TRADE: 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.
TRADE
Largest movements
- Tangible fixed assets +€354,211
up €354,211 (+703.5%), from €50,350 to €404,561
- Cash -€41,841
down €41,841 (-27.8%), from €150,290 to €108,449
mainly Investment in fixed assets (net) (-€367,464) and Receivables within one year (-€10,409)
- Receivables within one year +€10,409
up €10,409 (+942.9%), from €1,104 to €11,513
- Other debts +€239,729
up €239,729 (+1969.7%), from €12,171 to €251,900
- Reserves +€83,000
up €83,000 (+64.7%), from €128,200 to €211,200
of which Distributable reserves: +€83,000
- Taxes -€15,246
down €15,246 (-49.0%), from €31,133 to €15,887
- Gross operating margin -€10,424
down €10,424 (-7.8%), from €134,355 to €123,931
- Depreciation +€10,240
up €10,240 (+339.8%), from €3,014 to €13,254
- Financial income -€3,265
down €3,265 (-100.0%), from €3,266 to €0
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 | €203,179 | €525,958 | +€322,779 | +158.9% |
| Fixed assets | 21/28 | €51,785 | €405,996 | +€354,211 | +684.0% |
| Tangible fixed assets | 22/27 | €50,350 | €404,561 | +€354,211 | +703.5% |
| Land and buildings | 22 | €50,350 | €404,561 | +€354,211 | +703.5% |
| Financial fixed assets | 28 | €1,435 | €1,435 | = | 0.0% |
| Current assets | 29/58 | €151,394 | €119,962 | -€31,432 | -20.8% |
| Amounts receivable within one year | 40/41 | €1,104 | €11,513 | +€10,409 | +942.9% |
| Other amounts receivable | 41 | €1,104 | €11,513 | +€10,409 | +942.9% |
| Cash at bank and in hand | 54/58 | €150,290 | €108,449 | -€41,841 | -27.8% |
| Total equity and liabilities | 10/49 | €203,179 | €525,958 | +€322,779 | +158.9% |
| Equity | 10/15 | €190,578 | €273,493 | +€82,915 | +43.5% |
| 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 | €128,200 | €211,200 | +€83,000 | +64.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €122,000 | €205,000 | +€83,000 | +68.0% |
| Profit (loss) carried forward | 14 | €378 | €293 | -€85 | -22.4% |
| Amounts payable | 17/49 | €12,601 | €252,464 | +€239,863 | +1903.5% |
| Amounts payable within one year | 42/48 | €12,601 | €252,464 | +€239,863 | +1903.5% |
| Trade debts | 44 | €401 | €565 | +€164 | +40.8% |
| Suppliers | 440/4 | €401 | €565 | +€164 | +40.8% |
| Taxes, remuneration and social security | 45 | €29 | - | -€29 | |
| Taxes | 450/3 | €29 | - | -€29 | |
| Other amounts payable | 47/48 | €12,171 | €251,900 | +€239,729 | +1969.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,014 | €13,254 | +€10,240 | +339.8% |
| Other operating charges | 640/8 | €10,985 | €11,339 | +€354 | +3.2% |
| Gross operating margin | 9900 | €134,355 | €123,931 | -€10,424 | -7.8% |
| Operating profit (loss) | 9901 | €120,356 | €99,338 | -€21,018 | -17.5% |
| Financial income | 75/76B | €3,266 | €0 | -€3,265 | -100.0% |
| Recurring financial income | 75 | €3,266 | €0 | -€3,265 | -100.0% |
| Financial charges | 65/66B | €393 | €536 | +€143 | +36.3% |
| Recurring financial charges | 65 | €393 | €536 | +€143 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €123,229 | €98,803 | -€24,426 | -19.8% |
| Income taxes | 67/77 | €31,133 | €15,887 | -€15,246 | -49.0% |
| Profit (loss) for the period | 9904 | €92,096 | €82,915 | -€9,180 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,096 | €82,915 | -€9,180 | -10.0% |
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 6 October 2026 via checked.be.