ERVE BUYING: 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
ERVE BUYING
NACE 46.423, Wholesale of clothing, excluding workwear and underwear
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.9m
2024 · €11.8m-€2.9m
Equity
€7.2m
2024 · €6.9m+€357,122
Cash
€1.9m
2024 · €1.6m+€303,651
Balance sheet total
€41.9m
2024 · €25.6m+€16.4m
Largest movements
Assets
- Receivables within one year +€15.4m
up €15.4m (+253%), from €6.1m to €21.4m
of which Other amounts receivable: +€14.3m
- Stocks and contracts +€786,684
up €786,684 (+21.1%), from €3.7m to €4.5m
Equity and liabilities
- Short-term financial debts +€12.7m
up €12.7m (+268%), from €4.8m to €17.5m
- Trade debts +€4.0m
up €4.0m (+218%), from €1.8m to €5.8m
- Other debts -€2.0m
down €2.0m (-24.9%), from €8.0m to €6.0m
- Tax, wage and social debts +€547,500
up €547,500 (+257%), from €213,152 to €760,652
of which Taxes: +€511,414
- Debts after one year +€500,000
up €500,000 (+13.8%), from €3.6m to €4.1m
Income statement
- Turnover +€26.8m
up €26.8m (+45.3%), from €59.1m to €86.0m
- Goods and materials +€23.8m
up €23.8m (+44.3%), from €53.9m to €77.7m
- Financial charges +€3.2m
up €3.2m (+382%), from €827,429 to €4.0m
of which Financial charges: +€1.8m
- Financial income -€2.2m
down €2.2m (-21.2%), from €10.4m to €8.2m
of which Financial income: -€2.2m
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
€11.8m
Turnover
+€26.8m
Other operating income
+€3,968
Goods and materials
-€23.8m
Services and other goods
-€295,089
Staff costs
-€138,654
Depreciation
-€16,853
Other operating charges
+€2,007
Financial income
-€2.2m
Financial charges
-€3.2m
Taxes
-€82,062
Result 2025
€8.9m
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
-€4.5m
Investment
+€118,613
Financing
+€4.7m
Cash 2024
€1.6m
From operations (derived)
-€4.5m
Net result for the year
+€8.9m
Depreciation
+€33,242
Stocks and contracts
-€786,684
Receivables within one year
-€15.4m
Deferred charges and accrued income
-€81,231
Trade debts
+€4.0m
Tax, wage and social debts
+€547,500
Other debts
-€2.0m
Accrued charges and deferred income
+€229,170
Investment (derived)
+€118,613
Investment in fixed assets (net)
+€118,613
Financing
+€4.7m
Debts after one year
+€500,000
Short-term financial debts
+€12.7m
Contributions, distributions and other
-€8.5m
Cash 2025
€1.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,551,947 | €41,939,379 | +€16.4m | +64.1% |
| Fixed assets | 21/28 | €14,036,380 | €13,884,525 | -€151,855 | -1.1% |
| Intangible fixed assets | 21 | €10,307 | €158,040 | +€147,733 | +1,433% |
| Tangible fixed assets | 22/27 | €11,407 | €40,032 | +€28,625 | +251% |
| Plant, machinery and equipment | 23 | €869 | €0 | -€869 | -100% |
| Furniture and vehicles | 24 | €10,538 | €40,032 | +€29,494 | +280% |
| Financial fixed assets | 28 | €14,014,666 | €13,686,453 | -€328,213 | -2.3% |
| Affiliated companies | 280/1 | €14,014,666 | €13,186,453 | -€828,213 | -5.9% |
| Participating interests | 280 | €11,909,859 | €10,529,233 | -€1.4m | -11.6% |
| Amounts receivable | 281 | €2,104,807 | €2,657,220 | +€552,413 | +26.2% |
| Other financial fixed assets | 284/8 | - | €500,000 | +€500,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €500,000 | +€500,000 | |
| Current assets | 29/58 | €11,515,567 | €28,054,854 | +€16.5m | +144% |
| Stocks and contracts in progress | 3 | €3,732,701 | €4,519,385 | +€786,684 | +21.1% |
| Stocks | 30/36 | €3,732,701 | €4,519,385 | +€786,684 | +21.1% |
| Goods purchased for resale | 34 | €3,732,701 | €4,519,385 | +€786,684 | +21.1% |
| Amounts receivable within one year | 40/41 | €6,064,563 | €21,432,283 | +€15.4m | +253% |
| Trade receivables | 40 | €650,120 | €1,669,606 | +€1.0m | +157% |
| Other amounts receivable | 41 | €5,414,442 | €19,762,677 | +€14.3m | +265% |
