P & L: 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
P & L
NACE 47.551, Retail sale of household furniture
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€495,072
2024 · -€120,065-€375,007
Equity
€1.0m
2024 · €1.4m-€321,574
Cash
€387,886
2024 · €263,316+€124,570
Balance sheet total
€6.1m
2024 · €5.2m+€912,832
Largest movements
Assets
- Tangible fixed assets +€503,915
up €503,915 (+47.0%), from €1.1m to €1.6m
of which Plant, machinery and equipment: +€539,710
- Stocks and contracts +€183,717
up €183,717 (+9.7%), from €1.9m to €2.1m
- Cash +€124,570
up €124,570 (+47.3%), from €263,316 to €387,886
mainly Debts after one year (+€541,793) and Short-term financial debts (+€460,000)
- Receivables within one year +€110,917
up €110,917 (+8.2%), from €1.4m to €1.5m
of which Trade receivables: +€68,239
Equity and liabilities
- Debts after one year +€541,793
up €541,793 (+92.3%), from €586,923 to €1.1m
- Reserves -€495,072
down €495,072 (-51.0%), from €970,713 to €475,641
of which Distributable reserves: -€495,072
- Short-term financial debts +€460,000
up €460,000 (+37.6%), from €1.2m to €1.7m
- Trade debts +€312,325
up €312,325 (+20.5%), from €1.5m to €1.8m
- Advances received -€216,317
no longer reported in 2025 (was €216,317)
Income statement
- Gross operating margin -€224,620
down €224,620 (-8.1%), from €2.8m to €2.5m
- Write-downs +€44,428
new in 2025: €44,428
- Financial charges +€44,263
up €44,263 (+31.2%), from €141,857 to €186,119
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
-€120,065
Gross operating margin
-€224,620
Staff costs
-€7,013
Depreciation
-€13,893
Write-downs
-€44,428
Other operating charges
-€19,191
Other operating items
+€5,263
Financial income
-€27,710
Financial charges
-€44,263
Taxes
+€847
Result 2025
-€495,072
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
-€309,869
Investment
-€873,562
Financing
+€1.3m
Cash 2024
€263,316
From operations (derived)
-€309,869
Net result for the year
-€495,072
Depreciation
+€354,674
Stocks and contracts
-€183,717
Receivables within one year
-€110,917
Deferred charges and accrued income
+€25,260
Trade debts
+€312,325
Tax, wage and social debts
+€4,310
Advances received
-€216,317
Smaller working-capital items
-€415
Investment (derived)
-€873,562
Investment in fixed assets (net)
-€873,562
Financing
+€1.3m
Debts after one year
+€541,793
Current portion of long-term debt
+€132,710
Short-term financial debts
+€460,000
Contributions, distributions and other
+€173,497
Cash 2025
€387,886
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,226,561 | €6,139,393 | +€912,832 | +17.5% |
| Fixed assets | 21/28 | €1,649,871 | €2,168,758 | +€518,888 | +31.5% |
| Intangible fixed assets | 21 | €97,354 | €106,157 | +€8,803 | +9.0% |
| Tangible fixed assets | 22/27 | €1,073,102 | €1,577,017 | +€503,915 | +47.0% |
| Land and buildings | 22 | €10,544 | €10,544 | = | 0.0% |
| Plant, machinery and equipment | 23 | €913,570 | €1,453,281 | +€539,710 | +59.1% |
| Furniture and vehicles | 24 | €14,982 | €20,025 | +€5,043 | +33.7% |
| Other tangible fixed assets | 26 | €134,005 | €93,167 | -€40,839 | -30.5% |
| Financial fixed assets | 28 | €479,415 | €485,585 | +€6,170 | +1.3% |
| Current assets | 29/58 | €3,576,690 | €3,970,635 | +€393,944 | +11.0% |
| Stocks and contracts in progress | 3 | €1,894,407 | €2,078,124 | +€183,717 | +9.7% |
| Stocks | 30/36 | €1,894,407 | €2,078,124 | +€183,717 | +9.7% |
| Amounts receivable within one year | 40/41 | €1,355,338 | €1,466,255 | +€110,917 | +8.2% |
| Trade receivables | 40 | €1,143,261 | €1,211,500 | +€68,239 | +6.0% |
