INTERNATIONAL TRADE: 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
INTERNATIONAL TRADE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.1m
2024 · €11.0m-€4.9m
Equity
€29.8m
2024 · €29.5m+€333,307
Cash
€936,331
2024 · €19.5m-€18.6m
Balance sheet total
€80.6m
2024 · €67.0m+€13.6m
Largest movements
Assets
- Receivables within one year +€24.4m
up €24.4m (+150%), from €16.3m to €40.7m
of which Trade receivables: +€24.4m
- Cash -€18.6m
down €18.6m (-95.2%), from €19.5m to €936,331
mainly Receivables within one year (-€24.4m) and Current investments (-€7.1m)
- Current investments +€7.1m
new in 2025: €7.1m
Equity and liabilities
- Trade debts +€6.8m
up €6.8m (+19.8%), from €34.2m to €41.0m
- Other debts +€5.8m
new in 2025: €5.8m
Income statement
- Goods and materials +€62.8m
up €62.8m (+7.3%), from €857.0m to €919.8m
- Turnover +€62.2m
up €62.2m (+7.1%), from €871.6m to €933.7m
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
€11.0m
Turnover
+€62.2m
Goods and materials
-€62.8m
Services and other goods
-€31,987
Staff costs
-€192,414
Depreciation
+€1,601
Other operating charges
-€2,117
Other operating items
+€3,439
Financial income
-€4.9m
Financial charges
+€841,697
Taxes
+€44,130
Result 2025
€6.1m
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
-€5.7m
Investment
-€7.1m
Financing
-€5.8m
Cash 2024
€19.5m
From operations (derived)
-€5.7m
Net result for the year
+€6.1m
Depreciation
+€2,194
Receivables within one year
-€24.4m
Deferred charges and accrued income
-€731,115
Trade debts
+€6.8m
Tax, wage and social debts
-€32,259
Other debts
+€5.8m
Accrued charges and deferred income
+€735,986
Investment (derived)
-€7.1m
Investment in fixed assets (net)
-€3,817
Current investments
-€7.1m
Financing
-€5.8m
Contributions, distributions and other
-€5.8m
Cash 2025
€936,331
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €67,026,573 | €80,639,295 | +€13.6m | +20.3% |
| Fixed assets | 21/28 | €28,135,641 | €28,137,264 | +€1,623 | 0.0% |
| Tangible fixed assets | 22/27 | €5,637 | €5,700 | +€63 | +1.1% |
| Furniture and vehicles | 24 | €5,637 | €5,700 | +€63 | +1.1% |
| Financial fixed assets | 28 | €28,130,004 | €28,131,564 | +€1,560 | 0.0% |
| Affiliated companies | 280/1 | €28,127,404 | €28,127,404 | = | 0.0% |
| Participating interests | 280 | €28,127,404 | €28,127,404 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,600 | €4,160 | +€1,560 | +60.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,600 | €4,160 | +€1,560 | +60.0% |
| Current assets | 29/58 | €38,890,932 | €52,502,031 | +€13.6m | +35.0% |
| Amounts receivable within one year | 40/41 | €16,302,935 | €40,691,721 | +€24.4m | +150% |
| Trade receivables | 40 | €16,212,462 | €40,640,508 | +€24.4m | +151% |
| Other amounts receivable | 41 | €90,472 | €51,213 | -€39,259 | -43.4% |
| Current investments | 50/53 | - | €7,102,040 | +€7.1m | |
| Other investments | 51/53 | - | €7,102,040 | +€7.1m | |
| Cash at bank and in hand | 54/58 | €19,547,173 | €936,331 | -€18.6m | -95.2% |
| Deferred charges and accrued income | 490/1 | €3,040,824 | €3,771,939 | +€731,115 | +24.0% |
| Total equity and liabilities | 10/49 | €67,026,573 | €80,639,295 | +€13.6m | +20.3% |
| Equity | 10/15 | €29,471,705 | €29,805,012 | +€333,307 | +1.1% |
