D2C-TRADE: 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.
D2C-TRADE
Largest movements
- Cash +€196,387
up €196,387 (+318%), from €61,803 to €258,190
mainly Net result for the year (+€231,215) and Trade debts (+€166,523)
- Receivables within one year +€147,146
up €147,146 (+24.9%), from €591,462 to €738,608
of which Trade receivables: +€156,572
- Stocks and contracts -€86,217
down €86,217 (-24.0%), from €359,736 to €273,519
- Tangible fixed assets +€16,474
up €16,474 (+44.4%), from €37,141 to €53,616
of which Furniture and vehicles: +€17,449
- Trade debts +€166,523
up €166,523 (+47.9%), from €347,361 to €513,885
- Other debts +€160,416
up €160,416 (+89.1%), from €180,003 to €340,419
- Reserves -€85,534
down €85,534 (-23.4%), from €366,261 to €280,727
- Tax, wage and social debts +€23,998
up €23,998 (+28.2%), from €85,004 to €109,001
of which Taxes: +€28,069
- Gross operating margin +€44,723
up €44,723 (+9.0%), from €499,368 to €544,092
- Write-downs -€30,468
down €30,468 (-81.6%), from €37,334 to €6,866
- Financial charges +€11,525
up €11,525 (+42.2%), from €27,308 to €38,833
- Staff costs +€8,146
up €8,146 (+4.6%), from €175,513 to €183,659
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 | €1,061,360 | €1,337,081 | +€275,720 | +26.0% |
| Fixed assets | 21/28 | €37,172 | €53,616 | +€16,443 | +44.2% |
| Intangible fixed assets | 21 | €31 | €0 | -€31 | -100% |
| Tangible fixed assets | 22/27 | €37,141 | €53,616 | +€16,474 | +44.4% |
| Plant, machinery and equipment | 23 | - | €1,965 | +€1,965 | |
| Furniture and vehicles | 24 | €21,261 | €38,709 | +€17,449 | +82.1% |
| Other tangible fixed assets | 26 | €15,881 | €12,941 | -€2,940 | -18.5% |
| Current assets | 29/58 | €1,024,188 | €1,283,465 | +€259,277 | +25.3% |
| Stocks and contracts in progress | 3 | €359,736 | €273,519 | -€86,217 | -24.0% |
| Stocks | 30/36 | €359,736 | €273,519 | -€86,217 | -24.0% |
| Amounts receivable within one year | 40/41 | €591,462 | €738,608 | +€147,146 | +24.9% |
| Trade receivables | 40 | €539,254 | €695,826 | +€156,572 | +29.0% |
| Other amounts receivable | 41 | €52,208 | €42,782 | -€9,426 | -18.1% |
| Cash at bank and in hand | 54/58 | €61,803 | €258,190 | +€196,387 | +318% |
| Deferred charges and accrued income | 490/1 | €11,187 | €13,148 | +€1,961 | +17.5% |
| Total equity and liabilities | 10/49 | €1,061,360 | €1,337,081 | +€275,720 | +26.0% |
| Equity | 10/15 | €384,861 | €299,327 | -€85,534 | -22.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €366,261 | €280,727 | -€85,534 | -23.4% |
| Distributable reserves | 133 | €366,261 | €280,727 | -€85,534 | -23.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €676,500 | €1,037,754 | +€361,254 | +53.4% |
| Amounts payable after more than one year | 17 | €12,921 | €19,146 | +€6,225 | +48.2% |
| Financial debts | 170/4 | €12,921 | €19,146 | +€6,225 | +48.2% |
| Amounts payable within one year | 42/48 | €663,305 | €1,018,608 | +€355,303 | +53.6% |
| Current portion of amounts payable after more than one year | 42 | €7,306 | €14,887 | +€7,582 | +104% |
| Financial debts | 43 | €43,631 | €40,416 | -€3,215 | -7.4% |
| Credit institutions | 430/8 | €43,631 | €40,416 | -€3,215 | -7.4% |
| Trade debts | 44 | €347,361 | €513,885 | +€166,523 | +47.9% |
| Suppliers | 440/4 | €347,361 | €513,885 | +€166,523 | +47.9% |
| Taxes, remuneration and social security | 45 | €85,004 | €109,001 | +€23,998 | +28.2% |
| Taxes | 450/3 | €56,801 | €84,870 | +€28,069 | +49.4% |
| Remuneration and social security | 454/9 | €28,203 | €24,132 | -€4,071 | -14.4% |
| Other amounts payable | 47/48 | €180,003 | €340,419 | +€160,416 | +89.1% |
| Accrued charges and deferred income | 492/3 | €274 | €0 | -€274 | -100% |
| Remuneration, social security and pensions | 62 | €175,513 | €183,659 | +€8,146 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,975 | €8,370 | +€3,395 | +68.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €37,334 | €6,866 | -€30,468 | -81.6% |
| Other operating charges | 640/8 | €3,838 | €2,139 | -€1,699 | -44.3% |
| Non-recurring operating charges | 66A | €2,192 | €0 | -€2,192 | -100% |
| Gross operating margin | 9900 | €499,368 | €544,092 | +€44,723 | +9.0% |
| Operating profit (loss) | 9901 | €275,517 | €343,058 | +€67,541 | +24.5% |
| Financial income | 75/76B | €2,454 | €4,207 | +€1,753 | +71.4% |
| Recurring financial income | 75 | €2,454 | €4,207 | +€1,753 | +71.4% |
| Financial charges | 65/66B | €27,308 | €38,833 | +€11,525 | +42.2% |
| Recurring financial charges | 65 | €27,308 | €38,833 | +€11,525 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €250,663 | €308,432 | +€57,769 | +23.0% |
| Income taxes | 67/77 | €79,575 | €77,218 | -€2,357 | -3.0% |
| Profit (loss) for the period | 9904 | €171,088 | €231,215 | +€60,126 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €171,088 | €231,215 | +€60,126 | +35.1% |
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 16 October 2026 via checked.be.