GILBERT PASCAL: what changed
Two fiscal 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.
GILBERT PASCAL
Largest movements
- Tangible fixed assets -€50,788
no longer reported in 2025 (was €50,788)
of which Furniture and vehicles: -€50,539
- Cash +€18,550
up €18,550 (+199.5%), from €9,299 to €27,850
mainly Investment in fixed assets (net) (+€50,539) and Stocks and contracts (+€10,203)
- Stocks and contracts -€10,203
no longer reported in 2025 (was €10,203)
of which Contracts in progress: -€9,139
- Receivables within one year -€3,993
down €3,993 (-99.8%), from €4,001 to €8
of which Trade receivables: -€2,475
- Deferred charges and accrued income -€1,102
no longer reported in 2025 (was €1,102)
- Debts after one year -€22,423
no longer reported in 2025 (was €22,423)
- Other debts -€15,898
down €15,898 (-80.1%), from €19,837 to €3,939
- Profit (loss) carried forward -€12,369
down €12,369 (-14.8%), from -€83,628 to -€95,997
- Current portion of long-term debt -€7,545
down €7,545 (-81.6%), from €9,247 to €1,701
- Tax, wage and social debts +€7,390
up €7,390 (+313.4%), from €2,358 to €9,749
of which Taxes: +€4,075
- Depreciation -€9,966
down €9,966 (-97.6%), from €10,215 to €249
- Gross operating margin +€6,083
up €6,083 (+58.7%), from -€10,364 to -€4,281
- Financial charges +€828
up €828 (+94.7%), from €875 to €1,704
- Other operating charges +€790
up €790 (+336.0%), from €235 to €1,025
- Staff costs -€475
down €475 (-42.9%), from €1,108 to €633
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.
Cash bridge derived
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 | €75,394 | €27,858 | -€47,536 | -63.1% |
| Fixed assets | 21/28 | €50,788 | - | -€50,788 | |
| Tangible fixed assets | 22/27 | €50,788 | - | -€50,788 | |
| Plant, machinery and equipment | 23 | €249 | - | -€249 | |
| Furniture and vehicles | 24 | €50,539 | - | -€50,539 | |
| Current assets | 29/58 | €24,606 | €27,858 | +€3,252 | +13.2% |
| Stocks and contracts in progress | 3 | €10,203 | - | -€10,203 | |
| Stocks | 30/36 | €1,064 | - | -€1,064 | |
| Contracts in progress | 37 | €9,139 | - | -€9,139 | |
| Amounts receivable within one year | 40/41 | €4,001 | €8 | -€3,993 | -99.8% |
| Trade receivables | 40 | €2,475 | - | -€2,475 | |
| Other amounts receivable | 41 | €1,526 | €8 | -€1,518 | -99.5% |
| Cash at bank and in hand | 54/58 | €9,299 | €27,850 | +€18,550 | +199.5% |
| Deferred charges and accrued income | 490/1 | €1,102 | - | -€1,102 | |
| Total equity and liabilities | 10/49 | €75,394 | €27,858 | -€47,536 | -63.1% |
| Equity | 10/15 | €18,448 | €6,079 | -€12,369 | -67.0% |
| Contributions | 10/11 | €18,529 | €18,529 | = | 0.0% |
| Reserves | 13 | €83,547 | €83,547 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,192 | €4,192 | = | 0.0% |
| Distributable reserves | 133 | €79,355 | €79,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,628 | -€95,997 | -€12,369 | -14.8% |
| Amounts payable | 17/49 | €56,946 | €21,779 | -€35,167 | -61.8% |
| Amounts payable after more than one year | 17 | €22,423 | - | -€22,423 | |
| Financial debts | 170/4 | €22,423 | - | -€22,423 | |
| Amounts payable within one year | 42/48 | €34,523 | €21,779 | -€12,744 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €9,247 | €1,701 | -€7,545 | -81.6% |
| Trade debts | 44 | €3,081 | €6,390 | +€3,308 | +107.4% |
| Suppliers | 440/4 | €3,081 | €6,390 | +€3,308 | +107.4% |
| Taxes, remuneration and social security | 45 | €2,358 | €9,749 | +€7,390 | +313.4% |
| Taxes | 450/3 | - | €4,075 | +€4,075 | |
| Remuneration and social security | 454/9 | €2,358 | €5,674 | +€3,315 | +140.6% |
| Other amounts payable | 47/48 | €19,837 | €3,939 | -€15,898 | -80.1% |
| Non-recurring operating income | 76A | - | €15,344 | +€15,344 | |
| Remuneration, social security and pensions | 62 | €1,108 | €633 | -€475 | -42.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,215 | €249 | -€9,966 | -97.6% |
| Other operating charges | 640/8 | €235 | €1,025 | +€790 | +336.0% |
| Non-recurring operating charges | 66A | - | €4,483 | +€4,483 | |
| Gross operating margin | 9900 | -€10,364 | -€4,281 | +€6,083 | +58.7% |
| Operating profit (loss) | 9901 | -€21,922 | -€10,671 | +€11,251 | +51.3% |
| Financial income | 75/76B | €29 | €6 | -€23 | -79.0% |
| Recurring financial income | 75 | €29 | €6 | -€23 | -79.0% |
| Financial charges | 65/66B | €875 | €1,704 | +€828 | +94.7% |
| Recurring financial charges | 65 | €875 | €1,704 | +€828 | +94.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,768 | -€12,369 | +€10,399 | +45.7% |
| Income taxes | 67/77 | €0 | €0 | +€0 | +26.7% |
| Profit (loss) for the period | 9904 | -€22,768 | -€12,369 | +€10,399 | +45.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,768 | -€12,369 | +€10,399 | +45.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.