TRANNEX: 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
TRANNEX
NACE 46.432, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,538
2024 · €68,996-€59,458
Equity
€508,122
2024 · €498,584+€9,538
Cash
€131,151
2024 · €144,983-€13,832
Balance sheet total
€3.6m
2024 · €3.9m-€228,167
Largest movements
Assets
- Receivables after one year -€119,099
down €119,099 (-19.8%), from €601,120 to €482,021
- Stocks and contracts -€95,347
down €95,347 (-11.2%), from €849,650 to €754,303
- Tangible fixed assets -€51,005
down €51,005 (-9.5%), from €538,276 to €487,270
of which Furniture and vehicles: -€29,845
Equity and liabilities
- Debts after one year -€334,832
down €334,832 (-21.1%), from €1.6m to €1.3m
- Short-term financial debts +€259,226
up €259,226 (+51.5%), from €503,246 to €762,471
- Trade debts -€202,579
down €202,579 (-77.7%), from €260,747 to €58,168
- Other debts +€80,013
up €80,013 (+14.5%), from €553,331 to €633,344
Income statement
- Gross operating margin -€84,802
down €84,802 (-5.9%), from €1.4m to €1.4m
- Staff costs -€28,349
down €28,349 (-3.0%), from €937,309 to €908,960
- Financial income -€22,650
down €22,650 (-55.3%), from €40,941 to €18,291
- Taxes -€15,095
down €15,095 (-46.5%), from €32,477 to €17,382
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
€68,996
Gross operating margin
-€84,802
Staff costs
+€28,349
Depreciation
-€8,780
Write-downs
+€2,876
Other operating charges
+€1,329
Other operating items
+€1,150
Financial income
-€22,650
Financial charges
+€7,976
Taxes
+€15,095
Result 2025
€9,538
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€342,977
Investment
-€268,877
Financing
-€87,933
Cash 2024
€144,983
From operations (derived)
+€342,977
Net result for the year
+€9,538
Depreciation
+€304,198
Receivables after one year
+€119,099
Stocks and contracts
+€95,347
Receivables within one year
-€37,616
Deferred charges and accrued income
+€2,184
Trade debts
-€202,579
Tax, wage and social debts
-€17,803
Other debts
+€80,013
Accrued charges and deferred income
-€9,404
Investment (derived)
-€268,877
Investment in fixed assets (net)
-€268,877
Financing
-€87,933
Debts after one year
-€334,832
Current portion of long-term debt
-€12,327
Short-term financial debts
+€259,226
Cash 2025
€131,151
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,874,810 | €3,646,642 | -€228,167 | -5.9% |
| Fixed assets | 21/28 | €756,340 | €721,018 | -€35,322 | -4.7% |
| Intangible fixed assets | 21 | €218,014 | €233,698 | +€15,684 | +7.2% |
| Tangible fixed assets | 22/27 | €538,276 | €487,270 | -€51,005 | -9.5% |
| Plant, machinery and equipment | 23 | €17,363 | €14,217 | -€3,146 | -18.1% |
| Furniture and vehicles | 24 | €312,093 | €282,248 | -€29,845 | -9.6% |
| Leasing and similar rights | 25 | €173,221 | €159,613 | -€13,608 | -7.9% |
| Other tangible fixed assets | 26 | €35,599 | €31,193 | -€4,406 | -12.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €3,118,470 | €2,925,624 | -€192,846 | -6.2% |
| Amounts receivable after more than one year | 29 | €601,120 | €482,021 | -€119,099 | -19.8% |
| Other amounts receivable | 291 | €601,120 | €482,021 | -€119,099 | -19.8% |
| Stocks and contracts in progress | 3 | €849,650 | €754,303 | -€95,347 | -11.2% |
| Stocks | 30/36 | €849,650 | €754,303 | -€95,347 | -11.2% |
| Amounts receivable within one year | 40/41 | €1,493,155 | €1,530,771 | +€37,616 | +2.5% |
