DAVID PARDAENS: 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.
DAVID PARDAENS
Largest movements
- Cash -€52,328
down €52,328 (-39.4%), from €132,745 to €80,417
mainly Contributions, distributions and other (-€56,816) and Current portion of long-term debt (-€9,524)
- Tangible fixed assets -€6,885
down €6,885 (-5.7%), from €120,628 to €113,744
of which Land and buildings: -€5,049
- Receivables within one year +€4,332
up €4,332 (+23.8%), from €18,212 to €22,545
of which Trade receivables: +€3,683
- Reserves -€40,216
down €40,216 (-51.9%), from €77,426 to €37,210
of which Distributable reserves: -€40,216
- Current portion of long-term debt -€9,524
down €9,524 (-56.9%), from €16,731 to €7,207
- Debts after one year -€7,207
down €7,207 (-100.0%), from €7,207 to €0
- Gross operating margin +€18,135
up €18,135 (+278.7%), from €6,508 to €24,643
- Taxes +€1,697
up €1,697 (+1325.8%), from €128 to €1,825
- Financial charges -€688
down €688 (-97.2%), from €708 to €20
- Financial income +€505
up €505 (+23.2%), from €2,175 to €2,680
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 | €272,580 | €217,492 | -€55,088 | -20.2% |
| Fixed assets | 21/28 | €121,378 | €114,494 | -€6,885 | -5.7% |
| Tangible fixed assets | 22/27 | €120,628 | €113,744 | -€6,885 | -5.7% |
| Land and buildings | 22 | €117,486 | €112,437 | -€5,049 | -4.3% |
| Plant, machinery and equipment | 23 | €1,196 | €372 | -€823 | -68.9% |
| Furniture and vehicles | 24 | €1,947 | €934 | -€1,013 | -52.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €151,201 | €102,998 | -€48,203 | -31.9% |
| Amounts receivable within one year | 40/41 | €18,212 | €22,545 | +€4,332 | +23.8% |
| Trade receivables | 40 | €940 | €4,622 | +€3,683 | +391.8% |
| Other amounts receivable | 41 | €17,272 | €17,922 | +€650 | +3.8% |
| Cash at bank and in hand | 54/58 | €132,745 | €80,417 | -€52,328 | -39.4% |
| Deferred charges and accrued income | 490/1 | €244 | €36 | -€208 | -85.1% |
| Total equity and liabilities | 10/49 | €272,580 | €217,492 | -€55,088 | -20.2% |
| Equity | 10/15 | €248,422 | €208,264 | -€40,158 | -16.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €77,426 | €37,210 | -€40,216 | -51.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €56,816 | €16,600 | -€40,216 | -70.8% |
| Profit (loss) carried forward | 14 | €158,596 | €158,654 | +€59 | 0.0% |
| Amounts payable | 17/49 | €24,158 | €9,227 | -€14,930 | -61.8% |
| Amounts payable after more than one year | 17 | €7,207 | €0 | -€7,207 | -100.0% |
| Financial debts | 170/4 | €7,207 | €0 | -€7,207 | -100.0% |
| Amounts payable within one year | 42/48 | €16,950 | €9,227 | -€7,723 | -45.6% |
| Current portion of amounts payable after more than one year | 42 | €16,731 | €7,207 | -€9,524 | -56.9% |
| Trade debts | 44 | €219 | €360 | +€141 | +64.4% |
| Suppliers | 440/4 | €219 | €360 | +€141 | +64.4% |
| Taxes, remuneration and social security | 45 | €0 | €1,660 | +€1,660 | |
| Taxes | 450/3 | €0 | €1,660 | +€1,660 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,650 | €6,885 | +€234 | +3.5% |
| Other operating charges | 640/8 | €1,887 | €1,935 | +€48 | +2.6% |
| Gross operating margin | 9900 | €6,508 | €24,643 | +€18,135 | +278.7% |
| Operating profit (loss) | 9901 | -€2,030 | €15,823 | +€17,853 | |
| Financial income | 75/76B | €2,175 | €2,680 | +€505 | +23.2% |
| Recurring financial income | 75 | €2,175 | €2,680 | +€505 | +23.2% |
| Financial charges | 65/66B | €708 | €20 | -€688 | -97.2% |
| Recurring financial charges | 65 | €708 | €20 | -€688 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | -€562 | €18,484 | +€19,046 | |
| Income taxes | 67/77 | €128 | €1,825 | +€1,697 | +1325.8% |
| Profit (loss) for the period | 9904 | -€690 | €16,659 | +€17,349 | |
| Profit (loss) for the period to be appropriated | 9905 | -€690 | €16,659 | +€17,349 |
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 2 October 2026 via checked.be.