| Contributions | 10/11 | €28,451,200 | €28,451,200 | = | 0.0% |
| Capital | 10 | €28,451,200 | €28,451,200 | = | 0.0% |
| Issued capital | 100 | €28,451,200 | €28,451,200 | = | 0.0% |
| Reserves | 13 | €893,525 | €1,200,191 | +€306,665 | +34.3% |
| Non-distributable reserves | 130/1 | €893,525 | €1,200,191 | +€306,665 | +34.3% |
| Legal reserve | 130 | €893,525 | €1,200,191 | +€306,665 | +34.3% |
| Profit (loss) carried forward | 14 | €126,979 | €153,622 | +€26,642 | +21.0% |
| Amounts payable | 17/49 | €37,554,868 | €50,834,283 | +€13.3m | +35.4% |
| Amounts payable within one year | 42/48 | €34,334,407 | €46,877,836 | +€12.5m | +36.5% |
| Trade debts | 44 | €34,210,142 | €40,985,829 | +€6.8m | +19.8% |
| Suppliers | 440/4 | €34,210,142 | €40,985,829 | +€6.8m | +19.8% |
| Taxes, remuneration and social security | 45 | €124,266 | €92,007 | -€32,259 | -26.0% |
| Taxes | 450/3 | €88,348 | €39,548 | -€48,800 | -55.2% |
| Remuneration and social security | 454/9 | €35,917 | €52,458 | +€16,541 | +46.1% |
| Other amounts payable | 47/48 | - | €5,800,000 | +€5.8m | |
| Accrued charges and deferred income | 492/3 | €3,220,461 | €3,956,447 | +€735,986 | +22.9% |
| Operating income | 70/76A | €871,565,680 | €933,730,978 | +€62.2m | +7.1% |
| Turnover | 70 | €871,565,680 | €933,730,978 | +€62.2m | +7.1% |
| Operating charges | 60/66A | €858,978,318 | €921,955,824 | +€63.0m | +7.3% |
| Goods for resale, raw materials and consumables | 60 | €857,008,900 | €919,764,928 | +€62.8m | +7.3% |
| Purchases | 600/8 | €857,008,900 | €919,764,928 | +€62.8m | +7.3% |
| Services and other goods | 61 | €1,648,220 | €1,680,207 | +€31,987 | +1.9% |
| Remuneration, social security and pensions | 62 | €313,793 | €506,207 | +€192,414 | +61.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,795 | €2,194 | -€1,601 | -42.2% |
| Other operating charges | 640/8 | €155 | €2,272 | +€2,117 | +1,367% |
| Non-recurring operating charges | 66A | €3,456 | €16 | -€3,439 | -99.5% |
| Operating profit (loss) | 9901 | €12,587,362 | €11,775,154 | -€812,207 | -6.5% |
| Financial income | 75/76B | €10,954,470 | €6,007,866 | -€4.9m | -45.2% |
| Recurring financial income | 75 | €10,954,470 | €6,007,187 | -€4.9m | -45.2% |
| Income from financial fixed assets | 750 | €10,674,583 | €5,935,631 | -€4.7m | -44.4% |
| Income from current assets | 751 | €279,504 | €71,150 | -€208,353 | -74.5% |
| Other financial income | 752/9 | €384 | €406 | +€22 | +5.8% |
| Non-recurring financial income | 76B | - | €679 | +€679 | |
| Financial charges | 65/66B | €12,421,335 | €11,579,638 | -€841,697 | -6.8% |
| Recurring financial charges | 65 | €12,421,335 | €11,578,959 | -€842,376 | -6.8% |
| Other financial charges | 652/9 | €12,421,335 | €11,578,959 | -€842,376 | -6.8% |
| Non-recurring financial charges | 66B | - | €679 | +€679 | |
| Profit (loss) for the period before taxes | 9903 | €11,120,497 | €6,203,383 | -€4.9m | -44.2% |
| Income taxes | 67/77 | €114,205 | €70,075 | -€44,130 | -38.6% |
| Taxes | 670/3 | €114,205 | €70,075 | -€44,130 | -38.6% |
| Profit (loss) for the period | 9904 | €11,006,292 | €6,133,307 | -€4.9m | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,006,292 | €6,133,307 | -€4.9m | -44.3% |
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 26 October 2026 via checked.be.