MARKET DIRECT DISTRIBUTION: 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.
MARKET DIRECT DISTRIBUTION
Largest movements
- Receivables within one year +€77,333
up €77,333 (+81.9%), from €94,392 to €171,725
of which Trade receivables: +€93,083
- Cash -€28,109
down €28,109 (-99.1%), from €28,362 to €253
mainly Receivables within one year (-€77,333) and Deferred charges and accrued income (-€6,324)
- Stocks and contracts -€11,626
down €11,626 (-3.9%), from €296,019 to €284,393
- Deferred charges and accrued income +€6,324
up €6,324 (+395%), from €1,602 to €7,927
- Tangible fixed assets -€5,966
down €5,966 (-62.0%), from €9,618 to €3,652
- Profit (loss) carried forward +€19,132
up €19,132 (+231%), from €8,298 to €27,430
- Tax, wage and social debts +€13,705
up €13,705 (+117%), from €11,665 to €25,369
of which Remuneration and social security: +€9,916
- Trade debts +€7,890
up €7,890 (+2.0%), from €385,783 to €393,673
- Gross operating margin +€98,472
up €98,472 (+86.1%), from €114,330 to €212,801
- Staff costs +€75,458
up €75,458 (+82.0%), from €91,993 to €167,451
- Other operating charges +€5,643
up €5,643 (+121%), from €4,671 to €10,314
- Write-downs +€5,564
new in 2025: €5,564
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 | €429,993 | €470,949 | +€40,957 | +9.5% |
| Fixed assets | 21/28 | €9,618 | €3,652 | -€5,966 | -62.0% |
| Tangible fixed assets | 22/27 | €9,618 | €3,652 | -€5,966 | -62.0% |
| Furniture and vehicles | 24 | €9,618 | €3,652 | -€5,966 | -62.0% |
| Current assets | 29/58 | €420,375 | €467,298 | +€46,923 | +11.2% |
| Amounts receivable after more than one year | 29 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 291 | - | €3,000 | +€3,000 | |
| Stocks and contracts in progress | 3 | €296,019 | €284,393 | -€11,626 | -3.9% |
| Stocks | 30/36 | €296,019 | €284,393 | -€11,626 | -3.9% |
| Amounts receivable within one year | 40/41 | €94,392 | €171,725 | +€77,333 | +81.9% |
| Trade receivables | 40 | €71,702 | €164,785 | +€93,083 | +130% |
| Other amounts receivable | 41 | €22,691 | €6,940 | -€15,750 | -69.4% |
| Cash at bank and in hand | 54/58 | €28,362 | €253 | -€28,109 | -99.1% |
| Deferred charges and accrued income | 490/1 | €1,602 | €7,927 | +€6,324 | +395% |
| Total equity and liabilities | 10/49 | €429,993 | €470,949 | +€40,957 | +9.5% |
| Equity | 10/15 | €18,298 | €37,430 | +€19,132 | +105% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,298 | €27,430 | +€19,132 | +231% |
| Amounts payable | 17/49 | €411,695 | €433,520 | +€21,825 | +5.3% |
| Amounts payable within one year | 42/48 | €411,695 | €433,520 | +€21,825 | +5.3% |
| Trade debts | 44 | €385,783 | €393,673 | +€7,890 | +2.0% |
| Suppliers | 440/4 | €385,783 | €393,673 | +€7,890 | +2.0% |
| Taxes, remuneration and social security | 45 | €11,665 | €25,369 | +€13,705 | +117% |
| Taxes | 450/3 | €964 | €4,753 | +€3,789 | +393% |
| Remuneration and social security | 454/9 | €10,700 | €20,616 | +€9,916 | +92.7% |
| Other amounts payable | 47/48 | €14,247 | €14,477 | +€230 | +1.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €91,993 | €167,451 | +€75,458 | +82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,702 | €4,584 | -€1,118 | -19.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,564 | +€5,564 | |
| Other operating charges | 640/8 | €4,671 | €10,314 | +€5,643 | +121% |
| Non-recurring operating charges | 66A | - | €382 | +€382 | |
| Gross operating margin | 9900 | €114,330 | €212,801 | +€98,472 | +86.1% |
| Operating profit (loss) | 9901 | €11,964 | €24,506 | +€12,542 | +105% |
| Financial income | 75/76B | €1,803 | €166 | -€1,637 | -90.8% |
| Recurring financial income | 75 | €1,803 | €166 | -€1,637 | -90.8% |
| Financial charges | 65/66B | €2,063 | €952 | -€1,111 | -53.9% |
| Recurring financial charges | 65 | €2,063 | €952 | -€1,111 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €11,704 | €23,720 | +€12,016 | +103% |
| Income taxes | 67/77 | €3,804 | €4,589 | +€784 | +20.6% |
| Profit (loss) for the period | 9904 | €7,900 | €19,132 | +€11,232 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €7,900 | €19,132 | +€11,232 | +142% |
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 23 October 2026 via checked.be.