BOURSE DISTRIBUTION: 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.
BOURSE DISTRIBUTION
Largest movements
- Receivables within one year +€261,697
up €261,697 (+29.3%), from €893,472 to €1.2m
- Cash +€90,877
up €90,877 (+107%), from €84,617 to €175,494
mainly Trade debts (+€211,068) and Net result for the year (+€196,327)
- Tangible fixed assets +€45,676
up €45,676 (+38.6%), from €118,388 to €164,065
of which Land and buildings: +€27,569
- Trade debts +€211,068
up €211,068 (+47.7%), from €442,919 to €653,987
- Reserves +€195,000
up €195,000 (+70.9%), from €275,000 to €470,000
of which Distributable reserves: +€195,000
- Other debts -€112,472
down €112,472 (-86.1%), from €130,592 to €18,120
- Tax, wage and social debts +€83,670
up €83,670 (+46.7%), from €179,089 to €262,758
of which Remuneration and social security: +€107,979
- Gross operating margin -€102,352
down €102,352 (-10.3%), from €995,457 to €893,105
- Staff costs -€27,620
down €27,620 (-5.1%), from €538,199 to €510,579
- Taxes -€21,631
down €21,631 (-17.9%), from €120,511 to €98,881
- Depreciation +€18,889
up €18,889 (+167%), from €11,344 to €30,233
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 | €1,262,339 | €1,642,250 | +€379,911 | +30.1% |
| Fixed assets | 21/28 | €118,388 | €164,065 | +€45,676 | +38.6% |
| Tangible fixed assets | 22/27 | €118,388 | €164,065 | +€45,676 | +38.6% |
| Land and buildings | 22 | - | €27,569 | +€27,569 | |
| Plant, machinery and equipment | 23 | €112,483 | €128,259 | +€15,776 | +14.0% |
| Furniture and vehicles | 24 | €5,906 | €8,236 | +€2,331 | +39.5% |
| Current assets | 29/58 | €1,143,950 | €1,478,185 | +€334,235 | +29.2% |
| Stocks and contracts in progress | 3 | €99,405 | €96,731 | -€2,674 | -2.7% |
| Stocks | 30/36 | €99,405 | €96,731 | -€2,674 | -2.7% |
| Amounts receivable within one year | 40/41 | €893,472 | €1,155,169 | +€261,697 | +29.3% |
| Other amounts receivable | 41 | €893,472 | €1,155,169 | +€261,697 | +29.3% |
| Cash at bank and in hand | 54/58 | €84,617 | €175,494 | +€90,877 | +107% |
| Deferred charges and accrued income | 490/1 | €66,457 | €50,792 | -€15,665 | -23.6% |
| Total equity and liabilities | 10/49 | €1,262,339 | €1,642,250 | +€379,911 | +30.1% |
| Equity | 10/15 | €506,792 | €703,119 | +€196,327 | +38.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €275,000 | €470,000 | +€195,000 | +70.9% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €260,000 | €455,000 | +€195,000 | +75.0% |
| Profit (loss) carried forward | 14 | €81,792 | €83,119 | +€1,327 | +1.6% |
| Amounts payable | 17/49 | €755,547 | €939,131 | +€183,584 | +24.3% |
| Amounts payable within one year | 42/48 | €752,599 | €934,866 | +€182,266 | +24.2% |
| Trade debts | 44 | €442,919 | €653,987 | +€211,068 | +47.7% |
| Suppliers | 440/4 | €442,919 | €653,987 | +€211,068 | +47.7% |
| Taxes, remuneration and social security | 45 | €179,089 | €262,758 | +€83,670 | +46.7% |
| Taxes | 450/3 | €120,591 | €96,281 | -€24,310 | -20.2% |
| Remuneration and social security | 454/9 | €58,498 | €166,478 | +€107,979 | +185% |
| Other amounts payable | 47/48 | €130,592 | €18,120 | -€112,472 | -86.1% |
| Accrued charges and deferred income | 492/3 | €2,948 | €4,265 | +€1,317 | +44.7% |
| Remuneration, social security and pensions | 62 | €538,199 | €510,579 | -€27,620 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,344 | €30,233 | +€18,889 | +167% |
| Other operating charges | 640/8 | €20,686 | €15,425 | -€5,261 | -25.4% |
| Non-recurring operating charges | 66A | €100 | €20 | -€80 | -80.0% |
| Gross operating margin | 9900 | €995,457 | €893,105 | -€102,352 | -10.3% |
| Operating profit (loss) | 9901 | €425,127 | €336,848 | -€88,279 | -20.8% |
| Financial income | 75/76B | €166 | €359 | +€193 | +116% |
| Recurring financial income | 75 | €166 | €359 | +€193 | +116% |
| Financial charges | 65/66B | €44,249 | €41,999 | -€2,250 | -5.1% |
| Recurring financial charges | 65 | €44,249 | €41,999 | -€2,250 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €381,045 | €295,208 | -€85,837 | -22.5% |
| Income taxes | 67/77 | €120,511 | €98,881 | -€21,631 | -17.9% |
| Profit (loss) for the period | 9904 | €260,533 | €196,327 | -€64,206 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €260,533 | €196,327 | -€64,206 | -24.6% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.