VACHE BLEUE: 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
VACHE BLEUE
NACE 46.331, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€860,429
2024 · €585,793+€274,637
Equity
€8.0m
2024 · €8.0m-€71
Cash
€1.1m
2024 · €1.6m-€483,069
Balance sheet total
€40.4m
2024 · €26.2m+€14.2m
Largest movements
Assets
- Financial fixed assets +€12.5m
up €12.5m (+1,199%), from €1.0m to €13.6m
- Receivables within one year +€2.2m
up €2.2m (+20.0%), from €11.2m to €13.4m
of which Trade receivables: +€1.7m
- Cash -€483,069
down €483,069 (-30.8%), from €1.6m to €1.1m
mainly Investment in fixed assets (net) (-€13.6m) and Receivables within one year (-€2.2m)
Equity and liabilities
- Short-term financial debts +€6.0m
new in 2025: €6.0m
- Debts after one year +€5.2m
up €5.2m (+304%), from €1.7m to €6.9m
- Other debts +€1.8m
up €1.8m (+303%), from €586,000 to €2.4m
- Current portion of long-term debt +€652,821
up €652,821 (+74.5%), from €876,596 to €1.5m
- Trade debts +€520,567
up €520,567 (+3.9%), from €13.3m to €13.8m
Income statement
- Turnover +€7.2m
up €7.2m (+9.9%), from €72.9m to €80.1m
- Goods and materials +€5.3m
up €5.3m (+10.6%), from €50.4m to €55.7m
of which Purchases: +€5.9m
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
€585,793
Turnover
+€7.2m
Other operating income
+€26,100
Goods and materials
-€5.3m
Services and other goods
-€441,286
Staff costs
-€8,926
Depreciation
-€137,216
Write-downs
+€71,703
Provisions
-€103,942
Other operating charges
-€82,080
Other operating items
-€962,492
Financial income
+€568,703
Financial charges
-€422,683
Taxes
-€91,928
Result 2025
€860,429
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
+€2.1m
Investment
-€13.6m
Financing
+€11.0m
Cash 2024
€1.6m
From operations (derived)
+€2.1m
Net result for the year
+€860,429
Depreciation
+€817,177
Stocks and contracts
+€327,074
Receivables within one year
-€2.2m
Smaller working-capital items
+€20,050
Trade debts
+€520,567
Other debts
+€1.8m
Investment (derived)
-€13.6m
Investment in fixed assets (net)
-€13.6m
Financing
+€11.0m
Debts after one year
+€5.2m
Current portion of long-term debt
+€652,821
Short-term financial debts
+€6.0m
Contributions, distributions and other
-€860,500
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,190,138 | €40,352,824 | +€14.2m | +54.1% |
| Fixed assets | 21/28 | €7,130,376 | €19,866,685 | +€12.7m | +179% |
| Intangible fixed assets | 21 | €3,194 | €1,214 | -€1,981 | -62.0% |
| Tangible fixed assets | 22/27 | €6,083,091 | €6,306,954 | +€223,863 | +3.7% |
| Land and buildings | 22 | €3,115,062 | €2,797,998 | -€317,064 | -10.2% |
| Plant, machinery and equipment | 23 | €2,265,504 | €2,450,327 | +€184,824 | +8.2% |
| Furniture and vehicles | 24 | €62,006 | €42,799 | -€19,207 | -31.0% |
| Leasing and similar rights | 25 | €409,446 | €365,480 | -€43,966 | -10.7% |
| Assets under construction and advance payments | 27 | €231,073 | €650,350 | +€419,277 | +181% |
| Financial fixed assets | 28 | €1,044,090 | €13,558,517 | +€12.5m | +1,199% |
| Affiliated companies | 280/1 | €1,044,090 | €13,558,517 | +€12.5m | +1,199% |
| Participating interests | 280 | €1,044,090 | €1,044,090 | = | 0.0% |
| Amounts receivable | 281 | - | €12,514,427 | +€12.5m | |
| Current assets | 29/58 | €19,059,762 | €20,486,139 | +€1.4m | +7.5% |
| Stocks and contracts in progress | 3 | €6,285,617 | €5,958,543 | -€327,074 | -5.2% |
| Stocks | 30/36 | €6,285,617 | €5,958,543 | -€327,074 | -5.2% |
| Raw materials and consumables | 30/31 | €4,211,292 | €4,480,789 | +€269,497 | +6.4% |
| Work in progress | 32 | €671,654 | €454,602 | -€217,052 | -32.3% |
| Finished goods | 33 | €1,344,451 | €974,578 | -€369,873 | -27.5% |
| Goods purchased for resale | 34 | €58,220 | €48,574 | -€9,646 | -16.6% |
| Amounts receivable within one year | 40/41 | €11,164,186 | €13,394,384 | +€2.2m | +20.0% |
| Trade receivables | 40 | €10,710,879 | €12,457,890 | +€1.7m | +16.3% |
| Other amounts receivable | 41 | €453,307 | €936,494 | +€483,187 | +107% |
| Cash at bank and in hand | 54/58 | €1,566,414 | €1,083,345 | -€483,069 | -30.8% |
| Deferred charges and accrued income | 490/1 | €43,545 | €49,867 | +€6,322 | +14.5% |
| Total equity and liabilities | 10/49 | €26,190,138 | €40,352,824 | +€14.2m | +54.1% |
| Equity | 10/15 | €7,965,750 | €7,965,679 | -€71 | 0.0% |
