EDITOR 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
EDITOR BELGIUM
NACE 46.492, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€284,040
2024 · -€33,441-€250,599
Equity
€3.7m
2024 · €4.0m-€284,040
Cash
€454,957
2024 · €486,653-€31,696
Balance sheet total
€7.0m
2024 · €7.1m-€159,057
Largest movements
Assets
- Receivables within one year -€579,407
down €579,407 (-17.0%), from €3.4m to €2.8m
of which Other amounts receivable: -€304,108
- Stocks and contracts +€531,524
up €531,524 (+19.9%), from €2.7m to €3.2m
- Tangible fixed assets -€91,765
down €91,765 (-25.9%), from €354,831 to €263,066
of which Plant, machinery and equipment: -€71,865
Equity and liabilities
- Reserves -€285,000
down €285,000 (-25.9%), from €1.1m to €814,252
of which Distributable reserves: -€285,000
- Trade debts +€185,392
up €185,392 (+12.2%), from €1.5m to €1.7m
- Debts after one year -€87,290
no longer reported in 2025 (was €87,290)
Income statement
- Goods and materials -€207,965
down €207,965 (-8.5%), from €2.5m to €2.2m
of which Change in stocks: decrease (increase): -€858,635
- Turnover -€193,948
down €193,948 (-3.4%), from €5.8m to €5.6m
- Services and other goods +€116,676
up €116,676 (+5.9%), from €2.0m to €2.1m
- Other operating income -€80,947
down €80,947 (-16.9%), from €477,968 to €397,021
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
-€33,441
Turnover
-€193,948
Other operating income
-€80,947
Goods and materials
+€207,965
Services and other goods
-€116,676
Staff costs
+€29,355
Depreciation
+€14,285
Write-downs
-€19,956
Provisions
-€2,564
Other operating charges
+€1,287
Other operating items
-€101,637
Financial income
+€24,862
Financial charges
-€23,063
Taxes
+€10,438
Result 2025
-€284,040
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
+€286,698
Investment
-€218,095
Financing
-€100,299
Cash 2024
€486,653
From operations (derived)
+€286,698
Net result for the year
-€284,040
Depreciation
+€299,003
Stocks and contracts
-€531,524
Receivables within one year
+€579,407
Deferred charges and accrued income
-€1,430
Provisions
+€2,414
Trade debts
+€185,392
Tax, wage and social debts
+€40,152
Accrued charges and deferred income
-€2,676
Investment (derived)
-€218,095
Investment in fixed assets (net)
-€218,095
Financing
-€100,299
Debts after one year
-€87,290
Current portion of long-term debt
-€13,009
Cash 2025
€454,957
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,145,148 | €6,986,091 | -€159,057 | -2.2% |
| Fixed assets | 21/28 | €531,122 | €450,214 | -€80,908 | -15.2% |
| Intangible fixed assets | 21 | €176,291 | €187,148 | +€10,857 | +6.2% |
| Tangible fixed assets | 22/27 | €354,831 | €263,066 | -€91,765 | -25.9% |
| Plant, machinery and equipment | 23 | €294,998 | €223,133 | -€71,865 | -24.4% |
| Furniture and vehicles | 24 | €14,280 | €9,387 | -€4,893 | -34.3% |
| Other tangible fixed assets | 26 | €45,553 | €30,546 | -€15,007 | -32.9% |
| Current assets | 29/58 | €6,614,026 | €6,535,877 | -€78,149 | -1.2% |
| Stocks and contracts in progress | 3 | €2,666,042 | €3,197,566 | +€531,524 | +19.9% |
| Stocks | 30/36 | €2,666,042 | €3,197,566 | +€531,524 | +19.9% |
| Goods purchased for resale | 34 | €2,666,042 | €3,197,566 | +€531,524 | +19.9% |
| Amounts receivable within one year | 40/41 | €3,408,780 | €2,829,373 | -€579,407 | -17.0% |
| Trade receivables | 40 | €2,902,005 | €2,626,706 | -€275,299 | -9.5% |
| Other amounts receivable | 41 | €506,775 | €202,667 | -€304,108 | -60.0% |
| Cash at bank and in hand | 54/58 | €486,653 | €454,957 | -€31,696 | -6.5% |
| Deferred charges and accrued income | 490/1 | €52,551 | €53,981 | +€1,430 | +2.7% |
| Total equity and liabilities | 10/49 | €7,145,148 | €6,986,091 | -€159,057 | -2.2% |
| Equity | 10/15 | €3,970,992 | €3,686,952 | -€284,040 | -7.2% |
| Contributions | 10/11 | €2,871,213 | €2,871,213 | = | 0.0% |
| Capital | 10 | €2,850,000 | €2,850,000 | = | 0.0% |
| Issued capital | 100 | €2,850,000 | €2,850,000 | = | 0.0% |
| Contributions outside capital | 11 | €21,213 | €21,213 | = | 0.0% |
| Share premium | 1100/10 | €21,213 | €21,213 | = | 0.0% |
