ENGELS 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.
ENGELS PAUL
Largest movements
- Stocks and contracts +€38,400
up €38,400 (+431%), from €8,901 to €47,301
- Cash -€22,367
down €22,367 (-19.2%), from €116,709 to €94,342
mainly Stocks and contracts (-€38,400) and Tax, wage and social debts (-€12,713)
- Tangible fixed assets -€20,195
down €20,195 (-32.6%), from €61,965 to €41,770
of which Furniture and vehicles: -€19,664
- Tax, wage and social debts -€12,713
no longer reported in 2025 (was €12,713)
of which Taxes: -€8,169
- Reserves +€9,800
up €9,800 (+6.5%), from €149,959 to €159,759
of which Distributable reserves: +€9,800
- Debts after one year -€6,240
down €6,240 (-53.8%), from €11,607 to €5,367
- Trade debts +€3,674
new in 2025: €3,674
- Gross operating margin -€36,484
down €36,484 (-51.4%), from €70,952 to €34,468
- Taxes -€9,654
down €9,654 (-68.9%), from €14,020 to €4,366
- Depreciation +€4,786
up €4,786 (+31.1%), from €15,409 to €20,195
- Financial income +€2,416
up €2,416 (+5,557%), from €43 to €2,460
- Other operating charges -€785
down €785 (-31.0%), from €2,532 to €1,747
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 | €273,955 | €270,206 | -€3,749 | -1.4% |
| Fixed assets | 21/28 | €62,619 | €42,424 | -€20,195 | -32.3% |
| Tangible fixed assets | 22/27 | €61,965 | €41,770 | -€20,195 | -32.6% |
| Land and buildings | 22 | €2,225 | €2,106 | -€119 | -5.3% |
| Plant, machinery and equipment | 23 | €412 | - | -€412 | |
| Furniture and vehicles | 24 | €59,328 | €39,664 | -€19,664 | -33.1% |
| Financial fixed assets | 28 | €654 | €654 | = | 0.0% |
| Current assets | 29/58 | €211,335 | €227,782 | +€16,446 | +7.8% |
| Stocks and contracts in progress | 3 | €8,901 | €47,301 | +€38,400 | +431% |
| Stocks | 30/36 | €8,901 | €47,301 | +€38,400 | +431% |
| Amounts receivable within one year | 40/41 | €85,726 | €86,139 | +€413 | +0.5% |
| Trade receivables | 40 | €63,563 | €53,379 | -€10,185 | -16.0% |
| Other amounts receivable | 41 | €22,162 | €32,760 | +€10,598 | +47.8% |
| Cash at bank and in hand | 54/58 | €116,709 | €94,342 | -€22,367 | -19.2% |
| Total equity and liabilities | 10/49 | €273,955 | €270,206 | -€3,749 | -1.4% |
| Equity | 10/15 | €243,608 | €253,411 | +€9,803 | +4.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €149,959 | €159,759 | +€9,800 | +6.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €148,100 | €157,900 | +€9,800 | +6.6% |
| Profit (loss) carried forward | 14 | €75,057 | €75,060 | +€3 | 0.0% |
| Amounts payable | 17/49 | €30,347 | €16,795 | -€13,552 | -44.7% |
| Amounts payable after more than one year | 17 | €11,607 | €5,367 | -€6,240 | -53.8% |
| Financial debts | 170/4 | €11,607 | €5,367 | -€6,240 | -53.8% |
| Amounts payable within one year | 42/48 | €18,740 | €11,428 | -€7,312 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €6,028 | €6,240 | +€212 | +3.5% |
| Financial debts | 43 | - | €1,514 | +€1,514 | |
| Credit institutions | 430/8 | - | €1,514 | +€1,514 | |
| Trade debts | 44 | - | €3,674 | +€3,674 | |
| Suppliers | 440/4 | - | €3,674 | +€3,674 | |
| Taxes, remuneration and social security | 45 | €12,713 | - | -€12,713 | |
| Taxes | 450/3 | €8,169 | - | -€8,169 | |
| Remuneration and social security | 454/9 | €4,544 | - | -€4,544 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,409 | €20,195 | +€4,786 | +31.1% |
| Other operating charges | 640/8 | €2,532 | €1,747 | -€785 | -31.0% |
| Gross operating margin | 9900 | €70,952 | €34,468 | -€36,484 | -51.4% |
| Operating profit (loss) | 9901 | €53,011 | €12,525 | -€40,486 | -76.4% |
| Financial income | 75/76B | €43 | €2,460 | +€2,416 | +5,557% |
| Recurring financial income | 75 | €43 | €2,460 | +€2,416 | +5,557% |
| Financial charges | 65/66B | €1,034 | €816 | -€218 | -21.1% |
| Recurring financial charges | 65 | €1,034 | €816 | -€218 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €52,021 | €14,169 | -€37,851 | -72.8% |
| Income taxes | 67/77 | €14,020 | €4,366 | -€9,654 | -68.9% |
| Profit (loss) for the period | 9904 | €38,001 | €9,803 | -€28,198 | -74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,001 | €9,803 | -€28,198 | -74.2% |
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 26 October 2026 via checked.be.