TRADING DV: 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.
TRADING DV
Largest movements
- Tangible fixed assets +€169,060
up €169,060 (+29.3%), from €577,292 to €746,352
of which Land and buildings: +€153,331
- Stocks and contracts -€96,462
down €96,462 (-30.9%), from €311,962 to €215,500
- Receivables within one year -€45,833
down €45,833 (-26.4%), from €173,838 to €128,005
of which Trade receivables: -€45,833
- Cash +€44,924
up €44,924 (+15.3%), from €293,669 to €338,593
mainly Net result for the year (+€159,869) and Stocks and contracts (+€96,462)
- Profit (loss) carried forward +€119,628
up €119,628 (+32.5%), from €368,563 to €488,191
- Debts after one year -€47,999
down €47,999 (-9.1%), from €529,905 to €481,906
of which Financial debts: -€47,999
- Trade debts +€38,443
up €38,443 (+44.9%), from €85,554 to €123,997
- Other debts -€21,080
down €21,080 (-8.1%), from €259,117 to €238,037
- Tax, wage and social debts -€18,999
down €18,999 (-28.1%), from €67,628 to €48,629
of which Taxes: -€11,692
- Gross operating margin -€96,893
down €96,893 (-19.9%), from €487,064 to €390,171
- Taxes -€40,240
no longer reported in 2025 (was €40,240)
- Staff costs -€24,986
down €24,986 (-13.2%), from €189,715 to €164,729
- Depreciation -€5,861
down €5,861 (-10.1%), from €58,212 to €52,351
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 | €1,375,911 | €1,447,600 | +€71,689 | +5.2% |
| Fixed assets | 21/28 | €577,292 | €746,352 | +€169,060 | +29.3% |
| Tangible fixed assets | 22/27 | €577,292 | €746,352 | +€169,060 | +29.3% |
| Land and buildings | 22 | €549,762 | €703,093 | +€153,331 | +27.9% |
| Plant, machinery and equipment | 23 | €200 | €200 | = | 0.0% |
| Furniture and vehicles | 24 | €27,018 | €42,747 | +€15,729 | +58.2% |
| Assets under construction and advance payments | 27 | €312 | €312 | = | 0.0% |
| Current assets | 29/58 | €798,619 | €701,248 | -€97,371 | -12.2% |
| Stocks and contracts in progress | 3 | €311,962 | €215,500 | -€96,462 | -30.9% |
| Stocks | 30/36 | €311,962 | €215,500 | -€96,462 | -30.9% |
| Amounts receivable within one year | 40/41 | €173,838 | €128,005 | -€45,833 | -26.4% |
| Trade receivables | 40 | €173,704 | €127,871 | -€45,833 | -26.4% |
| Other amounts receivable | 41 | €134 | €134 | = | 0.0% |
| Current investments | 50/53 | €19,150 | €19,150 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €293,669 | €338,593 | +€44,924 | +15.3% |
| Total equity and liabilities | 10/49 | €1,375,911 | €1,447,600 | +€71,689 | +5.2% |
| Equity | 10/15 | €387,403 | €507,031 | +€119,628 | +30.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €248 | €248 | = | 0.0% |
| Non-distributable reserves | 130/1 | €248 | €248 | = | 0.0% |
| Legal reserve | 130 | €248 | €248 | = | 0.0% |
| Profit (loss) carried forward | 14 | €368,563 | €488,191 | +€119,628 | +32.5% |
| Amounts payable | 17/49 | €988,508 | €940,569 | -€47,939 | -4.8% |
| Amounts payable after more than one year | 17 | €529,905 | €481,906 | -€47,999 | -9.1% |
| Financial debts | 170/4 | €404,905 | €356,906 | -€47,999 | -11.9% |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €458,603 | €458,663 | +€60 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €46,304 | €48,000 | +€1,696 | +3.7% |
| Trade debts | 44 | €85,554 | €123,997 | +€38,443 | +44.9% |
| Suppliers | 440/4 | €85,554 | €123,997 | +€38,443 | +44.9% |
| Taxes, remuneration and social security | 45 | €67,628 | €48,629 | -€18,999 | -28.1% |
| Taxes | 450/3 | €25,861 | €14,169 | -€11,692 | -45.2% |
| Remuneration and social security | 454/9 | €41,767 | €34,460 | -€7,307 | -17.5% |
| Other amounts payable | 47/48 | €259,117 | €238,037 | -€21,080 | -8.1% |
| Remuneration, social security and pensions | 62 | €189,715 | €164,729 | -€24,986 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,212 | €52,351 | -€5,861 | -10.1% |
| Other operating charges | 640/8 | €5,266 | €6,002 | +€736 | +14.0% |
| Gross operating margin | 9900 | €487,064 | €390,171 | -€96,893 | -19.9% |
| Operating profit (loss) | 9901 | €233,871 | €167,089 | -€66,782 | -28.6% |
| Financial income | 75/76B | €56 | - | -€56 | |
| Recurring financial income | 75 | €56 | - | -€56 | |
| Financial charges | 65/66B | €9,796 | €7,220 | -€2,576 | -26.3% |
| Recurring financial charges | 65 | €9,796 | €7,220 | -€2,576 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €224,131 | €159,869 | -€64,262 | -28.7% |
| Income taxes | 67/77 | €40,240 | - | -€40,240 | |
| Profit (loss) for the period | 9904 | €183,891 | €159,869 | -€24,022 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €183,891 | €159,869 | -€24,022 | -13.1% |
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 17 October 2026 via checked.be.