DE PAUW CONCEPT: 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 PAUW CONCEPT
Largest movements
- Cash +€19,818
up €19,818 (+25.8%), from €76,817 to €96,635
mainly Depreciation (+€19,380) and Trade debts (+€11,189)
- Tangible fixed assets -€18,159
down €18,159 (-8.7%), from €208,131 to €189,971
of which Furniture and vehicles: -€13,199
- Receivables within one year -€9,728
down €9,728 (-53.2%), from €18,294 to €8,566
of which Trade receivables: -€14,291
- Profit (loss) carried forward -€15,430
down €15,430 (-18.7%), from €82,496 to €67,066
- Trade debts +€11,189
up €11,189 (+225%), from €4,970 to €16,159
- Other debts -€11,079
no longer reported in 2025 (was €11,079)
- Short-term financial debts +€8,850
new in 2025: €8,850
- Tax, wage and social debts +€7,630
new in 2025: €7,630
- Gross operating margin +€50,627
up €50,627 (+854%), from €5,929 to €56,556
- Taxes +€35,217
up €35,217 (+8,266%), from €426 to €35,643
- Depreciation -€20,955
down €20,955 (-52.0%), from €40,335 to €19,380
- Write-downs +€8,000
new in 2025: €8,000
- Financial charges +€1,671
up €1,671 (+28.6%), from €5,850 to €7,520
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 | €304,458 | €296,007 | -€8,451 | -2.8% |
| Fixed assets | 21/28 | €208,131 | €189,971 | -€18,159 | -8.7% |
| Tangible fixed assets | 22/27 | €208,131 | €189,971 | -€18,159 | -8.7% |
| Land and buildings | 22 | €161,278 | €156,318 | -€4,960 | -3.1% |
| Furniture and vehicles | 24 | €46,853 | €33,653 | -€13,199 | -28.2% |
| Current assets | 29/58 | €96,328 | €106,036 | +€9,708 | +10.1% |
| Amounts receivable within one year | 40/41 | €18,294 | €8,566 | -€9,728 | -53.2% |
| Trade receivables | 40 | €18,021 | €3,730 | -€14,291 | -79.3% |
| Other amounts receivable | 41 | €273 | €4,836 | +€4,563 | +1,671% |
| Cash at bank and in hand | 54/58 | €76,817 | €96,635 | +€19,818 | +25.8% |
| Deferred charges and accrued income | 490/1 | €1,217 | €834 | -€383 | -31.4% |
| Total equity and liabilities | 10/49 | €304,458 | €296,007 | -€8,451 | -2.8% |
| Equity | 10/15 | €87,496 | €72,066 | -€15,430 | -17.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,496 | €67,066 | -€15,430 | -18.7% |
| Amounts payable | 17/49 | €216,962 | €223,941 | +€6,978 | +3.2% |
| Amounts payable after more than one year | 17 | €191,301 | €184,052 | -€7,249 | -3.8% |
| Financial debts | 170/4 | €191,301 | €184,052 | -€7,249 | -3.8% |
| Amounts payable within one year | 42/48 | €25,661 | €39,888 | +€14,228 | +55.4% |
| Current portion of amounts payable after more than one year | 42 | €6,990 | €7,249 | +€259 | +3.7% |
| Financial debts | 43 | - | €8,850 | +€8,850 | |
| Credit institutions | 430/8 | - | €8,850 | +€8,850 | |
| Trade debts | 44 | €4,970 | €16,159 | +€11,189 | +225% |
| Suppliers | 440/4 | €4,970 | €16,159 | +€11,189 | +225% |
| Advances received on contracts in progress | 46 | €2,622 | - | -€2,622 | |
| Taxes, remuneration and social security | 45 | - | €7,630 | +€7,630 | |
| Taxes | 450/3 | - | €7,630 | +€7,630 | |
| Other amounts payable | 47/48 | €11,079 | - | -€11,079 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,335 | €19,380 | -€20,955 | -52.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,000 | +€8,000 | |
| Other operating charges | 640/8 | €948 | €1,737 | +€789 | +83.2% |
| Gross operating margin | 9900 | €5,929 | €56,556 | +€50,627 | +854% |
| Operating profit (loss) | 9901 | -€35,355 | €27,439 | +€62,793 | |
| Financial income | 75/76B | €1,421 | €295 | -€1,126 | -79.3% |
| Recurring financial income | 75 | €1,421 | €295 | -€1,126 | -79.3% |
| Financial charges | 65/66B | €5,850 | €7,520 | +€1,671 | +28.6% |
| Recurring financial charges | 65 | €5,850 | €7,520 | +€1,671 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | -€39,783 | €20,213 | +€59,996 | |
| Income taxes | 67/77 | €426 | €35,643 | +€35,217 | +8,266% |
| Profit (loss) for the period | 9904 | -€40,209 | -€15,430 | +€24,780 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,209 | -€15,430 | +€24,780 | +61.6% |
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 28 October 2026 via checked.be.