Global Trading: what changed
Global Trading
Largest movements
- Receivables within one year +€548,872
up €548,872 (+97.1%), from €565,128 to €1.1m
of which Trade receivables: +€453,977
- Stocks and contracts -€135,880
no longer reported in 2025 (was €135,880)
- Cash -€96,678
down €96,678 (-90.3%), from €107,021 to €10,343
mainly Receivables within one year (-€548,872) and Other debts (-€182,493)
- Tangible fixed assets -€36,550
down €36,550 (-13.2%), from €275,960 to €239,410
of which Land and buildings: -€30,124
- Trade debts +€505,228
up €505,228 (+185%), from €272,662 to €777,890
- Other debts -€182,493
down €182,493 (-93.5%), from €195,263 to €12,770
- Short-term financial debts +€76,460
up €76,460 (+44.1%), from €173,540 to €250,000
- Reserves -€56,454
down €56,454 (-19.6%), from €288,678 to €232,224
of which Distributable reserves: -€56,454
- Tax, wage and social debts -€40,939
down €40,939 (-86.0%), from €47,622 to €6,684
- Gross operating margin -€89,868
down €89,868 (-49.1%), from €182,937 to €93,068
- Taxes -€23,039
down €23,039 (-85.6%), from €26,902 to €3,863
- Financial charges -€19,786
down €19,786 (-36.1%), from €54,751 to €34,965
- Depreciation +€2,123
up €2,123 (+5.3%), from €39,984 to €42,107
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,092,496 | €1,368,438 | +€275,942 | +25.3% |
| Fixed assets | 21/28 | €276,182 | €239,410 | -€36,772 | -13.3% |
| Intangible fixed assets | 21 | €222 | - | -€222 | |
| Tangible fixed assets | 22/27 | €275,960 | €239,410 | -€36,550 | -13.2% |
| Land and buildings | 22 | €263,397 | €233,273 | -€30,124 | -11.4% |
| Plant, machinery and equipment | 23 | €5,206 | €4,136 | -€1,070 | -20.6% |
| Furniture and vehicles | 24 | €7,357 | €2,002 | -€5,356 | -72.8% |
| Current assets | 29/58 | €816,314 | €1,129,028 | +€312,714 | +38.3% |
| Stocks and contracts in progress | 3 | €135,880 | - | -€135,880 | |
| Stocks | 30/36 | €135,880 | - | -€135,880 | |
| Amounts receivable within one year | 40/41 | €565,128 | €1,114,000 | +€548,872 | +97.1% |
| Trade receivables | 40 | €507,615 | €961,592 | +€453,977 | +89.4% |
| Other amounts receivable | 41 | €57,513 | €152,408 | +€94,895 | +165% |
| Cash at bank and in hand | 54/58 | €107,021 | €10,343 | -€96,678 | -90.3% |
| Deferred charges and accrued income | 490/1 | €8,285 | €4,685 | -€3,600 | -43.5% |
| Total equity and liabilities | 10/49 | €1,092,496 | €1,368,438 | +€275,942 | +25.3% |
| Equity | 10/15 | €293,678 | €237,224 | -€56,454 | -19.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €288,678 | €232,224 | -€56,454 | -19.6% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €285,178 | €228,724 | -€56,454 | -19.8% |
| Amounts payable | 17/49 | €798,818 | €1,131,214 | +€332,396 | +41.6% |
| Amounts payable after more than one year | 17 | €74,214 | €38,415 | -€35,799 | -48.2% |
| Financial debts | 170/4 | €74,214 | €38,415 | -€35,799 | -48.2% |
| Amounts payable within one year | 42/48 | €723,446 | €1,092,800 | +€369,353 | +51.1% |
| Current portion of amounts payable after more than one year | 42 | €34,359 | €45,456 | +€11,097 | +32.3% |
| Financial debts | 43 | €173,540 | €250,000 | +€76,460 | +44.1% |
| Credit institutions | 430/8 | €173,540 | €250,000 | +€76,460 | +44.1% |
| Trade debts | 44 | €272,662 | €777,890 | +€505,228 | +185% |
| Suppliers | 440/4 | €272,662 | €777,890 | +€505,228 | +185% |
| Taxes, remuneration and social security | 45 | €47,622 | €6,684 | -€40,939 | -86.0% |
| Taxes | 450/3 | €47,622 | €6,684 | -€40,939 | -86.0% |
| Other amounts payable | 47/48 | €195,263 | €12,770 | -€182,493 | -93.5% |
| Accrued charges and deferred income | 492/3 | €1,158 | - | -€1,158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,984 | €42,107 | +€2,123 | +5.3% |
| Other operating charges | 640/8 | €4,627 | €4,009 | -€618 | -13.4% |
| Gross operating margin | 9900 | €182,937 | €93,068 | -€89,868 | -49.1% |
| Operating profit (loss) | 9901 | €138,326 | €46,953 | -€91,373 | -66.1% |
| Financial income | 75/76B | €1,085 | €8 | -€1,077 | -99.2% |
| Recurring financial income | 75 | €1,085 | €8 | -€1,077 | -99.2% |
| Financial charges | 65/66B | €54,751 | €34,965 | -€19,786 | -36.1% |
| Recurring financial charges | 65 | €54,751 | €34,965 | -€19,786 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €84,660 | €11,996 | -€72,664 | -85.8% |
| Income taxes | 67/77 | €26,902 | €3,863 | -€23,039 | -85.6% |
| Profit (loss) for the period | 9904 | €57,758 | €8,133 | -€49,625 | -85.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,758 | €8,133 | -€49,625 | -85.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.