WORLD TRADE: what changed
Two fiscal 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
WORLD TRADE
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €3.9m-€2.6m
Equity
€2.5m
2024 · €1.2m+€1.3m
Cash
€44,001
2024 · €28,828+€15,173
Balance sheet total
€5.6m
2024 · €7.7m-€2.0m
Largest movements
Assets
- Receivables within one year -€2.2m
down €2.2m (-30.2%), from €7.1m to €5.0m
of which Other amounts receivable: -€1.8m
- Tangible fixed assets +€104,744
up €104,744 (+27.7%), from €378,570 to €483,315
of which Furniture and vehicles: +€149,495
Equity and liabilities
- Other debts -€2.3m
down €2.3m (-61.1%), from €3.7m to €1.4m
- Profit (loss) carried forward +€1.3m
up €1.3m (+201205.5%), from €668 to €1.3m
- Tax, wage and social debts -€989,904
down €989,904 (-62.7%), from €1.6m to €588,999
of which Taxes: -€990,624
- Advances received -€307,976
no longer reported in 2025 (was €307,976)
- Current portion of long-term debt +€135,666
up €135,666 (+233.9%), from €57,996 to €193,663
Income statement
- Financial income -€2.5m
down €2.5m (-65.9%), from €3.8m to €1.3m
- Write-downs +€323,433
new in 2025: €323,433
- Provisions -€250,126
no longer reported in 2025 (was €250,126)
- Gross operating margin -€154,650
down €154,650 (-20.5%), from €755,805 to €601,155
- Taxes -€80,742
down €80,742 (-77.8%), from €103,790 to €23,048
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
€3.9m
Gross operating margin
-€154,650
Staff costs
-€3,532
Depreciation
+€23,894
Write-downs
-€323,433
Provisions
+€250,126
Other operating charges
+€26,034
Other operating items
-€5,648
Financial income
-€2.5m
Financial charges
+€6,747
Taxes
+€80,742
Result 2025
€1.3m
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
+€85,914
Investment
-€206,408
Financing
+€135,666
Cash 2024
€28,828
From operations (derived)
+€85,914
Net result for the year
+€1.3m
Depreciation
+€101,663
Receivables within one year
+€2.2m
Deferred charges and accrued income
+€11,753
Trade debts
-€30,749
Tax, wage and social debts
-€989,904
Advances received
-€307,976
Other debts
-€2.3m
Accrued charges and deferred income
+€56,571
Investment (derived)
-€206,408
Investment in fixed assets (net)
-€206,408
Financing
+€135,666
Current portion of long-term debt
+€135,666
Cash 2025
€44,001
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,694,300 | €5,648,662 | -€2.0m | -26.6% |
| Fixed assets | 21/28 | €478,150 | €582,894 | +€104,744 | +21.9% |
| Tangible fixed assets | 22/27 | €378,570 | €483,315 | +€104,744 | +27.7% |
| Land and buildings | 22 | €230,988 | €205,775 | -€25,213 | -10.9% |
| Plant, machinery and equipment | 23 | €99,555 | €80,017 | -€19,538 | -19.6% |
| Furniture and vehicles | 24 | €48,027 | €197,522 | +€149,495 | +311.3% |
| Financial fixed assets | 28 | €99,579 | €99,579 | = | 0.0% |
| Current assets | 29/58 | €7,216,151 | €5,065,768 | -€2.2m | -29.8% |
| Amounts receivable within one year | 40/41 | €7,136,419 | €4,982,617 | -€2.2m | -30.2% |
| Trade receivables | 40 | €675,731 | €339,133 | -€336,597 | -49.8% |
| Other amounts receivable | 41 | €6,460,689 | €4,643,483 | -€1.8m | -28.1% |
| Cash at bank and in hand | 54/58 | €28,828 | €44,001 | +€15,173 | +52.6% |
| Deferred charges and accrued income | 490/1 | €50,903 | €39,151 | -€11,753 | -23.1% |
| Total equity and liabilities | 10/49 | €7,694,300 | €5,648,662 | -€2.0m | -26.6% |
| Equity | 10/15 | €1,154,610 | €2,497,717 | +€1.3m | +116.3% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €968,022 | €968,022 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Distributable reserves | 133 | €949,430 | €949,430 | = | 0.0% |
| Profit (loss) carried forward | 14 | €668 | €1,343,775 | +€1.3m | +201205.5% |
| Provisions and deferred taxes | 16 | €837,256 | €837,256 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €837,256 | €837,256 | = | 0.0% |
| Environmental obligations | 163 | €837,256 | €837,256 | = | 0.0% |
| Amounts payable | 17/49 | €5,702,435 | €2,313,690 | -€3.4m | -59.4% |
| Amounts payable within one year | 42/48 | €5,702,435 | €2,257,118 | -€3.4m | -60.4% |
| Current portion of amounts payable after more than one year | 42 | €57,996 | €193,663 | +€135,666 | +233.9% |
| Trade debts | 44 | €68,440 | €37,691 | -€30,749 | -44.9% |
| Suppliers | 440/4 | €68,440 | €37,691 | -€30,749 | -44.9% |
| Advances received on contracts in progress | 46 | €307,976 | - | -€307,976 | |
| Taxes, remuneration and social security | 45 | €1,578,903 | €588,999 | -€989,904 | -62.7% |
| Taxes | 450/3 | €1,571,387 | €580,763 | -€990,624 | -63.0% |
| Remuneration and social security | 454/9 | €7,517 | €8,236 | +€719 | +9.6% |
| Other amounts payable | 47/48 | €3,689,120 | €1,436,766 | -€2.3m | -61.1% |
| Accrued charges and deferred income | 492/3 | - | €56,571 | +€56,571 | |
| Non-recurring operating income | 76A | - | €44,377 | +€44,377 | |
| Remuneration, social security and pensions | 62 | €65,487 | €69,018 | +€3,532 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,557 | €101,663 | -€23,894 | -19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €323,433 | +€323,433 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €250,126 | - | -€250,126 | |
| Other operating charges | 640/8 | €49,818 | €23,784 | -€26,034 | -52.3% |
| Non-recurring operating charges | 66A | - | €5,648 | +€5,648 | |
| Gross operating margin | 9900 | €755,805 | €601,155 | -€154,650 | -20.5% |
| Operating profit (loss) | 9901 | €264,817 | €77,608 | -€187,210 | -70.7% |
| Financial income | 75/76B | €3,789,988 | €1,291,851 | -€2.5m | -65.9% |
| Recurring financial income | 75 | €3,789,988 | €1,291,851 | -€2.5m | -65.9% |
| Financial charges | 65/66B | €10,051 | €3,304 | -€6,747 | -67.1% |
| Recurring financial charges | 65 | €10,051 | €3,304 | -€6,747 | -67.1% |
| Profit (loss) for the period before taxes | 9903 | €4,044,754 | €1,366,155 | -€2.7m | -66.2% |
| Income taxes | 67/77 | €103,790 | €23,048 | -€80,742 | -77.8% |
| Profit (loss) for the period | 9904 | €3,940,964 | €1,343,107 | -€2.6m | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,940,964 | €1,343,107 | -€2.6m | -65.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.