MARCHANDISE: 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
MARCHANDISE
NACE 77.320, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€89,784
2024 · €428,110-€338,326
Equity
€4.4m
2024 · €4.3m+€55,553
Cash
€691,529
2024 · €737,050-€45,521
Balance sheet total
€21.9m
2024 · €21.4m+€466,090
Largest movements
Assets
- Receivables within one year +€2.1m
up €2.1m (+38.3%), from €5.4m to €7.4m
of which Trade receivables: +€1.7m
- Stocks and contracts -€1.1m
down €1.1m (-21.1%), from €5.2m to €4.1m
- Tangible fixed assets -€684,809
down €684,809 (-10.1%), from €6.8m to €6.1m
Equity and liabilities
- Trade debts +€1.0m
up €1.0m (+25.8%), from €3.9m to €4.9m
- Debts after one year -€757,597
down €757,597 (-12.6%), from €6.0m to €5.3m
- Reserves +€636,461
up €636,461 (+38.3%), from €1.7m to €2.3m
of which Tax-exempt reserves: +€636,461
- Profit (loss) carried forward -€546,678
down €546,678 (-30.7%), from €1.8m to €1.2m
- Current portion of long-term debt -€245,279
down €245,279 (-17.3%), from €1.4m to €1.2m
Income statement
- Goods and materials +€2.2m
up €2.2m (+12.1%), from €17.8m to €19.9m
of which Purchases: +€2.2m
- Other operating income +€1.5m
up €1.5m (+56.5%), from €2.7m to €4.2m
- Turnover +€1.3m
up €1.3m (+5.0%), from €25.6m to €26.9m
- Staff costs +€788,932
up €788,932 (+19.2%), from €4.1m to €4.9m
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
€428,110
Turnover
+€1.3m
Other operating income
+€1.5m
Goods and materials
-€2.2m
Services and other goods
-€116,868
Staff costs
-€788,932
Depreciation
-€83,351
Write-downs
+€48,010
Other operating charges
-€42,551
Financial income
-€47,439
Financial charges
+€103,726
Taxes
+€101,052
Deferred taxes and other
-€155,727
Result 2025
€89,784
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
+€2.1m
Investment
-€1.3m
Financing
-€878,813
Cash 2024
€737,050
From operations (derived)
+€2.1m
Net result for the year
+€89,784
Depreciation
+€1.9m
Stocks and contracts
+€1.1m
Receivables within one year
-€2.1m
Deferred charges and accrued income
-€170,185
Provisions
+€212,154
Trade debts
+€1.0m
Tax, wage and social debts
+€190,417
Advances received
+€12,720
Other debts
-€51,345
Accrued charges and deferred income
-€123,763
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€878,813
Debts after one year
-€757,597
Current portion of long-term debt
-€245,279
Short-term financial debts
+€158,294
Contributions, distributions and other
-€34,230
Cash 2025
€691,529
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,448,061 | €21,914,151 | +€466,090 | +2.2% |
| Fixed assets | 21/28 | €9,330,818 | €8,722,699 | -€608,119 | -6.5% |
| Intangible fixed assets | 21 | €263,215 | €287,077 | +€23,863 | +9.1% |
| Tangible fixed assets | 22/27 | €6,770,453 | €6,085,645 | -€684,809 | -10.1% |
| Land and buildings | 22 | €4,434,084 | €4,311,609 | -€122,476 | -2.8% |
| Plant, machinery and equipment | 23 | €912,489 | €831,471 | -€81,018 | -8.9% |
| Furniture and vehicles | 24 | €1,142,367 | €916,180 | -€226,187 | -19.8% |
| Leasing and similar rights | 25 | €281,513 | €26,385 | -€255,128 | -90.6% |
| Financial fixed assets | 28 | €2,297,150 | €2,349,977 | +€52,827 | +2.3% |
| Affiliated companies | 280/1 | €2,260,000 | €2,306,342 | +€46,342 | +2.1% |
| Participating interests | 280 | €2,260,000 | €2,306,342 | +€46,342 | +2.1% |
| Other financial fixed assets | 284/8 | €37,150 | €43,635 | +€6,485 | +17.5% |
| Shares | 284 | - | €10,000 | +€10,000 | |
| Amounts receivable and cash guarantees | 285/8 | €37,150 | €33,635 | -€3,515 | -9.5% |
| Current assets | 29/58 | €12,117,243 | €13,191,453 | +€1.1m | +8.9% |
| Stocks and contracts in progress | 3 | €5,239,388 | €4,135,286 | -€1.1m | -21.1% |
| Stocks | 30/36 | €5,239,388 | €4,135,286 | -€1.1m | -21.1% |
| Raw materials and consumables | 30/31 | €5,239,388 | €4,135,286 | -€1.1m | -21.1% |
| Amounts receivable within one year | 40/41 | €5,366,214 | €7,419,861 | +€2.1m | +38.3% |
| Trade receivables | 40 | €5,124,958 | €6,816,549 | +€1.7m | +33.0% |
| Other amounts receivable | 41 | €241,256 | €603,312 | +€362,056 | +150% |
| Cash at bank and in hand | 54/58 | €737,050 | €691,529 | -€45,521 | -6.2% |
| Deferred charges and accrued income | 490/1 | €774,592 | €944,777 | +€170,185 | +22.0% |
| Total equity and liabilities | 10/49 | €21,448,061 | €21,914,151 | +€466,090 | +2.2% |
| Equity | 10/15 | €4,335,615 | €4,391,169 | +€55,553 | +1.3% |
| Contributions | 10/11 | €470,000 | €470,000 | = | 0.0% |
| Capital | 10 | €470,000 | €470,000 | = | 0.0% |
