EUROWOOD: what changed
Two fiscal 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
EUROWOOD
NACE 46.832, Wholesale of timber
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€211,806
2024 · €105,908+€105,898
Equity
€1.7m
2024 · €1.5m+€107,510
Cash
€112,290
2024 · €63,401+€48,889
Balance sheet total
€4.2m
2024 · €4.4m-€194,034
Largest movements
Assets
- Tangible fixed assets -€103,358
down €103,358 (-4.6%), from €2.3m to €2.2m
of which Plant, machinery and equipment: -€53,575
- Stocks and contracts -€86,960
down €86,960 (-5.4%), from €1.6m to €1.5m
- Receivables within one year -€76,078
down €76,078 (-18.0%), from €421,937 to €345,858
of which Trade receivables: -€60,985
- Cash +€48,889
up €48,889 (+77.1%), from €63,401 to €112,290
mainly Net result for the year (+€211,806) and Depreciation (+€162,306)
Equity and liabilities
- Short-term financial debts -€232,500
down €232,500 (-20.2%), from €1.2m to €917,500
- Debts after one year -€145,422
down €145,422 (-14.9%), from €977,281 to €831,859
- Reserves +€107,510
up €107,510 (+7.9%), from €1.4m to €1.5m
of which Distributable reserves: +€122,917
- Trade debts +€59,330
up €59,330 (+15.9%), from €372,531 to €431,862
Income statement
- Gross operating margin +€220,665
up €220,665 (+29.2%), from €754,868 to €975,533
- Taxes +€87,662
up €87,662 (+162.9%), from €53,829 to €141,491
- Staff costs +€33,201
up €33,201 (+11.7%), from €284,312 to €317,512
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
€105,908
Gross operating margin
+€220,665
Staff costs
-€33,201
Depreciation
+€1,690
Write-downs
+€6,000
Other operating charges
-€1,073
Other operating items
-€2,407
Financial income
-€1,955
Financial charges
+€3,842
Taxes
-€87,662
Result 2025
€211,806
Cash bridge derived
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
+€590,373
Investment
-€72,448
Financing
-€469,035
Cash 2024
€63,401
From operations (derived)
+€590,373
Net result for the year
+€211,806
Depreciation
+€162,306
Stocks and contracts
+€86,960
Receivables within one year
+€76,078
Deferred charges and accrued income
-€9,973
Provisions
-€3,949
Trade debts
+€59,330
Tax, wage and social debts
-€834
Other debts
+€9,386
Accrued charges and deferred income
-€738
Investment (derived)
-€72,448
Investment in fixed assets (net)
-€72,448
Financing
-€469,035
Debts after one year
-€145,422
Current portion of long-term debt
+€13,183
Short-term financial debts
-€232,500
Contributions, distributions and other
-€104,296
Cash 2025
€112,290
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,398,403 | €4,204,369 | -€194,034 | -4.4% |
| Fixed assets | 21/28 | €2,296,962 | €2,207,105 | -€89,858 | -3.9% |
| Tangible fixed assets | 22/27 | €2,270,420 | €2,167,063 | -€103,358 | -4.6% |
| Land and buildings | 22 | €1,596,302 | €1,589,390 | -€6,913 | -0.4% |
| Plant, machinery and equipment | 23 | €600,356 | €546,780 | -€53,575 | -8.9% |
| Furniture and vehicles | 24 | €73,762 | €30,892 | -€42,870 | -58.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €26,542 | €40,042 | +€13,500 | +50.9% |
| Current assets | 29/58 | €2,101,440 | €1,997,265 | -€104,176 | -5.0% |
| Stocks and contracts in progress | 3 | €1,602,890 | €1,515,930 | -€86,960 | -5.4% |
| Stocks | 30/36 | €1,602,890 | €1,515,930 | -€86,960 | -5.4% |
| Amounts receivable within one year | 40/41 | €421,937 | €345,858 | -€76,078 | -18.0% |
| Trade receivables | 40 | €393,184 | €332,199 | -€60,985 | -15.5% |
| Other amounts receivable | 41 | €28,753 | €13,659 | -€15,093 | -52.5% |
