DERUDDERE 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.
DERUDDERE PAUL
Largest movements
- Receivables within one year -€83,084
down €83,084 (-17.8%), from €467,508 to €384,424
of which Other amounts receivable: -€50,509
- Tangible fixed assets -€39,948
down €39,948 (-6.0%), from €666,397 to €626,449
- Reserves +€63,902
up €63,902 (+17.3%), from €370,041 to €433,943
of which Distributable reserves: +€71,769
- Trade debts -€63,495
down €63,495 (-36.5%), from €174,025 to €110,530
- Tax, wage and social debts -€39,050
down €39,050 (-80.6%), from €48,468 to €9,418
of which Taxes: -€37,046
- Debts after one year -€36,113
down €36,113 (-10.2%), from €355,730 to €319,617
- Other debts -€22,963
down €22,963 (-25.4%), from €90,542 to €67,579
- Gross operating margin +€79,049
up €79,049 (+51.1%), from €154,701 to €233,750
- Staff costs -€43,168
down €43,168 (-47.1%), from €91,647 to €48,479
- Taxes +€25,384
up €25,384 (+688.4%), from €3,688 to €29,072
- Depreciation +€15,946
up €15,946 (+28.9%), from €55,180 to €71,126
- Financial charges +€4,874
up €4,874 (+48.2%), from €10,106 to €14,979
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 | €1,174,782 | €1,061,542 | -€113,241 | -9.6% |
| Fixed assets | 21/28 | €666,669 | €626,721 | -€39,948 | -6.0% |
| Tangible fixed assets | 22/27 | €666,397 | €626,449 | -€39,948 | -6.0% |
| Land and buildings | 22 | €411,917 | €398,357 | -€13,560 | -3.3% |
| Plant, machinery and equipment | 23 | €132,743 | €123,871 | -€8,872 | -6.7% |
| Furniture and vehicles | 24 | €121,736 | €104,221 | -€17,515 | -14.4% |
| Financial fixed assets | 28 | €273 | €273 | = | 0.0% |
| Current assets | 29/58 | €508,113 | €434,820 | -€73,293 | -14.4% |
| Stocks and contracts in progress | 3 | €34,071 | €36,954 | +€2,883 | +8.5% |
| Stocks | 30/36 | €34,071 | €36,954 | +€2,883 | +8.5% |
| Amounts receivable within one year | 40/41 | €467,508 | €384,424 | -€83,084 | -17.8% |
| Trade receivables | 40 | €407,779 | €375,205 | -€32,575 | -8.0% |
| Other amounts receivable | 41 | €59,728 | €9,219 | -€50,509 | -84.6% |
| Cash at bank and in hand | 54/58 | €1,721 | €5,446 | +€3,725 | +216.4% |
| Deferred charges and accrued income | 490/1 | €4,813 | €7,997 | +€3,184 | +66.1% |
| Total equity and liabilities | 10/49 | €1,174,782 | €1,061,542 | -€113,241 | -9.6% |
| Equity | 10/15 | €389,339 | €453,241 | +€63,902 | +16.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €370,041 | €433,943 | +€63,902 | +17.3% |
| Non-distributable reserves | 130/1 | €6,408 | €6,408 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,408 | €6,408 | = | 0.0% |
| Tax-exempt reserves | 132 | €110,133 | €102,267 | -€7,867 | -7.1% |
| Distributable reserves | 133 | €253,500 | €325,269 | +€71,769 | +28.3% |
| Profit (loss) carried forward | 14 | €705 | €705 | = | 0.0% |
| Provisions and deferred taxes | 16 | €46,262 | €42,957 | -€3,304 | -7.1% |
| Deferred taxes | 168 | €46,262 | €42,957 | -€3,304 | -7.1% |
| Amounts payable | 17/49 | €739,182 | €565,344 | -€173,838 | -23.5% |
| Amounts payable after more than one year | 17 | €355,730 | €319,617 | -€36,113 | -10.2% |
| Financial debts | 170/4 | €355,730 | €319,617 | -€36,113 | -10.2% |
| Amounts payable within one year | 42/48 | €383,452 | €245,727 | -€137,725 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €35,370 | €36,113 | +€743 | +2.1% |
| Financial debts | 43 | €22,128 | €8,409 | -€13,719 | -62.0% |
| Credit institutions | 430/8 | €22,128 | €8,409 | -€13,719 | -62.0% |
| Trade debts | 44 | €174,025 | €110,530 | -€63,495 | -36.5% |
| Suppliers | 440/4 | €174,025 | €110,530 | -€63,495 | -36.5% |
| Advances received on contracts in progress | 46 | €12,920 | €13,678 | +€758 | +5.9% |
| Taxes, remuneration and social security | 45 | €48,468 | €9,418 | -€39,050 | -80.6% |
| Taxes | 450/3 | €41,176 | €4,130 | -€37,046 | -90.0% |
| Remuneration and social security | 454/9 | €7,291 | €5,288 | -€2,004 | -27.5% |
| Other amounts payable | 47/48 | €90,542 | €67,579 | -€22,963 | -25.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €500 | €0 | -€500 | -100.0% |
| Remuneration, social security and pensions | 62 | €91,647 | €48,479 | -€43,168 | -47.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,180 | €71,126 | +€15,946 | +28.9% |
| Other operating charges | 640/8 | €5,621 | €9,575 | +€3,955 | +70.4% |
| Gross operating margin | 9900 | €154,701 | €233,750 | +€79,049 | +51.1% |
| Operating profit (loss) | 9901 | €2,253 | €104,569 | +€102,316 | +4540.8% |
| Financial income | 75/76B | €366 | €80 | -€287 | -78.3% |
| Recurring financial income | 75 | €366 | €80 | -€287 | -78.3% |
| Financial charges | 65/66B | €10,106 | €14,979 | +€4,874 | +48.2% |
| Recurring financial charges | 65 | €10,106 | €14,979 | +€4,874 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | -€7,486 | €89,670 | +€97,156 | |
| Transfer from deferred taxes | 780 | €3,304 | €3,304 | = | 0.0% |
| Income taxes | 67/77 | €3,688 | €29,072 | +€25,384 | +688.4% |
| Profit (loss) for the period | 9904 | -€7,869 | €63,902 | +€71,771 | |
| Transfer from tax-exempt reserves | 789 | €7,867 | €7,867 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2 | €71,769 | +€71,771 |
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 10 October 2026 via checked.be.