G.L. DISTRIBUTION: 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
G.L. DISTRIBUTION
NACE 46.441, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€57,708
2024 · €119,624-€61,916
Equity
€445,490
2024 · €411,083+€34,408
Cash
€1,780
2024 · €349+€1,431
Balance sheet total
€898,768
2024 · €725,909+€172,859
Largest movements
Assets
- Receivables after one year +€300,000
new in 2025: €300,000
- Receivables within one year -€206,838
down €206,838 (-55.0%), from €376,166 to €169,328
of which Other amounts receivable: -€127,584
- Stocks and contracts +€82,296
up €82,296 (+27.6%), from €298,367 to €380,663
Equity and liabilities
- Debts after one year +€105,903
up €105,903, from €0 to €105,903
- Reserves +€35,000
up €35,000 (+8.9%), from €391,860 to €426,860
of which Distributable reserves: +€35,000
- Current portion of long-term debt +€34,718
up €34,718 (+263%), from €13,203 to €47,921
- Trade debts -€28,879
down €28,879 (-40.7%), from €70,962 to €42,083
- Short-term financial debts +€24,605
up €24,605 (+16.4%), from €150,395 to €175,000
Income statement
- Gross operating margin -€72,366
down €72,366 (-22.2%), from €326,035 to €253,669
- Staff costs +€42,489
up €42,489 (+47.7%), from €89,101 to €131,590
- Taxes -€15,772
down €15,772 (-51.7%), from €30,521 to €14,750
- Financial charges +€8,372
up €8,372 (+39.5%), from €21,208 to €29,580
- Other operating charges -€7,410
down €7,410 (-69.3%), from €10,694 to €3,284
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
€119,624
Gross operating margin
-€72,366
Staff costs
-€42,489
Depreciation
+€3,994
Write-downs
-€2,984
Other operating charges
+€7,410
Other operating items
+€41,337
Financial income
-€4,218
Financial charges
-€8,372
Taxes
+€15,772
Result 2025
€57,708
raises the resultlowers the resultnot broken down further in the accounts
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
-€128,401
Investment
-€12,093
Financing
+€141,926
Cash 2024
€349
From operations (derived)
-€128,401
Net result for the year
+€57,708
Depreciation
+€15,860
Receivables after one year
-€300,000
Stocks and contracts
-€82,296
Receivables within one year
+€206,838
Smaller working-capital items
-€417
Trade debts
-€28,879
Tax, wage and social debts
-€10,132
Other debts
+€12,916
Investment (derived)
-€12,093
Investment in fixed assets (net)
-€12,093
Financing
+€141,926
Debts after one year
+€105,903
Current portion of long-term debt
+€34,718
Short-term financial debts
+€24,605
Contributions, distributions and other
-€23,300
Cash 2025
€1,780
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €725,909 | €898,768 | +€172,859 | +23.8% |
| Fixed assets | 21/28 | €41,697 | €37,930 | -€3,767 | -9.0% |
| Intangible fixed assets | 21 | €899 | €0 | -€899 | -100% |
| Tangible fixed assets | 22/27 | €33,422 | €37,461 | +€4,039 | +12.1% |
| Plant, machinery and equipment | 23 | €1,167 | €17,525 | +€16,357 | +1,401% |
| Furniture and vehicles | 24 | €22,056 | €19,861 | -€2,195 | -10.0% |
| Leasing and similar rights | 25 | €10,048 | €0 | -€10,048 | -100% |
| Other tangible fixed assets | 26 | €151 | €75 | -€75 | -50.0% |
| Financial fixed assets | 28 | €7,376 | €469 | -€6,907 | -93.6% |
| Current assets | 29/58 | €684,212 | €860,838 | +€176,626 | +25.8% |
| Amounts receivable after more than one year | 29 | - | €300,000 | +€300,000 | |
| Other amounts receivable | 291 | - | €300,000 | +€300,000 | |
