PFF Belgium: 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
PFF Belgium
NACE 46.120, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€39,751
2024 · €96,247-€56,496
Equity
€1.6m
2024 · €1.6m-€8,373
Cash
€904,684
2024 · €1.3m-€422,694
Balance sheet total
€2.3m
2024 · €3.9m-€1.6m
Largest movements
Assets
- Receivables within one year -€1.2m
down €1.2m (-48.6%), from €2.4m to €1.3m
of which Trade receivables: -€1.2m
- Cash -€422,694
down €422,694 (-31.8%), from €1.3m to €904,684
mainly Trade debts (-€1.5m) and Stocks and contracts (-€61,000)
- Stocks and contracts +€61,000
up €61,000 (+235%), from €26,000 to €87,000
Equity and liabilities
- Trade debts -€1.5m
down €1.5m (-72.8%), from €2.1m to €575,883
Income statement
- Turnover -€2.3m
down €2.3m (-30.7%), from €7.6m to €5.3m
- Goods and materials -€2.1m
down €2.1m (-33.4%), from €6.2m to €4.1m
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
€96,247
Turnover
-€2.3m
Other operating income
+€384
Goods and materials
+€2.1m
Services and other goods
+€58,898
Staff costs
-€31,173
Depreciation
+€9,574
Other operating charges
+€5,657
Other operating items
+€180,738
Financial income
-€20,971
Financial charges
-€35,825
Taxes
+€34,040
Result 2025
€39,751
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
-€371,337
Investment
+€11,767
Financing
-€63,124
Cash 2024
€1.3m
From operations (derived)
-€371,337
Net result for the year
+€39,751
Depreciation
+€13,764
Stocks and contracts
-€61,000
Receivables within one year
+€1.2m
Deferred charges and accrued income
+€4,125
Trade debts
-€1.5m
Tax, wage and social debts
-€12,925
Other debts
-€560
Investment (derived)
+€11,767
Investment in fixed assets (net)
+€11,806
Current investments
-€39
Financing
-€63,124
Short-term financial debts
-€15,000
Contributions, distributions and other
-€48,124
Cash 2025
€904,684
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,914,158 | €2,334,165 | -€1.6m | -40.4% |
| Fixed assets | 21/28 | €106,509 | €80,940 | -€25,569 | -24.0% |
| Tangible fixed assets | 22/27 | €104,993 | €79,424 | -€25,569 | -24.4% |
| Plant, machinery and equipment | 23 | €7,195 | €7,187 | -€8 | -0.1% |
| Furniture and vehicles | 24 | €97,797 | €72,237 | -€25,561 | -26.1% |
| Financial fixed assets | 28 | €1,516 | €1,516 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,516 | €1,516 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,516 | €1,516 | = | 0.0% |
| Current assets | 29/58 | €3,807,649 | €2,253,225 | -€1.6m | -40.8% |
| Stocks and contracts in progress | 3 | €26,000 | €87,000 | +€61,000 | +235% |
| Contracts in progress | 37 | €26,000 | €87,000 | +€61,000 | +235% |
| Amounts receivable within one year | 40/41 | €2,443,677 | €1,255,034 | -€1.2m | -48.6% |
| Trade receivables | 40 | €2,396,674 | €1,215,748 | -€1.2m | -49.3% |
| Other amounts receivable | 41 | €47,003 | €39,285 | -€7,718 | -16.4% |
| Current investments | 50/53 | €6,469 | €6,507 | +€39 | +0.6% |
| Other investments | 51/53 | €6,469 | €6,507 | +€39 | +0.6% |
| Cash at bank and in hand | 54/58 | €1,327,378 | €904,684 | -€422,694 | -31.8% |
| Deferred charges and accrued income | 490/1 | €4,125 | - | -€4,125 | |
| Total equity and liabilities | 10/49 | €3,914,158 | €2,334,165 | -€1.6m | -40.4% |
| Equity | 10/15 | €1,584,964 | €1,576,592 | -€8,373 | -0.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,523,464 | €1,515,092 | -€8,373 | -0.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €1,517,314 | €1,508,942 | -€8,373 | -0.6% |
| Amounts payable | 17/49 | €2,329,193 | €757,573 | -€1.6m | -67.5% |
| Amounts payable within one year | 42/48 | €2,329,193 | €757,573 | -€1.6m | -67.5% |
| Financial debts | 43 | €45,000 | €30,000 | -€15,000 | -33.3% |
| Credit institutions | 430/8 | €45,000 | €30,000 | -€15,000 | -33.3% |
| Trade debts | 44 | €2,119,018 | €575,883 | -€1.5m | -72.8% |
| Suppliers | 440/4 | €2,119,018 | €575,883 | -€1.5m | -72.8% |
| Taxes, remuneration and social security | 45 | €164,615 | €151,690 | -€12,925 | -7.9% |
| Taxes | 450/3 | €91,893 | €80,641 | -€11,251 | -12.2% |
| Remuneration and social security | 454/9 | €72,722 | €71,049 | -€1,674 | -2.3% |
| Other amounts payable | 47/48 | €560 | - | -€560 | |
| Operating income | 70/76A | €7,493,116 | €5,338,326 | -€2.2m | -28.8% |
| Turnover | 70 | €7,598,718 | €5,262,805 | -€2.3m | -30.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€107,000 | €61,000 | +€168,000 | |
| Other operating income | 74 | €1,398 | €1,783 | +€384 | +27.5% |
| Non-recurring operating income | 76A | - | €12,738 | +€12,738 | |
| Operating charges | 60/66A | €7,345,023 | €5,223,973 | -€2.1m | -28.9% |
| Goods for resale, raw materials and consumables | 60 | €6,215,121 | €4,137,028 | -€2.1m | -33.4% |
| Purchases | 600/8 | €6,215,121 | €4,137,028 | -€2.1m | -33.4% |
| Services and other goods | 61 | €434,996 | €376,098 | -€58,898 | -13.5% |
| Remuneration, social security and pensions | 62 | €662,493 | €693,666 | +€31,173 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,337 | €13,764 | -€9,574 | -41.0% |
| Other operating charges | 640/8 | €9,075 | €3,418 | -€5,657 | -62.3% |
| Operating profit (loss) | 9901 | €148,093 | €114,352 | -€33,741 | -22.8% |
| Financial income | 75/76B | €21,188 | €218 | -€20,971 | -99.0% |
| Recurring financial income | 75 | €21,188 | €218 | -€20,971 | -99.0% |
| Income from financial fixed assets | 750 | €324 | - | -€324 | |
| Income from current assets | 751 | - | €218 | +€218 | |
| Other financial income | 752/9 | €20,864 | - | -€20,864 | |
| Financial charges | 65/66B | €17,763 | €53,588 | +€35,825 | +202% |
| Recurring financial charges | 65 | €17,763 | €53,588 | +€35,825 | +202% |
| Debt charges | 650 | €4,387 | €4,542 | +€156 | +3.6% |
| Other financial charges | 652/9 | €13,377 | €49,045 | +€35,669 | +267% |
| Profit (loss) for the period before taxes | 9903 | €151,518 | €60,982 | -€90,536 | -59.8% |
| Income taxes | 67/77 | €55,271 | €21,231 | -€34,040 | -61.6% |
| Taxes | 670/3 | €55,271 | €21,231 | -€34,040 | -61.6% |
| Profit (loss) for the period | 9904 | €96,247 | €39,751 | -€56,496 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €96,247 | €39,751 | -€56,496 | -58.7% |
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 27 October 2026 via checked.be.