GESTION - MANAGEMENT - COMMERCIALISATION: 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
GESTION - MANAGEMENT - COMMERCIALISATION
NACE 46.820, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €2.2m-€736,819
Equity
€4.4m
2024 · €4.4m+€61,141
Cash
€2.0m
2024 · €497,174+€1.6m
Balance sheet total
€8.9m
2024 · €7.8m+€1.1m
Largest movements
Assets
- Cash +€1.6m
up €1.6m (+312%), from €497,174 to €2.0m
mainly Net result for the year (+€1.4m) and Other debts (+€1.2m)
- Receivables within one year -€470,894
down €470,894 (-27.4%), from €1.7m to €1.2m
of which Trade receivables: -€456,036
- Financial fixed assets -€138,101
down €138,101 (-15.9%), from €866,057 to €727,956
- Stocks and contracts +€129,254
up €129,254 (+3.6%), from €3.6m to €3.7m
of which Stocks: +€623,761
Equity and liabilities
- Other debts +€1.2m
up €1.2m (+202%), from €588,100 to €1.8m
- Advances received -€646,232
down €646,232 (-85.0%), from €760,046 to €113,814
- Trade debts +€554,243
up €554,243 (+62.1%), from €891,856 to €1.4m
- Debts after one year -€125,117
down €125,117 (-18.4%), from €678,524 to €553,407
- Tax, wage and social debts +€115,271
up €115,271 (+35.2%), from €327,702 to €442,972
of which Taxes: +€238,896
Income statement
- Gross operating margin -€1.4m
down €1.4m (-33.1%), from €4.2m to €2.8m
- Taxes +€319,251
up €319,251 (+179%), from €178,136 to €497,387
- Write-downs +€211,142
up €211,142, from -€120,008 to €91,134
- Staff costs -€199,905
down €199,905 (-19.0%), from €1.0m to €850,012
- Financial income +€141,694
up €141,694 (+566%), from €25,033 to €166,726
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
€2.2m
Gross operating margin
-€1.4m
Staff costs
+€199,905
Depreciation
+€70,876
Write-downs
-€211,142
Provisions
+€10,644
Other operating charges
+€27,742
Other operating items
+€720,135
Financial income
+€141,694
Financial charges
+€10,105
Taxes
-€319,251
Result 2025
€1.4m
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
+€3.0m
Investment
+€62,878
Financing
-€1.5m
Cash 2024
€497,174
From operations (derived)
+€3.0m
Net result for the year
+€1.4m
Depreciation
+€73,977
Stocks and contracts
-€129,254
Receivables within one year
+€470,894
Deferred charges and accrued income
+€5,632
Provisions
-€10,644
Trade debts
+€554,243
Tax, wage and social debts
+€115,271
Advances received
-€646,232
Other debts
+€1.2m
Accrued charges and deferred income
-€57,222
Investment (derived)
+€62,878
Investment in fixed assets (net)
+€62,878
Financing
-€1.5m
Debts after one year
-€125,117
Current portion of long-term debt
-€12,969
Contributions, distributions and other
-€1.4m
Cash 2025
€2.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,823,852 | €8,892,462 | +€1.1m | +13.7% |
| Fixed assets | 21/28 | €1,080,922 | €944,067 | -€136,855 | -12.7% |
| Intangible fixed assets | 21 | €2,822 | €3,486 | +€665 | +23.6% |
| Tangible fixed assets | 22/27 | €212,043 | €212,625 | +€581 | +0.3% |
| Plant, machinery and equipment | 23 | €11,342 | €3,912 | -€7,430 | -65.5% |
| Furniture and vehicles | 24 | €200,701 | €208,712 | +€8,011 | +4.0% |
| Financial fixed assets | 28 | €866,057 | €727,956 | -€138,101 | -15.9% |
| Current assets | 29/58 | €6,742,930 | €7,948,395 | +€1.2m | +17.9% |
| Stocks and contracts in progress | 3 | €3,601,472 | €3,730,727 | +€129,254 | +3.6% |
| Stocks | 30/36 | €3,031,366 | €3,655,127 | +€623,761 | +20.6% |
| Contracts in progress | 37 | €570,106 | €75,600 | -€494,506 | -86.7% |
| Amounts receivable within one year | 40/41 | €1,715,522 | €1,244,629 | -€470,894 | -27.4% |
| Trade receivables | 40 | €1,676,043 | €1,220,008 | -€456,036 | -27.2% |
| Other amounts receivable | 41 | €39,479 | €24,621 | -€14,858 | -37.6% |
| Current investments | 50/53 | €900,000 | €900,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €497,174 | €2,049,910 | +€1.6m | +312% |
