A PAS DE LOUPS: 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.
A PAS DE LOUPS
Largest movements
- Receivables within one year -€33,204
down €33,204 (-42.8%), from €77,610 to €44,406
of which Trade receivables: -€33,805
- Stocks and contracts +€31,899
up €31,899 (+23.4%), from €136,544 to €168,443
- Cash +€3,297
up €3,297 (+31.1%), from €10,610 to €13,907
mainly Receivables within one year (+€33,204) and Other debts (+€9,469)
- Tangible fixed assets +€2,501
up €2,501 (+79.9%), from €3,129 to €5,631
of which Other tangible fixed assets: +€1,851
- Accrued charges and deferred income -€10,067
down €10,067 (-18.1%), from €55,694 to €45,627
- Other debts +€9,469
up €9,469 (+9.4%), from €101,040 to €110,510
- Trade debts +€6,555
up €6,555 (+14.1%), from €46,375 to €52,930
- Write-downs -€858
down €858, from €341 to -€517
- Other operating charges +€393
up €393 (+99.6%), from €394 to €787
- Depreciation +€326
up €326 (+22.3%), from €1,461 to €1,787
- Gross operating margin -€315
down €315 (-10.3%), from €3,056 to €2,741
- Financial charges +€88
up €88 (+23.4%), from €377 to €466
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,084 | €232,576 | +€4,493 | +2.0% |
| Fixed assets | 21/28 | €3,319 | €5,821 | +€2,501 | +75.3% |
| Tangible fixed assets | 22/27 | €3,129 | €5,631 | +€2,501 | +79.9% |
| Furniture and vehicles | 24 | €3,129 | €3,779 | +€650 | +20.8% |
| Other tangible fixed assets | 26 | - | €1,851 | +€1,851 | |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €224,764 | €226,756 | +€1,992 | +0.9% |
| Stocks and contracts in progress | 3 | €136,544 | €168,443 | +€31,899 | +23.4% |
| Stocks | 30/36 | €136,544 | €168,443 | +€31,899 | +23.4% |
| Amounts receivable within one year | 40/41 | €77,610 | €44,406 | -€33,204 | -42.8% |
| Trade receivables | 40 | €75,189 | €41,383 | -€33,805 | -45.0% |
| Other amounts receivable | 41 | €2,421 | €3,022 | +€601 | +24.8% |
| Cash at bank and in hand | 54/58 | €10,610 | €13,907 | +€3,297 | +31.1% |
| Total equity and liabilities | 10/49 | €228,084 | €232,576 | +€4,493 | +2.0% |
| Equity | 10/15 | €21,954 | €22,187 | +€233 | +1.1% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €15,704 | €15,937 | +€233 | +1.5% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €13,829 | €14,062 | +€233 | +1.7% |
| Amounts payable | 17/49 | €206,130 | €210,389 | +€4,260 | +2.1% |
| Amounts payable within one year | 42/48 | €150,435 | €164,762 | +€14,327 | +9.5% |
| Financial debts | 43 | €1,856 | €1,053 | -€803 | -43.3% |
| Credit institutions | 430/8 | €1,856 | €1,053 | -€803 | -43.3% |
| Trade debts | 44 | €46,375 | €52,930 | +€6,555 | +14.1% |
| Suppliers | 440/4 | €46,375 | €52,930 | +€6,555 | +14.1% |
| Taxes, remuneration and social security | 45 | €1,164 | €270 | -€894 | -76.8% |
| Taxes | 450/3 | €1,164 | €270 | -€894 | -76.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €101,040 | €110,510 | +€9,469 | +9.4% |
| Accrued charges and deferred income | 492/3 | €55,694 | €45,627 | -€10,067 | -18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,461 | €1,787 | +€326 | +22.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €341 | -€517 | -€858 | |
| Other operating charges | 640/8 | €394 | €787 | +€393 | +99.6% |
| Gross operating margin | 9900 | €3,056 | €2,741 | -€315 | -10.3% |
| Operating profit (loss) | 9901 | €860 | €684 | -€176 | -20.5% |
| Financial income | 75/76B | €89 | €14 | -€75 | -83.8% |
| Recurring financial income | 75 | €89 | €14 | -€75 | -83.8% |
| Financial charges | 65/66B | €377 | €466 | +€88 | +23.4% |
| Recurring financial charges | 65 | €377 | €466 | +€88 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €572 | €233 | -€339 | -59.3% |
| Profit (loss) for the period | 9904 | €572 | €233 | -€339 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €572 | €233 | -€339 | -59.3% |
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 30 October 2026 via checked.be.