RETAIL PARTNER: 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
RETAIL PARTNER
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€56,135
2024 · €59,637-€3,502
Equity
€864,743
2024 · €808,608+€56,135
Cash
€95,401
2024 · €81,728+€13,673
Balance sheet total
€1.5m
2024 · €1.5m-€24,067
Largest movements
Assets
- Tangible fixed assets -€46,349
down €46,349 (-3.4%), from €1.4m to €1.3m
of which Land and buildings: -€59,626
Equity and liabilities
- Other debts -€92,453
down €92,453 (-77.4%), from €119,424 to €26,971
- Reserves +€56,135
up €56,135 (+7.4%), from €753,766 to €809,902
of which Distributable reserves: +€73,487
- Tax, wage and social debts +€16,333
up €16,333 (+32.7%), from €49,971 to €66,304
of which Taxes: +€15,211
Income statement
- Financial charges -€6,856
down €6,856 (-22.3%), from €30,748 to €23,891
- Taxes +€6,359
up €6,359 (+27.8%), from €22,857 to €29,216
- Staff costs +€4,115
up €4,115 (+20.5%), from €20,093 to €24,208
- Other operating charges -€3,009
down €3,009 (-29.9%), from €10,076 to €7,067
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
€59,637
Gross operating margin
-€1,577
Staff costs
-€4,115
Depreciation
-€1,646
Other operating charges
+€3,009
Financial income
+€330
Financial charges
+€6,856
Taxes
-€6,359
Result 2025
€56,135
raises the resultlowers the result
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
+€72,655
Investment
-€64,526
Financing
+€5,544
Cash 2024
€81,728
From operations (derived)
+€72,655
Net result for the year
+€56,135
Depreciation
+€110,875
Stocks and contracts
-€4,779
Receivables within one year
-€4,496
Deferred charges and accrued income
+€666
Provisions
-€5,784
Trade debts
-€4,212
Tax, wage and social debts
+€16,333
Other debts
-€92,453
Accrued charges and deferred income
+€370
Investment (derived)
-€64,526
Investment in fixed assets (net)
-€64,526
Financing
+€5,544
Debts after one year
-€1,854
Current portion of long-term debt
+€7,413
Short-term financial debts
-€15
Cash 2025
€95,401
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,520,026 | €1,495,958 | -€24,067 | -1.6% |
| Fixed assets | 21/28 | €1,376,824 | €1,330,475 | -€46,349 | -3.4% |
| Tangible fixed assets | 22/27 | €1,375,564 | €1,329,216 | -€46,349 | -3.4% |
| Land and buildings | 22 | €1,232,758 | €1,173,132 | -€59,626 | -4.8% |
| Plant, machinery and equipment | 23 | €15,903 | €17,194 | +€1,291 | +8.1% |
| Furniture and vehicles | 24 | €101,903 | €113,890 | +€11,987 | +11.8% |
| Other tangible fixed assets | 26 | €25,000 | €25,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,260 | €1,260 | = | 0.0% |
| Current assets | 29/58 | €143,202 | €165,483 | +€22,282 | +15.6% |
| Stocks and contracts in progress | 3 | €52,463 | €57,242 | +€4,779 | +9.1% |
| Stocks | 30/36 | €52,463 | €57,242 | +€4,779 | +9.1% |
| Amounts receivable within one year | 40/41 | €3,853 | €8,349 | +€4,496 | +117% |
| Trade receivables | 40 | €3,853 | €5,133 | +€1,280 | +33.2% |
| Other amounts receivable | 41 | - | €3,217 | +€3,217 | |
| Cash at bank and in hand | 54/58 | €81,728 | €95,401 | +€13,673 | +16.7% |
| Deferred charges and accrued income | 490/1 | €5,158 | €4,491 | -€666 | -12.9% |
| Total equity and liabilities | 10/49 | €1,520,026 | €1,495,958 | -€24,067 | -1.6% |
| Equity | 10/15 | €808,608 | €864,743 | +€56,135 | +6.9% |
| Contributions | 10/11 | €26,029 | €26,029 | = | 0.0% |
| Reserves | 13 | €753,766 | €809,902 | +€56,135 | +7.4% |
| Non-distributable reserves | 130/1 | €2,603 | €2,603 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,603 | €2,603 | = | 0.0% |
| Tax-exempt reserves | 132 | €320,762 | €303,410 | -€17,352 | -5.4% |
| Distributable reserves | 133 | €430,402 | €503,889 | +€73,487 | +17.1% |
| Profit (loss) carried forward | 14 | €28,813 | €28,813 | = | 0.0% |
| Provisions and deferred taxes | 16 | €126,483 | €120,699 | -€5,784 | -4.6% |
| Provisions for liabilities and charges | 160/5 | €38,622 | €38,622 | = | 0.0% |
| Pensions and similar obligations | 160 | €38,622 | €38,622 | = | 0.0% |
| Deferred taxes | 168 | €87,860 | €82,076 | -€5,784 | -6.6% |
| Amounts payable | 17/49 | €584,935 | €510,516 | -€74,419 | -12.7% |
| Amounts payable after more than one year | 17 | €359,776 | €357,922 | -€1,854 | -0.5% |
| Financial debts | 170/4 | €359,776 | €357,922 | -€1,854 | -0.5% |
| Amounts payable within one year | 42/48 | €225,026 | €152,092 | -€72,934 | -32.4% |
| Current portion of amounts payable after more than one year | 42 | €39,441 | €46,854 | +€7,413 | +18.8% |
| Financial debts | 43 | €15 | €0 | -€15 | -100% |
| Credit institutions | 430/8 | €15 | €0 | -€15 | -100% |
| Trade debts | 44 | €16,175 | €11,963 | -€4,212 | -26.0% |
| Suppliers | 440/4 | €16,175 | €11,963 | -€4,212 | -26.0% |
| Taxes, remuneration and social security | 45 | €49,971 | €66,304 | +€16,333 | +32.7% |
| Taxes | 450/3 | €41,566 | €56,777 | +€15,211 | +36.6% |
| Remuneration and social security | 454/9 | €8,405 | €9,527 | +€1,122 | +13.3% |
| Other amounts payable | 47/48 | €119,424 | €26,971 | -€92,453 | -77.4% |
| Accrued charges and deferred income | 492/3 | €132 | €502 | +€370 | +279% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €20,093 | €24,208 | +€4,115 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,229 | €110,875 | +€1,646 | +1.5% |
| Other operating charges | 640/8 | €10,076 | €7,067 | -€3,009 | -29.9% |
| Gross operating margin | 9900 | €246,812 | €245,235 | -€1,577 | -0.6% |
| Operating profit (loss) | 9901 | €107,415 | €103,086 | -€4,329 | -4.0% |
| Financial income | 75/76B | €42 | €373 | +€330 | +781% |
| Recurring financial income | 75 | €42 | €373 | +€330 | +781% |
| Financial charges | 65/66B | €30,748 | €23,891 | -€6,856 | -22.3% |
| Recurring financial charges | 65 | €30,748 | €23,891 | -€6,856 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €76,710 | €79,567 | +€2,857 | +3.7% |
| Transfer from deferred taxes | 780 | €5,784 | €5,784 | -€0 | 0.0% |
| Income taxes | 67/77 | €22,857 | €29,216 | +€6,359 | +27.8% |
| Profit (loss) for the period | 9904 | €59,637 | €56,135 | -€3,502 | -5.9% |
| Transfer from tax-exempt reserves | 789 | €17,352 | €17,352 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,989 | €73,487 | -€3,502 | -4.5% |
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.