DE PAEPE BART: 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 PAEPE BART
Largest movements
- Receivables within one year +€63,419
up €63,419 (+68.2%), from €93,020 to €156,439
of which Trade receivables: +€65,401
- Tangible fixed assets -€50,915
down €50,915 (-9.7%), from €523,966 to €473,051
of which Leasing and similar rights: -€58,693
- Debts after one year -€88,108
down €88,108 (-25.5%), from €345,669 to €257,560
- Trade debts +€34,529
up €34,529 (+236%), from €14,604 to €49,133
- Other debts +€31,168
up €31,168 (+1,140%), from €2,733 to €33,901
- Current portion of long-term debt +€19,464
up €19,464 (+22.4%), from €86,983 to €106,447
- Tax, wage and social debts +€12,328
up €12,328 (+90.9%), from €13,563 to €25,891
- Gross operating margin -€21,461
down €21,461 (-11.1%), from €193,449 to €171,988
- Depreciation +€20,190
up €20,190 (+22.1%), from €91,549 to €111,739
- Taxes -€6,238
down €6,238 (-35.0%), from €17,832 to €11,594
- Financial charges +€6,221
up €6,221 (+76.5%), from €8,131 to €14,353
- Other operating charges -€5,211
down €5,211 (-52.9%), from €9,852 to €4,641
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 | €712,954 | €722,802 | +€9,848 | +1.4% |
| Fixed assets | 21/28 | €524,461 | €473,546 | -€50,915 | -9.7% |
| Tangible fixed assets | 22/27 | €523,966 | €473,051 | -€50,915 | -9.7% |
| Land and buildings | 22 | €24,789 | €24,789 | = | 0.0% |
| Plant, machinery and equipment | 23 | €53,570 | €85,832 | +€32,262 | +60.2% |
| Furniture and vehicles | 24 | €56,085 | €31,601 | -€24,484 | -43.7% |
| Leasing and similar rights | 25 | €389,522 | €330,829 | -€58,693 | -15.1% |
| Financial fixed assets | 28 | €495 | €495 | = | 0.0% |
| Current assets | 29/58 | €188,493 | €249,256 | +€60,763 | +32.2% |
| Amounts receivable within one year | 40/41 | €93,020 | €156,439 | +€63,419 | +68.2% |
| Trade receivables | 40 | €80,508 | €145,909 | +€65,401 | +81.2% |
| Other amounts receivable | 41 | €12,512 | €10,530 | -€1,982 | -15.8% |
| Cash at bank and in hand | 54/58 | €88,841 | €86,288 | -€2,553 | -2.9% |
| Deferred charges and accrued income | 490/1 | €6,632 | €6,529 | -€103 | -1.5% |
| Total equity and liabilities | 10/49 | €712,954 | €722,802 | +€9,848 | +1.4% |
| Equity | 10/15 | €246,676 | €247,584 | +€908 | +0.4% |
| Contributions | 10/11 | €17,361 | €17,361 | = | 0.0% |
| Reserves | 13 | €229,315 | €230,223 | +€908 | +0.4% |
| Tax-exempt reserves | 132 | €3,491 | €2,624 | -€868 | -24.9% |
| Distributable reserves | 133 | €225,824 | €227,600 | +€1,776 | +0.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €602 | €313 | -€289 | -48.0% |
| Deferred taxes | 168 | €602 | €313 | -€289 | -48.0% |
| Amounts payable | 17/49 | €465,676 | €474,905 | +€9,230 | +2.0% |
| Amounts payable after more than one year | 17 | €345,669 | €257,560 | -€88,108 | -25.5% |
| Financial debts | 170/4 | €345,669 | €257,560 | -€88,108 | -25.5% |
| Amounts payable within one year | 42/48 | €117,884 | €215,373 | +€97,488 | +82.7% |
| Current portion of amounts payable after more than one year | 42 | €86,983 | €106,447 | +€19,464 | +22.4% |
| Trade debts | 44 | €14,604 | €49,133 | +€34,529 | +236% |
| Suppliers | 440/4 | €14,604 | €49,133 | +€34,529 | +236% |
| Taxes, remuneration and social security | 45 | €13,563 | €25,891 | +€12,328 | +90.9% |
| Taxes | 450/3 | €13,563 | €25,891 | +€12,328 | +90.9% |
| Other amounts payable | 47/48 | €2,733 | €33,901 | +€31,168 | +1,140% |
| Accrued charges and deferred income | 492/3 | €2,122 | €1,972 | -€150 | -7.1% |
| Remuneration, social security and pensions | 62 | €893 | €160 | -€733 | -82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,549 | €111,739 | +€20,190 | +22.1% |
| Other operating charges | 640/8 | €9,852 | €4,641 | -€5,211 | -52.9% |
| Gross operating margin | 9900 | €193,449 | €171,988 | -€21,461 | -11.1% |
| Operating profit (loss) | 9901 | €91,155 | €55,448 | -€35,707 | -39.2% |
| Financial income | 75/76B | €3 | €1 | -€2 | -66.2% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -66.2% |
| Financial charges | 65/66B | €8,131 | €14,353 | +€6,221 | +76.5% |
| Recurring financial charges | 65 | €8,131 | €14,353 | +€6,221 | +76.5% |
| Profit (loss) for the period before taxes | 9903 | €83,027 | €41,097 | -€41,930 | -50.5% |
| Transfer from deferred taxes | 780 | €289 | €289 | = | 0.0% |
| Income taxes | 67/77 | €17,832 | €11,594 | -€6,238 | -35.0% |
| Profit (loss) for the period | 9904 | €65,484 | €29,792 | -€35,692 | -54.5% |
| Transfer from tax-exempt reserves | 789 | €868 | €868 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,352 | €30,660 | -€35,692 | -53.8% |
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 17 October 2026 via checked.be.