ALEXANDRE PERSEN: 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.
ALEXANDRE PERSEN
Largest movements
- Receivables within one year +€363,539
up €363,539 (+177%), from €205,813 to €569,352
of which Other amounts receivable: +€394,751
- Current investments -€200,000
down €200,000 (-33.3%), from €600,000 to €400,000
- Stocks and contracts -€76,281
down €76,281 (-31.4%), from €243,232 to €166,951
- Cash +€69,020
up €69,020 (+41.4%), from €166,870 to €235,891
mainly Net result for the year (+€245,074) and Current investments (+€200,000)
- Reserves +€246,205
up €246,205 (+26.1%), from €944,936 to €1.2m
of which Distributable reserves: +€246,205
- Trade debts -€75,745
down €75,745 (-38.8%), from €195,026 to €119,281
- Tax, wage and social debts +€21,712
up €21,712 (+71.3%), from €30,439 to €52,151
of which Taxes: +€25,335
- Debts after one year -€17,146
down €17,146 (-78.4%), from €21,864 to €4,718
- Other debts -€16,179
down €16,179 (-17.6%), from €91,999 to €75,820
- Gross operating margin +€128,453
up €128,453 (+42.3%), from €303,329 to €431,782
- Taxes +€44,117
up €44,117 (+69.2%), from €63,722 to €107,839
- Depreciation -€19,761
down €19,761 (-43.2%), from €45,761 to €26,000
- Financial income -€5,790
down €5,790 (-41.9%), from €13,818 to €8,028
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 | €1,317,768 | €1,474,199 | +€156,432 | +11.9% |
| Fixed assets | 21/28 | €92,187 | €95,405 | +€3,218 | +3.5% |
| Tangible fixed assets | 22/27 | €65,582 | €68,800 | +€3,218 | +4.9% |
| Plant, machinery and equipment | 23 | €34,324 | €22,630 | -€11,694 | -34.1% |
| Furniture and vehicles | 24 | €10,321 | €31,963 | +€21,643 | +210% |
| Other tangible fixed assets | 26 | €20,937 | €14,206 | -€6,730 | -32.1% |
| Financial fixed assets | 28 | €26,605 | €26,605 | = | 0.0% |
| Current assets | 29/58 | €1,225,581 | €1,378,794 | +€153,213 | +12.5% |
| Stocks and contracts in progress | 3 | €243,232 | €166,951 | -€76,281 | -31.4% |
| Stocks | 30/36 | €243,232 | €166,951 | -€76,281 | -31.4% |
| Amounts receivable within one year | 40/41 | €205,813 | €569,352 | +€363,539 | +177% |
| Trade receivables | 40 | €159,304 | €128,092 | -€31,212 | -19.6% |
| Other amounts receivable | 41 | €46,509 | €441,260 | +€394,751 | +849% |
| Current investments | 50/53 | €600,000 | €400,000 | -€200,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €166,870 | €235,891 | +€69,020 | +41.4% |
| Deferred charges and accrued income | 490/1 | €9,666 | €6,600 | -€3,065 | -31.7% |
| Total equity and liabilities | 10/49 | €1,317,768 | €1,474,199 | +€156,432 | +11.9% |
| Equity | 10/15 | €958,510 | €1,203,584 | +€245,074 | +25.6% |
| Contributions | 10/11 | €12,443 | €12,443 | = | 0.0% |
| Reserves | 13 | €944,936 | €1,191,141 | +€246,205 | +26.1% |
| Tax-exempt reserves | 132 | €6,856 | €6,856 | = | 0.0% |
| Distributable reserves | 133 | €938,081 | €1,184,285 | +€246,205 | +26.2% |
| Profit (loss) carried forward | 14 | €1,130 | - | -€1,130 | |
| Amounts payable | 17/49 | €359,258 | €270,615 | -€88,643 | -24.7% |
| Amounts payable after more than one year | 17 | €21,864 | €4,718 | -€17,146 | -78.4% |
| Financial debts | 170/4 | €21,864 | €4,718 | -€17,146 | -78.4% |
| Amounts payable within one year | 42/48 | €337,394 | €265,897 | -€71,497 | -21.2% |
| Current portion of amounts payable after more than one year | 42 | €19,930 | €18,646 | -€1,285 | -6.4% |
| Trade debts | 44 | €195,026 | €119,281 | -€75,745 | -38.8% |
| Suppliers | 440/4 | €195,026 | €119,281 | -€75,745 | -38.8% |
| Taxes, remuneration and social security | 45 | €30,439 | €52,151 | +€21,712 | +71.3% |
| Taxes | 450/3 | €19,164 | €44,498 | +€25,335 | +132% |
| Remuneration and social security | 454/9 | €11,275 | €7,652 | -€3,623 | -32.1% |
| Other amounts payable | 47/48 | €91,999 | €75,820 | -€16,179 | -17.6% |
| Non-recurring operating income | 76A | €1,000 | €1,449 | +€449 | +44.9% |
| Remuneration, social security and pensions | 62 | €51,497 | €51,289 | -€208 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,761 | €26,000 | -€19,761 | -43.2% |
| Other operating charges | 640/8 | €2,148 | €3,267 | +€1,119 | +52.1% |
| Gross operating margin | 9900 | €303,329 | €431,782 | +€128,453 | +42.3% |
| Operating profit (loss) | 9901 | €203,924 | €351,227 | +€147,303 | +72.2% |
| Financial income | 75/76B | €13,818 | €8,028 | -€5,790 | -41.9% |
| Recurring financial income | 75 | €13,818 | €8,028 | -€5,790 | -41.9% |
| Financial charges | 65/66B | €7,103 | €6,342 | -€761 | -10.7% |
| Recurring financial charges | 65 | €7,103 | €6,342 | -€761 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €210,638 | €352,913 | +€142,275 | +67.5% |
| Income taxes | 67/77 | €63,722 | €107,839 | +€44,117 | +69.2% |
| Profit (loss) for the period | 9904 | €146,917 | €245,074 | +€98,158 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €146,917 | €245,074 | +€98,158 | +66.8% |
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 17 October 2026 via checked.be.