P. Gysels: 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.
P. Gysels
Largest movements
- Current investments +€61,349
new in 2025: €61,349
- Receivables within one year +€26,466
up €26,466 (+46.4%), from €57,061 to €83,528
of which Other amounts receivable: +€22,146
- Cash -€11,711
down €11,711 (-6.6%), from €178,738 to €167,027
mainly Contributions, distributions and other (-€110,000) and Current investments (-€61,349)
- Intangible fixed assets -€7,757
down €7,757 (-19.3%), from €40,123 to €32,366
- Other debts +€92,285
up €92,285 (+521%), from €17,715 to €110,000
- Debts after one year -€30,775
down €30,775 (-60.6%), from €50,780 to €20,005
- Trade debts -€17,297
down €17,297 (-13.1%), from €131,725 to €114,428
- Tax, wage and social debts +€12,308
up €12,308 (+29.2%), from €42,162 to €54,471
of which Taxes: +€14,632
- Reserves +€5,304
up €5,304 (+5.3%), from €99,331 to €104,635
- Staff costs -€43,323
down €43,323 (-14.7%), from €294,300 to €250,977
- Depreciation -€36,929
down €36,929 (-61.5%), from €60,059 to €23,130
- Taxes +€25,224
up €25,224 (+267%), from €9,459 to €34,682
- Gross operating margin -€24,893
down €24,893 (-5.6%), from €442,285 to €417,392
- Financial income +€17,543
up €17,543 (+3,150%), from €557 to €18,100
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 | €390,278 | €456,494 | +€66,216 | +17.0% |
| Fixed assets | 21/28 | €136,684 | €128,040 | -€8,644 | -6.3% |
| Intangible fixed assets | 21 | €40,123 | €32,366 | -€7,757 | -19.3% |
| Tangible fixed assets | 22/27 | €96,561 | €95,674 | -€886 | -0.9% |
| Plant, machinery and equipment | 23 | €93,583 | €85,352 | -€8,231 | -8.8% |
| Furniture and vehicles | 24 | €2,978 | €10,322 | +€7,344 | +247% |
| Current assets | 29/58 | €253,595 | €328,454 | +€74,859 | +29.5% |
| Stocks and contracts in progress | 3 | €12,341 | €14,366 | +€2,025 | +16.4% |
| Stocks | 30/36 | €12,341 | €14,366 | +€2,025 | +16.4% |
| Amounts receivable within one year | 40/41 | €57,061 | €83,528 | +€26,466 | +46.4% |
| Trade receivables | 40 | €22,765 | €27,086 | +€4,321 | +19.0% |
| Other amounts receivable | 41 | €34,296 | €56,442 | +€22,146 | +64.6% |
| Current investments | 50/53 | - | €61,349 | +€61,349 | |
| Cash at bank and in hand | 54/58 | €178,738 | €167,027 | -€11,711 | -6.6% |
| Deferred charges and accrued income | 490/1 | €5,454 | €2,185 | -€3,269 | -59.9% |
| Total equity and liabilities | 10/49 | €390,278 | €456,494 | +€66,216 | +17.0% |
| Equity | 10/15 | €117,931 | €123,235 | +€5,304 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €99,331 | €104,635 | +€5,304 | +5.3% |
| Distributable reserves | 133 | €99,331 | €104,635 | +€5,304 | +5.3% |
| Amounts payable | 17/49 | €272,347 | €333,259 | +€60,912 | +22.4% |
| Amounts payable after more than one year | 17 | €50,780 | €20,005 | -€30,775 | -60.6% |
| Financial debts | 170/4 | €50,780 | €20,005 | -€30,775 | -60.6% |
| Amounts payable within one year | 42/48 | €221,567 | €313,254 | +€91,687 | +41.4% |
| Current portion of amounts payable after more than one year | 42 | €29,965 | €30,775 | +€811 | +2.7% |
| Trade debts | 44 | €131,725 | €114,428 | -€17,297 | -13.1% |
| Suppliers | 440/4 | €131,725 | €114,428 | -€17,297 | -13.1% |
| Advances received on contracts in progress | 46 | - | €3,580 | +€3,580 | |
| Taxes, remuneration and social security | 45 | €42,162 | €54,471 | +€12,308 | +29.2% |
| Taxes | 450/3 | €11,315 | €25,947 | +€14,632 | +129% |
| Remuneration and social security | 454/9 | €30,847 | €28,524 | -€2,324 | -7.5% |
| Other amounts payable | 47/48 | €17,715 | €110,000 | +€92,285 | +521% |
| Non-recurring operating income | 76A | - | €13,593 | +€13,593 | |
| Remuneration, social security and pensions | 62 | €294,300 | €250,977 | -€43,323 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,059 | €23,130 | -€36,929 | -61.5% |
| Other operating charges | 640/8 | €1,275 | €2,283 | +€1,008 | +79.1% |
| Gross operating margin | 9900 | €442,285 | €417,392 | -€24,893 | -5.6% |
| Operating profit (loss) | 9901 | €86,652 | €141,002 | +€54,350 | +62.7% |
| Financial income | 75/76B | €557 | €18,100 | +€17,543 | +3,150% |
| Recurring financial income | 75 | €557 | €18,100 | +€17,543 | +3,150% |
| Financial charges | 65/66B | €11,792 | €9,116 | -€2,676 | -22.7% |
| Recurring financial charges | 65 | €11,792 | €9,116 | -€2,676 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €75,417 | €149,986 | +€74,569 | +98.9% |
| Income taxes | 67/77 | €9,459 | €34,682 | +€25,224 | +267% |
| Profit (loss) for the period | 9904 | €65,958 | €115,304 | +€49,346 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,958 | €115,304 | +€49,346 | +74.8% |
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 22 October 2026 via checked.be.