| Stocks and contracts in progress | 3 | €298,367 | €380,663 | +€82,296 | +27.6% |
| Stocks | 30/36 | €298,367 | €380,663 | +€82,296 | +27.6% |
| Amounts receivable within one year | 40/41 | €376,166 | €169,328 | -€206,838 | -55.0% |
| Trade receivables | 40 | €223,722 | €144,468 | -€79,254 | -35.4% |
| Other amounts receivable | 41 | €152,444 | €24,860 | -€127,584 | -83.7% |
| Cash at bank and in hand | 54/58 | €349 | €1,780 | +€1,431 | +410% |
| Deferred charges and accrued income | 490/1 | €9,330 | €9,067 | -€263 | -2.8% |
| Total equity and liabilities | 10/49 | €725,909 | €898,768 | +€172,859 | +23.8% |
| Equity | 10/15 | €411,083 | €445,490 | +€34,408 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €391,860 | €426,860 | +€35,000 | +8.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €391,860 | €426,860 | +€35,000 | +8.9% |
| Profit (loss) carried forward | 14 | €623 | €30 | -€592 | -95.1% |
| Amounts payable | 17/49 | €314,826 | €453,278 | +€138,452 | +44.0% |
| Amounts payable after more than one year | 17 | €0 | €105,903 | +€105,903 | |
| Financial debts | 170/4 | €0 | €105,903 | +€105,903 | |
| Amounts payable within one year | 42/48 | €314,146 | €347,375 | +€33,228 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €13,203 | €47,921 | +€34,718 | +263% |
| Financial debts | 43 | €150,395 | €175,000 | +€24,605 | +16.4% |
| Credit institutions | 430/8 | €150,395 | €175,000 | +€24,605 | +16.4% |
| Trade debts | 44 | €70,962 | €42,083 | -€28,879 | -40.7% |
| Suppliers | 440/4 | €70,962 | €42,083 | -€28,879 | -40.7% |
| Taxes, remuneration and social security | 45 | €69,202 | €59,071 | -€10,132 | -14.6% |
| Taxes | 450/3 | €47,622 | €40,396 | -€7,226 | -15.2% |
| Remuneration and social security | 454/9 | €21,580 | €18,675 | -€2,906 | -13.5% |
| Other amounts payable | 47/48 | €10,384 | €23,300 | +€12,916 | +124% |
| Accrued charges and deferred income | 492/3 | €680 | €0 | -€680 | -100% |
| Non-recurring operating income | 76A | €4,583 | €0 | -€4,583 | -100% |
| Remuneration, social security and pensions | 62 | €89,101 | €131,590 | +€42,489 | +47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,854 | €15,860 | -€3,994 | -20.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,984 | +€2,984 | |
| Other operating charges | 640/8 | €10,694 | €3,284 | -€7,410 | -69.3% |
| Non-recurring operating charges | 66A | €41,337 | €0 | -€41,337 | -100% |
| Gross operating margin | 9900 | €326,035 | €253,669 | -€72,366 | -22.2% |
| Operating profit (loss) | 9901 | €165,048 | €99,951 | -€65,098 | -39.4% |
| Financial income | 75/76B | €6,305 | €2,087 | -€4,218 | -66.9% |
| Recurring financial income | 75 | €1,321 | €2,087 | +€766 | +58.0% |
| Non-recurring financial income | 76B | €4,984 | €0 | -€4,984 | -100% |
| Financial charges | 65/66B | €21,208 | €29,580 | +€8,372 | +39.5% |
| Recurring financial charges | 65 | €21,208 | €29,580 | +€8,372 | +39.5% |
| Profit (loss) for the period before taxes | 9903 | €150,145 | €72,457 | -€77,688 | -51.7% |
| Income taxes | 67/77 | €30,521 | €14,750 | -€15,772 | -51.7% |
| Profit (loss) for the period | 9904 | €119,624 | €57,708 | -€61,916 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,624 | €57,708 | -€61,916 | -51.8% |
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 15 October 2026 via checked.be.