FIRST CLASS: 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
FIRST CLASS
NACE 46.492, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,794
2024 · €84,944-€30,150
Equity
€1.7m
2024 · €1.6m+€54,794
Cash
€108,642
2024 · €138,624-€29,982
Balance sheet total
€2.5m
2024 · €2.5m-€26,751
Largest movements
Assets
- Cash -€29,982
down €29,982 (-21.6%), from €138,624 to €108,642
mainly Other debts (-€252,617) and Investment in fixed assets (net) (-€36,884)
Equity and liabilities
- Other debts -€252,617
down €252,617 (-90.4%), from €279,545 to €26,927
- Trade debts +€156,632
up €156,632 (+27.3%), from €573,785 to €730,417
- Profit (loss) carried forward +€54,794
up €54,794 (+517%), from €10,603 to €65,397
Income statement
- Staff costs +€29,191
up €29,191 (+18.4%), from €158,467 to €187,659
- Financial income +€27,327
up €27,327 (+114%), from €24,029 to €51,356
- Financial charges +€20,884
up €20,884 (+75.8%), from €27,544 to €48,428
- Gross operating margin -€11,521
down €11,521 (-3.9%), from €296,621 to €285,101
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
€84,944
Gross operating margin
-€11,521
Staff costs
-€29,191
Depreciation
-€1,523
Write-downs
+€1,870
Other operating charges
+€928
Financial income
+€27,327
Financial charges
-€20,884
Taxes
+€2,845
Result 2025
€54,794
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
-€12,811
Investment
-€17,171
Financing
€0
Cash 2024
€138,624
From operations (derived)
-€12,811
Net result for the year
+€54,794
Depreciation
+€13,589
Stocks and contracts
-€1,286
Receivables within one year
+€798
Deferred charges and accrued income
+€839
Trade debts
+€156,632
Tax, wage and social debts
+€14,725
Other debts
-€252,617
Accrued charges and deferred income
-€283
Investment (derived)
-€17,171
Investment in fixed assets (net)
-€36,884
Current investments
+€19,713
Cash 2025
€108,642
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,511,518 | €2,484,767 | -€26,751 | -1.1% |
| Fixed assets | 21/28 | €49,044 | €72,339 | +€23,295 | +47.5% |
| Tangible fixed assets | 22/27 | €47,321 | €70,616 | +€23,295 | +49.2% |
| Plant, machinery and equipment | 23 | €1,657 | €791 | -€867 | -52.3% |
| Furniture and vehicles | 24 | €22,938 | €42,530 | +€19,592 | +85.4% |
| Other tangible fixed assets | 26 | €22,726 | €27,295 | +€4,569 | +20.1% |
| Financial fixed assets | 28 | €1,723 | €1,723 | = | 0.0% |
| Current assets | 29/58 | €2,462,474 | €2,412,429 | -€50,046 | -2.0% |
| Amounts receivable after more than one year | 29 | €130,500 | €130,500 | = | 0.0% |
| Other amounts receivable | 291 | €130,500 | €130,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €618,893 | €620,179 | +€1,286 | +0.2% |
| Stocks | 30/36 | €618,893 | €620,179 | +€1,286 | +0.2% |
| Amounts receivable within one year | 40/41 | €641,186 | €640,389 | -€798 | -0.1% |
| Trade receivables | 40 | €503,531 | €533,161 | +€29,630 | +5.9% |
| Other amounts receivable | 41 | €137,655 | €107,228 | -€30,428 | -22.1% |
| Current investments | 50/53 | €916,249 | €896,536 | -€19,713 | -2.2% |
| Cash at bank and in hand | 54/58 | €138,624 | €108,642 | -€29,982 | -21.6% |
| Deferred charges and accrued income | 490/1 | €17,021 | €16,182 | -€839 | -4.9% |
| Total equity and liabilities | 10/49 | €2,511,518 | €2,484,767 | -€26,751 | -1.1% |
| Equity | 10/15 | €1,610,674 | €1,665,467 | +€54,794 | +3.4% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Reserves | 13 | €1,494,716 | €1,494,716 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,550 | €10,550 | = | 0.0% |
| Legal reserve | 130 | €10,550 | €10,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €184,166 | €184,166 | = | 0.0% |
| Distributable reserves | 133 | €1,300,000 | €1,300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,603 | €65,397 | +€54,794 | +517% |
| Amounts payable | 17/49 | €900,844 | €819,300 | -€81,544 | -9.1% |
| Amounts payable within one year | 42/48 | €900,561 | €819,300 | -€81,261 | -9.0% |
| Trade debts | 44 | €573,785 | €730,417 | +€156,632 | +27.3% |
| Suppliers | 440/4 | €573,785 | €730,417 | +€156,632 | +27.3% |
| Taxes, remuneration and social security | 45 | €47,231 | €61,956 | +€14,725 | +31.2% |
| Taxes | 450/3 | €21,304 | €46,514 | +€25,210 | +118% |
| Remuneration and social security | 454/9 | €25,927 | €15,442 | -€10,485 | -40.4% |
| Other amounts payable | 47/48 | €279,545 | €26,927 | -€252,617 | -90.4% |
| Accrued charges and deferred income | 492/3 | €283 | €0 | -€283 | -100% |
| Remuneration, social security and pensions | 62 | €158,467 | €187,659 | +€29,191 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,065 | €13,589 | +€1,523 | +12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,870 | €0 | -€1,870 | -100% |
| Other operating charges | 640/8 | €2,376 | €1,449 | -€928 | -39.0% |
| Gross operating margin | 9900 | €296,621 | €285,101 | -€11,521 | -3.9% |
| Operating profit (loss) | 9901 | €121,842 | €82,404 | -€39,438 | -32.4% |
| Financial income | 75/76B | €24,029 | €51,356 | +€27,327 | +114% |
| Recurring financial income | 75 | €24,029 | €51,356 | +€27,327 | +114% |
| Financial charges | 65/66B | €27,544 | €48,428 | +€20,884 | +75.8% |
| Recurring financial charges | 65 | €27,544 | €48,428 | +€20,884 | +75.8% |
| Profit (loss) for the period before taxes | 9903 | €118,327 | €85,332 | -€32,995 | -27.9% |
| Transfer to deferred taxes | 680 | - | €0 | = | |
| Income taxes | 67/77 | €33,383 | €30,539 | -€2,845 | -8.5% |
| Profit (loss) for the period | 9904 | €84,944 | €54,794 | -€30,150 | -35.5% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €0 | -€84,200 | -100% |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,944 | €54,794 | -€30,150 | -35.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.