Turbel: 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
Turbel
NACE 46.493, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€780,679
2024 · -€930,680+€150,001
Equity
€398,483
2024 · €1.2m-€789,528
Cash
€55,102
2024 · €36,523+€18,579
Balance sheet total
€5.5m
2024 · €6.8m-€1.3m
Largest movements
Assets
- Stocks and contracts -€627,455
down €627,455 (-25.2%), from €2.5m to €1.9m
- Receivables within one year -€444,860
down €444,860 (-19.9%), from €2.2m to €1.8m
of which Trade receivables: -€438,261
- Tangible fixed assets -€185,378
down €185,378 (-10.7%), from €1.7m to €1.5m
of which Land and buildings: -€1.2m
Equity and liabilities
- Profit (loss) carried forward -€768,340
down €768,340 (-382.3%), from -€200,997 to -€969,337
- Trade debts -€422,794
down €422,794 (-21.1%), from €2.0m to €1.6m
- Short-term financial debts +€246,709
up €246,709 (+11.8%), from €2.1m to €2.3m
- Debts after one year -€154,820
down €154,820 (-34.8%), from €445,336 to €290,516
of which Financial debts: -€154,820
- Tax, wage and social debts -€82,121
down €82,121 (-11.8%), from €696,741 to €614,621
of which Remuneration and social security: -€65,187
Income statement
- Turnover -€1.4m
down €1.4m (-11.1%), from €12.3m to €11.0m
- Goods and materials -€1.3m
down €1.3m (-17.0%), from €7.5m to €6.2m
of which Purchases: -€1.4m
- Services and other goods -€233,380
down €233,380 (-10.9%), from €2.1m to €1.9m
- Staff costs -€176,442
down €176,442 (-5.4%), from €3.3m to €3.1m
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
-€930,680
Turnover
-€1.4m
Other operating income
+€68,557
Goods and materials
+€1.3m
Services and other goods
+€233,380
Staff costs
+€176,442
Depreciation
-€38,021
Write-downs
-€104,031
Provisions
+€19,400
Other operating charges
-€7,157
Financial income
-€81,310
Financial charges
-€21,873
Taxes
+€80
Deferred taxes and other
-€7,429
Result 2025
-€780,679
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
+€103,749
Investment
-€89,873
Financing
+€4,703
Cash 2024
€36,523
From operations (derived)
+€103,749
Net result for the year
-€780,679
Depreciation
+€306,545
Stocks and contracts
+€627,455
Receivables within one year
+€444,860
Deferred charges and accrued income
-€1,578
Provisions
-€6,969
Trade debts
-€422,794
Tax, wage and social debts
-€82,121
Other debts
-€2,722
Accrued charges and deferred income
+€21,752
Investment (derived)
-€89,873
Investment in fixed assets (net)
-€88,803
Current investments
-€1,070
Financing
+€4,703
Debts after one year
-€154,820
Current portion of long-term debt
-€78,338
Short-term financial debts
+€246,709
Contributions, distributions and other
-€8,849
Cash 2025
€55,102
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,790,407 | €5,521,577 | -€1.3m | -18.7% |
| Fixed assets | 21/28 | €1,959,508 | €1,741,766 | -€217,742 | -11.1% |
| Intangible fixed assets | 21 | €227,710 | €195,347 | -€32,364 | -14.2% |
| Tangible fixed assets | 22/27 | €1,731,569 | €1,546,190 | -€185,378 | -10.7% |
| Land and buildings | 22 | €1,346,139 | €102,125 | -€1.2m | -92.4% |
| Plant, machinery and equipment | 23 | €165,014 | €127,310 | -€37,705 | -22.8% |
