ECORE BELGIUM: 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
ECORE BELGIUM
NACE 46.820, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.5m
2024 · €4.0m-€460,315
Equity
€37.2m
2024 · €33.7m+€3.5m
Cash
€1.6m
2024 · €1.8m-€204,590
Balance sheet total
€51.7m
2024 · €57.8m-€6.1m
Largest movements
Assets
- Stocks and contracts -€7.3m
down €7.3m (-62.9%), from €11.6m to €4.3m
- Receivables within one year +€3.5m
up €3.5m (+10.8%), from €32.9m to €36.4m
of which Other amounts receivable: +€3.4m
- Tangible fixed assets -€2.1m
down €2.1m (-19.5%), from €10.9m to €8.8m
Equity and liabilities
- Trade debts -€7.9m
down €7.9m (-46.9%), from €16.8m to €8.9m
- Profit (loss) carried forward +€3.5m
up €3.5m (+16.0%), from €22.1m to €25.6m
- Debts after one year -€659,065
down €659,065 (-39.9%), from €1.7m to €993,736
Income statement
- Turnover -€49.5m
down €49.5m (-35.3%), from €140.4m to €90.9m
- Goods and materials -€46.3m
down €46.3m (-37.5%), from €123.4m to €77.1m
of which Purchases: -€58.0m
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
€4.0m
Turnover
-€49.5m
Other operating income
+€193,062
Goods and materials
+€46.3m
Services and other goods
+€305,536
Staff costs
+€193,914
Depreciation
+€521,019
Write-downs
+€337,910
Other operating charges
+€135,551
Other operating items
-€398
Financial income
+€414,007
Financial charges
+€259,393
Taxes
+€362,709
Result 2025
€3.5m
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
+€1.7m
Investment
-€680,254
Financing
-€1.3m
Cash 2024
€1.8m
From operations (derived)
+€1.7m
Net result for the year
+€3.5m
Depreciation
+€2.8m
Stocks and contracts
+€7.3m
Receivables within one year
-€3.5m
Deferred charges and accrued income
-€2,046
Trade debts
-€7.9m
Tax, wage and social debts
-€413,322
Investment (derived)
-€680,254
Investment in fixed assets (net)
-€680,254
Financing
-€1.3m
Debts after one year
-€659,065
Current portion of long-term debt
-€231,101
Short-term financial debts
-€380,593
Cash 2025
€1.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,772,506 | €51,717,904 | -€6.1m | -10.5% |
| Fixed assets | 21/28 | €11,427,842 | €9,305,388 | -€2.1m | -18.6% |
| Intangible fixed assets | 21 | €15,455 | €11,521 | -€3,934 | -25.5% |
| Tangible fixed assets | 22/27 | €10,873,628 | €8,755,107 | -€2.1m | -19.5% |
| Land and buildings | 22 | €4,511,396 | €4,126,681 | -€384,716 | -8.5% |
| Plant, machinery and equipment | 23 | €3,099,261 | €2,733,261 | -€366,000 | -11.8% |
| Furniture and vehicles | 24 | €97,436 | €63,343 | -€34,093 | -35.0% |
| Leasing and similar rights | 25 | €2,103,059 | €1,326,227 | -€776,833 | -36.9% |
| Assets under construction and advance payments | 27 | €1,062,475 | €505,596 | -€556,879 | -52.4% |
| Financial fixed assets | 28 | €538,760 | €538,760 | = | 0.0% |
| Other financial fixed assets | 284/8 | €538,760 | €538,760 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €538,760 | €538,760 | = | 0.0% |
| Current assets | 29/58 | €46,344,664 | €42,412,516 | -€3.9m | -8.5% |
| Stocks and contracts in progress | 3 | €11,563,290 | €4,295,699 | -€7.3m | -62.9% |
| Stocks | 30/36 | €11,563,290 | €4,295,699 | -€7.3m | -62.9% |
| Raw materials and consumables | 30/31 | €763,274 | €749,381 | -€13,893 | -1.8% |
| Goods purchased for resale | 34 | €10,800,016 | €3,546,318 | -€7.3m | -67.2% |
| Amounts receivable within one year | 40/41 | €32,910,585 | €36,448,572 | +€3.5m | +10.8% |
| Trade receivables | 40 | €10,601,450 | €10,707,717 | +€106,267 | +1.0% |
| Other amounts receivable | 41 | €22,309,135 | €25,740,855 | +€3.4m | +15.4% |
| Cash at bank and in hand | 54/58 | €1,832,545 | €1,627,955 | -€204,590 | -11.2% |
| Deferred charges and accrued income | 490/1 | €38,243 | €40,289 | +€2,046 | +5.4% |
| Total equity and liabilities | 10/49 | €57,772,506 | €51,717,904 | -€6.1m | -10.5% |
| Equity | 10/15 | €33,701,297 | €37,222,517 | +€3.5m | +10.4% |
