RETAIL OPERATING: what changed
Two fiscal 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.
RETAIL OPERATING
Largest movements
- Stocks and contracts +€51,990
up €51,990 (+141.3%), from €36,796 to €88,786
- Receivables within one year +€46,038
up €46,038 (+461.1%), from €9,983 to €56,021
of which Trade receivables: +€45,545
- Tangible fixed assets -€10,513
down €10,513 (-15.2%), from €69,320 to €58,807
of which Furniture and vehicles: -€24,082
- Trade debts +€73,898
up €73,898 (+65.6%), from €112,600 to €186,498
- Other debts +€24,121
up €24,121 (+95.7%), from €25,204 to €49,325
- Debts after one year -€14,016
no longer reported in 2025 (was €14,016)
- Profit (loss) carried forward +€10,400
up €10,400, from -€7,264 to €3,136
- Tax, wage and social debts -€9,815
down €9,815 (-24.9%), from €39,435 to €29,620
of which Taxes: -€10,942
- Gross operating margin +€73,770
up €73,770 (+78.9%), from €93,496 to €167,266
- Taxes +€30,832
up €30,832, from -€19,305 to €11,527
- Depreciation +€21,256
up €21,256 (+671.6%), from €3,165 to €24,421
- Staff costs +€13,806
up €13,806 (+14.7%), from €93,967 to €107,773
- Other operating charges +€9,908
up €9,908 (+595.8%), from €1,663 to €11,571
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.
Cash bridge derived
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 | €250,512 | €334,755 | +€84,243 | +33.6% |
| Fixed assets | 21/28 | €197,920 | €187,407 | -€10,513 | -5.3% |
| Tangible fixed assets | 22/27 | €69,320 | €58,807 | -€10,513 | -15.2% |
| Furniture and vehicles | 24 | €69,320 | €45,238 | -€24,082 | -34.7% |
| Other tangible fixed assets | 26 | - | €13,569 | +€13,569 | |
| Financial fixed assets | 28 | €128,600 | €128,600 | = | 0.0% |
| Current assets | 29/58 | €52,592 | €147,348 | +€94,756 | +180.2% |
| Stocks and contracts in progress | 3 | €36,796 | €88,786 | +€51,990 | +141.3% |
| Stocks | 30/36 | €36,796 | €88,786 | +€51,990 | +141.3% |
| Amounts receivable within one year | 40/41 | €9,983 | €56,021 | +€46,038 | +461.1% |
| Trade receivables | 40 | €2,057 | €47,601 | +€45,545 | +2214.5% |
| Other amounts receivable | 41 | €7,927 | €8,420 | +€493 | +6.2% |
| Cash at bank and in hand | 54/58 | €5,675 | €2,350 | -€3,325 | -58.6% |
| Deferred charges and accrued income | 490/1 | €138 | €191 | +€53 | +38.3% |
| Total equity and liabilities | 10/49 | €250,512 | €334,755 | +€84,243 | +33.6% |
| Equity | 10/15 | €44,481 | €54,881 | +€10,400 | +23.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €46,745 | €46,745 | = | 0.0% |
| Distributable reserves | 133 | €46,745 | €46,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,264 | €3,136 | +€10,400 | |
| Amounts payable | 17/49 | €206,032 | €279,874 | +€73,843 | +35.8% |
| Amounts payable after more than one year | 17 | €14,016 | - | -€14,016 | |
| Financial debts | 170/4 | €14,016 | - | -€14,016 | |
| Amounts payable within one year | 42/48 | €192,016 | €279,459 | +€87,443 | +45.5% |
| Current portion of amounts payable after more than one year | 42 | €14,777 | €14,016 | -€761 | -5.1% |
| Trade debts | 44 | €112,600 | €186,498 | +€73,898 | +65.6% |
| Suppliers | 440/4 | €112,600 | €186,498 | +€73,898 | +65.6% |
| Taxes, remuneration and social security | 45 | €39,435 | €29,620 | -€9,815 | -24.9% |
| Taxes | 450/3 | €23,379 | €12,437 | -€10,942 | -46.8% |
| Remuneration and social security | 454/9 | €16,056 | €17,183 | +€1,127 | +7.0% |
| Other amounts payable | 47/48 | €25,204 | €49,325 | +€24,121 | +95.7% |
| Accrued charges and deferred income | 492/3 | - | €415 | +€415 | |
| Remuneration, social security and pensions | 62 | €93,967 | €107,773 | +€13,806 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,165 | €24,421 | +€21,256 | +671.6% |
| Other operating charges | 640/8 | €1,663 | €11,571 | +€9,908 | +595.8% |
| Gross operating margin | 9900 | €93,496 | €167,266 | +€73,770 | +78.9% |
| Operating profit (loss) | 9901 | -€5,299 | €23,501 | +€28,800 | |
| Financial income | 75/76B | €338 | €21 | -€317 | -93.7% |
| Recurring financial income | 75 | €338 | €21 | -€317 | -93.7% |
| Financial charges | 65/66B | €377 | €1,595 | +€1,218 | +323.1% |
| Recurring financial charges | 65 | €377 | €1,595 | +€1,218 | +323.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,338 | €21,927 | +€27,265 | |
| Income taxes | 67/77 | -€19,305 | €11,527 | +€30,832 | |
| Profit (loss) for the period | 9904 | €13,967 | €10,400 | -€3,567 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,967 | €10,400 | -€3,567 | -25.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.