GOOD MERCHANDISE: 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.
GOOD MERCHANDISE
Largest movements
- Receivables within one year -€929,090
down €929,090 (-22.5%), from €4.1m to €3.2m
of which Trade receivables: -€933,595
- Stocks and contracts -€693,919
down €693,919 (-8.5%), from €8.2m to €7.5m
- Cash +€150,008
up €150,008 (+1,712%), from €8,762 to €158,771
mainly Receivables within one year (+€929,090) and Stocks and contracts (+€693,919)
- Trade debts -€1.5m
down €1.5m (-24.1%), from €6.2m to €4.7m
- Debts after one year +€164,618
up €164,618 (+2.7%), from €6.2m to €6.3m
- Profit (loss) carried forward -€153,918
down €153,918 (-12.0%), from -€1.3m to -€1.4m
- Turnover -€36.0m
down €36.0m (-97.3%), from €37.0m to €984,646
- Goods and materials -€1.6m
down €1.6m (-60.1%), from €2.6m to €1.0m
of which Purchases: -€11.2m
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,306,826 | €10,833,825 | -€1.5m | -12.0% |
| Current assets | 29/58 | €12,306,826 | €10,833,825 | -€1.5m | -12.0% |
| Stocks and contracts in progress | 3 | €8,176,267 | €7,482,348 | -€693,919 | -8.5% |
| Stocks | 30/36 | €8,176,267 | €7,482,348 | -€693,919 | -8.5% |
| Property held for sale | 35 | €8,176,267 | €7,482,348 | -€693,919 | -8.5% |
| Amounts receivable within one year | 40/41 | €4,121,796 | €3,192,706 | -€929,090 | -22.5% |
| Trade receivables | 40 | €4,113,505 | €3,179,910 | -€933,595 | -22.7% |
| Other amounts receivable | 41 | €8,291 | €12,796 | +€4,505 | +54.3% |
| Cash at bank and in hand | 54/58 | €8,762 | €158,771 | +€150,008 | +1,712% |
| Total equity and liabilities | 10/49 | €12,306,826 | €10,833,825 | -€1.5m | -12.0% |
| Equity | 10/15 | -€25,947 | -€179,866 | -€153,918 | -593% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Capital | 10 | €1,250,000 | €1,250,000 | = | 0.0% |
| Issued capital | 100 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €2,085 | €2,085 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,085 | €2,085 | = | 0.0% |
| Legal reserve | 130 | €2,085 | €2,085 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,278,033 | -€1,431,951 | -€153,918 | -12.0% |
| Amounts payable | 17/49 | €12,332,773 | €11,013,691 | -€1.3m | -10.7% |
| Amounts payable after more than one year | 17 | €6,177,377 | €6,341,995 | +€164,618 | +2.7% |
| Financial debts | 170/4 | €6,177,377 | €6,341,995 | +€164,618 | +2.7% |
| Subordinated loans | 170 | €6,177,377 | €6,341,995 | +€164,618 | +2.7% |
| Amounts payable within one year | 42/48 | €6,155,396 | €4,671,695 | -€1.5m | -24.1% |
| Trade debts | 44 | €6,155,396 | €4,671,695 | -€1.5m | -24.1% |
| Suppliers | 440/4 | €6,155,396 | €4,671,695 | -€1.5m | -24.1% |
| Operating income | 70/76A | €2,606,409 | €984,646 | -€1.6m | -62.2% |
| Turnover | 70 | €36,968,672 | €984,646 | -€36.0m | -97.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€34,363,773 | - | +€34.4m | |
| Other operating income | 74 | €1,509 | - | -€1,509 | |
| Operating charges | 60/66A | €2,484,451 | €933,615 | -€1.6m | -62.4% |
| Goods for resale, raw materials and consumables | 60 | €2,606,409 | €1,039,382 | -€1.6m | -60.1% |
| Purchases | 600/8 | €11,469,236 | €227,833 | -€11.2m | -98.0% |
| Change in stocks: decrease (increase) | 609 | -€8,862,827 | €811,548 | +€9.7m | |
| Services and other goods | 61 | €70,206 | €10,745 | -€59,461 | -84.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€193,249 | -€117,629 | +€75,620 | +39.1% |
| Other operating charges | 640/8 | €1,086 | €1,118 | +€33 | +3.0% |
| Operating profit (loss) | 9901 | €121,957 | €51,030 | -€70,927 | -58.2% |
| Financial income | 75/76B | €13 | €1 | -€12 | -93.2% |
| Recurring financial income | 75 | €13 | €1 | -€12 | -93.2% |
| Income from current assets | 751 | €11 | - | -€11 | |
| Other financial income | 752/9 | €1 | €1 | -€0 | -30.9% |
| Financial charges | 65/66B | €240,258 | €204,950 | -€35,309 | -14.7% |
| Recurring financial charges | 65 | €240,258 | €204,950 | -€35,309 | -14.7% |
| Debt charges | 650 | €240,258 | €204,618 | -€35,640 | -14.8% |
| Other financial charges | 652/9 | - | €331 | +€331 | |
| Profit (loss) for the period before taxes | 9903 | -€118,288 | -€153,918 | -€35,630 | -30.1% |
| Profit (loss) for the period | 9904 | -€118,288 | -€153,918 | -€35,630 | -30.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€118,288 | -€153,918 | -€35,630 | -30.1% |
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 31 October 2026 via checked.be.