FINE EURO: 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
FINE EURO
NACE 46.480, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€46,033
2024 · €112,492-€66,458
Equity
€645,704
2024 · €599,670+€46,033
Cash
€470,683
2024 · €527,173-€56,490
Balance sheet total
€4.8m
2024 · €4.8m+€76,120
Largest movements
Assets
- Stocks and contracts +€333,798
up €333,798 (+64.0%), from €521,465 to €855,262
- Receivables within one year -€119,753
down €119,753 (-4.4%), from €2.7m to €2.6m
of which Trade receivables: -€141,735
- Cash -€56,490
down €56,490 (-10.7%), from €527,173 to €470,683
mainly Trade debts (-€1.4m) and Stocks and contracts (-€333,798)
- Deferred charges and accrued income -€53,702
down €53,702 (-66.2%), from €81,076 to €27,374
Equity and liabilities
- Short-term financial debts +€1.4m
new in 2025: €1.4m
- Trade debts -€1.4m
down €1.4m (-37.1%), from €3.7m to €2.3m
Income statement
- Turnover -€10.1m
no longer reported in 2025 (was €10.1m)
- Purchases and services -€9.8m
no longer reported in 2025 (was €9.8m)
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
€112,492
Gross operating margin
-€74,299
Staff costs
+€8,094
Depreciation
-€5,406
Other operating charges
-€911
Financial income
+€20
Financial charges
-€20,116
Taxes
+€26,160
Result 2025
€46,033
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
-€1.5m
Investment
-€7,183
Financing
+€1.4m
Cash 2024
€527,173
From operations (derived)
-€1.5m
Net result for the year
+€46,033
Depreciation
+€34,914
Stocks and contracts
-€333,798
Receivables within one year
+€119,753
Deferred charges and accrued income
+€53,702
Trade debts
-€1.4m
Tax, wage and social debts
-€30,591
Accrued charges and deferred income
-€942
Investment (derived)
-€7,183
Investment in fixed assets (net)
-€7,183
Financing
+€1.4m
Debts after one year
-€23,402
Current portion of long-term debt
+€808
Short-term financial debts
+€1.4m
Cash 2025
€470,683
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,766,372 | €4,842,493 | +€76,120 | +1.6% |
| Fixed assets | 21/28 | €918,257 | €890,525 | -€27,732 | -3.0% |
| Tangible fixed assets | 22/27 | €887,207 | €859,475 | -€27,732 | -3.1% |
| Land and buildings | 22 | €803,043 | €783,571 | -€19,472 | -2.4% |
| Plant, machinery and equipment | 23 | €72,368 | €67,446 | -€4,921 | -6.8% |
| Furniture and vehicles | 24 | €11,796 | €8,458 | -€3,338 | -28.3% |
| Financial fixed assets | 28 | €31,050 | €31,050 | = | 0.0% |
| Current assets | 29/58 | €3,848,116 | €3,951,967 | +€103,852 | +2.7% |
| Stocks and contracts in progress | 3 | €521,465 | €855,262 | +€333,798 | +64.0% |
| Stocks | 30/36 | €521,465 | €855,262 | +€333,798 | +64.0% |
| Amounts receivable within one year | 40/41 | €2,718,401 | €2,598,648 | -€119,753 | -4.4% |
| Trade receivables | 40 | €2,715,996 | €2,574,261 | -€141,735 | -5.2% |
| Other amounts receivable | 41 | €2,405 | €24,387 | +€21,982 | +914% |
| Cash at bank and in hand | 54/58 | €527,173 | €470,683 | -€56,490 | -10.7% |
| Deferred charges and accrued income | 490/1 | €81,076 | €27,374 | -€53,702 | -66.2% |
| Total equity and liabilities | 10/49 | €4,766,372 | €4,842,493 | +€76,120 | +1.6% |
| Equity | 10/15 | €599,670 | €645,704 | +€46,033 | +7.7% |
| Contributions | 10/11 | €259,422 | €259,422 | = | 0.0% |
| Reserves | 13 | €340,249 | €386,282 | +€46,033 | +13.5% |
| Non-distributable reserves | 130/1 | €26,268 | €26,268 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,268 | €26,268 | = | 0.0% |
| Distributable reserves | 133 | €313,980 | €360,014 | +€46,033 | +14.7% |
| Amounts payable | 17/49 | €4,166,702 | €4,196,789 | +€30,087 | +0.7% |
| Amounts payable after more than one year | 17 | €334,404 | €311,002 | -€23,402 | -7.0% |
| Financial debts | 170/4 | €334,404 | €311,002 | -€23,402 | -7.0% |
| Amounts payable within one year | 42/48 | €3,831,355 | €3,885,786 | +€54,431 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €22,594 | €23,402 | +€808 | +3.6% |
| Financial debts | 43 | - | €1,446,126 | +€1.4m | |
| Credit institutions | 430/8 | - | €1,446,126 | +€1.4m | |
| Trade debts | 44 | €3,675,642 | €2,313,730 | -€1.4m | -37.1% |
| Suppliers | 440/4 | €3,675,642 | €2,313,730 | -€1.4m | -37.1% |
| Taxes, remuneration and social security | 45 | €75,973 | €45,382 | -€30,591 | -40.3% |
| Taxes | 450/3 | €56,826 | €26,551 | -€30,275 | -53.3% |
| Remuneration and social security | 454/9 | €19,146 | €18,831 | -€316 | -1.6% |
| Other amounts payable | 47/48 | €57,147 | €57,147 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €942 | - | -€942 | |
| Turnover | 70 | €10,067,321 | - | -€10.1m | |
| Goods, raw materials, services and sundry goods | 60/61 | €9,765,693 | - | -€9.8m | |
| Remuneration, social security and pensions | 62 | €101,108 | €93,014 | -€8,094 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,508 | €34,914 | +€5,406 | +18.3% |
| Other operating charges | 640/8 | €6,583 | €7,495 | +€911 | +13.8% |
| Gross operating margin | 9900 | €326,253 | €251,953 | -€74,299 | -22.8% |
| Operating profit (loss) | 9901 | €189,053 | €116,530 | -€72,523 | -38.4% |
| Financial income | 75/76B | €43 | €64 | +€20 | +47.3% |
| Recurring financial income | 75 | €43 | €64 | +€20 | +47.3% |
| Financial charges | 65/66B | €30,164 | €50,280 | +€20,116 | +66.7% |
| Recurring financial charges | 65 | €30,164 | €50,280 | +€20,116 | +66.7% |
| Profit (loss) for the period before taxes | 9903 | €158,932 | €66,313 | -€92,618 | -58.3% |
| Income taxes | 67/77 | €46,440 | €20,280 | -€26,160 | -56.3% |
| Profit (loss) for the period | 9904 | €112,492 | €46,033 | -€66,458 | -59.1% |
| Profit (loss) for the period to be appropriated | 9905 | €112,492 | €46,033 | -€66,458 | -59.1% |
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.