FILIP PACQUEE: 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.
FILIP PACQUEE
Largest movements
- Cash -€23,083
down €23,083 (-70.7%), from €32,669 to €9,585
mainly Investment in fixed assets (net) (-€25,086) and Net result for the year (-€19,178)
- Receivables within one year -€17,955
down €17,955 (-59.7%), from €30,090 to €12,134
of which Trade receivables: -€13,791
- Tangible fixed assets +€14,633
up €14,633 (+61.2%), from €23,920 to €38,553
of which Plant, machinery and equipment: +€17,336
- Stocks and contracts +€9,034
up €9,034 (+48.9%), from €18,477 to €27,511
- Deferred charges and accrued income -€1,631
down €1,631 (-49.1%), from €3,324 to €1,693
- Trade debts +€20,514
up €20,514 (+101%), from €20,341 to €40,854
- Reserves -€19,178
down €19,178 (-89.2%), from €21,493 to €2,314
- Accrued charges and deferred income -€10,775
no longer reported in 2025 (was €10,775)
- Debts after one year -€8,569
down €8,569 (-27.2%), from €31,496 to €22,927
- Tax, wage and social debts +€6,184
up €6,184 (+129%), from €4,811 to €10,996
- Gross operating margin -€50,960
down €50,960, from €45,301 to -€5,660
- Taxes -€8,901
down €8,901 (-97.4%), from €9,136 to €235
- Financial charges +€964
up €964 (+83.5%), from €1,155 to €2,119
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 | €108,729 | €89,727 | -€19,003 | -17.5% |
| Fixed assets | 21/28 | €23,920 | €38,553 | +€14,633 | +61.2% |
| Tangible fixed assets | 22/27 | €23,920 | €38,553 | +€14,633 | +61.2% |
| Plant, machinery and equipment | 23 | €7,632 | €24,969 | +€17,336 | +227% |
| Furniture and vehicles | 24 | €16,287 | €13,584 | -€2,703 | -16.6% |
| Current assets | 29/58 | €84,809 | €51,174 | -€33,636 | -39.7% |
| Stocks and contracts in progress | 3 | €18,477 | €27,511 | +€9,034 | +48.9% |
| Stocks | 30/36 | €18,477 | €27,511 | +€9,034 | +48.9% |
| Amounts receivable within one year | 40/41 | €30,090 | €12,134 | -€17,955 | -59.7% |
| Trade receivables | 40 | €24,832 | €11,041 | -€13,791 | -55.5% |
| Other amounts receivable | 41 | €5,258 | €1,094 | -€4,164 | -79.2% |
| Current investments | 50/53 | €250 | €250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,669 | €9,585 | -€23,083 | -70.7% |
| Deferred charges and accrued income | 490/1 | €3,324 | €1,693 | -€1,631 | -49.1% |
| Total equity and liabilities | 10/49 | €108,729 | €89,727 | -€19,003 | -17.5% |
| Equity | 10/15 | €24,493 | €5,314 | -€19,178 | -78.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €21,493 | €2,314 | -€19,178 | -89.2% |
| Distributable reserves | 133 | €21,493 | €2,314 | -€19,178 | -89.2% |
| Amounts payable | 17/49 | €84,236 | €84,412 | +€176 | +0.2% |
| Amounts payable after more than one year | 17 | €31,496 | €22,927 | -€8,569 | -27.2% |
| Financial debts | 170/4 | €31,496 | €22,927 | -€8,569 | -27.2% |
| Amounts payable within one year | 42/48 | €41,965 | €61,485 | +€19,520 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €11,748 | €9,635 | -€2,113 | -18.0% |
| Trade debts | 44 | €20,341 | €40,854 | +€20,514 | +101% |
| Suppliers | 440/4 | €20,341 | €40,854 | +€20,514 | +101% |
| Taxes, remuneration and social security | 45 | €4,811 | €10,996 | +€6,184 | +129% |
| Taxes | 450/3 | €4,811 | €10,996 | +€6,184 | +129% |
| Other amounts payable | 47/48 | €5,065 | - | -€5,065 | |
| Accrued charges and deferred income | 492/3 | €10,775 | - | -€10,775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,204 | €10,453 | +€249 | +2.4% |
| Other operating charges | 640/8 | €807 | €910 | +€103 | +12.8% |
| Non-recurring operating charges | 66A | €832 | - | -€832 | |
| Gross operating margin | 9900 | €45,301 | -€5,660 | -€50,960 | |
| Operating profit (loss) | 9901 | €33,458 | -€17,023 | -€50,480 | |
| Financial income | 75/76B | €7 | €198 | +€191 | +2,707% |
| Recurring financial income | 75 | €7 | €198 | +€191 | +2,707% |
| Financial charges | 65/66B | €1,155 | €2,119 | +€964 | +83.5% |
| Recurring financial charges | 65 | €1,155 | €2,119 | +€964 | +83.5% |
| Profit (loss) for the period before taxes | 9903 | €32,310 | -€18,944 | -€51,253 | |
| Income taxes | 67/77 | €9,136 | €235 | -€8,901 | -97.4% |
| Profit (loss) for the period | 9904 | €23,174 | -€19,178 | -€42,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,174 | -€19,178 | -€42,353 |
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.