FR DISTRIBUTION: 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.
FR DISTRIBUTION
Largest movements
- Stocks and contracts -€33,012
down €33,012 (-10.3%), from €319,680 to €286,668
- Current investments -€17,667
down €17,667 (-3.7%), from €483,904 to €466,237
- Deferred charges and accrued income -€14,507
no longer reported in 2025 (was €14,507)
- Tangible fixed assets -€12,874
down €12,874 (-90.6%), from €14,214 to €1,340
of which Land and buildings: -€12,037
- Other debts -€40,000
down €40,000 (-43.9%), from €91,023 to €51,023
- Trade debts -€25,325
down €25,325 (-15.6%), from €162,259 to €136,934
- Gross operating margin -€117,254
down €117,254 (-27.9%), from €419,533 to €302,279
- Staff costs -€36,189
down €36,189 (-13.3%), from €272,102 to €235,913
- Taxes -€17,983
down €17,983 (-47.6%), from €37,796 to €19,813
- Financial charges -€13,784
down €13,784 (-62.6%), from €22,020 to €8,236
- Depreciation -€10,132
down €10,132 (-44.0%), from €23,007 to €12,874
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,172,978 | €1,104,824 | -€68,154 | -5.8% |
| Fixed assets | 21/28 | €14,214 | €1,340 | -€12,874 | -90.6% |
| Tangible fixed assets | 22/27 | €14,214 | €1,340 | -€12,874 | -90.6% |
| Land and buildings | 22 | €12,037 | - | -€12,037 | |
| Plant, machinery and equipment | 23 | €2,177 | €1,340 | -€837 | -38.4% |
| Current assets | 29/58 | €1,158,764 | €1,103,484 | -€55,280 | -4.8% |
| Stocks and contracts in progress | 3 | €319,680 | €286,668 | -€33,012 | -10.3% |
| Stocks | 30/36 | €319,680 | €286,668 | -€33,012 | -10.3% |
| Amounts receivable within one year | 40/41 | €29,145 | €37,050 | +€7,905 | +27.1% |
| Trade receivables | 40 | €27,479 | €22,835 | -€4,644 | -16.9% |
| Other amounts receivable | 41 | €1,666 | €14,215 | +€12,549 | +753.3% |
| Current investments | 50/53 | €483,904 | €466,237 | -€17,667 | -3.7% |
| Cash at bank and in hand | 54/58 | €311,528 | €313,529 | +€2,001 | +0.6% |
| Deferred charges and accrued income | 490/1 | €14,507 | - | -€14,507 | |
| Total equity and liabilities | 10/49 | €1,172,978 | €1,104,824 | -€68,154 | -5.8% |
| Equity | 10/15 | €827,597 | €831,395 | +€3,799 | +0.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €805,597 | €809,395 | +€3,799 | +0.5% |
| Amounts payable | 17/49 | €345,382 | €273,429 | -€71,953 | -20.8% |
| Amounts payable within one year | 42/48 | €345,382 | €273,429 | -€71,953 | -20.8% |
| Financial debts | 43 | €11,208 | €14,674 | +€3,466 | +30.9% |
| Credit institutions | 430/8 | €11,208 | €14,674 | +€3,466 | +30.9% |
| Trade debts | 44 | €162,259 | €136,934 | -€25,325 | -15.6% |
| Suppliers | 440/4 | €162,259 | €136,934 | -€25,325 | -15.6% |
| Taxes, remuneration and social security | 45 | €80,892 | €70,798 | -€10,094 | -12.5% |
| Taxes | 450/3 | €55,414 | €47,995 | -€7,420 | -13.4% |
| Remuneration and social security | 454/9 | €25,477 | €22,804 | -€2,674 | -10.5% |
| Other amounts payable | 47/48 | €91,023 | €51,023 | -€40,000 | -43.9% |
| Remuneration, social security and pensions | 62 | €272,102 | €235,913 | -€36,189 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,007 | €12,874 | -€10,132 | -44.0% |
| Other operating charges | 640/8 | €6,234 | €6,276 | +€43 | +0.7% |
| Gross operating margin | 9900 | €419,533 | €302,279 | -€117,254 | -27.9% |
| Operating profit (loss) | 9901 | €118,190 | €47,215 | -€70,976 | -60.1% |
| Financial income | 75/76B | €32,261 | €34,633 | +€2,372 | +7.4% |
| Recurring financial income | 75 | €32,261 | €34,633 | +€2,372 | +7.4% |
| Financial charges | 65/66B | €22,020 | €8,236 | -€13,784 | -62.6% |
| Recurring financial charges | 65 | €22,020 | €8,236 | -€13,784 | -62.6% |
| Profit (loss) for the period before taxes | 9903 | €128,431 | €73,611 | -€54,820 | -42.7% |
| Income taxes | 67/77 | €37,796 | €19,813 | -€17,983 | -47.6% |
| Profit (loss) for the period | 9904 | €90,636 | €53,799 | -€36,837 | -40.6% |
| Profit (loss) for the period to be appropriated | 9905 | €90,636 | €53,799 | -€36,837 | -40.6% |
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 7 October 2026 via checked.be.