CASPIAN TRADITION: 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
CASPIAN TRADITION
NACE 46.323, Wholesale trade
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€213,262
2025 · €290,478-€77,216
Equity
€2.5m
2025 · €2.5m+€29,445
Cash
€591,627
2025 · €760,053-€168,426
Balance sheet total
€11.6m
2025 · €12.4m-€770,506
Largest movements
Assets
- Stocks and contracts -€1.1m
down €1.1m (-30.8%), from €3.4m to €2.4m
- Receivables within one year +€301,133
up €301,133 (+21.4%), from €1.4m to €1.7m
of which Other amounts receivable: +€255,294
- Cash -€168,426
down €168,426 (-22.2%), from €760,053 to €591,627
mainly Short-term financial debts (-€950,430) and Investment in fixed assets (net) (-€851,272)
- Tangible fixed assets +€138,201
up €138,201 (+2.1%), from €6.7m to €6.9m
of which Plant, machinery and equipment: +€150,121
Equity and liabilities
- Short-term financial debts -€950,430
down €950,430 (-30.1%), from €3.2m to €2.2m
- Trade debts -€419,909
down €419,909 (-21.0%), from €2.0m to €1.6m
- Debts after one year +€277,310
up €277,310 (+7.5%), from €3.7m to €4.0m
of which Financial debts: +€277,310
- Current portion of long-term debt +€191,287
up €191,287 (+34.4%), from €555,931 to €747,218
- Other debts +€134,913
up €134,913 (+50.3%), from €268,068 to €402,981
Income statement
- Turnover +€1.1m
up €1.1m (+5.9%), from €17.8m to €18.8m
- Goods and materials +€796,070
up €796,070 (+6.4%), from €12.5m to €13.3m
of which Change in stocks: decrease (increase): +€1.9m
- Depreciation +€188,603
up €188,603 (+35.6%), from €530,126 to €718,729
From the 2025 result to the 2026 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 2025
€290,478
Turnover
+€1.1m
Other operating income
+€15,161
Goods and materials
-€796,070
Services and other goods
+€118,124
Staff costs
-€90,834
Depreciation
-€188,603
Write-downs
-€136,007
Other operating charges
+€1,934
Other operating items
+€23,767
Financial income
-€23,349
Financial charges
-€71,806
Taxes
+€17,335
Result 2026
€213,262
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€1.3m
Investment
-€851,272
Financing
-€665,650
Cash 2025
€760,053
From operations (derived)
+€1.3m
Net result for the year
+€213,262
Depreciation
+€718,729
Stocks and contracts
+€1.1m
Receivables within one year
-€301,133
Deferred charges and accrued income
-€15,478
Trade debts
-€419,909
Tax, wage and social debts
-€34,244
Other debts
+€134,913
Accrued charges and deferred income
+€1,121
Investment (derived)
-€851,272
Investment in fixed assets (net)
-€851,272
Financing
-€665,650
Debts after one year
+€277,310
Current portion of long-term debt
+€191,287
Short-term financial debts
-€950,430
Contributions, distributions and other
-€183,817
Cash 2026
€591,627
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,396,778 | €11,626,272 | -€770,506 | -6.2% |
| Fixed assets | 21/28 | €6,741,841 | €6,874,384 | +€132,542 | +2.0% |
| Intangible fixed assets | 21 | - | €5,567 | +€5,567 | |
| Tangible fixed assets | 22/27 | €6,729,406 | €6,867,607 | +€138,201 | +2.1% |
| Land and buildings | 22 | €3,456,946 | €3,295,446 | -€161,500 | -4.7% |
| Plant, machinery and equipment | 23 | €2,764,411 | €2,914,533 | +€150,121 | +5.4% |
| Furniture and vehicles | 24 | €109,851 | €172,215 | +€62,364 | +56.8% |
| Leasing and similar rights | 25 | €331,139 | €440,573 | +€109,434 | +33.0% |
| Other tangible fixed assets | 26 | €67,059 | €44,840 | -€22,219 | -33.1% |
| Financial fixed assets | 28 | €12,435 | €1,210 | -€11,225 | -90.3% |
| Other financial fixed assets | 284/8 | €12,435 | €1,210 | -€11,225 | -90.3% |
| Amounts receivable and cash guarantees | 285/8 | €12,435 | €1,210 | -€11,225 | -90.3% |
| Current assets | 29/58 | €5,654,937 | €4,751,888 | -€903,049 | -16.0% |
| Stocks and contracts in progress | 3 | €3,416,558 | €2,365,324 | -€1.1m | -30.8% |
| Stocks | 30/36 | €3,416,558 | €2,365,324 | -€1.1m | -30.8% |
| Goods purchased for resale | 34 | €3,416,558 | €2,365,324 | -€1.1m | -30.8% |
| Amounts receivable within one year | 40/41 | €1,408,090 | €1,709,223 | +€301,133 | +21.4% |
| Trade receivables | 40 | €1,319,929 | €1,365,767 | +€45,838 | +3.5% |
| Other amounts receivable | 41 | €88,162 | €343,456 | +€255,294 | +290% |
| Cash at bank and in hand | 54/58 | €760,053 | €591,627 | -€168,426 | -22.2% |
| Deferred charges and accrued income | 490/1 | €70,236 | €85,714 | +€15,478 | +22.0% |
