DEHAES PAUL: 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.
DEHAES PAUL
Largest movements
- Tangible fixed assets +€44,794
up €44,794 (+23.1%), from €193,668 to €238,463
of which Furniture and vehicles: +€55,582
- Receivables within one year +€34,781
up €34,781 (+272%), from €12,778 to €47,559
of which Trade receivables: +€25,707
- Cash -€29,223
down €29,223 (-6.5%), from €447,224 to €418,001
mainly Investment in fixed assets (net) (-€67,950) and Receivables within one year (-€34,781)
- Stocks and contracts +€28,510
up €28,510 (+71.1%), from €40,090 to €68,600
- Current investments -€19,454
down €19,454 (-27.7%), from €70,150 to €50,696
- Profit (loss) carried forward +€55,823
up €55,823 (+7.7%), from €726,827 to €782,651
- Staff costs +€12,676
up €12,676 (+12.8%), from €98,725 to €111,401
- Gross operating margin +€12,402
up €12,402 (+6.6%), from €186,645 to €199,046
- Depreciation +€8,038
up €8,038 (+53.2%), from €15,117 to €23,156
- Financial charges +€6,406
up €6,406, from -€3,481 to €2,925
- Financial income -€3,526
down €3,526 (-26.4%), from €13,335 to €9,808
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 | €765,555 | €828,725 | +€63,170 | +8.3% |
| Fixed assets | 21/28 | €193,668 | €238,463 | +€44,794 | +23.1% |
| Tangible fixed assets | 22/27 | €193,668 | €238,463 | +€44,794 | +23.1% |
| Land and buildings | 22 | €183,996 | €174,097 | -€9,900 | -5.4% |
| Plant, machinery and equipment | 23 | €7,985 | €7,096 | -€888 | -11.1% |
| Furniture and vehicles | 24 | €1,688 | €57,270 | +€55,582 | +3,293% |
| Current assets | 29/58 | €571,887 | €590,262 | +€18,375 | +3.2% |
| Stocks and contracts in progress | 3 | €40,090 | €68,600 | +€28,510 | +71.1% |
| Stocks | 30/36 | €40,090 | €68,600 | +€28,510 | +71.1% |
| Amounts receivable within one year | 40/41 | €12,778 | €47,559 | +€34,781 | +272% |
| Trade receivables | 40 | €8,179 | €33,885 | +€25,707 | +314% |
| Other amounts receivable | 41 | €4,599 | €13,674 | +€9,075 | +197% |
| Current investments | 50/53 | €70,150 | €50,696 | -€19,454 | -27.7% |
| Cash at bank and in hand | 54/58 | €447,224 | €418,001 | -€29,223 | -6.5% |
| Deferred charges and accrued income | 490/1 | €1,645 | €5,406 | +€3,761 | +229% |
| Total equity and liabilities | 10/49 | €765,555 | €828,725 | +€63,170 | +8.3% |
| Equity | 10/15 | €747,278 | €803,102 | +€55,823 | +7.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €726,827 | €782,651 | +€55,823 | +7.7% |
| Amounts payable | 17/49 | €18,277 | €25,623 | +€7,346 | +40.2% |
| Amounts payable within one year | 42/48 | €18,277 | €25,623 | +€7,346 | +40.2% |
| Trade debts | 44 | €654 | €3,928 | +€3,274 | +500% |
| Suppliers | 440/4 | €654 | €3,928 | +€3,274 | +500% |
| Taxes, remuneration and social security | 45 | €17,622 | €21,695 | +€4,072 | +23.1% |
| Taxes | 450/3 | €10,365 | €7,372 | -€2,993 | -28.9% |
| Remuneration and social security | 454/9 | €7,258 | €14,323 | +€7,065 | +97.4% |
| Non-recurring operating income | 76A | - | €8,700 | +€8,700 | |
| Remuneration, social security and pensions | 62 | €98,725 | €111,401 | +€12,676 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,117 | €23,156 | +€8,038 | +53.2% |
| Other operating charges | 640/8 | €1,351 | €1,136 | -€215 | -15.9% |
| Gross operating margin | 9900 | €186,645 | €199,046 | +€12,402 | +6.6% |
| Operating profit (loss) | 9901 | €71,451 | €63,354 | -€8,097 | -11.3% |
| Financial income | 75/76B | €13,335 | €9,808 | -€3,526 | -26.4% |
| Recurring financial income | 75 | €13,335 | €9,808 | -€3,526 | -26.4% |
| Financial charges | 65/66B | -€3,481 | €2,925 | +€6,406 | |
| Recurring financial charges | 65 | -€3,481 | €2,925 | +€6,406 | |
| Profit (loss) for the period before taxes | 9903 | €88,266 | €70,237 | -€18,030 | -20.4% |
| Income taxes | 67/77 | €17,492 | €14,413 | -€3,079 | -17.6% |
| Profit (loss) for the period | 9904 | €70,774 | €55,823 | -€14,951 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €70,774 | €55,823 | -€14,951 | -21.1% |
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 25 October 2026 via checked.be.