ANN PAIROUX: 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.
ANN PAIROUX
Largest movements
- Receivables within one year -€62,024
down €62,024 (-78.8%), from €78,710 to €16,686
of which Other amounts receivable: -€45,136
- Tangible fixed assets -€14,247
down €14,247 (-41.1%), from €34,627 to €20,380
of which Plant, machinery and equipment: -€8,238
- Cash +€6,783
up €6,783 (+193%), from €3,522 to €10,305
- Stocks and contracts +€5,993
up €5,993 (+12.8%), from €46,865 to €52,858
- Profit (loss) carried forward -€35,078
down €35,078, from €14,856 to -€20,223
- Short-term financial debts -€21,359
no longer reported in 2025 (was €21,359)
- Trade debts +€12,025
up €12,025 (+859%), from €1,400 to €13,424
- Reserves -€8,629
down €8,629 (-11.7%), from €74,053 to €65,424
of which Tax-exempt reserves: -€8,629
- Tax, wage and social debts -€4,928
down €4,928 (-22.9%), from €21,502 to €16,573
- Gross operating margin +€43,878
up €43,878, from -€31,383 to €12,496
- Depreciation -€2,247
down €2,247 (-17.2%), from €13,094 to €10,847
- Financial charges +€1,724
up €1,724 (+377%), from €457 to €2,182
- Financial income -€984
down €984 (-77.1%), from €1,276 to €292
- Staff costs -€688
down €688 (-97.2%), from €708 to €20
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €163,724 | €101,697 | -€62,027 | -37.9% |
| Fixed assets | 21/28 | €34,627 | €20,380 | -€14,247 | -41.1% |
| Tangible fixed assets | 22/27 | €34,627 | €20,380 | -€14,247 | -41.1% |
| Land and buildings | 22 | €4,289 | €1,646 | -€2,643 | -61.6% |
| Plant, machinery and equipment | 23 | €21,811 | €13,573 | -€8,238 | -37.8% |
| Furniture and vehicles | 24 | €8,528 | €5,162 | -€3,366 | -39.5% |
| Current assets | 29/58 | €129,096 | €81,316 | -€47,780 | -37.0% |
| Stocks and contracts in progress | 3 | €46,865 | €52,858 | +€5,993 | +12.8% |
| Stocks | 30/36 | €46,865 | €52,858 | +€5,993 | +12.8% |
| Amounts receivable within one year | 40/41 | €78,710 | €16,686 | -€62,024 | -78.8% |
| Trade receivables | 40 | €17,642 | €754 | -€16,888 | -95.7% |
| Other amounts receivable | 41 | €61,068 | €15,932 | -€45,136 | -73.9% |
| Cash at bank and in hand | 54/58 | €3,522 | €10,305 | +€6,783 | +193% |
| Deferred charges and accrued income | 490/1 | - | €1,468 | +€1,468 | |
| Total equity and liabilities | 10/49 | €163,724 | €101,697 | -€62,027 | -37.9% |
| Equity | 10/15 | €107,509 | €63,802 | -€43,707 | -40.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €74,053 | €65,424 | -€8,629 | -11.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €52,452 | €43,823 | -€8,629 | -16.5% |
| Distributable reserves | 133 | €19,741 | €19,741 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,856 | -€20,223 | -€35,078 | |
| Provisions and deferred taxes | 16 | €10,055 | €7,897 | -€2,157 | -21.5% |
| Deferred taxes | 168 | €10,055 | €7,897 | -€2,157 | -21.5% |
| Amounts payable | 17/49 | €46,160 | €29,998 | -€16,163 | -35.0% |
| Amounts payable within one year | 42/48 | €44,260 | €29,998 | -€14,263 | -32.2% |
| Financial debts | 43 | €21,359 | - | -€21,359 | |
| Credit institutions | 430/8 | €21,359 | - | -€21,359 | |
| Trade debts | 44 | €1,400 | €13,424 | +€12,025 | +859% |
| Suppliers | 440/4 | €1,400 | €13,424 | +€12,025 | +859% |
| Taxes, remuneration and social security | 45 | €21,502 | €16,573 | -€4,928 | -22.9% |
| Taxes | 450/3 | €21,502 | €16,573 | -€4,928 | -22.9% |
| Accrued charges and deferred income | 492/3 | €1,900 | - | -€1,900 | |
| Remuneration, social security and pensions | 62 | €708 | €20 | -€688 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,094 | €10,847 | -€2,247 | -17.2% |
| Other operating charges | 640/8 | €884 | €1,098 | +€214 | +24.2% |
| Non-recurring operating charges | 66A | €96 | €96 | = | 0.0% |
| Gross operating margin | 9900 | -€31,383 | €12,496 | +€43,878 | |
| Operating profit (loss) | 9901 | -€46,164 | €435 | +€46,599 | |
| Financial income | 75/76B | €1,276 | €292 | -€984 | -77.1% |
| Recurring financial income | 75 | €1,276 | €292 | -€984 | -77.1% |
| Financial charges | 65/66B | €457 | €2,182 | +€1,724 | +377% |
| Recurring financial charges | 65 | €457 | €2,182 | +€1,724 | +377% |
| Profit (loss) for the period before taxes | 9903 | -€45,346 | -€1,454 | +€43,891 | +96.8% |
| Transfer from deferred taxes | 780 | €924 | €1,079 | +€155 | +16.8% |
| Profit (loss) for the period | 9904 | -€44,422 | -€376 | +€44,046 | +99.2% |
| Transfer from tax-exempt reserves | 789 | €4,619 | €4,314 | -€305 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,803 | €3,939 | +€43,741 |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.