V.D.: 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
V.D.
NACE 46.842, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€30,674
2024 · €5,844+€24,830
Equity
€1.6m
2024 · €1.6m-€11,567
Cash
€174,857
2024 · €205,094-€30,237
Balance sheet total
€2.4m
2024 · €2.3m+€94,281
Largest movements
Assets
- Receivables within one year +€82,655
up €82,655 (+13.9%), from €594,283 to €676,938
of which Trade receivables: +€207,698
- Stocks and contracts +€31,216
up €31,216 (+2.4%), from €1.3m to €1.3m
of which Stocks: +€100,340
- Cash -€30,237
down €30,237 (-14.7%), from €205,094 to €174,857
mainly Trade debts (-€119,773) and Receivables within one year (-€82,655)
Equity and liabilities
- Trade debts -€119,773
down €119,773 (-30.4%), from €393,599 to €273,826
- Other debts +€111,424
new in 2025: €111,424
- Tax, wage and social debts +€96,828
up €96,828 (+133%), from €72,767 to €169,596
of which Taxes: +€77,981
Income statement
- Staff costs +€127,176
up €127,176 (+22.0%), from €577,099 to €704,276
- Gross operating margin +€109,985
up €109,985 (+15.2%), from €721,844 to €831,829
- Financial income +€28,003
up €28,003 (+30.2%), from €92,800 to €120,802
- Depreciation +€18,975
up €18,975 (+50.6%), from €37,531 to €56,506
- Taxes +€11,818
up €11,818 (+326%), from €3,623 to €15,440
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
€5,844
Gross operating margin
+€109,985
Staff costs
-€127,176
Depreciation
-€18,975
Write-downs
-€5,611
Other operating charges
+€10,461
Other operating items
+€48,740
Financial income
+€28,003
Financial charges
-€8,779
Taxes
-€11,818
Result 2025
€30,674
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
+€61,394
Investment
-€66,758
Financing
-€24,873
Cash 2024
€205,094
From operations (derived)
+€61,394
Net result for the year
+€30,674
Depreciation
+€56,506
Stocks and contracts
-€31,216
Receivables within one year
-€82,655
Deferred charges and accrued income
-€395
Trade debts
-€119,773
Tax, wage and social debts
+€96,828
Other debts
+€111,424
Investment (derived)
-€66,758
Investment in fixed assets (net)
-€66,758
Financing
-€24,873
Debts after one year
+€9,568
Current portion of long-term debt
+€7,800
Contributions, distributions and other
-€42,241
Cash 2025
€174,857
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,263,339 | €2,357,620 | +€94,281 | +4.2% |
| Fixed assets | 21/28 | €182,555 | €192,807 | +€10,252 | +5.6% |
| Intangible fixed assets | 21 | €47,208 | €55,210 | +€8,002 | +17.0% |
| Tangible fixed assets | 22/27 | €132,049 | €134,299 | +€2,250 | +1.7% |
| Land and buildings | 22 | €4,600 | €3,519 | -€1,081 | -23.5% |
| Plant, machinery and equipment | 23 | €5,308 | €13,283 | +€7,975 | +150% |
| Furniture and vehicles | 24 | - | €847 | +€847 | |
| Leasing and similar rights | 25 | €122,141 | €116,650 | -€5,491 | -4.5% |
| Financial fixed assets | 28 | €3,297 | €3,297 | = | 0.0% |
| Current assets | 29/58 | €2,080,784 | €2,164,813 | +€84,028 | +4.0% |
| Stocks and contracts in progress | 3 | €1,281,406 | €1,312,622 | +€31,216 | +2.4% |
| Stocks | 30/36 | €1,052,511 | €1,152,851 | +€100,340 | +9.5% |
| Contracts in progress | 37 | €228,895 | €159,772 | -€69,124 | -30.2% |
| Amounts receivable within one year | 40/41 | €594,283 | €676,938 | +€82,655 | +13.9% |
