PAARDEBOS: 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.
PAARDEBOS
Largest movements
- Stocks and contracts +€120,106
new in 2025: €120,106
- Tangible fixed assets +€50,033
up €50,033 (+8.9%), from €560,511 to €610,544
of which Land and buildings: +€33,685
- Intangible fixed assets +€18,821
new in 2025: €18,821
- Cash +€11,577
up €11,577 (+32.6%), from €35,459 to €47,036
mainly Trade debts (+€287,152) and Current portion of long-term debt (+€80,000)
- Trade debts +€287,152
up €287,152 (+2,917%), from €9,845 to €296,997
- Debts after one year -€140,000
down €140,000 (-34.8%), from €402,399 to €262,399
- Current portion of long-term debt +€80,000
new in 2025: €80,000
- Profit (loss) carried forward -€20,129
down €20,129 (-7.7%), from -€260,210 to -€280,339
- Accrued charges and deferred income -€14,677
down €14,677 (-100%), from €14,677 to €0
- Gross operating margin -€45,209
down €45,209 (-65.1%), from €69,406 to €24,197
- Depreciation +€7,466
up €7,466 (+32.7%), from €22,814 to €30,280
- Financial charges -€6,691
down €6,691 (-52.6%), from €12,729 to €6,038
- Other operating charges -€1,055
down €1,055 (-12.0%), from €8,800 to €7,745
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 | €610,492 | €807,655 | +€197,163 | +32.3% |
| Fixed assets | 21/28 | €560,511 | €629,365 | +€68,854 | +12.3% |
| Intangible fixed assets | 21 | - | €18,821 | +€18,821 | |
| Tangible fixed assets | 22/27 | €560,511 | €610,544 | +€50,033 | +8.9% |
| Land and buildings | 22 | €557,508 | €591,194 | +€33,685 | +6.0% |
| Plant, machinery and equipment | 23 | €3,003 | €2,002 | -€1,001 | -33.3% |
| Furniture and vehicles | 24 | - | €17,349 | +€17,349 | |
| Current assets | 29/58 | €49,981 | €178,290 | +€128,309 | +257% |
| Stocks and contracts in progress | 3 | - | €120,106 | +€120,106 | |
| Stocks | 30/36 | - | €120,106 | +€120,106 | |
| Amounts receivable within one year | 40/41 | €14,434 | €11,148 | -€3,286 | -22.8% |
| Trade receivables | 40 | €14,397 | €605 | -€13,792 | -95.8% |
| Other amounts receivable | 41 | €37 | €10,543 | +€10,506 | +28,401% |
| Cash at bank and in hand | 54/58 | €35,459 | €47,036 | +€11,577 | +32.6% |
| Deferred charges and accrued income | 490/1 | €88 | €0 | -€88 | -100% |
| Total equity and liabilities | 10/49 | €610,492 | €807,655 | +€197,163 | +32.3% |
| Equity | 10/15 | €182,674 | €162,546 | -€20,129 | -11.0% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Revaluation surpluses | 12 | €112,753 | €107,540 | -€5,213 | -4.6% |
| Reserves | 13 | €100,131 | €105,344 | +€5,213 | +5.2% |
| Tax-exempt reserves | 132 | - | €105,344 | +€105,344 | |
| Distributable reserves | 133 | €100,131 | - | -€100,131 | |
| Profit (loss) carried forward | 14 | -€260,210 | -€280,339 | -€20,129 | -7.7% |
| Amounts payable | 17/49 | €427,818 | €645,110 | +€217,291 | +50.8% |
| Amounts payable after more than one year | 17 | €402,399 | €262,399 | -€140,000 | -34.8% |
| Financial debts | 170/4 | €402,399 | €262,399 | -€140,000 | -34.8% |
| Amounts payable within one year | 42/48 | €10,741 | €382,710 | +€371,969 | +3,463% |
| Current portion of amounts payable after more than one year | 42 | - | €80,000 | +€80,000 | |
| Trade debts | 44 | €9,845 | €296,997 | +€287,152 | +2,917% |
| Suppliers | 440/4 | €9,845 | €296,997 | +€287,152 | +2,917% |
| Taxes, remuneration and social security | 45 | €897 | €0 | -€897 | -100% |
| Taxes | 450/3 | €897 | €0 | -€897 | -100% |
| Other amounts payable | 47/48 | - | €5,713 | +€5,713 | |
| Accrued charges and deferred income | 492/3 | €14,677 | €0 | -€14,677 | -100% |
| Non-recurring operating income | 76A | - | €12,690 | +€12,690 | |
| Remuneration, social security and pensions | 62 | - | €275 | +€275 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,814 | €30,280 | +€7,466 | +32.7% |
| Other operating charges | 640/8 | €8,800 | €7,745 | -€1,055 | -12.0% |
| Gross operating margin | 9900 | €69,406 | €24,197 | -€45,209 | -65.1% |
| Operating profit (loss) | 9901 | €37,791 | -€14,103 | -€51,894 | |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €12,729 | €6,038 | -€6,691 | -52.6% |
| Recurring financial charges | 65 | €12,729 | €6,038 | -€6,691 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €25,062 | -€20,129 | -€45,191 | |
| Profit (loss) for the period | 9904 | €25,062 | -€20,129 | -€45,191 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,062 | -€20,129 | -€45,191 |
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.