DIRK PANNECOUCKE: 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.
DIRK PANNECOUCKE
Largest movements
- Tangible fixed assets -€29,883
down €29,883 (-23.6%), from €126,600 to €96,717
- Receivables within one year +€18,159
up €18,159 (+26.5%), from €68,645 to €86,804
of which Trade receivables: +€12,839
- Debts after one year -€36,941
down €36,941 (-53.4%), from €69,123 to €32,182
- Trade debts -€22,684
down €22,684 (-48.9%), from €46,387 to €23,703
- Tax, wage and social debts +€17,973
up €17,973 (+63.6%), from €28,282 to €46,255
of which Taxes: +€17,557
- Reserves +€12,835
up €12,835 (+27.3%), from €46,964 to €59,798
- Current portion of long-term debt +€10,100
up €10,100 (+8.6%), from €117,595 to €127,695
- Staff costs -€10,601
down €10,601 (-7.4%), from €143,769 to €133,168
- Gross operating margin -€4,290
down €4,290 (-2.1%), from €201,143 to €196,853
- Financial charges -€2,833
down €2,833 (-26.1%), from €10,848 to €8,015
- Taxes +€2,705
up €2,705 (+60.8%), from €4,447 to €7,152
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 | €317,550 | €305,796 | -€11,755 | -3.7% |
| Fixed assets | 21/28 | €126,600 | €96,717 | -€29,883 | -23.6% |
| Tangible fixed assets | 22/27 | €126,600 | €96,717 | -€29,883 | -23.6% |
| Land and buildings | 22 | €67,722 | €59,893 | -€7,829 | -11.6% |
| Plant, machinery and equipment | 23 | €27,704 | €21,914 | -€5,789 | -20.9% |
| Furniture and vehicles | 24 | €6,188 | €4,286 | -€1,902 | -30.7% |
| Leasing and similar rights | 25 | €24,986 | €10,624 | -€14,362 | -57.5% |
| Current assets | 29/58 | €190,950 | €209,078 | +€18,128 | +9.5% |
| Amounts receivable after more than one year | 29 | €32,500 | €32,500 | = | 0.0% |
| Other amounts receivable | 291 | €32,500 | €32,500 | = | 0.0% |
| Stocks and contracts in progress | 3 | €72,500 | €70,900 | -€1,600 | -2.2% |
| Stocks | 30/36 | €72,500 | €70,900 | -€1,600 | -2.2% |
| Amounts receivable within one year | 40/41 | €68,645 | €86,804 | +€18,159 | +26.5% |
| Trade receivables | 40 | €60,781 | €73,620 | +€12,839 | +21.1% |
| Other amounts receivable | 41 | €7,864 | €13,185 | +€5,320 | +67.7% |
| Cash at bank and in hand | 54/58 | €15,751 | €17,512 | +€1,761 | +11.2% |
| Deferred charges and accrued income | 490/1 | €1,554 | €1,362 | -€192 | -12.4% |
| Total equity and liabilities | 10/49 | €317,550 | €305,796 | -€11,755 | -3.7% |
| Equity | 10/15 | €56,164 | €68,998 | +€12,835 | +22.9% |
| Contributions | 10/11 | €9,200 | €9,200 | = | 0.0% |
| Contributions outside capital | 11 | €9,200 | €9,200 | = | 0.0% |
| Other | 1109/19 | €9,200 | €9,200 | = | 0.0% |
| Reserves | 13 | €46,964 | €59,798 | +€12,835 | +27.3% |
| Distributable reserves | 133 | €46,964 | €59,798 | +€12,835 | +27.3% |
| Amounts payable | 17/49 | €261,387 | €236,797 | -€24,589 | -9.4% |
| Amounts payable after more than one year | 17 | €69,123 | €32,182 | -€36,941 | -53.4% |
| Financial debts | 170/4 | €69,123 | €32,182 | -€36,941 | -53.4% |
| Amounts payable within one year | 42/48 | €192,264 | €197,653 | +€5,389 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €117,595 | €127,695 | +€10,100 | +8.6% |
| Trade debts | 44 | €46,387 | €23,703 | -€22,684 | -48.9% |
| Suppliers | 440/4 | €46,387 | €23,703 | -€22,684 | -48.9% |
| Taxes, remuneration and social security | 45 | €28,282 | €46,255 | +€17,973 | +63.6% |
| Taxes | 450/3 | €22,158 | €39,715 | +€17,557 | +79.2% |
| Remuneration and social security | 454/9 | €6,124 | €6,540 | +€417 | +6.8% |
| Accrued charges and deferred income | 492/3 | - | €6,962 | +€6,962 | |
| Remuneration, social security and pensions | 62 | €143,769 | €133,168 | -€10,601 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,876 | €30,799 | -€1,077 | -3.4% |
| Other operating charges | 640/8 | €5,106 | €5,490 | +€384 | +7.5% |
| Gross operating margin | 9900 | €201,143 | €196,853 | -€4,290 | -2.1% |
| Operating profit (loss) | 9901 | €20,392 | €27,397 | +€7,005 | +34.3% |
| Financial income | 75/76B | €600 | €605 | +€5 | +0.8% |
| Recurring financial income | 75 | €600 | €605 | +€5 | +0.8% |
| Financial charges | 65/66B | €10,848 | €8,015 | -€2,833 | -26.1% |
| Recurring financial charges | 65 | €10,848 | €8,015 | -€2,833 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €10,144 | €19,986 | +€9,842 | +97.0% |
| Income taxes | 67/77 | €4,447 | €7,152 | +€2,705 | +60.8% |
| Profit (loss) for the period | 9904 | €5,697 | €12,835 | +€7,137 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €5,697 | €12,835 | +€7,137 | +125% |
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 28 October 2026 via checked.be.