De Pauw Patrick: 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 Patrick
Largest movements
- Receivables within one year -€24,079
down €24,079 (-23.4%), from €102,838 to €78,759
of which Trade receivables: -€27,590
- Cash -€20,705
down €20,705 (-77.5%), from €26,722 to €6,018
mainly Net result for the year (-€61,075) and Investment in fixed assets (net) (-€3,866)
- Stocks and contracts -€5,674
no longer reported in 2025 (was €5,674)
- Tangible fixed assets +€3,465
up €3,465 (+2,057%), from €168 to €3,633
of which Land and buildings: +€3,633
- Deferred charges and accrued income -€3,319
down €3,319 (-72.2%), from €4,599 to €1,280
- Profit (loss) carried forward -€61,075
down €61,075 (-115%), from -€53,220 to -€114,295
- Other debts +€7,828
new in 2025: €7,828
- Gross operating margin -€27,296
down €27,296 (-77.9%), from -€35,024 to -€62,320
- Other operating charges +€668
up €668 (+52.6%), from €1,272 to €1,940
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 | €247,192 | €196,880 | -€50,311 | -20.4% |
| Fixed assets | 21/28 | €558 | €4,023 | +€3,465 | +620% |
| Tangible fixed assets | 22/27 | €168 | €3,633 | +€3,465 | +2,057% |
| Land and buildings | 22 | - | €3,633 | +€3,633 | |
| Furniture and vehicles | 24 | €168 | - | -€168 | |
| Financial fixed assets | 28 | €390 | €390 | = | 0.0% |
| Current assets | 29/58 | €246,633 | €192,857 | -€53,776 | -21.8% |
| Amounts receivable after more than one year | 29 | €106,800 | €106,800 | = | 0.0% |
| Other amounts receivable | 291 | €106,800 | €106,800 | = | 0.0% |
| Stocks and contracts in progress | 3 | €5,674 | - | -€5,674 | |
| Stocks | 30/36 | €5,674 | - | -€5,674 | |
| Amounts receivable within one year | 40/41 | €102,838 | €78,759 | -€24,079 | -23.4% |
| Trade receivables | 40 | €63,426 | €35,836 | -€27,590 | -43.5% |
| Other amounts receivable | 41 | €39,412 | €42,923 | +€3,511 | +8.9% |
| Cash at bank and in hand | 54/58 | €26,722 | €6,018 | -€20,705 | -77.5% |
| Deferred charges and accrued income | 490/1 | €4,599 | €1,280 | -€3,319 | -72.2% |
| Total equity and liabilities | 10/49 | €247,192 | €196,880 | -€50,311 | -20.4% |
| Equity | 10/15 | €238,400 | €177,325 | -€61,075 | -25.6% |
| Contributions | 10/11 | €276,197 | €276,197 | = | 0.0% |
| Reserves | 13 | €15,423 | €15,423 | = | 0.0% |
| Distributable reserves | 133 | €15,423 | €15,423 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,220 | -€114,295 | -€61,075 | -115% |
| Amounts payable | 17/49 | €8,792 | €19,555 | +€10,763 | +122% |
| Amounts payable within one year | 42/48 | €8,792 | €19,555 | +€10,763 | +122% |
| Trade debts | 44 | €7,864 | €8,719 | +€855 | +10.9% |
| Suppliers | 440/4 | €7,864 | €8,719 | +€855 | +10.9% |
| Taxes, remuneration and social security | 45 | €927 | €3,008 | +€2,080 | +224% |
| Taxes | 450/3 | €927 | €778 | -€150 | -16.1% |
| Remuneration and social security | 454/9 | - | €2,230 | +€2,230 | |
| Other amounts payable | 47/48 | - | €7,828 | +€7,828 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197 | €401 | +€205 | +104% |
| Other operating charges | 640/8 | €1,272 | €1,940 | +€668 | +52.6% |
| Gross operating margin | 9900 | -€35,024 | -€62,320 | -€27,296 | -77.9% |
| Operating profit (loss) | 9901 | -€36,492 | -€64,661 | -€28,169 | -77.2% |
| Financial income | 75/76B | €3,753 | €3,740 | -€13 | -0.3% |
| Recurring financial income | 75 | €3,753 | €3,740 | -€13 | -0.3% |
| Financial charges | 65/66B | €445 | €45 | -€400 | -89.9% |
| Recurring financial charges | 65 | €445 | €45 | -€400 | -89.9% |
| Profit (loss) for the period before taxes | 9903 | -€33,185 | -€60,966 | -€27,781 | -83.7% |
| Income taxes | 67/77 | - | €109 | +€109 | |
| Profit (loss) for the period | 9904 | -€33,185 | -€61,075 | -€27,890 | -84.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,185 | -€61,075 | -€27,890 | -84.0% |
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 20 October 2026 via checked.be.