| Other amounts receivable | 41 | €212,076 | €254,755 | +€42,678 | +20.1% |
| Cash at bank and in hand | 54/58 | €263,316 | €387,886 | +€124,570 | +47.3% |
| Deferred charges and accrued income | 490/1 | €63,630 | €38,370 | -€25,260 | -39.7% |
| Total equity and liabilities | 10/49 | €5,226,561 | €6,139,393 | +€912,832 | +17.5% |
| Equity | 10/15 | €1,364,480 | €1,042,906 | -€321,574 | -23.6% |
| Contributions | 10/11 | €390,858 | €390,858 | = | 0.0% |
| Capital | 10 | €167,000 | €167,000 | = | 0.0% |
| Issued capital | 100 | €167,000 | €167,000 | = | 0.0% |
| Contributions outside capital | 11 | €223,858 | €223,858 | = | 0.0% |
| Share premium | 1100/10 | €223,858 | €223,858 | = | 0.0% |
| Reserves | 13 | €970,713 | €475,641 | -€495,072 | -51.0% |
| Non-distributable reserves | 130/1 | €16,700 | €16,700 | = | 0.0% |
| Legal reserve | 130 | €16,700 | €16,700 | = | 0.0% |
| Distributable reserves | 133 | €954,013 | €458,941 | -€495,072 | -51.9% |
| Investment grants | 15 | €2,910 | €176,407 | +€173,497 | +5,963% |
| Amounts payable | 17/49 | €3,862,081 | €5,096,488 | +€1.2m | +32.0% |
| Amounts payable after more than one year | 17 | €586,923 | €1,128,717 | +€541,793 | +92.3% |
| Financial debts | 170/4 | €586,923 | €1,128,717 | +€541,793 | +92.3% |
| Amounts payable within one year | 42/48 | €3,264,857 | €3,957,477 | +€692,620 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €143,516 | €276,226 | +€132,710 | +92.5% |
| Financial debts | 43 | €1,225,000 | €1,685,000 | +€460,000 | +37.6% |
| Credit institutions | 430/8 | €1,225,000 | €1,685,000 | +€460,000 | +37.6% |
| Trade debts | 44 | €1,521,600 | €1,833,925 | +€312,325 | +20.5% |
| Suppliers | 440/4 | €1,521,600 | €1,833,925 | +€312,325 | +20.5% |
| Advances received on contracts in progress | 46 | €216,317 | - | -€216,317 | |
| Taxes, remuneration and social security | 45 | €151,700 | €156,010 | +€4,310 | +2.8% |
| Taxes | 450/3 | €5,092 | €4,961 | -€131 | -2.6% |
| Remuneration and social security | 454/9 | €146,609 | €151,049 | +€4,440 | +3.0% |
| Other amounts payable | 47/48 | €6,724 | €6,316 | -€408 | -6.1% |
| Accrued charges and deferred income | 492/3 | €10,301 | €10,294 | -€7 | -0.1% |
| Non-recurring operating income | 76A | €12,336 | €7,271 | -€5,065 | -41.1% |
| Remuneration, social security and pensions | 62 | €2,409,239 | €2,416,251 | +€7,013 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340,781 | €354,674 | +€13,893 | +4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €44,428 | +€44,428 | |
| Other operating charges | 640/8 | €53,537 | €72,728 | +€19,191 | +35.8% |
| Non-recurring operating charges | 66A | €5,263 | - | -€5,263 | |
| Gross operating margin | 9900 | €2,774,445 | €2,549,825 | -€224,620 | -8.1% |
| Operating profit (loss) | 9901 | -€34,374 | -€338,256 | -€303,881 | -884% |
| Financial income | 75/76B | €57,608 | €29,898 | -€27,710 | -48.1% |
| Recurring financial income | 75 | €57,608 | €29,898 | -€27,710 | -48.1% |
| Financial charges | 65/66B | €141,857 | €186,119 | +€44,263 | +31.2% |
| Recurring financial charges | 65 | €141,857 | €186,119 | +€44,263 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | -€118,623 | -€494,477 | -€375,854 | -317% |
| Income taxes | 67/77 | €1,441 | €594 | -€847 | -58.8% |
| Profit (loss) for the period | 9904 | -€120,065 | -€495,072 | -€375,007 | -312% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,065 | -€495,072 | -€375,007 | -312% |
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 14 October 2026 via checked.be.