Katrien Pacquée: 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.
Katrien Pacquée
Largest movements
- Cash -€20,423
down €20,423 (-64.8%), from €31,533 to €11,109
mainly Investment in fixed assets (net) (-€12,000) and Receivables within one year (-€8,438)
- Financial fixed assets +€12,000
up €12,000, from €0 to €12,000
- Receivables within one year +€8,438
up €8,438 (+24.6%), from €34,316 to €42,754
of which Trade receivables: +€5,478
- Intangible fixed assets -€4,500
down €4,500 (-31.6%), from €14,237 to €9,737
- Deferred charges and accrued income -€1,922
down €1,922 (-24.7%), from €7,771 to €5,849
- Other debts -€4,233
down €4,233 (-8.4%), from €50,454 to €46,221
- Tax, wage and social debts -€2,353
down €2,353 (-42.1%), from €5,583 to €3,230
- Reserves -€1,468
down €1,468 (-11.2%), from €13,138 to €11,670
- Trade debts +€1,323
up €1,323 (+326%), from €405 to €1,728
- Gross operating margin -€12,233
down €12,233 (-70.6%), from €17,325 to €5,092
- Taxes -€2,498
down €2,498 (-89.0%), from €2,806 to €308
- Depreciation -€575
down €575 (-10.6%), from €5,399 to €4,824
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 | €88,180 | €81,449 | -€6,731 | -7.6% |
| Fixed assets | 21/28 | €14,561 | €21,737 | +€7,176 | +49.3% |
| Intangible fixed assets | 21 | €14,237 | €9,737 | -€4,500 | -31.6% |
| Tangible fixed assets | 22/27 | €324 | €0 | -€324 | -100% |
| Plant, machinery and equipment | 23 | €147 | €0 | -€147 | -100% |
| Furniture and vehicles | 24 | €177 | €0 | -€177 | -100% |
| Financial fixed assets | 28 | €0 | €12,000 | +€12,000 | |
| Current assets | 29/58 | €73,619 | €59,712 | -€13,907 | -18.9% |
| Amounts receivable within one year | 40/41 | €34,316 | €42,754 | +€8,438 | +24.6% |
| Trade receivables | 40 | €21,110 | €26,587 | +€5,478 | +26.0% |
| Other amounts receivable | 41 | €13,206 | €16,166 | +€2,960 | +22.4% |
| Cash at bank and in hand | 54/58 | €31,533 | €11,109 | -€20,423 | -64.8% |
| Deferred charges and accrued income | 490/1 | €7,771 | €5,849 | -€1,922 | -24.7% |
| Total equity and liabilities | 10/49 | €88,180 | €81,449 | -€6,731 | -7.6% |
| Equity | 10/15 | €31,738 | €30,270 | -€1,468 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €13,138 | €11,670 | -€1,468 | -11.2% |
| Distributable reserves | 133 | €13,138 | €11,670 | -€1,468 | -11.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €56,442 | €51,179 | -€5,263 | -9.3% |
| Amounts payable within one year | 42/48 | €56,442 | €51,179 | -€5,263 | -9.3% |
| Trade debts | 44 | €405 | €1,728 | +€1,323 | +326% |
| Suppliers | 440/4 | €405 | €1,728 | +€1,323 | +326% |
| Taxes, remuneration and social security | 45 | €5,583 | €3,230 | -€2,353 | -42.1% |
| Taxes | 450/3 | €5,583 | €3,230 | -€2,353 | -42.1% |
| Other amounts payable | 47/48 | €50,454 | €46,221 | -€4,233 | -8.4% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | -€0 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,399 | €4,824 | -€575 | -10.6% |
| Other operating charges | 640/8 | €1,243 | €1,202 | -€41 | -3.3% |
| Gross operating margin | 9900 | €17,325 | €5,092 | -€12,233 | -70.6% |
| Operating profit (loss) | 9901 | €10,683 | -€934 | -€11,617 | |
| Financial income | 75/76B | €171 | €16 | -€156 | -91.0% |
| Recurring financial income | 75 | €171 | €16 | -€156 | -91.0% |
| Financial charges | 65/66B | €252 | €241 | -€11 | -4.5% |
| Recurring financial charges | 65 | €252 | €241 | -€11 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €10,602 | -€1,160 | -€11,761 | |
| Income taxes | 67/77 | €2,806 | €308 | -€2,498 | -89.0% |
| Profit (loss) for the period | 9904 | €7,795 | -€1,468 | -€9,263 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,795 | -€1,468 | -€9,263 |
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 21 October 2026 via checked.be.