| Cash at bank and in hand | 54/58 | €1,550,723 | €1,854,374 | +€303,651 | +19.6% |
| Deferred charges and accrued income | 490/1 | €167,581 | €248,812 | +€81,231 | +48.5% |
| Total equity and liabilities | 10/49 | €25,551,947 | €41,939,379 | +€16.4m | +64.1% |
| Equity | 10/15 | €6,860,785 | €7,217,907 | +€357,122 | +5.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €6,660,785 | €7,017,907 | +€357,122 | +5.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €6,640,785 | €6,997,907 | +€357,122 | +5.4% |
| Amounts payable | 17/49 | €18,691,162 | €34,721,472 | +€16.0m | +85.8% |
| Amounts payable after more than one year | 17 | €3,625,000 | €4,125,000 | +€500,000 | +13.8% |
| Financial debts | 170/4 | €3,625,000 | €4,125,000 | +€500,000 | +13.8% |
| Subordinated loans | 170 | €3,625,000 | €3,625,000 | = | 0.0% |
| Other loans | 174 | - | €500,000 | +€500,000 | |
| Amounts payable within one year | 42/48 | €14,818,944 | €30,120,084 | +€15.3m | +103% |
| Financial debts | 43 | €4,750,000 | €17,499,809 | +€12.7m | +268% |
| Credit institutions | 430/8 | €4,750,000 | €17,499,809 | +€12.7m | +268% |
| Trade debts | 44 | €1,835,792 | €5,839,623 | +€4.0m | +218% |
| Suppliers | 440/4 | €1,835,792 | €5,839,623 | +€4.0m | +218% |
| Taxes, remuneration and social security | 45 | €213,152 | €760,652 | +€547,500 | +257% |
| Taxes | 450/3 | €158,259 | €669,673 | +€511,414 | +323% |
| Remuneration and social security | 454/9 | €54,892 | €90,979 | +€36,086 | +65.7% |
| Other amounts payable | 47/48 | €8,020,000 | €6,020,000 | -€2.0m | -24.9% |
| Accrued charges and deferred income | 492/3 | €247,218 | €476,389 | +€229,170 | +92.7% |
| Operating income | 70/76A | €59,358,227 | €86,163,970 | +€26.8m | +45.2% |
| Turnover | 70 | €59,149,916 | €85,951,691 | +€26.8m | +45.3% |
| Other operating income | 74 | €208,310 | €212,279 | +€3,968 | +1.9% |
| Operating charges | 60/66A | €56,304,913 | €80,588,584 | +€24.3m | +43.1% |
| Goods for resale, raw materials and consumables | 60 | €53,857,357 | €77,692,440 | +€23.8m | +44.3% |
| Purchases | 600/8 | €53,857,357 | €77,692,440 | +€23.8m | +44.3% |
| Services and other goods | 61 | €1,892,307 | €2,187,396 | +€295,089 | +15.6% |
| Remuneration, social security and pensions | 62 | €534,947 | €673,600 | +€138,654 | +25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,389 | €33,242 | +€16,853 | +103% |
| Other operating charges | 640/8 | €3,913 | €1,906 | -€2,007 | -51.3% |
| Operating profit (loss) | 9901 | €3,053,314 | €5,575,386 | +€2.5m | +82.6% |
| Financial income | 75/76B | €10,428,504 | €8,213,394 | -€2.2m | -21.2% |
| Recurring financial income | 75 | €10,428,504 | €8,180,427 | -€2.2m | -21.6% |
| Income from financial fixed assets | 750 | €9,355,224 | €7,513,513 | -€1.8m | -19.7% |
| Income from current assets | 751 | €166,772 | €111,995 | -€54,777 | -32.8% |
| Other financial income | 752/9 | €906,508 | €554,919 | -€351,589 | -38.8% |
| Non-recurring financial income | 76B | - | €32,967 | +€32,967 | |
| Financial charges | 65/66B | €827,429 | €3,986,359 | +€3.2m | +382% |
| Recurring financial charges | 65 | €752,980 | €2,580,733 | +€1.8m | +243% |
| Debt charges | 650 | €499,928 | €596,843 | +€96,915 | +19.4% |
| Other financial charges | 652/9 | €253,053 | €1,983,890 | +€1.7m | +684% |
| Non-recurring financial charges | 66B | €74,449 | €1,405,626 | +€1.3m | +1,788% |
| Profit (loss) for the period before taxes | 9903 | €12,654,389 | €9,802,420 | -€2.9m | -22.5% |
| Income taxes | 67/77 | €843,237 | €925,299 | +€82,062 | +9.7% |
| Taxes | 670/3 | €843,237 | €925,299 | +€82,062 | +9.7% |
| Profit (loss) for the period | 9904 | €11,811,153 | €8,877,122 | -€2.9m | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,811,153 | €8,877,122 | -€2.9m | -24.8% |
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 27 October 2026 via checked.be.