| Furniture and vehicles | 24 | €70,153 | €67,696 | -€2,457 | -3.5% |
| Leasing and similar rights | 25 | €150,263 | €117,263 | -€33,000 | -22.0% |
| Other tangible fixed assets | 26 | - | €1,131,798 | +€1.1m | |
| Financial fixed assets | 28 | €229 | €229 | = | 0.0% |
| Other financial fixed assets | 284/8 | €229 | €229 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €229 | €229 | = | 0.0% |
| Current assets | 29/58 | €4,830,899 | €3,779,812 | -€1.1m | -21.8% |
| Stocks and contracts in progress | 3 | €2,488,714 | €1,861,260 | -€627,455 | -25.2% |
| Stocks | 30/36 | €2,488,714 | €1,861,260 | -€627,455 | -25.2% |
| Raw materials and consumables | 30/31 | €439,165 | €446,998 | +€7,833 | +1.8% |
| Finished goods | 33 | €1,277,056 | €818,083 | -€458,973 | -35.9% |
| Goods purchased for resale | 34 | €772,494 | €596,179 | -€176,314 | -22.8% |
| Amounts receivable within one year | 40/41 | €2,235,738 | €1,790,878 | -€444,860 | -19.9% |
| Trade receivables | 40 | €2,078,171 | €1,639,910 | -€438,261 | -21.1% |
| Other amounts receivable | 41 | €157,567 | €150,969 | -€6,599 | -4.2% |
| Current investments | 50/53 | €35,943 | €37,013 | +€1,070 | +3.0% |
| Own shares | 50 | €23,203 | €23,203 | = | 0.0% |
| Other investments | 51/53 | €12,740 | €13,810 | +€1,070 | +8.4% |
| Cash at bank and in hand | 54/58 | €36,523 | €55,102 | +€18,579 | +50.9% |
| Deferred charges and accrued income | 490/1 | €33,982 | €35,559 | +€1,578 | +4.6% |
| Total equity and liabilities | 10/49 | €6,790,407 | €5,521,577 | -€1.3m | -18.7% |
| Equity | 10/15 | €1,188,011 | €398,483 | -€789,528 | -66.5% |
| Contributions | 10/11 | €185,973 | €185,973 | = | 0.0% |
| Capital | 10 | €185,973 | €185,973 | = | 0.0% |
| Issued capital | 100 | €185,973 | €185,973 | = | 0.0% |
| Revaluation surpluses | 12 | €1,113,251 | €1,079,853 | -€33,398 | -3.0% |
| Reserves | 13 | €60,213 | €81,271 | +€21,058 | +35.0% |
| Non-distributable reserves | 130/1 | €41,800 | €41,800 | = | 0.0% |
| Legal reserve | 130 | €18,597 | €18,597 | = | 0.0% |
| Own shares acquired | 1312 | €23,203 | €23,203 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,339 | €0 | -€12,339 | -100.0% |
| Distributable reserves | 133 | €6,073 | €39,471 | +€33,398 | +549.9% |
| Profit (loss) carried forward | 14 | -€200,997 | -€969,337 | -€768,340 | -382.3% |
| Investment grants | 15 | €29,571 | €20,722 | -€8,849 | -29.9% |
| Provisions and deferred taxes | 16 | €21,916 | €14,947 | -€6,969 | -31.8% |
| Provisions for liabilities and charges | 160/5 | €17,174 | €14,947 | -€2,226 | -13.0% |
| Other liabilities and charges | 164/5 | €17,174 | €14,947 | -€2,226 | -13.0% |
| Deferred taxes | 168 | €4,743 | €0 | -€4,743 | -100.0% |
| Amounts payable | 17/49 | €5,580,480 | €5,108,147 | -€472,333 | -8.5% |
| Amounts payable after more than one year | 17 | €445,336 | €290,516 | -€154,820 | -34.8% |
| Financial debts | 170/4 | €245,336 | €90,516 | -€154,820 | -63.1% |
| Leasing and similar obligations | 172 | €185,179 | €90,516 | -€94,662 | -51.1% |
| Credit institutions | 173 | €60,157 | €0 | -€60,157 | -100.0% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,098,085 | €4,758,818 | -€339,266 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €233,030 | €154,692 | -€78,338 | -33.6% |
