J. PAHAUX: 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.
J. PAHAUX
Largest movements
- Stocks and contracts -€11,687
down €11,687 (-7.1%), from €165,101 to €153,414
- Tangible fixed assets +€2,742
up €2,742 (+335%), from €819 to €3,561
of which Plant, machinery and equipment: +€2,948
- Other debts -€15,000
down €15,000 (-15.4%), from €97,700 to €82,700
- Tax, wage and social debts +€5,018
up €5,018 (+67.5%), from €7,439 to €12,457
of which Remuneration and social security: +€3,696
- Trade debts +€3,326
up €3,326 (+174%), from €1,909 to €5,235
- Reserves +€3,100
up €3,100 (+14.2%), from €21,900 to €25,000
- Profit (loss) carried forward -€2,677
down €2,677 (-12.4%), from €21,522 to €18,845
- Staff costs +€1,824
up €1,824 (+3.7%), from €49,405 to €51,229
- Gross operating margin -€690
down €690 (-1.3%), from €53,417 to €52,727
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 | €170,579 | €163,237 | -€7,342 | -4.3% |
| Fixed assets | 21/28 | €869 | €3,611 | +€2,742 | +316% |
| Tangible fixed assets | 22/27 | €819 | €3,561 | +€2,742 | +335% |
| Plant, machinery and equipment | 23 | €253 | €3,201 | +€2,948 | +1,165% |
| Furniture and vehicles | 24 | €566 | €360 | -€206 | -36.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €169,710 | €159,626 | -€10,084 | -5.9% |
| Stocks and contracts in progress | 3 | €165,101 | €153,414 | -€11,687 | -7.1% |
| Stocks | 30/36 | €165,101 | €153,414 | -€11,687 | -7.1% |
| Amounts receivable within one year | 40/41 | €917 | €1,528 | +€611 | +66.6% |
| Trade receivables | 40 | €917 | €1,528 | +€611 | +66.6% |
| Cash at bank and in hand | 54/58 | €2,756 | €3,721 | +€965 | +35.0% |
| Deferred charges and accrued income | 490/1 | €936 | €963 | +€27 | +2.9% |
| Total equity and liabilities | 10/49 | €170,579 | €163,237 | -€7,342 | -4.3% |
| Equity | 10/15 | €62,422 | €62,845 | +€423 | +0.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Contributions outside capital | 11 | €19,000 | €19,000 | = | 0.0% |
| Other | 1109/19 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €21,900 | €25,000 | +€3,100 | +14.2% |
| Distributable reserves | 133 | €21,900 | €25,000 | +€3,100 | +14.2% |
| Profit (loss) carried forward | 14 | €21,522 | €18,845 | -€2,677 | -12.4% |
| Amounts payable | 17/49 | €108,157 | €100,392 | -€7,765 | -7.2% |
| Amounts payable within one year | 42/48 | €108,157 | €100,392 | -€7,765 | -7.2% |
| Trade debts | 44 | €1,909 | €5,235 | +€3,326 | +174% |
| Suppliers | 440/4 | €1,909 | €5,235 | +€3,326 | +174% |
| Advances received on contracts in progress | 46 | €1,109 | - | -€1,109 | |
| Taxes, remuneration and social security | 45 | €7,439 | €12,457 | +€5,018 | +67.5% |
| Taxes | 450/3 | €689 | €2,011 | +€1,322 | +192% |
| Remuneration and social security | 454/9 | €6,750 | €10,446 | +€3,696 | +54.8% |
| Other amounts payable | 47/48 | €97,700 | €82,700 | -€15,000 | -15.4% |
| Remuneration, social security and pensions | 62 | €49,405 | €51,229 | +€1,824 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €496 | €458 | -€38 | -7.7% |
| Other operating charges | 640/8 | €270 | €279 | +€9 | +3.3% |
| Gross operating margin | 9900 | €53,417 | €52,727 | -€690 | -1.3% |
| Operating profit (loss) | 9901 | €3,246 | €761 | -€2,485 | -76.6% |
| Financial income | 75/76B | €438 | €132 | -€306 | -69.9% |
| Recurring financial income | 75 | €438 | €132 | -€306 | -69.9% |
| Financial charges | 65/66B | €364 | €470 | +€106 | +29.1% |
| Recurring financial charges | 65 | €364 | €470 | +€106 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €3,320 | €423 | -€2,897 | -87.3% |
| Profit (loss) for the period | 9904 | €3,320 | €423 | -€2,897 | -87.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,320 | €423 | -€2,897 | -87.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.