | +16.3% |
| Amounts receivable within one year | 40/41 | €113,432 | €134,486 | +€21,054 | +18.6% |
| Trade receivables | 40 | €12,487 | €28,891 | +€16,404 | +131% |
| Other amounts receivable | 41 | €100,946 | €105,596 | +€4,650 | +4.6% |
| Cash at bank and in hand | 54/58 | €1,986 | €1 | -€1,985 | -99.9% |
| Deferred charges and accrued income | 490/1 | €1,748 | €1,760 | +€12 | +0.7% |
| Total equity and liabilities | 10/49 | €411,080 | €400,916 | -€10,163 | -2.5% |
| Equity | 10/15 | €133,557 | €118,603 | -€14,954 | -11.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €81,511 | €67,926 | -€13,585 | -16.7% |
| Tax-exempt reserves | 132 | €81,511 | €67,926 | -€13,585 | -16.7% |
| Profit (loss) carried forward | 14 | -€9,954 | -€11,322 | -€1,369 | -13.8% |
| Amounts payable | 17/49 | €277,523 | €282,313 | +€4,790 | +1.7% |
| Amounts payable after more than one year | 17 | €17,490 | €13,091 | -€4,398 | -25.1% |
| Financial debts | 170/4 | €17,490 | €13,091 | -€4,398 | -25.1% |
| Amounts payable within one year | 42/48 | €260,033 | €269,221 | +€9,189 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €4,144 | €4,398 | +€254 | +6.1% |
| Trade debts | 44 | €14,903 | €10,412 | -€4,491 | -30.1% |
| Suppliers | 440/4 | €14,903 | €10,412 | -€4,491 | -30.1% |
| Taxes, remuneration and social security | 45 | €11,081 | €14,536 | +€3,455 | +31.2% |
| Taxes | 450/3 | €7,895 | €7,071 | -€824 | -10.4% |
| Remuneration and social security | 454/9 | €3,186 | €7,464 | +€4,279 | +134% |
| Other amounts payable | 47/48 | €229,905 | €239,875 | +€9,970 | +4.3% |
| Non-recurring operating income | 76A | €2,362 | - | -€2,362 | |
| Remuneration, social security and pensions | 62 | €27,604 | €40,709 | +€13,105 | +47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,631 | €32,296 | -€336 | -1.0% |
| Other operating charges | 640/8 | €2,853 | €2,255 | -€597 | -20.9% |
| Gross operating margin | 9900 | €50,014 | €62,006 | +€11,992 | +24.0% |
| Operating profit (loss) | 9901 | -€13,075 | -€13,254 | -€180 | -1.4% |
| Financial income | 75/76B | €632 | €848 | +€215 | +34.1% |
| Recurring financial income | 75 | €632 | €848 | +€215 | +34.1% |
| Financial charges | 65/66B | €1,313 | €2,065 | +€752 | +57.3% |
| Recurring financial charges | 65 | €1,313 | €2,065 | +€752 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,755 | -€14,472 | -€717 | -5.2% |
| Income taxes | 67/77 | €1,021 | €482 | -€539 | -52.8% |
| Profit (loss) for the period | 9904 | -€14,776 | -€14,954 | -€178 | -1.2% |
| Transfer from tax-exempt reserves | 789 | €13,585 | €13,585 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,191 | -€1,369 | -€178 | -14.9% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.