| Cash at bank and in hand | 54/58 | €63,401 | €112,290 | +€48,889 | +77.1% |
| Deferred charges and accrued income | 490/1 | €13,213 | €23,187 | +€9,973 | +75.5% |
| Total equity and liabilities | 10/49 | €4,398,403 | €4,204,369 | -€194,034 | -4.4% |
| Equity | 10/15 | €1,548,303 | €1,655,813 | +€107,510 | +6.9% |
| Contributions | 10/11 | €187,000 | €187,000 | = | 0.0% |
| Capital | 10 | €187,000 | €187,000 | = | 0.0% |
| Issued capital | 100 | €187,000 | €187,000 | = | 0.0% |
| Reserves | 13 | €1,361,303 | €1,468,813 | +€107,510 | +7.9% |
| Non-distributable reserves | 130/1 | €18,700 | €18,700 | = | 0.0% |
| Legal reserve | 130 | €18,700 | €18,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €339,531 | €324,124 | -€15,407 | -4.5% |
| Distributable reserves | 133 | €1,003,072 | €1,125,989 | +€122,917 | +12.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €86,340 | €82,392 | -€3,949 | -4.6% |
| Deferred taxes | 168 | €86,340 | €82,392 | -€3,949 | -4.6% |
| Amounts payable | 17/49 | €2,763,759 | €2,466,165 | -€297,595 | -10.8% |
| Amounts payable after more than one year | 17 | €977,281 | €831,859 | -€145,422 | -14.9% |
| Financial debts | 170/4 | €977,281 | €831,859 | -€145,422 | -14.9% |
| Amounts payable within one year | 42/48 | €1,783,685 | €1,632,250 | -€151,435 | -8.5% |
| Current portion of amounts payable after more than one year | 42 | €176,656 | €189,838 | +€13,183 | +7.5% |
| Financial debts | 43 | €1,150,000 | €917,500 | -€232,500 | -20.2% |
| Credit institutions | 430/8 | €1,150,000 | €917,500 | -€232,500 | -20.2% |
| Trade debts | 44 | €372,531 | €431,862 | +€59,330 | +15.9% |
| Suppliers | 440/4 | €372,531 | €431,862 | +€59,330 | +15.9% |
| Taxes, remuneration and social security | 45 | €84,498 | €83,664 | -€834 | -1.0% |
| Taxes | 450/3 | €57,612 | €53,732 | -€3,880 | -6.7% |
| Remuneration and social security | 454/9 | €26,886 | €29,932 | +€3,047 | +11.3% |
| Other amounts payable | 47/48 | - | €9,386 | +€9,386 | |
| Accrued charges and deferred income | 492/3 | €2,794 | €2,056 | -€738 | -26.4% |
| Non-recurring operating income | 76A | €17,000 | €17,733 | +€733 | +4.3% |
| Remuneration, social security and pensions | 62 | €284,312 | €317,512 | +€33,201 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,997 | €162,306 | -€1,690 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,000 | €0 | -€6,000 | -100.0% |
| Other operating charges | 640/8 | €31,062 | €32,135 | +€1,073 | +3.5% |
| Non-recurring operating charges | 66A | - | €2,407 | +€2,407 | |
| Gross operating margin | 9900 | €754,868 | €975,533 | +€220,665 | +29.2% |
| Operating profit (loss) | 9901 | €269,498 | €461,172 | +€191,674 | +71.1% |
| Financial income | 75/76B | €3,104 | €1,149 | -€1,955 | -63.0% |
| Recurring financial income | 75 | €3,104 | €1,149 | -€1,955 | -63.0% |
| Financial charges | 65/66B | €116,814 | €112,972 | -€3,842 | -3.3% |
| Recurring financial charges | 65 | €116,814 | €112,972 | -€3,842 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €155,788 | €349,349 | +€193,561 | +124.2% |
| Transfer from deferred taxes | 780 | €3,949 | €3,949 | = | 0.0% |
| Income taxes | 67/77 | €53,829 | €141,491 | +€87,662 | +162.9% |
| Profit (loss) for the period | 9904 | €105,908 | €211,806 | +€105,898 | +100.0% |
| Transfer from tax-exempt reserves | 789 | €15,407 | €15,407 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €121,315 | €227,214 | +€105,898 | +87.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.