COMMERCIALS: 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.
COMMERCIALS
Largest movements
- Receivables within one year -€746,073
down €746,073 (-94.0%), from €793,396 to €47,323
of which Trade receivables: -€761,505
- Current investments +€331,242
new in 2025: €331,242
- Cash -€220,317
down €220,317 (-89.0%), from €247,470 to €27,153
mainly Trade debts (-€347,751) and Current investments (-€331,242)
- Tangible fixed assets -€15,744
down €15,744 (-52.6%), from €29,944 to €14,200
of which Leasing and similar rights: -€13,972
- Trade debts -€347,751
down €347,751 (-99.1%), from €350,859 to €3,108
- Profit (loss) carried forward -€125,956
new in 2025: -€125,956
- Tax, wage and social debts -€99,404
down €99,404 (-100.0%), from €99,404 to €0
of which Taxes: -€99,404
- Accrued charges and deferred income -€65,761
down €65,761 (-100.0%), from €65,761 to €0
- Current portion of long-term debt -€11,911
down €11,911 (-63.4%), from €18,791 to €6,880
- Gross operating margin -€319,022
down €319,022, from €209,654 to -€109,368
- Taxes -€61,345
down €61,345 (-99.5%), from €61,635 to €290
- Write-downs -€10,746
down €10,746 (-100.0%), from €10,746 to €0
- Financial income -€3,813
down €3,813 (-47.3%), from €8,060 to €4,248
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.
Cash bridge derived
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 | €1,100,948 | €452,761 | -€648,187 | -58.9% |
| Fixed assets | 21/28 | €31,531 | €15,787 | -€15,744 | -49.9% |
| Tangible fixed assets | 22/27 | €29,944 | €14,200 | -€15,744 | -52.6% |
| Furniture and vehicles | 24 | €4,756 | €2,984 | -€1,772 | -37.3% |
| Leasing and similar rights | 25 | €25,188 | €11,216 | -€13,972 | -55.5% |
| Financial fixed assets | 28 | €1,586 | €1,586 | = | 0.0% |
| Current assets | 29/58 | €1,069,417 | €436,974 | -€632,443 | -59.1% |
| Amounts receivable after more than one year | 29 | €21,492 | €21,492 | = | 0.0% |
| Trade receivables | 290 | - | €21,492 | +€21,492 | |
| Other amounts receivable | 291 | €21,492 | - | -€21,492 | |
| Amounts receivable within one year | 40/41 | €793,396 | €47,323 | -€746,073 | -94.0% |
| Trade receivables | 40 | €763,155 | €1,650 | -€761,505 | -99.8% |
| Other amounts receivable | 41 | €30,240 | €45,673 | +€15,433 | +51.0% |
| Current investments | 50/53 | - | €331,242 | +€331,242 | |
| Cash at bank and in hand | 54/58 | €247,470 | €27,153 | -€220,317 | -89.0% |
| Deferred charges and accrued income | 490/1 | €7,060 | €9,764 | +€2,705 | +38.3% |
| Total equity and liabilities | 10/49 | €1,100,948 | €452,761 | -€648,187 | -58.9% |
| Equity | 10/15 | €549,273 | €423,317 | -€125,956 | -22.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €543,076 | €543,076 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €541,216 | €541,216 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€125,956 | -€125,956 | |
| Amounts payable | 17/49 | €551,675 | €29,443 | -€522,231 | -94.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €485,914 | €29,443 | -€456,471 | -93.9% |
| Current portion of amounts payable after more than one year | 42 | €18,791 | €6,880 | -€11,911 | -63.4% |
| Financial debts | 43 | €3,877 | €155 | -€3,721 | -96.0% |
| Credit institutions | 430/8 | €3,877 | €155 | -€3,721 | -96.0% |
| Trade debts | 44 | €350,859 | €3,108 | -€347,751 | -99.1% |
| Suppliers | 440/4 | €350,859 | €3,108 | -€347,751 | -99.1% |
| Taxes, remuneration and social security | 45 | €99,404 | €0 | -€99,404 | -100.0% |
| Taxes | 450/3 | €99,404 | €0 | -€99,404 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €12,983 | €19,300 | +€6,317 | +48.7% |
| Accrued charges and deferred income | 492/3 | €65,761 | €0 | -€65,761 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,099 | €16,843 | -€256 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,746 | €0 | -€10,746 | -100.0% |
| Other operating charges | 640/8 | €2,050 | €1,813 | -€238 | -11.6% |
| Gross operating margin | 9900 | €209,654 | -€109,368 | -€319,022 | |
| Operating profit (loss) | 9901 | €179,759 | -€128,023 | -€307,782 | |
| Financial income | 75/76B | €8,060 | €4,248 | -€3,813 | -47.3% |
| Recurring financial income | 75 | €8,060 | €4,248 | -€3,813 | -47.3% |
| Financial charges | 65/66B | €3,165 | €1,890 | -€1,275 | -40.3% |
| Recurring financial charges | 65 | €3,165 | €1,890 | -€1,275 | -40.3% |
| Profit (loss) for the period before taxes | 9903 | €184,654 | -€125,666 | -€310,320 | |
| Income taxes | 67/77 | €61,635 | €290 | -€61,345 | -99.5% |
| Profit (loss) for the period | 9904 | €123,019 | -€125,956 | -€248,975 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,019 | -€125,956 | -€248,975 |
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 12 October 2026 via checked.be.