Ben De Paepe: 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.
Ben De Paepe
Largest movements
- Cash -€13,568
down €13,568 (-70.4%), from €19,285 to €5,717
mainly Trade debts (-€14,804) and Investment in fixed assets (net) (-€12,615)
- Receivables within one year -€6,039
down €6,039 (-78.2%), from €7,721 to €1,682
of which Trade receivables: -€3,845
- Tangible fixed assets -€2,011
down €2,011 (-6.5%), from €31,105 to €29,095
of which Furniture and vehicles: -€2,215
- Intangible fixed assets -€1,000
down €1,000 (-14.3%), from €6,997 to €5,997
- Trade debts -€14,804
down €14,804 (-90.2%), from €16,411 to €1,608
- Other debts +€11,073
up €11,073 (+99.9%), from €11,081 to €22,154
- Profit (loss) carried forward -€9,746
down €9,746 (-611%), from -€1,595 to -€11,341
- Current portion of long-term debt -€6,669
down €6,669 (-66.2%), from €10,068 to €3,399
- Debts after one year -€3,399
down €3,399 (-100%), from €3,399 to €0
- Depreciation -€5,812
down €5,812 (-27.1%), from €21,438 to €15,626
- Taxes +€4,945
up €4,945 (+533%), from €927 to €5,872
- Gross operating margin -€4,634
down €4,634 (-18.5%), from €25,104 to €20,470
- Financial charges +€3,672
up €3,672 (+2,077%), from €177 to €3,849
- Staff costs +€1,590
new in 2025: €1,590
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 | €65,109 | €42,491 | -€22,618 | -34.7% |
| Fixed assets | 21/28 | €38,103 | €35,092 | -€3,011 | -7.9% |
| Intangible fixed assets | 21 | €6,997 | €5,997 | -€1,000 | -14.3% |
| Tangible fixed assets | 22/27 | €31,105 | €29,095 | -€2,011 | -6.5% |
| Land and buildings | 22 | €2,341 | €1,169 | -€1,172 | -50.1% |
| Plant, machinery and equipment | 23 | €3,952 | €4,344 | +€393 | +9.9% |
| Furniture and vehicles | 24 | €24,813 | €22,598 | -€2,215 | -8.9% |
| Other tangible fixed assets | 26 | - | €984 | +€984 | |
| Current assets | 29/58 | €27,006 | €7,399 | -€19,607 | -72.6% |
| Amounts receivable within one year | 40/41 | €7,721 | €1,682 | -€6,039 | -78.2% |
| Trade receivables | 40 | €4,209 | €364 | -€3,845 | -91.4% |
| Other amounts receivable | 41 | €3,512 | €1,319 | -€2,194 | -62.5% |
| Cash at bank and in hand | 54/58 | €19,285 | €5,717 | -€13,568 | -70.4% |
| Total equity and liabilities | 10/49 | €65,109 | €42,491 | -€22,618 | -34.7% |
| Equity | 10/15 | €24,150 | €14,403 | -€9,746 | -40.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €22,745 | €22,745 | = | 0.0% |
| Distributable reserves | 133 | €22,745 | €22,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,595 | -€11,341 | -€9,746 | -611% |
| Amounts payable | 17/49 | €40,959 | €28,088 | -€12,872 | -31.4% |
| Amounts payable after more than one year | 17 | €3,399 | €0 | -€3,399 | -100% |
| Financial debts | 170/4 | €3,399 | €0 | -€3,399 | -100% |
| Amounts payable within one year | 42/48 | €37,560 | €28,088 | -€9,473 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €10,068 | €3,399 | -€6,669 | -66.2% |
| Trade debts | 44 | €16,411 | €1,608 | -€14,804 | -90.2% |
| Suppliers | 440/4 | €16,411 | €1,608 | -€14,804 | -90.2% |
| Taxes, remuneration and social security | 45 | - | €927 | +€927 | |
| Taxes | 450/3 | - | €927 | +€927 | |
| Other amounts payable | 47/48 | €11,081 | €22,154 | +€11,073 | +99.9% |
| Remuneration, social security and pensions | 62 | - | €1,590 | +€1,590 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,438 | €15,626 | -€5,812 | -27.1% |
| Other operating charges | 640/8 | €2,285 | €1,760 | -€525 | -23.0% |
| Non-recurring operating charges | 66A | - | €1,535 | +€1,535 | |
| Gross operating margin | 9900 | €25,104 | €20,470 | -€4,634 | -18.5% |
| Operating profit (loss) | 9901 | €1,381 | -€41 | -€1,422 | |
| Financial income | 75/76B | €7 | €15 | +€8 | +107% |
| Recurring financial income | 75 | €7 | €15 | +€8 | +107% |
| Financial charges | 65/66B | €177 | €3,849 | +€3,672 | +2,077% |
| Recurring financial charges | 65 | €177 | €3,849 | +€3,672 | +2,077% |
| Profit (loss) for the period before taxes | 9903 | €1,212 | -€3,874 | -€5,086 | |
| Income taxes | 67/77 | €927 | €5,872 | +€4,945 | +533% |
| Profit (loss) for the period | 9904 | €285 | -€9,746 | -€10,031 | |
| Profit (loss) for the period to be appropriated | 9905 | €285 | -€9,746 | -€10,031 |
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.