| Issued capital | 100 | €470,000 | €470,000 | = | 0.0% |
| Reserves | 13 | €1,661,028 | €2,297,490 | +€636,461 | +38.3% |
| Non-distributable reserves | 130/1 | €47,817 | €47,817 | = | 0.0% |
| Legal reserve | 130 | €47,000 | €47,000 | = | 0.0% |
| Other | 1319 | €817 | €817 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,606,211 | €2,242,673 | +€636,461 | +39.6% |
| Distributable reserves | 133 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,781,753 | €1,235,076 | -€546,678 | -30.7% |
| Investment grants | 15 | €422,834 | €388,603 | -€34,230 | -8.1% |
| Provisions and deferred taxes | 16 | €520,670 | €732,824 | +€212,154 | +40.7% |
| Deferred taxes | 168 | €520,670 | €732,824 | +€212,154 | +40.7% |
| Amounts payable | 17/49 | €16,591,775 | €16,790,159 | +€198,383 | +1.2% |
| Amounts payable after more than one year | 17 | €6,023,024 | €5,265,427 | -€757,597 | -12.6% |
| Financial debts | 170/4 | €6,023,024 | €5,265,427 | -€757,597 | -12.6% |
| Leasing and similar obligations | 172 | €93,843 | - | -€93,843 | |
| Credit institutions | 173 | €5,929,181 | €5,265,427 | -€663,755 | -11.2% |
| Amounts payable within one year | 42/48 | €10,370,478 | €11,450,222 | +€1.1m | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €1,414,739 | €1,169,461 | -€245,279 | -17.3% |
| Financial debts | 43 | €4,048,053 | €4,206,347 | +€158,294 | +3.9% |
| Credit institutions | 430/8 | €4,048,053 | €4,206,347 | +€158,294 | +3.9% |
| Trade debts | 44 | €3,928,144 | €4,943,080 | +€1.0m | +25.8% |
| Suppliers | 440/4 | €3,928,144 | €4,943,080 | +€1.0m | +25.8% |
| Advances received on contracts in progress | 46 | €57,078 | €69,798 | +€12,720 | +22.3% |
| Taxes, remuneration and social security | 45 | €830,873 | €1,021,290 | +€190,417 | +22.9% |
| Taxes | 450/3 | €230,090 | €375,616 | +€145,526 | +63.2% |
| Remuneration and social security | 454/9 | €600,783 | €645,674 | +€44,892 | +7.5% |
| Other amounts payable | 47/48 | €91,592 | €40,247 | -€51,345 | -56.1% |
| Accrued charges and deferred income | 492/3 | €198,273 | €74,510 | -€123,763 | -62.4% |
| Operating income | 70/76A | €28,268,482 | €31,066,382 | +€2.8m | +9.9% |
| Turnover | 70 | €25,601,670 | €26,891,703 | +€1.3m | +5.0% |
| Other operating income | 74 | €2,666,812 | €4,174,679 | +€1.5m | +56.5% |
| Operating charges | 60/66A | €27,173,752 | €30,311,590 | +€3.1m | +11.5% |
| Goods for resale, raw materials and consumables | 60 | €17,794,857 | €19,949,003 | +€2.2m | +12.1% |
| Purchases | 600/8 | €16,662,363 | €18,833,527 | +€2.2m | +13.0% |
| Change in stocks: decrease (increase) | 609 | €1,132,494 | €1,115,476 | -€17,018 | -1.5% |
| Services and other goods | 61 | €3,167,650 | €3,284,518 | +€116,868 | +3.7% |
| Remuneration, social security and pensions | 62 | €4,102,857 | €4,891,789 | +€788,932 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,817,841 | €1,901,192 | +€83,351 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €136,775 | €88,765 | -€48,010 | -35.1% |
| Other operating charges | 640/8 | €153,772 | €196,323 | +€42,551 | +27.7% |
| Operating profit (loss) | 9901 | €1,094,730 | €754,792 | -€339,938 | -31.1% |
| Financial income | 75/76B | €86,381 | €38,941 | -€47,439 | -54.9% |
| Recurring financial income | 75 | €86,381 | €38,941 | -€47,439 | -54.9% |
| Income from financial fixed assets | 750 | - | €150 | +€150 | |
| Other financial income | 752/9 | €86,381 | €38,792 | -€47,589 | -55.1% |
| Financial charges | 65/66B | €586,031 | €482,305 | -€103,726 | -17.7% |
| Recurring financial charges | 65 | €586,031 | €482,305 | -€103,726 | -17.7% |
| Debt charges | 650 | €561,621 | €453,428 | -€108,193 | -19.3% |
| Other financial charges | 652/9 | €24,410 | €28,877 | +€4,467 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €595,080 | €311,428 | -€283,652 | -47.7% |
| Transfer from deferred taxes | 780 | €43,850 | €51,233 | +€7,383 | +16.8% |
| Transfer to deferred taxes | 680 | €100,277 | €263,387 | +€163,110 | +163% |
| Income taxes | 67/77 | €110,543 | €9,491 | -€101,052 | -91.4% |
| Taxes | 670/3 | €110,543 | €10,000 | -€100,543 | -91.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €509 | +€509 | |
| Profit (loss) for the period | 9904 | €428,110 | €89,784 | -€338,326 | -79.0% |
| Transfer from tax-exempt reserves | 789 | €131,551 | €153,700 | +€22,149 | +16.8% |
| Transfer to tax-exempt reserves | 689 | €300,832 | €790,161 | +€489,329 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €258,829 | -€546,678 | -€805,506 |
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 24 October 2026 via checked.be.