SA BSL DISTRIBUTION: 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.
SA BSL DISTRIBUTION
Largest movements
- Receivables within one year -€234,346
down €234,346 (-84.5%), from €277,428 to €43,081
of which Other amounts receivable: -€255,598
- Cash -€48,991
down €48,991 (-36.1%), from €135,528 to €86,537
mainly Other debts (-€239,525) and Debts after one year (-€143,405)
- Tangible fixed assets -€41,463
down €41,463 (-3.1%), from €1.3m to €1.3m
of which Plant, machinery and equipment: -€24,009
- Stocks and contracts +€35,299
up €35,299 (+22.0%), from €160,485 to €195,785
- Other debts -€239,525
down €239,525 (-95.8%), from €250,000 to €10,475
- Debts after one year -€143,405
down €143,405 (-14.4%), from €995,566 to €852,161
- Profit (loss) carried forward +€66,628
new in 2025: €66,628
- Reserves +€23,344
up €23,344 (+7.2%), from €322,589 to €345,933
of which Distributable reserves: +€23,344
- Gross operating margin +€98,893
up €98,893 (+20.9%), from €473,793 to €572,685
- Staff costs +€24,134
up €24,134 (+10.5%), from €230,716 to €254,850
- Taxes +€23,925
up €23,925 (+6,979%), from €343 to €24,268
- Depreciation +€11,976
up €11,976 (+11.5%), from €104,485 to €116,461
- Financial charges +€7,715
up €7,715 (+17.4%), from €44,462 to €52,177
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 | €2,128,745 | €1,839,117 | -€289,628 | -13.6% |
| Fixed assets | 21/28 | €1,317,366 | €1,275,904 | -€41,463 | -3.1% |
| Tangible fixed assets | 22/27 | €1,317,366 | €1,275,904 | -€41,463 | -3.1% |
| Land and buildings | 22 | €1,059,746 | €1,039,740 | -€20,006 | -1.9% |
| Plant, machinery and equipment | 23 | €208,792 | €184,783 | -€24,009 | -11.5% |
| Furniture and vehicles | 24 | €48,828 | €51,380 | +€2,552 | +5.2% |
| Current assets | 29/58 | €811,378 | €563,213 | -€248,165 | -30.6% |
| Stocks and contracts in progress | 3 | €160,485 | €195,785 | +€35,299 | +22.0% |
| Stocks | 30/36 | €160,485 | €195,785 | +€35,299 | +22.0% |
| Amounts receivable within one year | 40/41 | €277,428 | €43,081 | -€234,346 | -84.5% |
| Trade receivables | 40 | €9,039 | €30,291 | +€21,252 | +235% |
| Other amounts receivable | 41 | €268,389 | €12,791 | -€255,598 | -95.2% |
| Current investments | 50/53 | €237,600 | €237,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €135,528 | €86,537 | -€48,991 | -36.1% |
| Deferred charges and accrued income | 490/1 | €338 | €210 | -€127 | -37.7% |
| Total equity and liabilities | 10/49 | €2,128,745 | €1,839,117 | -€289,628 | -13.6% |
| Equity | 10/15 | €384,589 | €474,561 | +€89,972 | +23.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €322,589 | €345,933 | +€23,344 | +7.2% |
| Non-distributable reserves | 130/1 | €245,933 | €245,933 | = | 0.0% |
| Legal reserve | 130 | €8,333 | €8,333 | = | 0.0% |
| Own shares acquired | 1312 | €237,600 | €237,600 | = | 0.0% |
| Distributable reserves | 133 | €76,656 | €100,000 | +€23,344 | +30.5% |
| Profit (loss) carried forward | 14 | - | €66,628 | +€66,628 | |
| Amounts payable | 17/49 | €1,744,156 | €1,364,556 | -€379,600 | -21.8% |
| Amounts payable after more than one year | 17 | €995,566 | €852,161 | -€143,405 | -14.4% |
| Financial debts | 170/4 | €995,566 | €852,161 | -€143,405 | -14.4% |
| Amounts payable within one year | 42/48 | €731,268 | €503,895 | -€227,373 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €154,511 | €152,285 | -€2,226 | -1.4% |
| Trade debts | 44 | €229,235 | €239,095 | +€9,861 | +4.3% |
| Suppliers | 440/4 | €229,235 | €239,095 | +€9,861 | +4.3% |
| Taxes, remuneration and social security | 45 | €97,522 | €102,039 | +€4,517 | +4.6% |
| Taxes | 450/3 | €62,955 | €71,622 | +€8,667 | +13.8% |
| Remuneration and social security | 454/9 | €34,568 | €30,417 | -€4,150 | -12.0% |
| Other amounts payable | 47/48 | €250,000 | €10,475 | -€239,525 | -95.8% |
| Accrued charges and deferred income | 492/3 | €17,322 | €8,500 | -€8,822 | -50.9% |
| Non-recurring operating income | 76A | €8,500 | €8,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €230,716 | €254,850 | +€24,134 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,485 | €116,461 | +€11,976 | +11.5% |
| Other operating charges | 640/8 | €11,322 | €14,451 | +€3,129 | +27.6% |
| Non-recurring operating charges | 66A | - | €10,778 | +€10,778 | |
| Gross operating margin | 9900 | €473,793 | €572,685 | +€98,893 | +20.9% |
| Operating profit (loss) | 9901 | €127,269 | €176,146 | +€48,877 | +38.4% |
| Financial income | 75/76B | €183 | €271 | +€88 | +48.0% |
| Recurring financial income | 75 | €183 | €271 | +€88 | +48.0% |
| Financial charges | 65/66B | €44,462 | €52,177 | +€7,715 | +17.4% |
| Recurring financial charges | 65 | €44,462 | €52,177 | +€7,715 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €82,990 | €124,240 | +€41,250 | +49.7% |
| Income taxes | 67/77 | €343 | €24,268 | +€23,925 | +6,979% |
| Profit (loss) for the period | 9904 | €82,647 | €99,972 | +€17,325 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,647 | €99,972 | +€17,325 | +21.0% |
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 24 October 2026 via checked.be.