THEMA: 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
THEMA
NACE 46.842, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€275,535
2024 · €508,134-€232,599
Equity
€2.8m
2024 · €3.0m-€256,224
Cash
€612,022
2024 · €1.1m-€516,274
Balance sheet total
€5.1m
2024 · €5.7m-€599,970
Largest movements
Assets
- Cash -€516,274
down €516,274 (-45.8%), from €1.1m to €612,022
mainly Contributions, distributions and other (-€531,760) and Other debts (-€335,311)
- Stocks and contracts +€248,101
up €248,101 (+18.4%), from €1.3m to €1.6m
- Tangible fixed assets -€163,175
down €163,175 (-25.8%), from €632,401 to €469,225
of which Furniture and vehicles: -€128,463
- Receivables within one year -€153,809
down €153,809 (-6.1%), from €2.5m to €2.4m
of which Trade receivables: -€183,809
Equity and liabilities
- Other debts -€335,311
down €335,311 (-23.3%), from €1.4m to €1.1m
- Reserves -€255,250
down €255,250 (-8.6%), from €3.0m to €2.7m
of which Distributable reserves: -€150,000
- Tax, wage and social debts +€135,413
up €135,413 (+60.5%), from €223,929 to €359,342
of which Taxes: +€122,406
- Provisions -€82,556
down €82,556 (-45.0%), from €183,635 to €101,079
- Debts after one year -€72,819
down €72,819 (-44.4%), from €164,019 to €91,200
Income statement
- Goods and materials -€7.7m
no longer reported in 2025 (was €7.7m)
of which Purchases: -€7.6m
- Gross operating margin +€2.2m
new in 2025: €2.2m
- Turnover -€1.5m
down €1.5m (-13.8%), from €11.2m to €9.6m
- Services and other goods -€1.0m
no longer reported in 2025 (was €1.0m)
- Provisions -€112,709
down €112,709, from €30,153 to -€82,556
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
€508,134
Turnover
-€1.5m
Other operating income
-€80,904
Goods and materials
+€7.7m
Services and other goods
+€1.0m
Staff costs
-€37,057
Depreciation
-€15,063
Write-downs
-€67,541
Provisions
+€112,709
Other operating charges
+€6,232
Other operating items
-€7.5m
Financial income
+€2,758
Financial charges
+€33,329
Taxes
+€68,748
Result 2025
€275,535
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.
From operations
+€86,294
Investment
-€14,718
Financing
-€587,850
Cash 2024
€1.1m
From operations (derived)
+€86,294
Net result for the year
+€275,535
Depreciation
+€199,313
Stocks and contracts
-€248,101
Receivables within one year
+€153,809
Deferred charges and accrued income
-€6,607
Provisions
-€82,556
Trade debts
-€5,649
Tax, wage and social debts
+€135,413
Other debts
-€335,311
Accrued charges and deferred income
+€448
Investment (derived)
-€14,718
Investment in fixed assets (net)
-€14,718
Financing
-€587,850
Debts after one year
-€72,819
Current portion of long-term debt
-€33,766
Short-term financial debts
+€50,495
Contributions, distributions and other
-€531,760
Cash 2025
€612,022
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,698,140 | €5,098,170 | -€599,970 | -10.5% |
| Fixed assets | 21/28 | €709,015 | €524,420 | -€184,595 | -26.0% |
| Intangible fixed assets | 21 | €74,609 | €53,189 | -€21,420 | -28.7% |
| Tangible fixed assets | 22/27 | €632,401 | €469,225 | -€163,175 | -25.8% |
| Land and buildings | 22 | €130,223 | €107,006 | -€23,217 | -17.8% |
| Plant, machinery and equipment | 23 | €56,689 | €46,932 | -€9,757 | -17.2% |
| Furniture and vehicles | 24 | €442,962 | €314,499 | -€128,463 | -29.0% |
| Other tangible fixed assets | 26 | €2,527 | €788 | -€1,738 | -68.8% |
| Financial fixed assets | 28 | €2,005 | €2,005 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,005 | - | -€2,005 | |
| Shares | 284 | €1,500 | - | -€1,500 | |
| Amounts receivable and cash guarantees | 285/8 | €505 | - | -€505 | |
| Current assets | 29/58 | €4,989,125 | €4,573,751 | -€415,375 | -8.3% |
| Stocks and contracts in progress | 3 | €1,349,172 | €1,597,273 | +€248,101 | +18.4% |
| Stocks | 30/36 | €1,349,172 | €1,597,273 | +€248,101 | +18.4% |
| Goods purchased for resale | 34 | €1,349,172 | - | -€1.3m | |
| Amounts receivable within one year | 40/41 | €2,510,178 | €2,356,369 | -€153,809 | -6.1% |
| Trade receivables | 40 | €2,419,565 | €2,235,756 | -€183,809 | -7.6% |
| Other amounts receivable | 41 | €90,613 | €120,613 | +€30,000 | +33.1% |
| Cash at bank and in hand | 54/58 | €1,128,295 | €612,022 | -€516,274 | -45.8% |
| Deferred charges and accrued income | 490/1 | €1,480 | €8,087 | +€6,607 | +446.3% |
| Total equity and liabilities | 10/49 | €5,698,140 | €5,098,170 | -€599,970 | -10.5% |
