The Retail Connection: 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.
The Retail Connection
Largest movements
- Current investments +€83,286
up €83,286 (+40.6%), from €204,970 to €288,256
- Receivables within one year +€54,508
up €54,508 (+207.3%), from €26,294 to €80,802
of which Trade receivables: +€61,552
- Cash -€35,941
down €35,941 (-39.5%), from €91,061 to €55,121
mainly Current investments (-€83,286) and Receivables within one year (-€54,508)
- Reserves +€88,935
up €88,935 (+32.2%), from €275,971 to €364,906
- Tax, wage and social debts +€8,624
up €8,624 (+75.4%), from €11,435 to €20,058
- Other debts +€7,831
up €7,831 (+26.7%), from €29,379 to €37,209
- Turnover +€227,299
new in 2025: €227,299
- Purchases and services +€121,938
new in 2025: €121,938
- Gross operating margin +€15,042
up €15,042 (+14.5%), from €103,862 to €118,904
- Financial charges +€5,674
up €5,674 (+250.5%), from €2,265 to €7,939
- Taxes +€3,131
up €3,131 (+10.2%), from €30,714 to €33,844
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 | €328,986 | €435,098 | +€106,112 | +32.3% |
| Fixed assets | 21/28 | €4,167 | €8,005 | +€3,838 | +92.1% |
| Tangible fixed assets | 22/27 | €4,167 | €8,005 | +€3,838 | +92.1% |
| Plant, machinery and equipment | 23 | - | €1,402 | +€1,402 | |
| Furniture and vehicles | 24 | €4,167 | €6,603 | +€2,436 | +58.5% |
| Current assets | 29/58 | €324,818 | €427,093 | +€102,274 | +31.5% |
| Amounts receivable within one year | 40/41 | €26,294 | €80,802 | +€54,508 | +207.3% |
| Trade receivables | 40 | €18,690 | €80,243 | +€61,552 | +329.3% |
| Other amounts receivable | 41 | €7,603 | €559 | -€7,044 | -92.6% |
| Current investments | 50/53 | €204,970 | €288,256 | +€83,286 | +40.6% |
| Cash at bank and in hand | 54/58 | €91,061 | €55,121 | -€35,941 | -39.5% |
| Deferred charges and accrued income | 490/1 | €2,493 | €2,914 | +€421 | +16.9% |
| Total equity and liabilities | 10/49 | €328,986 | €435,098 | +€106,112 | +32.3% |
| Equity | 10/15 | €282,171 | €371,106 | +€88,935 | +31.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €275,971 | €364,906 | +€88,935 | +32.2% |
| Distributable reserves | 133 | €275,971 | €364,906 | +€88,935 | +32.2% |
| Amounts payable | 17/49 | €46,815 | €63,992 | +€17,177 | +36.7% |
| Amounts payable within one year | 42/48 | €43,629 | €61,795 | +€18,166 | +41.6% |
| Financial debts | 43 | €705 | €1,857 | +€1,153 | +163.6% |
| Credit institutions | 430/8 | €705 | €1,857 | +€1,153 | +163.6% |
| Trade debts | 44 | €2,111 | €2,670 | +€559 | +26.5% |
| Suppliers | 440/4 | €2,111 | €2,670 | +€559 | +26.5% |
| Taxes, remuneration and social security | 45 | €11,435 | €20,058 | +€8,624 | +75.4% |
| Taxes | 450/3 | €11,435 | €20,058 | +€8,624 | +75.4% |
| Other amounts payable | 47/48 | €29,379 | €37,209 | +€7,831 | +26.7% |
| Accrued charges and deferred income | 492/3 | €3,186 | €2,197 | -€989 | -31.0% |
| Turnover | 70 | - | €227,299 | +€227,299 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €121,938 | +€121,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €696 | €1,092 | +€397 | +57.1% |
| Other operating charges | 640/8 | €937 | €936 | -€2 | -0.2% |
| Non-recurring operating charges | 66A | - | €3,066 | +€3,066 | |
| Gross operating margin | 9900 | €103,862 | €118,904 | +€15,042 | +14.5% |
| Operating profit (loss) | 9901 | €102,229 | €113,810 | +€11,581 | +11.3% |
| Financial income | 75/76B | €17,896 | €16,908 | -€988 | -5.5% |
| Recurring financial income | 75 | €17,896 | €16,908 | -€988 | -5.5% |
| Financial charges | 65/66B | €2,265 | €7,939 | +€5,674 | +250.5% |
| Recurring financial charges | 65 | €2,265 | €7,939 | +€5,674 | +250.5% |
| Profit (loss) for the period before taxes | 9903 | €117,861 | €122,779 | +€4,918 | +4.2% |
| Income taxes | 67/77 | €30,714 | €33,844 | +€3,131 | +10.2% |
| Profit (loss) for the period | 9904 | €87,147 | €88,935 | +€1,788 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,147 | €88,935 | +€1,788 | +2.1% |
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 5 October 2026 via checked.be.