CORE CONCEPT: 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
CORE CONCEPT
NACE 46.841, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€7,045
2024 · €2,355+€4,690
Equity
€254,479
2024 · €247,434+€7,045
Cash
€120,980
2024 · €121,250-€269
Balance sheet total
€901,076
2024 · €780,599+€120,477
Largest movements
Assets
- Receivables within one year +€93,027
up €93,027 (+24.1%), from €385,847 to €478,874
of which Trade receivables: +€94,244
- Stocks and contracts +€36,107
up €36,107 (+14.7%), from €245,795 to €281,902
Equity and liabilities
- Trade debts +€91,331
up €91,331 (+31.0%), from €294,817 to €386,148
- Tax, wage and social debts +€25,171
up €25,171 (+31.6%), from €79,595 to €104,766
of which Taxes: +€19,215
Income statement
- Gross operating margin -€133,682
down €133,682 (-16.2%), from €826,927 to €693,245
- Staff costs -€116,170
down €116,170 (-15.5%), from €750,109 to €633,939
- Financial charges +€11,503
up €11,503 (+76.1%), from €15,107 to €26,610
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.
Result 2024
€2,355
Gross operating margin
-€133,682
Staff costs
+€116,170
Depreciation
+€2,173
Write-downs
+€5
Other operating charges
+€1,902
Other operating items
+€25,700
Financial income
+€1,951
Financial charges
-€11,503
Taxes
+€1,973
Result 2025
€7,045
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7,723
Investment
-€4,790
Financing
-€3,202
Cash 2024
€121,250
From operations (derived)
+€7,723
Net result for the year
+€7,045
Depreciation
+€11,054
Stocks and contracts
-€36,107
Receivables within one year
-€93,027
Deferred charges and accrued income
+€2,125
Trade debts
+€91,331
Tax, wage and social debts
+€25,171
Advances received
-€2,689
Other debts
+€2,820
Investment (derived)
-€4,790
Investment in fixed assets (net)
-€4,790
Financing
-€3,202
Short-term financial debts
-€3,202
Cash 2025
€120,980
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €780,599 | €901,076 | +€120,477 | +15.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €20,516 | €14,253 | -€6,263 | -30.5% |
| Tangible fixed assets | 22/27 | €17,956 | €14,253 | -€3,703 | -20.6% |
| Furniture and vehicles | 24 | €17,956 | €14,253 | -€3,703 | -20.6% |
| Financial fixed assets | 28 | €2,560 | - | -€2,560 | |
| Current assets | 29/58 | €760,083 | €886,823 | +€126,740 | +16.7% |
| Stocks and contracts in progress | 3 | €245,795 | €281,902 | +€36,107 | +14.7% |
| Stocks | 30/36 | €245,795 | €281,902 | +€36,107 | +14.7% |
| Amounts receivable within one year | 40/41 | €385,847 | €478,874 | +€93,027 | +24.1% |
| Trade receivables | 40 | €366,933 | €461,176 | +€94,244 | +25.7% |
| Other amounts receivable | 41 | €18,915 | €17,698 | -€1,217 | -6.4% |
| Cash at bank and in hand | 54/58 | €121,250 | €120,980 | -€269 | -0.2% |
| Deferred charges and accrued income | 490/1 | €7,191 | €5,067 | -€2,125 | -29.5% |
| Total equity and liabilities | 10/49 | €780,599 | €901,076 | +€120,477 | +15.4% |
| Equity | 10/15 | €247,434 | €254,479 | +€7,045 | +2.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €185,934 | €192,979 | +€7,045 | +3.8% |
| Non-distributable reserves | 130/1 | €9,200 | €9,200 | = | 0.0% |
| Legal reserve | 130 | €9,200 | €9,200 | = | 0.0% |
| Distributable reserves | 133 | €176,734 | €183,779 | +€7,045 | +4.0% |
| Amounts payable | 17/49 | €533,165 | €646,597 | +€113,432 | +21.3% |
| Amounts payable within one year | 42/48 | €533,165 | €646,597 | +€113,432 | +21.3% |
| Financial debts | 43 | €155,885 | €152,683 | -€3,202 | -2.1% |
| Credit institutions | 430/8 | €155,885 | €152,683 | -€3,202 | -2.1% |
| Trade debts | 44 | €294,817 | €386,148 | +€91,331 | +31.0% |
| Suppliers | 440/4 | €294,817 | €386,148 | +€91,331 | +31.0% |
| Advances received on contracts in progress | 46 | €2,689 | - | -€2,689 | |
| Taxes, remuneration and social security | 45 | €79,595 | €104,766 | +€25,171 | +31.6% |
| Taxes | 450/3 | €26,772 | €45,988 | +€19,215 | +71.8% |
| Remuneration and social security | 454/9 | €52,822 | €58,778 | +€5,956 | +11.3% |
| Other amounts payable | 47/48 | €180 | €3,000 | +€2,820 | +1,569% |
| Non-recurring operating income | 76A | €6,750 | - | -€6,750 | |
| Remuneration, social security and pensions | 62 | €750,109 | €633,939 | -€116,170 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,227 | €11,054 | -€2,173 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€34 | -€39 | -€5 | -15.4% |
| Other operating charges | 640/8 | €5,215 | €3,313 | -€1,902 | -36.5% |
| Non-recurring operating charges | 66A | €25,700 | - | -€25,700 | |
| Gross operating margin | 9900 | €826,927 | €693,245 | -€133,682 | -16.2% |
| Operating profit (loss) | 9901 | €32,709 | €44,978 | +€12,268 | +37.5% |
| Financial income | 75/76B | €15 | €1,966 | +€1,951 | +13,283% |
| Recurring financial income | 75 | €15 | €1,966 | +€1,951 | +13,283% |
| Financial charges | 65/66B | €15,107 | €26,610 | +€11,503 | +76.1% |
| Recurring financial charges | 65 | €15,107 | €26,610 | +€11,503 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | €17,617 | €20,334 | +€2,717 | +15.4% |
| Income taxes | 67/77 | €15,262 | €13,289 | -€1,973 | -12.9% |
| Profit (loss) for the period | 9904 | €2,355 | €7,045 | +€4,690 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €2,355 | €7,045 | +€4,690 | +199% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.