| Equity | 10/15 | €3,049,359 | €2,793,135 | -€256,224 | -8.4% |
| 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 | €2,973,768 | €2,718,518 | -€255,250 | -8.6% |
| Non-distributable reserves | 130/1 | €41,000 | €41,000 | = | 0.0% |
| Legal reserve | 130 | €41,000 | €41,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €201,003 | €95,753 | -€105,250 | -52.4% |
| Distributable reserves | 133 | €2,731,765 | €2,581,765 | -€150,000 | -5.5% |
| Profit (loss) carried forward | 14 | €885 | €2,304 | +€1,419 | +160.3% |
| Investment grants | 15 | €12,705 | €10,312 | -€2,394 | -18.8% |
| Provisions and deferred taxes | 16 | €183,635 | €101,079 | -€82,556 | -45.0% |
| Provisions for liabilities and charges | 160/5 | €183,635 | €101,079 | -€82,556 | -45.0% |
| Other liabilities and charges | 164/5 | €183,635 | €101,079 | -€82,556 | -45.0% |
| Amounts payable | 17/49 | €2,465,147 | €2,203,957 | -€261,190 | -10.6% |
| Amounts payable after more than one year | 17 | €164,019 | €91,200 | -€72,819 | -44.4% |
| Financial debts | 170/4 | €164,019 | €91,200 | -€72,819 | -44.4% |
| Credit institutions | 173 | €164,019 | - | -€164,019 | |
| Amounts payable within one year | 42/48 | €2,257,059 | €2,068,240 | -€188,819 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €106,585 | €72,819 | -€33,766 | -31.7% |
| Financial debts | 43 | - | €50,495 | +€50,495 | |
| Other loans | 439 | - | €50,495 | +€50,495 | |
| Trade debts | 44 | €486,893 | €481,244 | -€5,649 | -1.2% |
| Suppliers | 440/4 | €486,893 | €481,244 | -€5,649 | -1.2% |
| Taxes, remuneration and social security | 45 | €223,929 | €359,342 | +€135,413 | +60.5% |
| Taxes | 450/3 | €63,612 | €186,018 | +€122,406 | +192.4% |
| Remuneration and social security | 454/9 | €160,317 | €173,324 | +€13,007 | +8.1% |
| Other amounts payable | 47/48 | €1,439,652 | €1,104,341 | -€335,311 | -23.3% |
| Accrued charges and deferred income | 492/3 | €44,069 | €44,517 | +€448 | +1.0% |
| Operating income | 70/76A | €11,262,509 | - | -€11.3m | |
| Turnover | 70 | €11,166,693 | €9,623,994 | -€1.5m | -13.8% |
| Other operating income | 74 | €80,904 | - | -€80,904 | |
| Non-recurring operating income | 76A | €14,912 | - | -€14,912 | |
| Operating charges | 60/66A | €10,505,713 | - | -€10.5m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €7,542,010 | +€7.5m | |
| Goods for resale, raw materials and consumables | 60 | €7,727,022 | - | -€7.7m | |
| Purchases | 600/8 | €7,623,900 | - | -€7.6m | |
| Change in stocks: decrease (increase) | 609 | €103,122 | - | -€103,122 | |
| Services and other goods | 61 | €1,048,582 | - | -€1.0m | |
| Remuneration, social security and pensions | 62 | €1,509,831 | €1,546,887 | +€37,057 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,250 | €199,313 | +€15,063 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€28,654 | €38,887 | +€67,541 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €30,153 | -€82,556 | -€112,709 | |
| Other operating charges | 640/8 | €26,500 | €20,268 | -€6,232 | -23.5% |
| Non-recurring operating charges | 66A | €8,029 | €8,033 | +€5 | +0.1% |
| Gross operating margin | 9900 | - | €2,150,193 | +€2.2m | |
| Operating profit (loss) | 9901 | €756,796 | €419,361 | -€337,435 | -44.6% |
| Financial income | 75/76B | €95,960 | €98,718 | +€2,758 | +2.9% |
| Recurring financial income | 75 | €95,960 | €98,718 | +€2,758 | +2.9% |
| Income from financial fixed assets | 750 | €4,000 | - | -€4,000 | |
| Other financial income | 752/9 | €91,960 | - | -€91,960 | |
| Financial charges | 65/66B | €154,341 | €121,012 | -€33,329 | -21.6% |
| Recurring financial charges | 65 | €154,341 | €121,012 | -€33,329 | -21.6% |
| Debt charges | 650 | €8,531 | - | -€8,531 | |
| Other financial charges | 652/9 | €145,810 | - | -€145,810 | |
| Profit (loss) for the period before taxes | 9903 | €698,414 | €397,066 | -€301,348 | -43.1% |
| Income taxes | 67/77 | €190,280 | €121,531 | -€68,748 | -36.1% |
| Taxes | 670/3 | €190,280 | - | -€190,280 | |
| Profit (loss) for the period | 9904 | €508,134 | €275,535 | -€232,599 | -45.8% |
| Transfer from tax-exempt reserves | 789 | €168,400 | €105,250 | -€63,150 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €676,534 | €380,785 | -€295,749 | -43.7% |
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 10 October 2026 via checked.be.