Isabelle LEBLANS: 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
Isabelle LEBLANS
NACE 46.480, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€40,206
2024 · €47,137-€6,931
Equity
€277,994
2024 · €283,638-€5,644
Cash
€193,072
2024 · €200,022-€6,950
Balance sheet total
€717,749
2024 · €739,848-€22,099
Largest movements
Assets
- Stocks and contracts -€19,202
down €19,202 (-3.8%), from €509,268 to €490,066
Equity and liabilities
- Other debts +€29,387
up €29,387 (+57.7%), from €50,908 to €80,295
- Trade debts -€29,201
down €29,201 (-17.4%), from €168,244 to €139,043
- Current portion of long-term debt -€20,705
down €20,705 (-70.7%), from €29,283 to €8,578
- Tax, wage and social debts +€14,835
up €14,835 (+28.0%), from €52,973 to €67,808
- Debts after one year -€8,578
down €8,578 (-74.4%), from €11,523 to €2,945
Income statement
- Gross operating margin -€9,721
down €9,721 (-11.3%), from €85,810 to €76,089
- Write-downs -€3,960
down €3,960 (-51.6%), from €7,677 to €3,717
- Taxes -€3,197
down €3,197 (-16.2%), from €19,723 to €16,526
- Depreciation +€1,919
up €1,919 (+71.0%), from €2,703 to €4,622
- Financial charges +€1,782
up €1,782 (+26.3%), from €6,764 to €8,546
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
€47,137
Gross operating margin
-€9,721
Depreciation
-€1,919
Write-downs
+€3,960
Other operating charges
-€687
Financial income
+€21
Financial charges
-€1,782
Taxes
+€3,197
Result 2025
€40,206
raises the resultlowers the result
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
+€72,558
Investment
-€4,470
Financing
-€75,038
Cash 2024
€200,022
From operations (derived)
+€72,558
Net result for the year
+€40,206
Depreciation
+€4,622
Stocks and contracts
+€19,202
Receivables within one year
-€4,205
Trade debts
-€29,201
Tax, wage and social debts
+€14,835
Advances received
-€2,271
Other debts
+€29,387
Accrued charges and deferred income
-€17
Investment (derived)
-€4,470
Investment in fixed assets (net)
-€4,470
Financing
-€75,038
Debts after one year
-€8,578
Current portion of long-term debt
-€20,705
Short-term financial debts
+€95
Contributions, distributions and other
-€45,850
Cash 2025
€193,072
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €739,848 | €717,749 | -€22,099 | -3.0% |
| Fixed assets | 21/28 | €30,485 | €30,333 | -€152 | -0.5% |
| Intangible fixed assets | 21 | - | €1,776 | +€1,776 | |
| Tangible fixed assets | 22/27 | €30,423 | €28,495 | -€1,928 | -6.3% |
| Plant, machinery and equipment | 23 | €30,423 | €28,495 | -€1,928 | -6.3% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €709,363 | €687,416 | -€21,947 | -3.1% |
| Stocks and contracts in progress | 3 | €509,268 | €490,066 | -€19,202 | -3.8% |
| Stocks | 30/36 | €509,268 | €490,066 | -€19,202 | -3.8% |
| Amounts receivable within one year | 40/41 | €73 | €4,278 | +€4,205 | +5,760% |
| Trade receivables | 40 | €73 | €4,278 | +€4,205 | +5,760% |
| Cash at bank and in hand | 54/58 | €200,022 | €193,072 | -€6,950 | -3.5% |
| Total equity and liabilities | 10/49 | €739,848 | €717,749 | -€22,099 | -3.0% |
| Equity | 10/15 | €283,638 | €277,994 | -€5,644 | -2.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €197,959 | €193,159 | -€4,800 | -2.4% |
| Non-distributable reserves | 130/1 | €197,959 | €193,159 | -€4,800 | -2.4% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €196,100 | €191,300 | -€4,800 | -2.4% |
| Profit (loss) carried forward | 14 | €67,087 | €66,243 | -€844 | -1.3% |
| Provisions and deferred taxes | 16 | €134,353 | €134,353 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €134,353 | €134,353 | = | 0.0% |
| Pensions and similar obligations | 160 | €134,353 | €134,353 | = | 0.0% |
| Amounts payable | 17/49 | €321,857 | €305,402 | -€16,455 | -5.1% |
| Amounts payable after more than one year | 17 | €11,523 | €2,945 | -€8,578 | -74.4% |
| Financial debts | 170/4 | €11,523 | €2,945 | -€8,578 | -74.4% |
| Amounts payable within one year | 42/48 | €310,278 | €302,418 | -€7,860 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €29,283 | €8,578 | -€20,705 | -70.7% |
| Financial debts | 43 | €437 | €532 | +€95 | +21.7% |
| Credit institutions | 430/8 | €437 | €532 | +€95 | +21.7% |
| Trade debts | 44 | €168,244 | €139,043 | -€29,201 | -17.4% |
| Suppliers | 440/4 | €168,244 | €139,043 | -€29,201 | -17.4% |
| Advances received on contracts in progress | 46 | €8,433 | €6,162 | -€2,271 | -26.9% |
| Taxes, remuneration and social security | 45 | €52,973 | €67,808 | +€14,835 | +28.0% |
| Taxes | 450/3 | €52,973 | €67,808 | +€14,835 | +28.0% |
| Other amounts payable | 47/48 | €50,908 | €80,295 | +€29,387 | +57.7% |
| Accrued charges and deferred income | 492/3 | €56 | €39 | -€17 | -30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,703 | €4,622 | +€1,919 | +71.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,677 | €3,717 | -€3,960 | -51.6% |
| Other operating charges | 640/8 | €1,820 | €2,507 | +€687 | +37.7% |
| Gross operating margin | 9900 | €85,810 | €76,089 | -€9,721 | -11.3% |
| Operating profit (loss) | 9901 | €73,610 | €65,243 | -€8,367 | -11.4% |
| Financial income | 75/76B | €14 | €35 | +€21 | +150% |
| Recurring financial income | 75 | €14 | €35 | +€21 | +150% |
| Financial charges | 65/66B | €6,764 | €8,546 | +€1,782 | +26.3% |
| Recurring financial charges | 65 | €6,764 | €8,546 | +€1,782 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €66,860 | €56,732 | -€10,128 | -15.1% |
| Income taxes | 67/77 | €19,723 | €16,526 | -€3,197 | -16.2% |
| Profit (loss) for the period | 9904 | €47,137 | €40,206 | -€6,931 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €47,137 | €40,206 | -€6,931 | -14.7% |
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 22 October 2026 via checked.be.