DE PAEP: 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.
DE PAEP
Largest movements
- Tangible fixed assets -€15,467
down €15,467 (-4.7%), from €326,045 to €310,577
of which Plant, machinery and equipment: -€13,875
- Current investments +€10,999
up €10,999 (+18.2%), from €60,585 to €71,584
- Cash +€7,743
up €7,743 (+12.5%), from €62,114 to €69,858
mainly Net result for the year (+€88,723) and Tax, wage and social debts (+€15,310)
- Reserves +€88,723
up €88,723 (+44.2%), from €200,737 to €289,460
- Other debts -€76,890
down €76,890 (-92.7%), from €82,983 to €6,093
- Tax, wage and social debts +€15,310
up €15,310 (+166%), from €9,246 to €24,556
of which Taxes: +€8,887
- Debts after one year -€14,333
down €14,333 (-17.4%), from €82,417 to €68,084
- Accrued charges and deferred income -€6,032
down €6,032 (-100%), from €6,032 to €0
- Gross operating margin +€117,935
up €117,935 (+75.0%), from €157,145 to €275,080
- Taxes +€33,000
up €33,000 (+829%), from €3,983 to €36,983
- Staff costs +€13,072
up €13,072 (+11.3%), from €115,435 to €128,507
- Financial charges -€6,089
down €6,089 (-55.1%), from €11,055 to €4,966
- Financial income +€3,371
up €3,371 (+261%), from €1,291 to €4,662
of which Non-recurring financial income: +€3,871
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 | €527,335 | €536,537 | +€9,202 | +1.7% |
| Fixed assets | 21/28 | €326,180 | €310,712 | -€15,467 | -4.7% |
| Tangible fixed assets | 22/27 | €326,045 | €310,577 | -€15,467 | -4.7% |
| Land and buildings | 22 | €301,455 | €300,417 | -€1,038 | -0.3% |
| Plant, machinery and equipment | 23 | €24,035 | €10,161 | -€13,875 | -57.7% |
| Furniture and vehicles | 24 | €554 | €0 | -€554 | -100% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €201,155 | €225,825 | +€24,669 | +12.3% |
| Stocks and contracts in progress | 3 | €57,498 | €59,156 | +€1,658 | +2.9% |
| Stocks | 30/36 | €57,498 | €59,156 | +€1,658 | +2.9% |
| Amounts receivable within one year | 40/41 | €11,044 | €14,967 | +€3,924 | +35.5% |
| Trade receivables | 40 | €483 | €1,165 | +€682 | +141% |
| Other amounts receivable | 41 | €10,561 | €13,803 | +€3,242 | +30.7% |
| Current investments | 50/53 | €60,585 | €71,584 | +€10,999 | +18.2% |
| Cash at bank and in hand | 54/58 | €62,114 | €69,858 | +€7,743 | +12.5% |
| Deferred charges and accrued income | 490/1 | €9,915 | €10,260 | +€345 | +3.5% |
| Total equity and liabilities | 10/49 | €527,335 | €536,537 | +€9,202 | +1.7% |
| Equity | 10/15 | €324,737 | €413,460 | +€88,723 | +27.3% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €200,737 | €289,460 | +€88,723 | +44.2% |
| Distributable reserves | 133 | €200,737 | €289,460 | +€88,723 | +44.2% |
| Amounts payable | 17/49 | €202,598 | €123,077 | -€79,521 | -39.3% |
| Amounts payable after more than one year | 17 | €82,417 | €68,084 | -€14,333 | -17.4% |
| Financial debts | 170/4 | €82,417 | €68,084 | -€14,333 | -17.4% |
| Amounts payable within one year | 42/48 | €114,149 | €54,993 | -€59,157 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €14,333 | €14,333 | = | 0.0% |
| Trade debts | 44 | €7,588 | €10,011 | +€2,423 | +31.9% |
| Suppliers | 440/4 | €7,588 | €10,011 | +€2,423 | +31.9% |
| Taxes, remuneration and social security | 45 | €9,246 | €24,556 | +€15,310 | +166% |
| Taxes | 450/3 | €1,116 | €10,003 | +€8,887 | +796% |
| Remuneration and social security | 454/9 | €8,129 | €14,553 | +€6,423 | +79.0% |
| Other amounts payable | 47/48 | €82,983 | €6,093 | -€76,890 | -92.7% |
| Accrued charges and deferred income | 492/3 | €6,032 | €0 | -€6,032 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €115,435 | €128,507 | +€13,072 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,347 | €15,100 | -€247 | -1.6% |
| Other operating charges | 640/8 | €5,431 | €5,463 | +€32 | +0.6% |
| Gross operating margin | 9900 | €157,145 | €275,080 | +€117,935 | +75.0% |
| Operating profit (loss) | 9901 | €20,931 | €126,010 | +€105,079 | +502% |
| Financial income | 75/76B | €1,291 | €4,662 | +€3,371 | +261% |
| Recurring financial income | 75 | €1,291 | €791 | -€499 | -38.7% |
| Non-recurring financial income | 76B | - | €3,871 | +€3,871 | |
| Financial charges | 65/66B | €11,055 | €4,966 | -€6,089 | -55.1% |
| Recurring financial charges | 65 | €11,055 | €4,966 | -€6,089 | -55.1% |
| Profit (loss) for the period before taxes | 9903 | €11,167 | €125,706 | +€114,540 | +1,026% |
| Income taxes | 67/77 | €3,983 | €36,983 | +€33,000 | +829% |
| Profit (loss) for the period | 9904 | €7,184 | €88,723 | +€81,540 | +1,135% |
| Profit (loss) for the period to be appropriated | 9905 | €7,184 | €88,723 | +€81,540 | +1,135% |
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 14 October 2026 via checked.be.