| Financial debts | 43 | €2,087,647 | €2,334,356 | +€246,709 | +11.8% |
| Credit institutions | 430/8 | €2,087,647 | €2,334,356 | +€246,709 | +11.8% |
| Trade debts | 44 | €2,004,353 | €1,581,559 | -€422,794 | -21.1% |
| Suppliers | 440/4 | €2,004,353 | €1,581,559 | -€422,794 | -21.1% |
| Taxes, remuneration and social security | 45 | €696,741 | €614,621 | -€82,121 | -11.8% |
| Taxes | 450/3 | €157,904 | €140,970 | -€16,934 | -10.7% |
| Remuneration and social security | 454/9 | €538,837 | €473,650 | -€65,187 | -12.1% |
| Other amounts payable | 47/48 | €76,313 | €73,591 | -€2,722 | -3.6% |
| Accrued charges and deferred income | 492/3 | €37,059 | €58,812 | +€21,752 | +58.7% |
| Operating income | 70/76A | €12,425,168 | €11,124,414 | -€1.3m | -10.5% |
| Turnover | 70 | €12,346,029 | €10,976,718 | -€1.4m | -11.1% |
| Other operating income | 74 | €79,139 | €147,696 | +€68,557 | +86.6% |
| Operating charges | 60/66A | €13,302,027 | €11,740,740 | -€1.6m | -11.7% |
| Goods for resale, raw materials and consumables | 60 | €7,525,095 | €6,243,821 | -€1.3m | -17.0% |
| Purchases | 600/8 | €7,106,914 | €5,685,700 | -€1.4m | -20.0% |
| Change in stocks: decrease (increase) | 609 | €418,181 | €558,121 | +€139,940 | +33.5% |
| Services and other goods | 61 | €2,135,428 | €1,902,048 | -€233,380 | -10.9% |
| Remuneration, social security and pensions | 62 | €3,293,537 | €3,117,095 | -€176,442 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,524 | €306,545 | +€38,021 | +14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€29,695 | €74,336 | +€104,031 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €17,174 | -€2,226 | -€19,400 | |
| Other operating charges | 640/8 | €91,965 | €99,122 | +€7,157 | +7.8% |
| Operating profit (loss) | 9901 | -€876,860 | -€616,327 | +€260,533 | +29.7% |
| Financial income | 75/76B | €123,340 | €42,030 | -€81,310 | -65.9% |
| Recurring financial income | 75 | €123,340 | €42,030 | -€81,310 | -65.9% |
| Income from current assets | 751 | €7,337 | €6,973 | -€364 | -5.0% |
| Other financial income | 752/9 | €116,003 | €35,057 | -€80,946 | -69.8% |
| Financial charges | 65/66B | €186,778 | €208,651 | +€21,873 | +11.7% |
| Recurring financial charges | 65 | €186,778 | €208,651 | +€21,873 | +11.7% |
| Debt charges | 650 | €148,929 | €171,418 | +€22,489 | +15.1% |
| Other financial charges | 652/9 | €37,849 | €37,233 | -€616 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€940,297 | -€782,947 | +€157,350 | +16.7% |
| Transfer from deferred taxes | 780 | €12,172 | €4,743 | -€7,429 | -61.0% |
| Income taxes | 67/77 | €2,555 | €2,475 | -€80 | -3.1% |
| Taxes | 670/3 | €2,800 | €2,475 | -€325 | -11.6% |
| Tax adjustments and reversals of tax provisions | 77 | €245 | €0 | -€245 | -100.0% |
| Profit (loss) for the period | 9904 | -€930,680 | -€780,679 | +€150,001 | +16.1% |
| Transfer from tax-exempt reserves | 789 | €36,515 | €12,339 | -€24,176 | -66.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€894,165 | -€768,340 | +€125,826 | +14.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.