DR. PAUL BOURGEOIS: 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.
DR. PAUL BOURGEOIS
Largest movements
- Cash +€547,061
up €547,061 (+142%), from €385,047 to €932,108
mainly Current investments (+€330,058) and Deferred charges and accrued income (+€144,570)
- Current investments -€330,058
down €330,058 (-24.4%), from €1.4m to €1.0m
- Deferred charges and accrued income -€144,570
down €144,570 (-64.7%), from €223,285 to €78,716
- Receivables within one year +€30,782
new in 2025: €30,782
- Tangible fixed assets +€29,570
up €29,570 (+1,814%), from €1,630 to €31,201
of which Leasing and similar rights: +€25,962
- Reserves +€125,881
up €125,881 (+6.7%), from €1.9m to €2.0m
- Gross operating margin -€173,637
down €173,637 (-52.2%), from €332,831 to €159,194
- Taxes -€54,465
down €54,465 (-51.6%), from €105,602 to €51,137
- Financial income +€15,865
up €15,865 (+86.2%), from €18,406 to €34,271
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 | €1,959,995 | €2,092,781 | +€132,785 | +6.8% |
| Fixed assets | 21/28 | €1,630 | €31,201 | +€29,570 | +1,814% |
| Tangible fixed assets | 22/27 | €1,630 | €31,201 | +€29,570 | +1,814% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,630 | €3,433 | +€1,803 | +111% |
| Furniture and vehicles | 24 | - | €1,805 | +€1,805 | |
| Leasing and similar rights | 25 | - | €25,962 | +€25,962 | |
| Current assets | 29/58 | €1,958,365 | €2,061,580 | +€103,215 | +5.3% |
| Amounts receivable within one year | 40/41 | - | €30,782 | +€30,782 | |
| Other amounts receivable | 41 | - | €30,782 | +€30,782 | |
| Current investments | 50/53 | €1,350,033 | €1,019,974 | -€330,058 | -24.4% |
| Cash at bank and in hand | 54/58 | €385,047 | €932,108 | +€547,061 | +142% |
| Deferred charges and accrued income | 490/1 | €223,285 | €78,716 | -€144,570 | -64.7% |
| Total equity and liabilities | 10/49 | €1,959,995 | €2,092,781 | +€132,785 | +6.8% |
| Equity | 10/15 | €1,898,196 | €2,024,077 | +€125,881 | +6.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,885,796 | €2,011,677 | +€125,881 | +6.7% |
| Distributable reserves | 133 | €1,885,796 | €2,011,677 | +€125,881 | +6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €61,800 | €68,704 | +€6,904 | +11.2% |
| Amounts payable after more than one year | 17 | €0 | €14,505 | +€14,505 | |
| Financial debts | 170/4 | €0 | €14,505 | +€14,505 | |
| Amounts payable within one year | 42/48 | €60,164 | €52,337 | -€7,828 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €958 | €9,417 | +€8,459 | +883% |
| Taxes, remuneration and social security | 45 | €31,853 | €14,278 | -€17,575 | -55.2% |
| Taxes | 450/3 | €31,853 | €14,278 | -€17,575 | -55.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €27,354 | €28,642 | +€1,288 | +4.7% |
| Accrued charges and deferred income | 492/3 | €1,635 | €1,862 | +€227 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,137 | €4,153 | +€16 | +0.4% |
| Other operating charges | 640/8 | €3,177 | €1,907 | -€1,270 | -40.0% |
| Gross operating margin | 9900 | €332,831 | €159,194 | -€173,637 | -52.2% |
| Operating profit (loss) | 9901 | €325,517 | €153,134 | -€172,383 | -53.0% |
| Financial income | 75/76B | €18,406 | €34,271 | +€15,865 | +86.2% |
| Recurring financial income | 75 | €18,406 | €34,271 | +€15,865 | +86.2% |
| Financial charges | 65/66B | €10,279 | €8,720 | -€1,559 | -15.2% |
| Recurring financial charges | 65 | €10,279 | €8,720 | -€1,559 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €333,644 | €178,685 | -€154,959 | -46.4% |
| Income taxes | 67/77 | €105,602 | €51,137 | -€54,465 | -51.6% |
| Profit (loss) for the period | 9904 | €228,042 | €127,547 | -€100,494 | -44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €228,042 | €127,547 | -€100,494 | -44.1% |
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 29 October 2026 via checked.be.