| Contributions | 10/11 | €10,628,619 | €10,628,619 | = | 0.0% |
| Capital | 10 | €10,000,000 | €10,000,000 | = | 0.0% |
| Issued capital | 100 | €10,000,000 | €10,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €628,619 | €628,619 | = | 0.0% |
| Share premium | 1100/10 | €628,619 | €628,619 | = | 0.0% |
| Reserves | 13 | €1,000,000 | €1,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000,000 | €1,000,000 | = | 0.0% |
| Legal reserve | 130 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,072,679 | €25,593,898 | +€3.5m | +16.0% |
| Amounts payable | 17/49 | €24,071,209 | €14,495,387 | -€9.6m | -39.8% |
| Amounts payable after more than one year | 17 | €1,652,801 | €993,736 | -€659,065 | -39.9% |
| Financial debts | 170/4 | €1,652,801 | €993,736 | -€659,065 | -39.9% |
| Leasing and similar obligations | 172 | €1,652,801 | €993,736 | -€659,065 | -39.9% |
| Amounts payable within one year | 42/48 | €22,418,408 | €13,501,651 | -€8.9m | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €824,726 | €593,625 | -€231,101 | -28.0% |
| Financial debts | 43 | €3,707,643 | €3,327,050 | -€380,593 | -10.3% |
| Credit institutions | 430/8 | €3,707,643 | €3,327,050 | -€380,593 | -10.3% |
| Trade debts | 44 | €16,819,065 | €8,927,324 | -€7.9m | -46.9% |
| Suppliers | 440/4 | €16,819,065 | €8,927,324 | -€7.9m | -46.9% |
| Taxes, remuneration and social security | 45 | €1,066,973 | €653,652 | -€413,322 | -38.7% |
| Taxes | 450/3 | €653,907 | €153,177 | -€500,730 | -76.6% |
| Remuneration and social security | 454/9 | €413,066 | €500,475 | +€87,408 | +21.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Operating income | 70/76A | €140,642,498 | €91,310,200 | -€49.3m | -35.1% |
| Turnover | 70 | €140,444,060 | €90,919,286 | -€49.5m | -35.3% |
| Other operating income | 74 | €197,518 | €390,580 | +€193,062 | +97.7% |
| Non-recurring operating income | 76A | €921 | €334 | -€586 | -63.7% |
| Operating charges | 60/66A | €135,792,184 | €87,956,310 | -€47.8m | -35.2% |
| Goods for resale, raw materials and consumables | 60 | €123,436,813 | €77,095,058 | -€46.3m | -37.5% |
| Purchases | 600/8 | €127,582,814 | €69,579,436 | -€58.0m | -45.5% |
| Change in stocks: decrease (increase) | 609 | -€4,146,001 | €7,515,622 | +€11.7m | |
| Services and other goods | 61 | €5,867,760 | €5,562,225 | -€305,536 | -5.2% |
| Remuneration, social security and pensions | 62 | €2,802,646 | €2,608,732 | -€193,914 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,323,727 | €2,802,708 | -€521,019 | -15.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €89,879 | -€248,031 | -€337,910 | |
| Other operating charges | 640/8 | €270,023 | €134,472 | -€135,551 | -50.2% |
| Non-recurring operating charges | 66A | €1,336 | €1,147 | -€189 | -14.1% |
| Operating profit (loss) | 9901 | €4,850,314 | €3,353,890 | -€1.5m | -30.9% |
| Financial income | 75/76B | €226,014 | €640,020 | +€414,007 | +183% |
| Recurring financial income | 75 | €226,014 | €640,020 | +€414,007 | +183% |
| Other financial income | 752/9 | €226,014 | €640,020 | +€414,007 | +183% |
| Financial charges | 65/66B | €492,439 | €233,045 | -€259,393 | -52.7% |
| Recurring financial charges | 65 | €492,439 | €233,045 | -€259,393 | -52.7% |
| Debt charges | 650 | €245,181 | €63,788 | -€181,393 | -74.0% |
| Other financial charges | 652/9 | €247,258 | €169,258 | -€78,000 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €4,583,889 | €3,760,865 | -€823,024 | -18.0% |
| Income taxes | 67/77 | €602,354 | €239,646 | -€362,709 | -60.2% |
| Taxes | 670/3 | €602,354 | €239,646 | -€362,709 | -60.2% |
| Profit (loss) for the period | 9904 | €3,981,535 | €3,521,220 | -€460,315 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,981,535 | €3,521,220 | -€460,315 | -11.6% |
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 20 October 2026 via checked.be.