| Total equity and liabilities | 10/49 | €12,396,778 | €11,626,272 | -€770,506 | -6.2% |
| Equity | 10/15 | €2,473,875 | €2,503,320 | +€29,445 | +1.2% |
| Contributions | 10/11 | €575,000 | €575,000 | = | 0.0% |
| Capital | 10 | €575,000 | €575,000 | = | 0.0% |
| Issued capital | 100 | €575,000 | €575,000 | = | 0.0% |
| Revaluation surpluses | 12 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €133,732 | €133,732 | = | 0.0% |
| Non-distributable reserves | 130/1 | €57,500 | €57,500 | = | 0.0% |
| Legal reserve | 130 | €57,500 | €57,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €1,232 | €1,232 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,007,518 | €1,046,781 | +€39,262 | +3.9% |
| Investment grants | 15 | €57,624 | €47,807 | -€9,817 | -17.0% |
| Amounts payable | 17/49 | €9,922,903 | €9,122,952 | -€799,951 | -8.1% |
| Amounts payable after more than one year | 17 | €3,711,260 | €3,988,570 | +€277,310 | +7.5% |
| Financial debts | 170/4 | €3,640,287 | €3,917,597 | +€277,310 | +7.6% |
| Leasing and similar obligations | 172 | €457,961 | €599,149 | +€141,188 | +30.8% |
| Credit institutions | 173 | €3,182,325 | €3,318,448 | +€136,123 | +4.3% |
| Other amounts payable | 178/9 | €70,973 | €70,973 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,203,143 | €5,124,760 | -€1.1m | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €555,931 | €747,218 | +€191,287 | +34.4% |
| Financial debts | 43 | €3,153,729 | €2,203,299 | -€950,430 | -30.1% |
| Credit institutions | 430/8 | €3,153,729 | €2,203,299 | -€950,430 | -30.1% |
| Trade debts | 44 | €1,996,855 | €1,576,947 | -€419,909 | -21.0% |
| Suppliers | 440/4 | €1,996,855 | €1,576,947 | -€419,909 | -21.0% |
| Taxes, remuneration and social security | 45 | €228,559 | €194,315 | -€34,244 | -15.0% |
| Taxes | 450/3 | €89,450 | €42,157 | -€47,293 | -52.9% |
| Remuneration and social security | 454/9 | €139,109 | €152,158 | +€13,050 | +9.4% |
| Other amounts payable | 47/48 | €268,068 | €402,981 | +€134,913 | +50.3% |
| Accrued charges and deferred income | 492/3 | €8,500 | €9,621 | +€1,121 | +13.2% |
| Operating income | 70/76A | €18,137,622 | €19,205,808 | +€1.1m | +5.9% |
| Turnover | 70 | €17,766,783 | €18,819,917 | +€1.1m | +5.9% |
| Other operating income | 74 | €370,730 | €385,891 | +€15,161 | +4.1% |
| Non-recurring operating income | 76A | €109 | - | -€109 | |
| Operating charges | 60/66A | €17,492,637 | €18,560,217 | +€1.1m | +6.1% |
| Goods for resale, raw materials and consumables | 60 | €12,501,373 | €13,297,442 | +€796,070 | +6.4% |
| Purchases | 600/8 | €13,022,698 | €11,943,172 | -€1.1m | -8.3% |
| Change in stocks: decrease (increase) | 609 | -€521,325 | €1,354,270 | +€1.9m | |
| Services and other goods | 61 | €2,463,763 | €2,345,639 | -€118,124 | -4.8% |
| Remuneration, social security and pensions | 62 | €1,246,873 | €1,337,707 | +€90,834 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €530,126 | €718,729 | +€188,603 | +35.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€409,653 | -€273,645 | +€136,007 | +33.2% |
| Other operating charges | 640/8 | €1,131,748 | €1,129,814 | -€1,934 | -0.2% |
| Non-recurring operating charges | 66A | €28,408 | €4,532 | -€23,876 | -84.0% |
| Operating profit (loss) | 9901 | €644,985 | €645,590 | +€605 | +0.1% |
| Financial income | 75/76B | €72,579 | €49,229 | -€23,349 | -32.2% |
| Recurring financial income | 75 | €72,579 | €49,229 | -€23,349 | -32.2% |
| Income from current assets | 751 | - | €4,077 | +€4,077 | |
| Other financial income | 752/9 | €72,579 | €45,152 | -€27,426 | -37.8% |
| Financial charges | 65/66B | €293,712 | €365,518 | +€71,806 | +24.4% |
| Recurring financial charges | 65 | €293,712 | €365,420 | +€71,708 | +24.4% |
| Debt charges | 650 | €247,126 | €288,193 | +€41,067 | +16.6% |
| Other financial charges | 652/9 | €46,586 | €77,227 | +€30,641 | +65.8% |
| Non-recurring financial charges | 66B | - | €98 | +€98 | |
| Profit (loss) for the period before taxes | 9903 | €423,852 | €329,301 | -€94,551 | -22.3% |
| Income taxes | 67/77 | €133,374 | €116,039 | -€17,335 | -13.0% |
| Taxes | 670/3 | €133,693 | €116,039 | -€17,653 | -13.2% |
| Tax adjustments and reversals of tax provisions | 77 | €319 | - | -€319 | |
| Profit (loss) for the period | 9904 | €290,478 | €213,262 | -€77,216 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €290,478 | €213,262 | -€77,216 | -26.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.