DE PAUW MICHEL: what changed
DE PAUW MICHEL
Largest movements
- Cash -€58,566
down €58,566 (-40.3%), from €145,175 to €86,609
mainly Contributions, distributions and other (-€51,435) and Tax, wage and social debts (-€5,151)
- Tangible fixed assets -€1,824
down €1,824 (-34.7%), from €5,261 to €3,437
- Contributions -€29,211
down €29,211 (-64.1%), from €45,592 to €16,381
- Reserves -€25,019
down €25,019 (-28.3%), from €88,489 to €63,470
of which Distributable reserves: -€21,388
- Tax, wage and social debts -€5,151
down €5,151 (-44.0%), from €11,696 to €6,545
of which Taxes: -€4,151
- Gross operating margin -€49,289
down €49,289 (-99.3%), from €49,619 to €330
- Taxes -€13,116
down €13,116 (-98.4%), from €13,330 to €215
- Depreciation -€739
down €739 (-28.8%), from €2,563 to €1,824
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €151,629 | €92,240 | -€59,389 | -39.2% |
| Fixed assets | 21/28 | €5,261 | €3,437 | -€1,824 | -34.7% |
| Tangible fixed assets | 22/27 | €5,261 | €3,437 | -€1,824 | -34.7% |
| Plant, machinery and equipment | 23 | €5,261 | €3,437 | -€1,824 | -34.7% |
| Current assets | 29/58 | €146,368 | €88,803 | -€57,564 | -39.3% |
| Amounts receivable within one year | 40/41 | €1,193 | €2,194 | +€1,001 | +84.0% |
| Other amounts receivable | 41 | €1,193 | €2,194 | +€1,001 | +84.0% |
| Cash at bank and in hand | 54/58 | €145,175 | €86,609 | -€58,566 | -40.3% |
| Total equity and liabilities | 10/49 | €151,629 | €92,240 | -€59,389 | -39.2% |
| Equity | 10/15 | €134,081 | €79,851 | -€54,230 | -40.4% |
| Contributions | 10/11 | €45,592 | €16,381 | -€29,211 | -64.1% |
| Capital | 10 | €45,592 | - | -€45,592 | |
| Issued capital | 100 | €45,592 | - | -€45,592 | |
| Reserves | 13 | €88,489 | €63,470 | -€25,019 | -28.3% |
| Non-distributable reserves | 130/1 | €3,631 | - | -€3,631 | |
| Reserves not available under the articles | 1311 | €3,631 | - | -€3,631 | |
| Distributable reserves | 133 | €84,858 | €63,470 | -€21,388 | -25.2% |
| Amounts payable | 17/49 | €17,548 | €12,389 | -€5,159 | -29.4% |
| Amounts payable within one year | 42/48 | €17,548 | €12,389 | -€5,159 | -29.4% |
| Trade debts | 44 | €5,367 | €5,844 | +€476 | +8.9% |
| Suppliers | 440/4 | €5,367 | €5,844 | +€476 | +8.9% |
| Taxes, remuneration and social security | 45 | €11,696 | €6,545 | -€5,151 | -44.0% |
| Taxes | 450/3 | €10,696 | €6,545 | -€4,151 | -38.8% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €484 | - | -€484 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,563 | €1,824 | -€739 | -28.8% |
| Other operating charges | 640/8 | €1,595 | €1,817 | +€222 | +13.9% |
| Gross operating margin | 9900 | €49,619 | €330 | -€49,289 | -99.3% |
| Operating profit (loss) | 9901 | €45,461 | -€3,311 | -€48,772 | |
| Financial income | 75/76B | €978 | €801 | -€177 | -18.1% |
| Recurring financial income | 75 | €978 | €801 | -€177 | -18.1% |
| Financial charges | 65/66B | €133 | €71 | -€63 | -47.0% |
| Recurring financial charges | 65 | €133 | €71 | -€63 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €46,306 | -€2,580 | -€48,886 | |
| Income taxes | 67/77 | €13,330 | €215 | -€13,116 | -98.4% |
| Profit (loss) for the period | 9904 | €32,975 | -€2,795 | -€35,771 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,975 | -€2,795 | -€35,771 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.