| Contributions | 10/11 | €4,836,000 | €4,836,000 | = | 0.0% |
| Capital | 10 | €4,836,000 | €4,836,000 | = | 0.0% |
| Issued capital | 100 | €4,836,000 | €4,836,000 | = | 0.0% |
| Reserves | 13 | €3,129,605 | €3,129,605 | = | 0.0% |
| Non-distributable reserves | 130/1 | €543,790 | €543,790 | = | 0.0% |
| Legal reserve | 130 | €483,600 | €483,600 | = | 0.0% |
| Other | 1319 | €60,190 | €60,190 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,185,909 | €1,185,909 | = | 0.0% |
| Distributable reserves | 133 | €1,399,905 | €1,399,905 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145 | €74 | -€71 | -48.8% |
| Provisions and deferred taxes | 16 | €437,250 | €437,250 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €437,250 | €437,250 | = | 0.0% |
| Other liabilities and charges | 164/5 | €437,250 | €437,250 | = | 0.0% |
| Amounts payable | 17/49 | €17,787,139 | €31,949,895 | +€14.2m | +79.6% |
| Amounts payable after more than one year | 17 | €1,711,682 | €6,921,315 | +€5.2m | +304% |
| Financial debts | 170/4 | €1,711,682 | €6,921,315 | +€5.2m | +304% |
| Credit institutions | 173 | €1,711,682 | €6,921,315 | +€5.2m | +304% |
| Amounts payable within one year | 42/48 | €16,069,207 | €25,027,330 | +€9.0m | +55.7% |
| Current portion of amounts payable after more than one year | 42 | €876,596 | €1,529,417 | +€652,821 | +74.5% |
| Financial debts | 43 | - | €5,978,864 | +€6.0m | |
| Credit institutions | 430/8 | - | €5,978,864 | +€6.0m | |
| Trade debts | 44 | €13,304,616 | €13,825,183 | +€520,567 | +3.9% |
| Suppliers | 440/4 | €13,304,616 | €13,825,183 | +€520,567 | +3.9% |
| Taxes, remuneration and social security | 45 | €1,301,995 | €1,333,366 | +€31,372 | +2.4% |
| Taxes | 450/3 | €231,209 | €304,176 | +€72,967 | +31.6% |
| Remuneration and social security | 454/9 | €1,070,785 | €1,029,190 | -€41,595 | -3.9% |
| Other amounts payable | 47/48 | €586,000 | €2,360,500 | +€1.8m | +303% |
| Accrued charges and deferred income | 492/3 | €6,250 | €1,250 | -€5,000 | -80.0% |
| Operating income | 70/76A | €74,234,020 | €80,493,550 | +€6.3m | +8.4% |
| Turnover | 70 | €72,926,496 | €80,122,416 | +€7.2m | +9.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €377,909 | -€596,571 | -€974,480 | |
| Other operating income | 74 | €929,615 | €955,716 | +€26,100 | +2.8% |
| Non-recurring operating income | 76A | - | €11,988 | +€11,988 | |
| Operating charges | 60/66A | €73,193,790 | €79,232,774 | +€6.0m | +8.3% |
| Goods for resale, raw materials and consumables | 60 | €50,410,489 | €55,747,726 | +€5.3m | +10.6% |
| Purchases | 600/8 | €50,086,694 | €56,015,630 | +€5.9m | +11.8% |
| Change in stocks: decrease (increase) | 609 | €323,795 | -€267,905 | -€591,700 | |
| Services and other goods | 61 | €15,211,872 | €15,653,158 | +€441,286 | +2.9% |
| Remuneration, social security and pensions | 62 | €6,649,938 | €6,658,864 | +€8,926 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €679,961 | €817,177 | +€137,216 | +20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,111 | -€1,592 | -€71,703 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€103,942 | €0 | +€103,942 | |
| Other operating charges | 640/8 | €275,362 | €357,442 | +€82,080 | +29.8% |
| Operating profit (loss) | 9901 | €1,040,230 | €1,260,775 | +€220,545 | +21.2% |
| Financial income | 75/76B | €33,352 | €602,055 | +€568,703 | +1,705% |
| Recurring financial income | 75 | €33,352 | €602,055 | +€568,703 | +1,705% |
| Income from financial fixed assets | 750 | - | €56,000 | +€56,000 | |
| Other financial income | 752/9 | €33,352 | €546,055 | +€512,703 | +1,537% |
| Financial charges | 65/66B | €221,633 | €644,316 | +€422,683 | +191% |
| Recurring financial charges | 65 | €221,633 | €644,316 | +€422,683 | +191% |
| Debt charges | 650 | €68,217 | €542,417 | +€474,200 | +695% |
| Other financial charges | 652/9 | €153,416 | €101,899 | -€51,517 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €851,949 | €1,218,514 | +€366,565 | +43.0% |
| Income taxes | 67/77 | €266,157 | €358,085 | +€91,928 | +34.5% |
| Taxes | 670/3 | €266,157 | €358,085 | +€91,928 | +34.5% |
| Profit (loss) for the period | 9904 | €585,793 | €860,429 | +€274,637 | +46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €585,793 | €860,429 | +€274,637 | +46.9% |
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 23 October 2026 via checked.be.