Izaak Pairoux: 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.
Izaak Pairoux
Largest movements
- Tangible fixed assets -€51,782
down €51,782 (-6.0%), from €867,048 to €815,266
of which Land and buildings: -€51,325
- Cash -€48,335
down €48,335 (-94.0%), from €51,438 to €3,104
mainly Debts after one year (-€46,855) and Other debts (-€46,480)
- Receivables after one year -€24,138
down €24,138 (-19.0%), from €126,951 to €102,813
- Debts after one year -€46,855
down €46,855 (-11.2%), from €419,625 to €372,771
- Other debts -€46,480
down €46,480 (-28.1%), from €165,608 to €119,128
- Profit (loss) carried forward -€24,705
down €24,705 (-17.5%), from -€140,945 to -€165,650
- Gross operating margin +€2,047
up €2,047 (+6.9%), from €29,604 to €31,651
- Financial income -€1,539
down €1,539 (-28.5%), from €5,394 to €3,855
- Financial charges -€1,498
down €1,498 (-12.8%), from €11,701 to €10,203
- Depreciation -€578
down €578 (-1.1%), from €52,360 to €51,782
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 | €1,173,569 | €1,050,560 | -€123,009 | -10.5% |
| Fixed assets | 21/28 | €867,048 | €815,266 | -€51,782 | -6.0% |
| Tangible fixed assets | 22/27 | €867,048 | €815,266 | -€51,782 | -6.0% |
| Land and buildings | 22 | €864,380 | €813,055 | -€51,325 | -5.9% |
| Other tangible fixed assets | 26 | €2,668 | €2,211 | -€457 | -17.1% |
| Current assets | 29/58 | €306,521 | €235,293 | -€71,228 | -23.2% |
| Amounts receivable after more than one year | 29 | €126,951 | €102,813 | -€24,138 | -19.0% |
| Trade receivables | 290 | €126,951 | €102,813 | -€24,138 | -19.0% |
| Amounts receivable within one year | 40/41 | €23,906 | €24,380 | +€474 | +2.0% |
| Other amounts receivable | 41 | €23,906 | €24,380 | +€474 | +2.0% |
| Current investments | 50/53 | €102,900 | €103,257 | +€357 | +0.3% |
| Cash at bank and in hand | 54/58 | €51,438 | €3,104 | -€48,335 | -94.0% |
| Deferred charges and accrued income | 490/1 | €1,325 | €1,740 | +€415 | +31.3% |
| Total equity and liabilities | 10/49 | €1,173,569 | €1,050,560 | -€123,009 | -10.5% |
| Equity | 10/15 | €498,165 | €466,573 | -€31,591 | -6.3% |
| Contributions | 10/11 | €118,800 | €118,800 | = | 0.0% |
| Reserves | 13 | €520,310 | €513,423 | -€6,886 | -1.3% |
| Non-distributable reserves | 130/1 | €800 | €800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €800 | €800 | = | 0.0% |
| Tax-exempt reserves | 132 | €151,389 | €144,502 | -€6,886 | -4.5% |
| Distributable reserves | 133 | €368,121 | €368,121 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,945 | -€165,650 | -€24,705 | -17.5% |
| Provisions and deferred taxes | 16 | €37,847 | €36,126 | -€1,722 | -4.5% |
| Deferred taxes | 168 | €37,847 | €36,126 | -€1,722 | -4.5% |
| Amounts payable | 17/49 | €637,557 | €547,861 | -€89,696 | -14.1% |
| Amounts payable after more than one year | 17 | €419,625 | €372,771 | -€46,855 | -11.2% |
| Financial debts | 170/4 | €419,625 | €372,771 | -€46,855 | -11.2% |
| Amounts payable within one year | 42/48 | €213,550 | €171,212 | -€42,338 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €46,146 | €46,855 | +€709 | +1.5% |
| Trade debts | 44 | €848 | €4,414 | +€3,566 | +421% |
| Suppliers | 440/4 | €848 | €4,414 | +€3,566 | +421% |
| Taxes, remuneration and social security | 45 | €949 | €816 | -€133 | -14.0% |
| Taxes | 450/3 | €949 | €816 | -€133 | -14.0% |
| Other amounts payable | 47/48 | €165,608 | €119,128 | -€46,480 | -28.1% |
| Accrued charges and deferred income | 492/3 | €4,382 | €3,878 | -€504 | -11.5% |
| Non-recurring operating income | 76A | - | €20 | +€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,360 | €51,782 | -€578 | -1.1% |
| Other operating charges | 640/8 | €6,627 | €6,834 | +€208 | +3.1% |
| Gross operating margin | 9900 | €29,604 | €31,651 | +€2,047 | +6.9% |
| Operating profit (loss) | 9901 | -€29,382 | -€26,965 | +€2,417 | +8.2% |
| Financial income | 75/76B | €5,394 | €3,855 | -€1,539 | -28.5% |
| Recurring financial income | 75 | €5,394 | €3,855 | -€1,539 | -28.5% |
| Financial charges | 65/66B | €11,701 | €10,203 | -€1,498 | -12.8% |
| Recurring financial charges | 65 | €11,701 | €10,203 | -€1,498 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,690 | -€33,313 | +€2,377 | +6.7% |
| Transfer from deferred taxes | 780 | €1,722 | €1,722 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€33,968 | -€31,591 | +€2,377 | +7.0% |
| Transfer from tax-exempt reserves | 789 | €6,886 | €6,886 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,082 | -€24,705 | +€2,377 | +8.8% |
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 24 October 2026 via checked.be.