De Drie keuningen: 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
De Drie keuningen
NACE 46.496, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€11,078
2024 · €27,629-€38,708
Equity
€8.7m
2024 · €8.7m-€11,078
Cash
€88,777
2024 · €63,679+€25,098
Balance sheet total
€8.9m
2024 · €8.9m-€26,065
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€29,223
down €29,223 (-18.5%), from €158,006 to €128,783
- Staff costs +€18,197
up €18,197 (+26.2%), from €69,574 to €87,771
- Taxes -€9,025
down €9,025 (-95.1%), from €9,487 to €462
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
€27,629
Gross operating margin
-€29,223
Staff costs
-€18,197
Depreciation
-€168
Other operating charges
-€213
Financial income
-€422
Financial charges
+€491
Taxes
+€9,025
Result 2025
-€11,078
raises the resultlowers the result
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
+€47,471
Investment
€0
Financing
-€22,373
Cash 2024
€63,679
From operations (derived)
+€47,471
Net result for the year
-€11,078
Depreciation
+€48,219
Receivables within one year
-€3,269
Deferred charges and accrued income
+€6,212
Trade debts
-€11,196
Tax, wage and social debts
+€9,245
Other debts
+€6,827
Accrued charges and deferred income
+€2,511
Financing
-€22,373
Debts after one year
-€1,983
Current portion of long-term debt
-€20,390
Short-term financial debts
-€0
Cash 2025
€88,777
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,878,620 | €8,852,556 | -€26,065 | -0.3% |
| Fixed assets | 21/28 | €8,764,591 | €8,716,372 | -€48,219 | -0.6% |
| Tangible fixed assets | 22/27 | €8,763,333 | €8,715,113 | -€48,219 | -0.6% |
| Land and buildings | 22 | €8,747,633 | €8,702,784 | -€44,849 | -0.5% |
| Plant, machinery and equipment | 23 | €12,582 | €10,207 | -€2,374 | -18.9% |
| Furniture and vehicles | 24 | €3,118 | €2,122 | -€996 | -32.0% |
| Financial fixed assets | 28 | €1,259 | €1,259 | = | 0.0% |
| Current assets | 29/58 | €114,029 | €136,183 | +€22,155 | +19.4% |
| Amounts receivable within one year | 40/41 | €32,661 | €35,930 | +€3,269 | +10.0% |
| Other amounts receivable | 41 | €32,661 | €35,930 | +€3,269 | +10.0% |
| Cash at bank and in hand | 54/58 | €63,679 | €88,777 | +€25,098 | +39.4% |
| Deferred charges and accrued income | 490/1 | €17,689 | €11,476 | -€6,212 | -35.1% |
| Total equity and liabilities | 10/49 | €8,878,620 | €8,852,556 | -€26,065 | -0.3% |
| Equity | 10/15 | €8,682,874 | €8,671,796 | -€11,078 | -0.1% |
| Contributions | 10/11 | €8,475,000 | €8,475,000 | = | 0.0% |
| Reserves | 13 | €207,874 | €196,796 | -€11,078 | -5.3% |
| Non-distributable reserves | 130/1 | €6,113 | €6,113 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,113 | €6,113 | = | 0.0% |
| Distributable reserves | 133 | €201,761 | €190,682 | -€11,078 | -5.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €195,746 | €180,760 | -€14,986 | -7.7% |
| Amounts payable after more than one year | 17 | €1,983 | €0 | -€1,983 | -100% |
| Financial debts | 170/4 | €1,983 | €0 | -€1,983 | -100% |
| Amounts payable within one year | 42/48 | €187,795 | €172,280 | -€15,515 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €22,373 | €1,983 | -€20,390 | -91.1% |
| Financial debts | 43 | €46 | €46 | -€0 | -0.3% |
| Credit institutions | 430/8 | €46 | €46 | -€0 | -0.3% |
| Trade debts | 44 | €12,973 | €1,777 | -€11,196 | -86.3% |
| Suppliers | 440/4 | €12,973 | €1,777 | -€11,196 | -86.3% |
| Taxes, remuneration and social security | 45 | €2,237 | €11,482 | +€9,245 | +413% |
| Taxes | 450/3 | €0 | €9,083 | +€9,083 | |
| Remuneration and social security | 454/9 | €2,237 | €2,399 | +€162 | +7.2% |
| Other amounts payable | 47/48 | €150,166 | €156,993 | +€6,827 | +4.5% |
| Accrued charges and deferred income | 492/3 | €5,968 | €8,479 | +€2,511 | +42.1% |
| Remuneration, social security and pensions | 62 | €69,574 | €87,771 | +€18,197 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,052 | €48,219 | +€168 | +0.3% |
| Other operating charges | 640/8 | €1,753 | €1,966 | +€213 | +12.2% |
| Gross operating margin | 9900 | €158,006 | €128,783 | -€29,223 | -18.5% |
| Operating profit (loss) | 9901 | €38,627 | -€9,173 | -€47,801 | |
| Financial income | 75/76B | €1,459 | €1,037 | -€422 | -28.9% |
| Recurring financial income | 75 | €1,459 | €1,037 | -€422 | -28.9% |
| Financial charges | 65/66B | €2,970 | €2,480 | -€491 | -16.5% |
| Recurring financial charges | 65 | €2,970 | €2,480 | -€491 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €37,117 | -€10,616 | -€47,733 | |
| Income taxes | 67/77 | €9,487 | €462 | -€9,025 | -95.1% |
| Profit (loss) for the period | 9904 | €27,629 | -€11,078 | -€38,708 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,629 | -€11,078 | -€38,708 |
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 26 October 2026 via checked.be.