DENYS PASCAL: what changed
Two fiscal 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.
DENYS PASCAL
Largest movements
- Cash -€121,612
down €121,612 (-38.8%), from €313,345 to €191,733
mainly Other debts (-€250,000) and Investment in fixed assets (net) (-€688)
- Current investments -€100,000
down €100,000 (-16.7%), from €600,000 to €500,000
- Other debts -€250,000
down €250,000 (-99.0%), from €252,639 to €2,639
- Reserves +€13,409
up €13,409 (+2.0%), from €672,312 to €685,722
- Depreciation -€10,756
down €10,756 (-57.0%), from €18,865 to €8,109
- Financial income -€6,753
down €6,753 (-34.3%), from €19,702 to €12,949
- Gross operating margin -€3,959
down €3,959 (-16.6%), from €23,788 to €19,829
- Taxes -€978
down €978 (-10.0%), from €9,777 to €8,800
- Other operating charges -€482
down €482 (-19.6%), from €2,457 to €1,976
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.
Cash bridge derived
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 | €946,772 | €709,263 | -€237,509 | -25.1% |
| Fixed assets | 21/28 | €10,547 | €3,126 | -€7,421 | -70.4% |
| Tangible fixed assets | 22/27 | €10,547 | €3,126 | -€7,421 | -70.4% |
| Furniture and vehicles | 24 | €10,547 | €3,126 | -€7,421 | -70.4% |
| Current assets | 29/58 | €936,224 | €706,136 | -€230,088 | -24.6% |
| Amounts receivable within one year | 40/41 | €12,368 | €7,452 | -€4,916 | -39.7% |
| Other amounts receivable | 41 | €12,368 | €7,452 | -€4,916 | -39.7% |
| Current investments | 50/53 | €600,000 | €500,000 | -€100,000 | -16.7% |
| Cash at bank and in hand | 54/58 | €313,345 | €191,733 | -€121,612 | -38.8% |
| Deferred charges and accrued income | 490/1 | €10,511 | €6,951 | -€3,560 | -33.9% |
| Total equity and liabilities | 10/49 | €946,772 | €709,263 | -€237,509 | -25.1% |
| Equity | 10/15 | €690,912 | €704,322 | +€13,409 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €672,312 | €685,722 | +€13,409 | +2.0% |
| Distributable reserves | 133 | €672,312 | €685,722 | +€13,409 | +2.0% |
| Amounts payable | 17/49 | €255,859 | €4,941 | -€250,918 | -98.1% |
| Amounts payable within one year | 42/48 | €255,859 | €4,941 | -€250,918 | -98.1% |
| Trade debts | 44 | €815 | €149 | -€667 | -81.8% |
| Suppliers | 440/4 | €815 | €149 | -€667 | -81.8% |
| Taxes, remuneration and social security | 45 | €2,405 | €2,153 | -€252 | -10.5% |
| Taxes | 450/3 | €2,405 | €2,153 | -€252 | -10.5% |
| Other amounts payable | 47/48 | €252,639 | €2,639 | -€250,000 | -99.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,865 | €8,109 | -€10,756 | -57.0% |
| Other operating charges | 640/8 | €2,457 | €1,976 | -€482 | -19.6% |
| Gross operating margin | 9900 | €23,788 | €19,829 | -€3,959 | -16.6% |
| Operating profit (loss) | 9901 | €2,465 | €9,744 | +€7,279 | +295.3% |
| Financial income | 75/76B | €19,702 | €12,949 | -€6,753 | -34.3% |
| Recurring financial income | 75 | €19,702 | €12,949 | -€6,753 | -34.3% |
| Financial charges | 65/66B | €391 | €484 | +€93 | +23.7% |
| Recurring financial charges | 65 | €391 | €484 | +€93 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €21,775 | €22,209 | +€434 | +2.0% |
| Income taxes | 67/77 | €9,777 | €8,800 | -€978 | -10.0% |
| Profit (loss) for the period | 9904 | €11,998 | €13,409 | +€1,412 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,998 | €13,409 | +€1,412 | +11.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.