| Deferred charges and accrued income | 490/1 | €28,761 | €23,129 | -€5,632 | -19.6% |
| Total equity and liabilities | 10/49 | €7,823,852 | €8,892,462 | +€1.1m | +13.7% |
| Equity | 10/15 | €4,364,452 | €4,425,593 | +€61,141 | +1.4% |
| Contributions | 10/11 | €554,405 | €554,405 | = | 0.0% |
| Capital | 10 | €554,405 | €554,405 | = | 0.0% |
| Issued capital | 100 | €554,405 | €554,405 | = | 0.0% |
| Reserves | 13 | €3,779,820 | €3,836,923 | +€57,103 | +1.5% |
| Non-distributable reserves | 130/1 | €955,440 | €955,440 | = | 0.0% |
| Legal reserve | 130 | €55,440 | €55,440 | = | 0.0% |
| Reserves not available under the articles | 1311 | €900,000 | €900,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,824,380 | €1,781,483 | -€42,897 | -2.4% |
| Distributable reserves | 133 | €1,000,000 | €1,100,000 | +€100,000 | +10.0% |
| Profit (loss) carried forward | 14 | €30,227 | €34,265 | +€4,038 | +13.4% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €16,333 | €5,688 | -€10,644 | -65.2% |
| Provisions for liabilities and charges | 160/5 | €16,333 | €5,688 | -€10,644 | -65.2% |
| Other liabilities and charges | 164/5 | €16,333 | €5,688 | -€10,644 | -65.2% |
| Amounts payable | 17/49 | €3,443,068 | €4,461,180 | +€1.0m | +29.6% |
| Amounts payable after more than one year | 17 | €678,524 | €553,407 | -€125,117 | -18.4% |
| Financial debts | 170/4 | €678,524 | €553,407 | -€125,117 | -18.4% |
| Amounts payable within one year | 42/48 | €2,706,464 | €3,906,916 | +€1.2m | +44.4% |
| Current portion of amounts payable after more than one year | 42 | €138,761 | €125,792 | -€12,969 | -9.3% |
| Trade debts | 44 | €891,856 | €1,446,099 | +€554,243 | +62.1% |
| Suppliers | 440/4 | €891,856 | €1,446,099 | +€554,243 | +62.1% |
| Advances received on contracts in progress | 46 | €760,046 | €113,814 | -€646,232 | -85.0% |
| Taxes, remuneration and social security | 45 | €327,702 | €442,972 | +€115,271 | +35.2% |
| Taxes | 450/3 | €67,817 | €306,713 | +€238,896 | +352% |
| Remuneration and social security | 454/9 | €259,885 | €136,259 | -€123,626 | -47.6% |
| Other amounts payable | 47/48 | €588,100 | €1,778,239 | +€1.2m | +202% |
| Accrued charges and deferred income | 492/3 | €58,079 | €857 | -€57,222 | -98.5% |
| Non-recurring operating income | 76A | €1,728,439 | - | -€1.7m | |
| Remuneration, social security and pensions | 62 | €1,049,916 | €850,012 | -€199,905 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,852 | €73,977 | -€70,876 | -48.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€120,008 | €91,134 | +€211,142 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€10,644 | -€10,644 | |
| Other operating charges | 640/8 | €40,536 | €12,794 | -€27,742 | -68.4% |
| Non-recurring operating charges | 66A | €720,135 | - | -€720,135 | |
| Gross operating margin | 9900 | €4,193,334 | €2,805,808 | -€1.4m | -33.1% |
| Operating profit (loss) | 9901 | €2,357,902 | €1,788,536 | -€569,366 | -24.1% |
| Financial income | 75/76B | €25,033 | €166,726 | +€141,694 | +566% |
| Recurring financial income | 75 | €25,033 | €166,726 | +€141,694 | +566% |
| Financial charges | 65/66B | €36,839 | €26,734 | -€10,105 | -27.4% |
| Recurring financial charges | 65 | €36,839 | €26,734 | -€10,105 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €2,346,096 | €1,928,528 | -€417,568 | -17.8% |
| Income taxes | 67/77 | €178,136 | €497,387 | +€319,251 | +179% |
| Profit (loss) for the period | 9904 | €2,167,960 | €1,431,141 | -€736,819 | -34.0% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €84,997 | -€41,303 | -32.7% |
| Transfer to tax-exempt reserves | 689 | €1,728,439 | €42,100 | -€1.7m | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €565,821 | €1,474,038 | +€908,218 | +161% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.