NET 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.
NET TRADE
Largest movements
- Tangible fixed assets +€859,546
up €859,546 (+58.5%), from €1.5m to €2.3m
of which Land and buildings: +€798,471
- Receivables within one year +€69,742
up €69,742 (+26.3%), from €265,221 to €334,963
of which Trade receivables: +€61,270
- Stocks and contracts +€58,700
new in 2025: €58,700
- Other debts +€747,425
up €747,425 (+127%), from €589,756 to €1.3m
- Debts after one year +€418,143
up €418,143 (+73.5%), from €568,863 to €987,006
of which Financial debts: +€418,143
- Reserves -€141,471
down €141,471 (-44.3%), from €319,518 to €178,047
of which Tax-exempt reserves: -€156,340
- Provisions -€52,113
no longer reported in 2025 (was €52,113)
- Gross operating margin -€177,898
down €177,898, from €101,075 to -€76,824
- Depreciation +€15,760
up €15,760 (+35.3%), from €44,652 to €60,412
- Other operating charges +€4,082
up €4,082 (+24.7%), from €16,510 to €20,592
- Taxes +€3,767
up €3,767 (+48.5%), from €7,761 to €11,528
- Financial charges -€1,940
down €1,940 (-7.2%), from €26,780 to €24,839
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 | €1,803,252 | €2,774,646 | +€971,394 | +53.9% |
| Fixed assets | 21/28 | €1,488,869 | €2,348,414 | +€859,546 | +57.7% |
| Tangible fixed assets | 22/27 | €1,469,869 | €2,329,414 | +€859,546 | +58.5% |
| Land and buildings | 22 | €1,302,132 | €2,100,603 | +€798,471 | +61.3% |
| Plant, machinery and equipment | 23 | €20,827 | €12,282 | -€8,545 | -41.0% |
| Furniture and vehicles | 24 | €24,409 | €17,411 | -€6,998 | -28.7% |
| Assets under construction and advance payments | 27 | €122,501 | €199,117 | +€76,617 | +62.5% |
| Financial fixed assets | 28 | €19,000 | €19,000 | = | 0.0% |
| Current assets | 29/58 | €314,383 | €426,231 | +€111,848 | +35.6% |
| Stocks and contracts in progress | 3 | - | €58,700 | +€58,700 | |
| Stocks | 30/36 | - | €58,700 | +€58,700 | |
| Amounts receivable within one year | 40/41 | €265,221 | €334,963 | +€69,742 | +26.3% |
| Trade receivables | 40 | €244,480 | €305,750 | +€61,270 | +25.1% |
| Other amounts receivable | 41 | €20,741 | €29,213 | +€8,472 | +40.8% |
| Cash at bank and in hand | 54/58 | €47,235 | €30,088 | -€17,147 | -36.3% |
| Deferred charges and accrued income | 490/1 | €1,927 | €2,480 | +€553 | +28.7% |
| Total equity and liabilities | 10/49 | €1,803,252 | €2,774,646 | +€971,394 | +53.9% |
| Equity | 10/15 | €338,118 | €196,647 | -€141,471 | -41.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €319,518 | €178,047 | -€141,471 | -44.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €156,340 | - | -€156,340 | |
| Distributable reserves | 133 | €161,317 | €176,187 | +€14,870 | +9.2% |
| Provisions and deferred taxes | 16 | €52,113 | - | -€52,113 | |
| Deferred taxes | 168 | €52,113 | - | -€52,113 | |
| Amounts payable | 17/49 | €1,413,021 | €2,577,999 | +€1.2m | +82.4% |
| Amounts payable after more than one year | 17 | €568,863 | €987,006 | +€418,143 | +73.5% |
| Financial debts | 170/4 | €564,413 | €982,556 | +€418,143 | +74.1% |
| Other amounts payable | 178/9 | €4,450 | €4,450 | = | 0.0% |
| Amounts payable within one year | 42/48 | €844,158 | €1,590,992 | +€746,835 | +88.5% |
| Current portion of amounts payable after more than one year | 42 | €49,424 | €53,857 | +€4,433 | +9.0% |
| Trade debts | 44 | €182,408 | €196,650 | +€14,242 | +7.8% |
| Suppliers | 440/4 | €182,408 | €196,650 | +€14,242 | +7.8% |
| Taxes, remuneration and social security | 45 | €22,569 | €3,304 | -€19,266 | -85.4% |
| Taxes | 450/3 | €22,569 | €3,304 | -€19,266 | -85.4% |
| Other amounts payable | 47/48 | €589,756 | €1,337,181 | +€747,425 | +127% |
| Non-recurring operating income | 76A | €72,765 | €1,049 | -€71,716 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,652 | €60,412 | +€15,760 | +35.3% |
| Other operating charges | 640/8 | €16,510 | €20,592 | +€4,082 | +24.7% |
| Gross operating margin | 9900 | €101,075 | -€76,824 | -€177,898 | |
| Operating profit (loss) | 9901 | €39,913 | -€157,827 | -€197,740 | |
| Financial income | 75/76B | €728 | €610 | -€118 | -16.2% |
| Recurring financial income | 75 | €728 | €610 | -€118 | -16.2% |
| Financial charges | 65/66B | €26,780 | €24,839 | -€1,940 | -7.2% |
| Recurring financial charges | 65 | €26,780 | €24,839 | -€1,940 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €13,862 | -€182,056 | -€195,918 | |
| Transfer from deferred taxes | 780 | €2,251 | €52,113 | +€49,863 | +2,215% |
| Income taxes | 67/77 | €7,761 | €11,528 | +€3,767 | +48.5% |
| Profit (loss) for the period | 9904 | €8,352 | -€141,471 | -€149,823 | |
| Transfer from tax-exempt reserves | 789 | €6,753 | €156,340 | +€149,588 | +2,215% |
| Profit (loss) for the period to be appropriated | 9905 | €15,105 | €14,870 | -€235 | -1.6% |
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 16 October 2026 via checked.be.