| Trade receivables | 40 | €395,302 | €603,000 | +€207,698 | +52.5% |
| Other amounts receivable | 41 | €198,981 | €73,939 | -€125,043 | -62.8% |
| Cash at bank and in hand | 54/58 | €205,094 | €174,857 | -€30,237 | -14.7% |
| Deferred charges and accrued income | 490/1 | - | €395 | +€395 | |
| Total equity and liabilities | 10/49 | €2,263,339 | €2,357,620 | +€94,281 | +4.2% |
| Equity | 10/15 | €1,582,160 | €1,570,592 | -€11,567 | -0.7% |
| Contributions | 10/11 | €414,302 | €414,302 | = | 0.0% |
| Capital | 10 | €409,985 | €409,985 | = | 0.0% |
| Issued capital | 100 | €409,985 | €409,985 | = | 0.0% |
| Contributions outside capital | 11 | €4,316 | €4,316 | = | 0.0% |
| Share premium | 1100/10 | €4,316 | €4,316 | = | 0.0% |
| Reserves | 13 | €1,167,858 | €1,156,291 | -€11,567 | -1.0% |
| Non-distributable reserves | 130/1 | €50,193 | €48,174 | -€2,019 | -4.0% |
| Legal reserve | 130 | €50,193 | €48,174 | -€2,019 | -4.0% |
| Tax-exempt reserves | 132 | €131,930 | €132,471 | +€541 | +0.4% |
| Distributable reserves | 133 | €985,735 | €975,646 | -€10,089 | -1.0% |
| Amounts payable | 17/49 | €681,179 | €787,027 | +€105,848 | +15.5% |
| Amounts payable after more than one year | 17 | €125,693 | €135,261 | +€9,568 | +7.6% |
| Financial debts | 170/4 | €125,693 | €135,261 | +€9,568 | +7.6% |
| Amounts payable within one year | 42/48 | €555,486 | €651,766 | +€96,280 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €89,120 | €96,920 | +€7,800 | +8.8% |
| Trade debts | 44 | €393,599 | €273,826 | -€119,773 | -30.4% |
| Suppliers | 440/4 | €393,599 | €273,826 | -€119,773 | -30.4% |
| Taxes, remuneration and social security | 45 | €72,767 | €169,596 | +€96,828 | +133% |
| Taxes | 450/3 | €24,661 | €102,641 | +€77,981 | +316% |
| Remuneration and social security | 454/9 | €48,107 | €66,954 | +€18,847 | +39.2% |
| Other amounts payable | 47/48 | - | €111,424 | +€111,424 | |
| Remuneration, social security and pensions | 62 | €577,099 | €704,276 | +€127,176 | +22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,531 | €56,506 | +€18,975 | +50.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€41 | €5,570 | +€5,611 | |
| Other operating charges | 640/8 | €15,053 | €4,592 | -€10,461 | -69.5% |
| Non-recurring operating charges | 66A | €119,147 | €70,407 | -€48,740 | -40.9% |
| Gross operating margin | 9900 | €721,844 | €831,829 | +€109,985 | +15.2% |
| Operating profit (loss) | 9901 | -€26,945 | -€9,521 | +€17,424 | +64.7% |
| Financial income | 75/76B | €92,800 | €120,802 | +€28,003 | +30.2% |
| Recurring financial income | 75 | €92,800 | €120,802 | +€28,003 | +30.2% |
| Financial charges | 65/66B | €56,388 | €65,167 | +€8,779 | +15.6% |
| Recurring financial charges | 65 | €56,388 | €65,167 | +€8,779 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €9,467 | €46,114 | +€36,648 | +387% |
| Income taxes | 67/77 | €3,623 | €15,440 | +€11,818 | +326% |
| Profit (loss) for the period | 9904 | €5,844 | €30,674 | +€24,830 | +425% |
| Transfer to tax-exempt reserves | 689 | €403 | €541 | +€137 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,441 | €30,133 | +€24,693 | +454% |
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 24 October 2026 via checked.be.