Commerce 123: 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.
Commerce 123
Largest movements
- Tangible fixed assets +€1.7m
up €1.7m (+18.2%), from €9.3m to €11.0m
of which Assets under construction and advance payments: +€2.0m
- Cash -€144,596
down €144,596 (-78.4%), from €184,357 to €39,761
mainly Investment in fixed assets (net) (-€2.0m) and Debts after one year (-€352,253)
- Other debts +€1.9m
up €1.9m (+386%), from €495,688 to €2.4m
- Debts after one year -€352,253
down €352,253 (-7.9%), from €4.5m to €4.1m
of which Financial debts: -€375,000
- Trade debts +€119,527
up €119,527 (+38.9%), from €307,016 to €426,543
- Services and other goods +€99,482
up €99,482 (+41.2%), from €241,542 to €341,024
- Other operating income +€36,224
up €36,224 (+16.2%), from €223,562 to €259,786
- Other operating charges +€22,865
up €22,865 (+9.4%), from €243,403 to €266,268
- Turnover -€14,584
down €14,584 (-2.0%), from €734,059 to €719,475
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 | €9,666,441 | €11,228,177 | +€1.6m | +16.2% |
| Fixed assets | 21/28 | €9,273,981 | €10,961,715 | +€1.7m | +18.2% |
| Tangible fixed assets | 22/27 | €9,273,981 | €10,961,715 | +€1.7m | +18.2% |
| Land and buildings | 22 | €9,186,725 | €8,870,933 | -€315,792 | -3.4% |
| Assets under construction and advance payments | 27 | €87,256 | €2,090,782 | +€2.0m | +2,296% |
| Current assets | 29/58 | €392,460 | €266,462 | -€125,998 | -32.1% |
| Amounts receivable within one year | 40/41 | €73,481 | €122,004 | +€48,523 | +66.0% |
| Trade receivables | 40 | €27,584 | €70,560 | +€42,976 | +156% |
| Other amounts receivable | 41 | €45,897 | €51,444 | +€5,547 | +12.1% |
| Cash at bank and in hand | 54/58 | €184,357 | €39,761 | -€144,596 | -78.4% |
| Deferred charges and accrued income | 490/1 | €134,622 | €104,697 | -€29,925 | -22.2% |
| Total equity and liabilities | 10/49 | €9,666,441 | €11,228,177 | +€1.6m | +16.2% |
| Equity | 10/15 | €3,812,686 | €3,700,445 | -€112,241 | -2.9% |
| Contributions | 10/11 | €8,730,000 | €8,730,000 | = | 0.0% |
| Capital | 10 | €8,730,000 | €8,730,000 | = | 0.0% |
| Issued capital | 100 | €8,730,000 | €8,730,000 | = | 0.0% |
| Reserves | 13 | €19,252 | €19,252 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,252 | €19,252 | = | 0.0% |
| Legal reserve | 130 | €19,252 | €19,252 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,936,566 | -€5,048,807 | -€112,241 | -2.3% |
| Amounts payable | 17/49 | €5,853,755 | €7,527,732 | +€1.7m | +28.6% |
| Amounts payable after more than one year | 17 | €4,475,442 | €4,123,189 | -€352,253 | -7.9% |
| Financial debts | 170/4 | €4,375,000 | €4,000,000 | -€375,000 | -8.6% |
| Credit institutions | 173 | €4,375,000 | €4,000,000 | -€375,000 | -8.6% |
| Other amounts payable | 178/9 | €100,442 | €123,189 | +€22,747 | +22.6% |
| Amounts payable within one year | 42/48 | €1,180,760 | €3,220,953 | +€2.0m | +173% |
| Current portion of amounts payable after more than one year | 42 | €375,000 | €375,000 | = | 0.0% |
| Trade debts | 44 | €307,016 | €426,543 | +€119,527 | +38.9% |
| Suppliers | 440/4 | €307,016 | €426,543 | +€119,527 | +38.9% |
| Taxes, remuneration and social security | 45 | €3,056 | €9,740 | +€6,684 | +219% |
| Taxes | 450/3 | €3,056 | €9,740 | +€6,684 | +219% |
| Other amounts payable | 47/48 | €495,688 | €2,409,670 | +€1.9m | +386% |
| Accrued charges and deferred income | 492/3 | €197,553 | €183,590 | -€13,963 | -7.1% |
| Operating income | 70/76A | €957,621 | €979,261 | +€21,640 | +2.3% |
| Turnover | 70 | €734,059 | €719,475 | -€14,584 | -2.0% |
| Other operating income | 74 | €223,562 | €259,786 | +€36,224 | +16.2% |
| Operating charges | 60/66A | €838,648 | €966,742 | +€128,094 | +15.3% |
| Services and other goods | 61 | €241,542 | €341,024 | +€99,482 | +41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,703 | €359,450 | +€5,747 | +1.6% |
| Other operating charges | 640/8 | €243,403 | €266,268 | +€22,865 | +9.4% |
| Operating profit (loss) | 9901 | €118,973 | €12,519 | -€106,454 | -89.5% |
| Financial charges | 65/66B | €130,481 | €124,760 | -€5,721 | -4.4% |
| Recurring financial charges | 65 | €130,481 | €124,760 | -€5,721 | -4.4% |
| Debt charges | 650 | €129,306 | €124,255 | -€5,051 | -3.9% |
| Other financial charges | 652/9 | €1,175 | €505 | -€670 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,508 | -€112,241 | -€100,733 | -875% |
| Profit (loss) for the period | 9904 | -€11,508 | -€112,241 | -€100,733 | -875% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,508 | -€112,241 | -€100,733 | -875% |
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 24 October 2026 via checked.be.