DON PASQUALE: 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.
DON PASQUALE
Largest movements
- Tangible fixed assets +€61,305
up €61,305 (+17.2%), from €355,716 to €417,021
of which Plant, machinery and equipment: +€58,793
- Receivables within one year +€16,237
up €16,237 (+105%), from €15,499 to €31,736
of which Other amounts receivable: +€21,867
- Cash -€15,124
down €15,124 (-24.0%), from €63,133 to €48,009
mainly Investment in fixed assets (net) (-€92,400) and Receivables within one year (-€16,237)
- Stocks and contracts +€10,432
up €10,432 (+99.3%), from €10,508 to €20,940
- Debts after one year +€49,091
up €49,091 (+26.1%), from €188,327 to €237,418
- Trade debts +€27,987
up €27,987 (+83.2%), from €33,644 to €61,630
- Profit (loss) carried forward -€11,850
down €11,850 (-30.1%), from €39,304 to €27,455
- Other debts -€11,242
down €11,242 (-10.1%), from €110,974 to €99,732
- Current portion of long-term debt +€10,867
up €10,867 (+50.0%), from €21,733 to €32,599
- Staff costs +€12,129
up €12,129 (+17.3%), from €70,256 to €82,386
- Gross operating margin -€5,119
down €5,119 (-4.3%), from €119,826 to €114,707
- Depreciation +€2,627
up €2,627 (+9.2%), from €28,468 to €31,095
- Financial charges -€1,565
down €1,565 (-12.1%), from €12,932 to €11,367
- Taxes -€1,446
down €1,446 (-100%), from €1,446 to €0
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 | €445,382 | €518,387 | +€73,005 | +16.4% |
| Fixed assets | 21/28 | €355,716 | €417,021 | +€61,305 | +17.2% |
| Tangible fixed assets | 22/27 | €355,716 | €417,021 | +€61,305 | +17.2% |
| Land and buildings | 22 | €280,829 | €268,229 | -€12,600 | -4.5% |
| Plant, machinery and equipment | 23 | €68,552 | €127,345 | +€58,793 | +85.8% |
| Furniture and vehicles | 24 | €6,335 | €7,414 | +€1,079 | +17.0% |
| Other tangible fixed assets | 26 | - | €14,033 | +€14,033 | |
| Current assets | 29/58 | €89,666 | €101,366 | +€11,700 | +13.0% |
| Stocks and contracts in progress | 3 | €10,508 | €20,940 | +€10,432 | +99.3% |
| Stocks | 30/36 | €10,508 | €20,940 | +€10,432 | +99.3% |
| Amounts receivable within one year | 40/41 | €15,499 | €31,736 | +€16,237 | +105% |
| Trade receivables | 40 | €12,537 | €6,907 | -€5,630 | -44.9% |
| Other amounts receivable | 41 | €2,961 | €24,828 | +€21,867 | +738% |
| Cash at bank and in hand | 54/58 | €63,133 | €48,009 | -€15,124 | -24.0% |
| Deferred charges and accrued income | 490/1 | €527 | €682 | +€156 | +29.6% |
| Total equity and liabilities | 10/49 | €445,382 | €518,387 | +€73,005 | +16.4% |
| Equity | 10/15 | €70,704 | €58,855 | -€11,850 | -16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,800 | €12,800 | = | 0.0% |
| Distributable reserves | 133 | €12,800 | €12,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,304 | €27,455 | -€11,850 | -30.1% |
| Amounts payable | 17/49 | €374,678 | €459,532 | +€84,854 | +22.6% |
| Amounts payable after more than one year | 17 | €188,327 | €237,418 | +€49,091 | +26.1% |
| Financial debts | 170/4 | €188,327 | €237,418 | +€49,091 | +26.1% |
| Amounts payable within one year | 42/48 | €186,351 | €222,115 | +€35,763 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €21,733 | €32,599 | +€10,867 | +50.0% |
| Financial debts | 43 | €1,766 | €713 | -€1,052 | -59.6% |
| Credit institutions | 430/8 | €1,766 | €713 | -€1,052 | -59.6% |
| Trade debts | 44 | €33,644 | €61,630 | +€27,987 | +83.2% |
| Suppliers | 440/4 | €33,644 | €61,630 | +€27,987 | +83.2% |
| Taxes, remuneration and social security | 45 | €18,235 | €27,440 | +€9,204 | +50.5% |
| Taxes | 450/3 | €5,916 | €3,586 | -€2,330 | -39.4% |
| Remuneration and social security | 454/9 | €12,320 | €23,854 | +€11,534 | +93.6% |
| Other amounts payable | 47/48 | €110,974 | €99,732 | -€11,242 | -10.1% |
| Remuneration, social security and pensions | 62 | €70,256 | €82,386 | +€12,129 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,468 | €31,095 | +€2,627 | +9.2% |
| Other operating charges | 640/8 | €1,637 | €1,709 | +€72 | +4.4% |
| Gross operating margin | 9900 | €119,826 | €114,707 | -€5,119 | -4.3% |
| Operating profit (loss) | 9901 | €19,464 | -€483 | -€19,947 | |
| Financial income | 75/76B | €146 | €1 | -€145 | -99.4% |
| Recurring financial income | 75 | €146 | €1 | -€145 | -99.4% |
| Financial charges | 65/66B | €12,932 | €11,367 | -€1,565 | -12.1% |
| Recurring financial charges | 65 | €12,932 | €11,367 | -€1,565 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €6,678 | -€11,850 | -€18,527 | |
| Income taxes | 67/77 | €1,446 | €0 | -€1,446 | -100% |
| Profit (loss) for the period | 9904 | €5,232 | -€11,850 | -€17,082 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,232 | -€11,850 | -€17,082 |
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 13 October 2026 via checked.be.