P. RADOUX: 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.
P. RADOUX
Largest movements
- Cash +€30,092
up €30,092 (+54.0%), from €55,755 to €85,847
mainly Depreciation (+€18,126) and Net result for the year (+€15,793)
- Tangible fixed assets -€18,126
down €18,126 (-18.1%), from €100,421 to €82,295
of which Land and buildings: -€13,580
- Stocks and contracts +€5,584
up €5,584 (+4.8%), from €115,625 to €121,209
- Receivables within one year +€5,582
up €5,582 (+6.6%), from €84,223 to €89,805
of which Other amounts receivable: +€4,348
- Reserves +€15,793
up €15,793 (+6.2%), from €253,211 to €269,004
of which Distributable reserves: +€15,793
- Gross operating margin +€3,687
up €3,687 (+4.2%), from €86,849 to €90,536
- Depreciation -€3,361
down €3,361 (-15.6%), from €21,487 to €18,126
- Taxes +€2,415
up €2,415 (+55.0%), from €4,389 to €6,804
- Staff costs -€2,086
down €2,086 (-4.5%), from €46,186 to €44,100
- Other operating charges -€1,018
down €1,018 (-20.8%), from €4,899 to €3,881
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 | €358,238 | €381,087 | +€22,849 | +6.4% |
| Fixed assets | 21/28 | €100,599 | €82,473 | -€18,126 | -18.0% |
| Tangible fixed assets | 22/27 | €100,421 | €82,295 | -€18,126 | -18.1% |
| Land and buildings | 22 | €93,369 | €79,789 | -€13,580 | -14.5% |
| Plant, machinery and equipment | 23 | €3,285 | €2,472 | -€813 | -24.8% |
| Furniture and vehicles | 24 | €3,767 | €33 | -€3,733 | -99.1% |
| Financial fixed assets | 28 | €179 | €179 | = | 0.0% |
| Current assets | 29/58 | €257,639 | €298,614 | +€40,975 | +15.9% |
| Stocks and contracts in progress | 3 | €115,625 | €121,209 | +€5,584 | +4.8% |
| Stocks | 30/36 | €115,625 | €121,209 | +€5,584 | +4.8% |
| Amounts receivable within one year | 40/41 | €84,223 | €89,805 | +€5,582 | +6.6% |
| Trade receivables | 40 | €70,717 | €71,952 | +€1,234 | +1.7% |
| Other amounts receivable | 41 | €13,506 | €17,853 | +€4,348 | +32.2% |
| Cash at bank and in hand | 54/58 | €55,755 | €85,847 | +€30,092 | +54.0% |
| Deferred charges and accrued income | 490/1 | €2,036 | €1,753 | -€283 | -13.9% |
| Total equity and liabilities | 10/49 | €358,238 | €381,087 | +€22,849 | +6.4% |
| Equity | 10/15 | €265,606 | €281,399 | +€15,793 | +5.9% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €253,211 | €269,004 | +€15,793 | +6.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €253,211 | €269,004 | +€15,793 | +6.2% |
| Amounts payable | 17/49 | €92,632 | €99,689 | +€7,056 | +7.6% |
| Amounts payable within one year | 42/48 | €91,682 | €99,689 | +€8,006 | +8.7% |
| Trade debts | 44 | €48,991 | €50,550 | +€1,559 | +3.2% |
| Suppliers | 440/4 | €48,991 | €50,550 | +€1,559 | +3.2% |
| Taxes, remuneration and social security | 45 | €6,145 | €8,982 | +€2,837 | +46.2% |
| Taxes | 450/3 | €133 | €195 | +€62 | +46.8% |
| Remuneration and social security | 454/9 | €6,012 | €8,787 | +€2,775 | +46.2% |
| Other amounts payable | 47/48 | €36,546 | €40,156 | +€3,610 | +9.9% |
| Accrued charges and deferred income | 492/3 | €950 | €0 | -€950 | -100.0% |
| Remuneration, social security and pensions | 62 | €46,186 | €44,100 | -€2,086 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,487 | €18,126 | -€3,361 | -15.6% |
| Other operating charges | 640/8 | €4,899 | €3,881 | -€1,018 | -20.8% |
| Gross operating margin | 9900 | €86,849 | €90,536 | +€3,687 | +4.2% |
| Operating profit (loss) | 9901 | €14,277 | €24,429 | +€10,152 | +71.1% |
| Financial income | 75/76B | €33 | €36 | +€3 | +8.7% |
| Recurring financial income | 75 | €33 | €36 | +€3 | +8.7% |
| Financial charges | 65/66B | €2,370 | €1,868 | -€502 | -21.2% |
| Recurring financial charges | 65 | €2,370 | €1,868 | -€502 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €11,941 | €22,597 | +€10,657 | +89.2% |
| Income taxes | 67/77 | €4,389 | €6,804 | +€2,415 | +55.0% |
| Profit (loss) for the period | 9904 | €7,552 | €15,793 | +€8,241 | +109.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,552 | €15,793 | +€8,241 | +109.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.