ETS PAESEN: 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.
ETS PAESEN
Largest movements
- Receivables after one year -€77,679
down €77,679 (-25.1%), from €309,728 to €232,050
- Current investments +€48,500
up €48,500 (+14.3%), from €338,500 to €387,000
- Cash -€39,497
down €39,497 (-37.9%), from €104,300 to €64,803
mainly Contributions, distributions and other (-€231,231) and Debts after one year (-€159,610)
- Other debts +€218,623
up €218,623 (+4,995%), from €4,377 to €223,000
- Reserves -€201,593
down €201,593 (-16.8%), from €1.2m to €995,638
of which Distributable reserves: -€193,915
- Debts after one year -€159,610
down €159,610 (-8.3%), from €1.9m to €1.8m
- Trade debts +€65,087
up €65,087 (+359%), from €18,155 to €83,243
- Gross operating margin -€167,063
down €167,063 (-44.1%), from €378,827 to €211,763
- Depreciation -€41,629
down €41,629 (-28.0%), from €148,495 to €106,866
- Taxes -€37,239
down €37,239 (-72.9%), from €51,117 to €13,878
- Financial income +€6,472
up €6,472 (+59.6%), from €10,855 to €17,326
- Other operating charges -€5,967
down €5,967 (-16.1%), from €36,985 to €31,018
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,487,618 | €3,425,639 | -€61,979 | -1.8% |
| Fixed assets | 21/28 | €2,536,136 | €2,563,417 | +€27,281 | +1.1% |
| Tangible fixed assets | 22/27 | €2,534,936 | €2,562,217 | +€27,281 | +1.1% |
| Land and buildings | 22 | €1,906,525 | €1,974,374 | +€67,849 | +3.6% |
| Plant, machinery and equipment | 23 | €15,432 | €13,416 | -€2,016 | -13.1% |
| Furniture and vehicles | 24 | €32,642 | €27,455 | -€5,187 | -15.9% |
| Other tangible fixed assets | 26 | €580,337 | €546,972 | -€33,365 | -5.7% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €951,481 | €862,221 | -€89,260 | -9.4% |
| Amounts receivable after more than one year | 29 | €309,728 | €232,050 | -€77,679 | -25.1% |
| Other amounts receivable | 291 | €309,728 | €232,050 | -€77,679 | -25.1% |
| Amounts receivable within one year | 40/41 | €198,953 | €178,369 | -€20,584 | -10.3% |
| Trade receivables | 40 | €59,779 | €41,853 | -€17,926 | -30.0% |
| Other amounts receivable | 41 | €139,174 | €136,516 | -€2,658 | -1.9% |
| Current investments | 50/53 | €338,500 | €387,000 | +€48,500 | +14.3% |
| Cash at bank and in hand | 54/58 | €104,300 | €64,803 | -€39,497 | -37.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,487,618 | €3,425,639 | -€61,979 | -1.8% |
| Equity | 10/15 | €1,262,231 | €1,060,638 | -€201,593 | -16.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €1,197,231 | €995,638 | -€201,593 | -16.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €154,224 | €146,545 | -€7,678 | -5.0% |
| Distributable reserves | 133 | €1,043,008 | €849,093 | -€193,915 | -18.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €47,306 | €44,747 | -€2,559 | -5.4% |
| Deferred taxes | 168 | €47,306 | €44,747 | -€2,559 | -5.4% |
| Amounts payable | 17/49 | €2,178,081 | €2,320,254 | +€142,173 | +6.5% |
| Amounts payable after more than one year | 17 | €1,912,382 | €1,752,773 | -€159,610 | -8.3% |
| Financial debts | 170/4 | €1,912,382 | €1,752,773 | -€159,610 | -8.3% |
| Amounts payable within one year | 42/48 | €243,198 | €537,036 | +€293,837 | +121% |
| Current portion of amounts payable after more than one year | 42 | €209,549 | €200,273 | -€9,276 | -4.4% |
| Trade debts | 44 | €18,155 | €83,243 | +€65,087 | +359% |
| Suppliers | 440/4 | €18,155 | €83,243 | +€65,087 | +359% |
| Taxes, remuneration and social security | 45 | €11,117 | €30,521 | +€19,404 | +175% |
| Taxes | 450/3 | €11,117 | €30,521 | +€19,404 | +175% |
| Other amounts payable | 47/48 | €4,377 | €223,000 | +€218,623 | +4,995% |
| Accrued charges and deferred income | 492/3 | €22,500 | €30,446 | +€7,946 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,495 | €106,866 | -€41,629 | -28.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €36,985 | €31,018 | -€5,967 | -16.1% |
| Gross operating margin | 9900 | €378,827 | €211,763 | -€167,063 | -44.1% |
| Operating profit (loss) | 9901 | €193,346 | €73,879 | -€119,467 | -61.8% |
| Financial income | 75/76B | €10,855 | €17,326 | +€6,472 | +59.6% |
| Recurring financial income | 75 | €10,855 | €17,326 | +€6,472 | +59.6% |
| Financial charges | 65/66B | €54,245 | €50,249 | -€3,996 | -7.4% |
| Recurring financial charges | 65 | €54,245 | €50,249 | -€3,996 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €149,956 | €40,957 | -€108,999 | -72.7% |
| Transfer from deferred taxes | 780 | €2,559 | €2,559 | = | 0.0% |
| Income taxes | 67/77 | €51,117 | €13,878 | -€37,239 | -72.9% |
| Profit (loss) for the period | 9904 | €101,398 | €29,638 | -€71,760 | -70.8% |
| Transfer from tax-exempt reserves | 789 | €7,678 | €7,678 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,077 | €37,316 | -€71,760 | -65.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.