| Trade receivables | 40 | €1,472,366 | €1,469,249 | -€3,117 | -0.2% |
| Other amounts receivable | 41 | €20,789 | €61,522 | +€40,733 | +196% |
| Cash at bank and in hand | 54/58 | €144,983 | €131,151 | -€13,832 | -9.5% |
| Deferred charges and accrued income | 490/1 | €29,562 | €27,378 | -€2,184 | -7.4% |
| Total equity and liabilities | 10/49 | €3,874,810 | €3,646,642 | -€228,167 | -5.9% |
| Equity | 10/15 | €498,584 | €508,122 | +€9,538 | +1.9% |
| Contributions | 10/11 | €179,723 | €179,723 | = | 0.0% |
| Capital | 10 | €179,723 | €179,723 | = | 0.0% |
| Issued capital | 100 | €179,723 | €179,723 | = | 0.0% |
| Reserves | 13 | €17,972 | €17,972 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,972 | €17,972 | = | 0.0% |
| Legal reserve | 130 | €17,972 | €17,972 | = | 0.0% |
| Profit (loss) carried forward | 14 | €300,889 | €310,427 | +€9,538 | +3.2% |
| Amounts payable | 17/49 | €3,376,226 | €3,138,520 | -€237,706 | -7.0% |
| Amounts payable after more than one year | 17 | €1,587,849 | €1,253,017 | -€334,832 | -21.1% |
| Financial debts | 170/4 | €1,587,849 | €1,253,017 | -€334,832 | -21.1% |
| Amounts payable within one year | 42/48 | €1,764,973 | €1,871,503 | +€106,530 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €297,371 | €285,044 | -€12,327 | -4.1% |
| Financial debts | 43 | €503,246 | €762,471 | +€259,226 | +51.5% |
| Credit institutions | 430/8 | €503,246 | €762,471 | +€259,226 | +51.5% |
| Trade debts | 44 | €260,747 | €58,168 | -€202,579 | -77.7% |
| Suppliers | 440/4 | €260,747 | €58,168 | -€202,579 | -77.7% |
| Taxes, remuneration and social security | 45 | €150,279 | €132,476 | -€17,803 | -11.8% |
| Taxes | 450/3 | €23,106 | €27,236 | +€4,130 | +17.9% |
| Remuneration and social security | 454/9 | €127,173 | €105,240 | -€21,933 | -17.2% |
| Other amounts payable | 47/48 | €553,331 | €633,344 | +€80,013 | +14.5% |
| Accrued charges and deferred income | 492/3 | €23,404 | €14,000 | -€9,404 | -40.2% |
| Non-recurring operating income | 76A | €5,642 | €2,091 | -€3,551 | -62.9% |
| Remuneration, social security and pensions | 62 | €937,309 | €908,960 | -€28,349 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €295,418 | €304,198 | +€8,780 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,876 | €0 | -€2,876 | -100% |
| Other operating charges | 640/8 | €14,747 | €13,417 | -€1,329 | -9.0% |
| Non-recurring operating charges | 66A | €1,167 | €17 | -€1,150 | -98.6% |
| Gross operating margin | 9900 | €1,446,946 | €1,362,144 | -€84,802 | -5.9% |
| Operating profit (loss) | 9901 | €195,430 | €135,551 | -€59,879 | -30.6% |
| Financial income | 75/76B | €40,941 | €18,291 | -€22,650 | -55.3% |
| Recurring financial income | 75 | €40,941 | €18,291 | -€22,650 | -55.3% |
| Financial charges | 65/66B | €134,897 | €126,922 | -€7,976 | -5.9% |
| Recurring financial charges | 65 | €134,897 | €126,922 | -€7,976 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €101,474 | €26,921 | -€74,553 | -73.5% |
| Income taxes | 67/77 | €32,477 | €17,382 | -€15,095 | -46.5% |
| Profit (loss) for the period | 9904 | €68,996 | €9,538 | -€59,458 | -86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,996 | €9,538 | -€59,458 | -86.2% |
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 18 October 2026 via checked.be.