Daniëlle Paepen: what changed
Two fiscal 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.
Daniëlle Paepen
Largest movements
- Cash +€138,570
up €138,570 (+104.9%), from €132,057 to €270,628
mainly Net result for the year (+€113,727) and Current investments (+€35,000)
- Current investments -€35,000
down €35,000 (-100.0%), from €35,000 to €0
- Tangible fixed assets +€3,198
up €3,198 (+11.3%), from €28,296 to €31,494
of which Furniture and vehicles: +€6,398
- Reserves +€112,894
up €112,894 (+64.7%), from €174,397 to €287,291
- Trade debts -€4,777
down €4,777 (-60.2%), from €7,936 to €3,159
- Gross operating margin -€11,800
down €11,800 (-6.4%), from €184,351 to €172,552
- Other operating charges -€3,189
down €3,189 (-68.2%), from €4,673 to €1,484
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.
Cash bridge derived
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 | €204,880 | €310,244 | +€105,364 | +51.4% |
| Fixed assets | 21/28 | €28,296 | €31,494 | +€3,198 | +11.3% |
| Tangible fixed assets | 22/27 | €28,296 | €31,494 | +€3,198 | +11.3% |
| Plant, machinery and equipment | 23 | €11,993 | €8,793 | -€3,200 | -26.7% |
| Furniture and vehicles | 24 | €16,303 | €22,700 | +€6,398 | +39.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €176,583 | €278,750 | +€102,166 | +57.9% |
| Amounts receivable within one year | 40/41 | €9,496 | €7,352 | -€2,144 | -22.6% |
| Trade receivables | 40 | €164 | €1,142 | +€978 | +595.8% |
| Other amounts receivable | 41 | €9,332 | €6,210 | -€3,122 | -33.5% |
| Current investments | 50/53 | €35,000 | €0 | -€35,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €132,057 | €270,628 | +€138,570 | +104.9% |
| Deferred charges and accrued income | 490/1 | €30 | €770 | +€740 | +2445.5% |
| Total equity and liabilities | 10/49 | €204,880 | €310,244 | +€105,364 | +51.4% |
| Equity | 10/15 | €176,897 | €289,791 | +€112,894 | +63.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €174,397 | €287,291 | +€112,894 | +64.7% |
| Distributable reserves | 133 | €174,397 | €287,291 | +€112,894 | +64.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,983 | €20,453 | -€7,530 | -26.9% |
| Amounts payable within one year | 42/48 | €27,983 | €20,453 | -€7,530 | -26.9% |
| Trade debts | 44 | €7,936 | €3,159 | -€4,777 | -60.2% |
| Suppliers | 440/4 | €7,936 | €3,159 | -€4,777 | -60.2% |
| Taxes, remuneration and social security | 45 | €3,944 | €3,961 | +€17 | +0.4% |
| Taxes | 450/3 | €329 | €279 | -€50 | -15.2% |
| Remuneration and social security | 454/9 | €3,614 | €3,681 | +€67 | +1.8% |
| Other amounts payable | 47/48 | €16,103 | €13,333 | -€2,770 | -17.2% |
| Remuneration, social security and pensions | 62 | €19,954 | €18,200 | -€1,754 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,516 | €5,102 | +€586 | +13.0% |
| Other operating charges | 640/8 | €4,673 | €1,484 | -€3,189 | -68.2% |
| Gross operating margin | 9900 | €184,351 | €172,552 | -€11,800 | -6.4% |
| Operating profit (loss) | 9901 | €155,209 | €147,765 | -€7,444 | -4.8% |
| Financial income | 75/76B | €50 | €1,533 | +€1,483 | +2938.2% |
| Recurring financial income | 75 | €50 | €1,533 | +€1,483 | +2938.2% |
| Financial charges | 65/66B | €1,469 | €1,321 | -€148 | -10.1% |
| Recurring financial charges | 65 | €1,469 | €1,321 | -€148 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €153,790 | €147,978 | -€5,813 | -3.8% |
| Income taxes | 67/77 | €35,684 | €34,250 | -€1,433 | -4.0% |
| Profit (loss) for the period | 9904 | €118,107 | €113,727 | -€4,379 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €118,107 | €113,727 | -€4,379 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.