CLAUDE PAGGEN: 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.
CLAUDE PAGGEN
Largest movements
- Cash -€503,035
down €503,035 (-63.8%), from €788,966 to €285,931
mainly Investment in fixed assets (net) (-€418,260) and Trade debts (-€117,266)
- Tangible fixed assets +€256,093
up €256,093 (+14.9%), from €1.7m to €2.0m
of which Land and buildings: +€258,531
- Receivables within one year -€66,388
down €66,388 (-12.9%), from €516,234 to €449,846
of which Trade receivables: -€73,794
- Stocks and contracts +€52,532
up €52,532 (+123%), from €42,562 to €95,093
- Trade debts -€117,266
down €117,266 (-24.1%), from €487,514 to €370,247
- Reserves -€97,500
down €97,500 (-5.4%), from €1.8m to €1.7m
of which Distributable reserves: -€97,500
- Other debts -€71,390
down €71,390 (-16.8%), from €424,221 to €352,831
- Depreciation +€24,412
up €24,412 (+17.7%), from €137,754 to €162,167
- Gross operating margin -€13,350
down €13,350 (-6.3%), from €210,397 to €197,046
- Taxes -€9,636
down €9,636 (-66.7%), from €14,449 to €4,813
- Other operating charges -€8,144
down €8,144 (-75.4%), from €10,795 to €2,652
- Financial charges -€6,134
down €6,134 (-22.6%), from €27,107 to €20,973
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 | €3,069,612 | €2,808,898 | -€260,714 | -8.5% |
| Fixed assets | 21/28 | €1,716,447 | €1,972,540 | +€256,093 | +14.9% |
| Tangible fixed assets | 22/27 | €1,716,320 | €1,972,413 | +€256,093 | +14.9% |
| Land and buildings | 22 | €1,656,868 | €1,915,399 | +€258,531 | +15.6% |
| Plant, machinery and equipment | 23 | €16,012 | €37,523 | +€21,511 | +134% |
| Furniture and vehicles | 24 | €43,439 | €19,491 | -€23,948 | -55.1% |
| Financial fixed assets | 28 | €127 | €127 | = | 0.0% |
| Current assets | 29/58 | €1,353,165 | €836,358 | -€516,807 | -38.2% |
| Stocks and contracts in progress | 3 | €42,562 | €95,093 | +€52,532 | +123% |
| Stocks | 30/36 | €42,562 | €95,093 | +€52,532 | +123% |
| Amounts receivable within one year | 40/41 | €516,234 | €449,846 | -€66,388 | -12.9% |
| Trade receivables | 40 | €482,903 | €409,109 | -€73,794 | -15.3% |
| Other amounts receivable | 41 | €33,331 | €40,737 | +€7,406 | +22.2% |
| Cash at bank and in hand | 54/58 | €788,966 | €285,931 | -€503,035 | -63.8% |
| Deferred charges and accrued income | 490/1 | €5,403 | €5,488 | +€84 | +1.6% |
| Total equity and liabilities | 10/49 | €3,069,612 | €2,808,898 | -€260,714 | -8.5% |
| Equity | 10/15 | €1,828,282 | €1,747,725 | -€80,556 | -4.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,798,272 | €1,700,772 | -€97,500 | -5.4% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €1,796,372 | €1,698,872 | -€97,500 | -5.4% |
| Profit (loss) carried forward | 14 | €3,210 | €3,224 | +€15 | +0.5% |
| Investment grants | 15 | €7,800 | €24,729 | +€16,929 | +217% |
| Amounts payable | 17/49 | €1,241,330 | €1,061,173 | -€180,157 | -14.5% |
| Amounts payable after more than one year | 17 | €287,173 | €264,160 | -€23,013 | -8.0% |
| Financial debts | 170/4 | €287,173 | €264,160 | -€23,013 | -8.0% |
| Amounts payable within one year | 42/48 | €934,457 | €776,781 | -€157,675 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €22,663 | €23,013 | +€350 | +1.5% |
| Trade debts | 44 | €487,514 | €370,247 | -€117,266 | -24.1% |
| Suppliers | 440/4 | €487,514 | €370,247 | -€117,266 | -24.1% |
| Advances received on contracts in progress | 46 | - | €9,278 | +€9,278 | |
| Taxes, remuneration and social security | 45 | €59 | €21,412 | +€21,353 | +36,216% |
| Taxes | 450/3 | €59 | €21,412 | +€21,353 | +36,216% |
| Other amounts payable | 47/48 | €424,221 | €352,831 | -€71,390 | -16.8% |
| Accrued charges and deferred income | 492/3 | €19,700 | €20,231 | +€531 | +2.7% |
| Remuneration, social security and pensions | 62 | €1,454 | - | -€1,454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,754 | €162,167 | +€24,412 | +17.7% |
| Other operating charges | 640/8 | €10,795 | €2,652 | -€8,144 | -75.4% |
| Gross operating margin | 9900 | €210,397 | €197,046 | -€13,350 | -6.3% |
| Operating profit (loss) | 9901 | €60,393 | €32,228 | -€28,165 | -46.6% |
| Financial income | 75/76B | €10,710 | €10,072 | -€638 | -6.0% |
| Recurring financial income | 75 | €10,710 | €10,072 | -€638 | -6.0% |
| Financial charges | 65/66B | €27,107 | €20,973 | -€6,134 | -22.6% |
| Recurring financial charges | 65 | €27,107 | €20,973 | -€6,134 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €43,997 | €21,328 | -€22,669 | -51.5% |
| Income taxes | 67/77 | €14,449 | €4,813 | -€9,636 | -66.7% |
| Profit (loss) for the period | 9904 | €29,548 | €16,515 | -€13,033 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,548 | €16,515 | -€13,033 | -44.1% |
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 27 October 2026 via checked.be.