| Reserves | 13 | €1,099,252 | €814,252 | -€285,000 | -25.9% |
| Non-distributable reserves | 130/1 | €288,827 | €288,827 | = | 0.0% |
| Legal reserve | 130 | €285,000 | €285,000 | = | 0.0% |
| Other | 1319 | €3,827 | €3,827 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,425 | €115,425 | = | 0.0% |
| Distributable reserves | 133 | €695,000 | €410,000 | -€285,000 | -41.0% |
| Profit (loss) carried forward | 14 | €527 | €1,487 | +€960 | +182% |
| Provisions and deferred taxes | 16 | €6,500 | €8,914 | +€2,414 | +37.1% |
| Provisions for liabilities and charges | 160/5 | €6,500 | €8,914 | +€2,414 | +37.1% |
| Other liabilities and charges | 164/5 | €6,500 | €8,914 | +€2,414 | +37.1% |
| Amounts payable | 17/49 | €3,167,656 | €3,290,225 | +€122,569 | +3.9% |
| Amounts payable after more than one year | 17 | €87,290 | - | -€87,290 | |
| Financial debts | 170/4 | €87,290 | - | -€87,290 | |
| Credit institutions | 173 | €87,290 | - | -€87,290 | |
| Amounts payable within one year | 42/48 | €3,070,740 | €3,283,275 | +€212,535 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €108,856 | €95,847 | -€13,009 | -12.0% |
| Financial debts | 43 | €1,200,000 | €1,200,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,200,000 | €1,200,000 | = | 0.0% |
| Trade debts | 44 | €1,523,348 | €1,708,740 | +€185,392 | +12.2% |
| Suppliers | 440/4 | €1,523,348 | €1,708,740 | +€185,392 | +12.2% |
| Taxes, remuneration and social security | 45 | €238,536 | €278,688 | +€40,152 | +16.8% |
| Taxes | 450/3 | €57,810 | €59,917 | +€2,107 | +3.6% |
| Remuneration and social security | 454/9 | €180,726 | €218,771 | +€38,045 | +21.1% |
| Accrued charges and deferred income | 492/3 | €9,626 | €6,950 | -€2,676 | -27.8% |
| Operating income | 70/76A | €6,380,510 | €6,003,856 | -€376,654 | -5.9% |
| Turnover | 70 | €5,766,656 | €5,572,708 | -€193,948 | -3.4% |
| Other operating income | 74 | €477,968 | €397,021 | -€80,947 | -16.9% |
| Non-recurring operating income | 76A | €135,886 | €34,127 | -€101,759 | -74.9% |
| Operating charges | 60/66A | €6,340,011 | €6,226,193 | -€113,818 | -1.8% |
| Goods for resale, raw materials and consumables | 60 | €2,457,308 | €2,249,343 | -€207,965 | -8.5% |
| Purchases | 600/8 | €2,161,336 | €2,812,006 | +€650,670 | +30.1% |
| Change in stocks: decrease (increase) | 609 | €295,972 | -€562,663 | -€858,635 | |
| Services and other goods | 61 | €1,965,740 | €2,082,416 | +€116,676 | +5.9% |
| Remuneration, social security and pensions | 62 | €1,577,242 | €1,547,887 | -€29,355 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €313,288 | €299,003 | -€14,285 | -4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,079 | €40,035 | +€19,956 | +99.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€150 | €2,414 | +€2,564 | |
| Other operating charges | 640/8 | €6,382 | €5,095 | -€1,287 | -20.2% |
| Non-recurring operating charges | 66A | €122 | - | -€122 | |
| Operating profit (loss) | 9901 | €40,499 | -€222,337 | -€262,836 | |
| Financial income | 75/76B | €38,903 | €63,765 | +€24,862 | +63.9% |
| Recurring financial income | 75 | €38,903 | €63,765 | +€24,862 | +63.9% |
| Income from current assets | 751 | €3,943 | €14,706 | +€10,763 | +273% |
| Other financial income | 752/9 | €34,960 | €49,059 | +€14,099 | +40.3% |
| Financial charges | 65/66B | €100,834 | €123,897 | +€23,063 | +22.9% |
| Recurring financial charges | 65 | €100,834 | €121,286 | +€20,452 | +20.3% |
| Debt charges | 650 | €75,598 | €82,913 | +€7,315 | +9.7% |
| Other financial charges | 652/9 | €25,236 | €38,373 | +€13,137 | +52.1% |
| Non-recurring financial charges | 66B | - | €2,611 | +€2,611 | |
| Profit (loss) for the period before taxes | 9903 | -€21,432 | -€282,469 | -€261,037 | -1,218% |
| Income taxes | 67/77 | €12,009 | €1,571 | -€10,438 | -86.9% |
| Taxes | 670/3 | €12,009 | €1,571 | -€10,438 | -86.9% |
| Profit (loss) for the period | 9904 | -€33,441 | -€284,040 | -€250,599 | -749% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,441 | -€284,040 | -€250,599 | -749% |
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 23 October 2026 via checked.be.