REAL 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.
REAL TRADE
Largest movements
- Tangible fixed assets +€567,039
new in 2025: €567,039
- Cash -€76,912
down €76,912 (-93.5%), from €82,225 to €5,313
mainly Investment in fixed assets (net) (-€621,325) and Net result for the year (-€29,081)
- Receivables within one year -€39,769
down €39,769 (-99.2%), from €40,085 to €316
of which Trade receivables: -€40,000
- Debts after one year +€478,253
new in 2025: €478,253
- Reserves -€29,081
down €29,081 (-29.2%), from €99,692 to €70,611
- Depreciation +€54,286
new in 2025: €54,286
- Gross operating margin -€22,396
down €22,396 (-42.3%), from €52,927 to €30,531
- Financial charges +€3,025
up €3,025 (+299%), from €1,012 to €4,037
- Other operating charges +€600
up €600 (+87.2%), from €688 to €1,288
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 | €122,396 | €572,798 | +€450,402 | +368% |
| Fixed assets | 21/28 | - | €567,039 | +€567,039 | |
| Tangible fixed assets | 22/27 | - | €567,039 | +€567,039 | |
| Land and buildings | 22 | - | €567,039 | +€567,039 | |
| Current assets | 29/58 | €122,396 | €5,759 | -€116,637 | -95.3% |
| Amounts receivable within one year | 40/41 | €40,085 | €316 | -€39,769 | -99.2% |
| Trade receivables | 40 | €40,000 | €0 | -€40,000 | -100% |
| Other amounts receivable | 41 | €85 | €316 | +€231 | +271% |
| Cash at bank and in hand | 54/58 | €82,225 | €5,313 | -€76,912 | -93.5% |
| Deferred charges and accrued income | 490/1 | €85 | €130 | +€44 | +51.9% |
| Total equity and liabilities | 10/49 | €122,396 | €572,798 | +€450,402 | +368% |
| Equity | 10/15 | €118,292 | €89,211 | -€29,081 | -24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,692 | €70,611 | -€29,081 | -29.2% |
| Distributable reserves | 133 | €99,692 | €70,611 | -€29,081 | -29.2% |
| Amounts payable | 17/49 | €4,104 | €483,586 | +€479,483 | +11,684% |
| Amounts payable after more than one year | 17 | - | €478,253 | +€478,253 | |
| Financial debts | 170/4 | - | €478,253 | +€478,253 | |
| Amounts payable within one year | 42/48 | €104 | €1,558 | +€1,454 | +1,402% |
| Trade debts | 44 | €104 | €1,558 | +€1,454 | +1,402% |
| Suppliers | 440/4 | €104 | €1,558 | +€1,454 | +1,402% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,000 | €3,775 | -€225 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €54,286 | +€54,286 | |
| Other operating charges | 640/8 | €688 | €1,288 | +€600 | +87.2% |
| Gross operating margin | 9900 | €52,927 | €30,531 | -€22,396 | -42.3% |
| Operating profit (loss) | 9901 | €52,239 | -€25,043 | -€77,282 | |
| Financial charges | 65/66B | €1,012 | €4,037 | +€3,025 | +299% |
| Recurring financial charges | 65 | €1,012 | €4,037 | +€3,025 | +299% |
| Profit (loss) for the period before taxes | 9903 | €51,226 | -€29,081 | -€80,307 | |
| Profit (loss) for the period | 9904 | €51,226 | -€29,081 | -€80,307 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,226 | -€29,081 | -€80,307 |
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 20 October 2026 via checked.be.