VISHANDEL GERMAIN: 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
VISHANDEL GERMAIN
NACE 46.389, Wholesale of other food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€22,674
2024 · €10,340+€12,335
Equity
€188,451
2024 · €165,776+€22,674
Cash
€101,390
2024 · €102,800-€1,410
Balance sheet total
€278,785
2024 · €262,604+€16,182
Largest movements
Assets
- Tangible fixed assets +€19,332
up €19,332 (+21.4%), from €90,337 to €109,670
of which Plant, machinery and equipment: +€17,738
Equity and liabilities
- Reserves +€22,674
up €22,674 (+15.4%), from €147,184 to €169,858
of which Distributable reserves: +€22,674
- Debts after one year -€15,188
down €15,188 (-36.9%), from €41,191 to €26,003
- Trade debts +€5,599
up €5,599 (+29.8%), from €18,766 to €24,365
Income statement
- Gross operating margin +€20,992
up €20,992 (+34.4%), from €61,009 to €82,001
- Taxes +€5,074
up €5,074 (+125%), from €4,047 to €9,121
- Staff costs +€2,657
up €2,657 (+20.7%), from €12,858 to €15,515
- Depreciation +€2,413
up €2,413 (+11.6%), from €20,730 to €23,143
- Financial charges -€1,613
down €1,613 (-17.5%), from €9,221 to €7,608
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
€10,340
Gross operating margin
+€20,992
Staff costs
-€2,657
Depreciation
-€2,413
Other operating charges
-€152
Financial income
+€26
Financial charges
+€1,613
Taxes
-€5,074
Result 2025
€22,674
raises the resultlowers the result
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
+€55,397
Investment
-€42,508
Financing
-€14,299
Cash 2024
€102,800
From operations (derived)
+€55,397
Net result for the year
+€22,674
Depreciation
+€23,143
Receivables after one year
+€2,674
Stocks and contracts
-€326
Receivables within one year
-€2,566
Deferred charges and accrued income
+€1,991
Trade debts
+€5,599
Tax, wage and social debts
+€1,375
Advances received
+€2,324
Other debts
-€1,492
Investment (derived)
-€42,508
Investment in fixed assets (net)
-€42,508
Financing
-€14,299
Debts after one year
-€15,188
Current portion of long-term debt
+€889
Cash 2025
€101,390
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €262,604 | €278,785 | +€16,182 | +6.2% |
| Fixed assets | 21/28 | €90,409 | €109,773 | +€19,365 | +21.4% |
| Tangible fixed assets | 22/27 | €90,337 | €109,670 | +€19,332 | +21.4% |
| Land and buildings | 22 | €34,253 | €40,848 | +€6,595 | +19.3% |
| Plant, machinery and equipment | 23 | €49,778 | €67,516 | +€17,738 | +35.6% |
| Furniture and vehicles | 24 | €6,307 | €1,306 | -€5,001 | -79.3% |
| Financial fixed assets | 28 | €71 | €104 | +€32 | +45.5% |
| Current assets | 29/58 | €172,195 | €169,012 | -€3,183 | -1.8% |
| Amounts receivable after more than one year | 29 | €10,000 | €7,326 | -€2,674 | -26.7% |
| Other amounts receivable | 291 | €10,000 | €7,326 | -€2,674 | -26.7% |
| Stocks and contracts in progress | 3 | €15,105 | €15,431 | +€326 | +2.2% |
| Stocks | 30/36 | €15,105 | €15,431 | +€326 | +2.2% |
| Amounts receivable within one year | 40/41 | €38,230 | €40,796 | +€2,566 | +6.7% |
| Trade receivables | 40 | €34,948 | €35,854 | +€906 | +2.6% |
| Other amounts receivable | 41 | €3,282 | €4,942 | +€1,660 | +50.6% |
| Cash at bank and in hand | 54/58 | €102,800 | €101,390 | -€1,410 | -1.4% |
| Deferred charges and accrued income | 490/1 | €6,061 | €4,070 | -€1,991 | -32.9% |
| Total equity and liabilities | 10/49 | €262,604 | €278,785 | +€16,182 | +6.2% |
| Equity | 10/15 | €165,776 | €188,451 | +€22,674 | +13.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €147,184 | €169,858 | +€22,674 | +15.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €145,325 | €167,999 | +€22,674 | +15.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €96,828 | €90,335 | -€6,493 | -6.7% |
| Amounts payable after more than one year | 17 | €41,191 | €26,003 | -€15,188 | -36.9% |
| Financial debts | 170/4 | €41,191 | €26,003 | -€15,188 | -36.9% |
| Amounts payable within one year | 42/48 | €55,636 | €64,332 | +€8,695 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €14,299 | €15,188 | +€889 | +6.2% |
| Trade debts | 44 | €18,766 | €24,365 | +€5,599 | +29.8% |
| Suppliers | 440/4 | €18,766 | €24,365 | +€5,599 | +29.8% |
| Advances received on contracts in progress | 46 | - | €2,324 | +€2,324 | |
| Taxes, remuneration and social security | 45 | €21,029 | €22,404 | +€1,375 | +6.5% |
| Taxes | 450/3 | €15,326 | €16,935 | +€1,609 | +10.5% |
| Remuneration and social security | 454/9 | €5,703 | €5,469 | -€234 | -4.1% |
| Other amounts payable | 47/48 | €1,542 | €51 | -€1,492 | -96.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €12,858 | €15,515 | +€2,657 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,730 | €23,143 | +€2,413 | +11.6% |
| Other operating charges | 640/8 | €3,827 | €3,979 | +€152 | +4.0% |
| Gross operating margin | 9900 | €61,009 | €82,001 | +€20,992 | +34.4% |
| Operating profit (loss) | 9901 | €23,594 | €39,364 | +€15,770 | +66.8% |
| Financial income | 75/76B | €14 | €40 | +€26 | +191% |
| Recurring financial income | 75 | €14 | €40 | +€26 | +191% |
| Financial charges | 65/66B | €9,221 | €7,608 | -€1,613 | -17.5% |
| Recurring financial charges | 65 | €9,221 | €7,608 | -€1,613 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €14,387 | €31,795 | +€17,409 | +121% |
| Income taxes | 67/77 | €4,047 | €9,121 | +€5,074 | +125% |
| Profit (loss) for the period | 9904 | €10,340 | €22,674 | +€12,335 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €10,340 | €22,674 | +€12,335 | +119% |
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.